Mondelez

Mondelez International makes and sells snacks in more than 150 countries. Its main products are biscuits and baked snacks, such as Oreo, Ritz, LU and Clif Bar, and chocolate, such as Cadbury Dairy Milk and Milka. It also sells gum, candy and some meals and beverages. It reports four regions: Europe, North America, Latin America, and Asia, Middle East and Africa.

Net revenues were about $38.5 billion in 2025, and Europe was the largest region, with $3.38 billion of the $9.36 billion of Q2 2026 net revenues. Mondelez makes money from the margin between its prices and the cost of raw materials such as cocoa, sugar, wheat and dairy. Emerging markets gave about 42% of net revenues in Q2 2026.

The market discounts Mondelez because its profit fell after the cocoa price spike, and the recovery comes slowly. Mondelez raised chocolate prices sharply in 2025, and volumes fell, most of all in Europe. In Q2 2026, Europe's organic net revenue fell 3.5%, with volume and mix down 2.1%. Cocoa prices fell in early 2026, but Mondelez had already bought its cocoa for 2026, so lower costs do not help results this year.

Adjusted EPS fell 8.8% in constant currency in the first half of 2026, and the 2026 guidance is flat to 5% growth. The CEO also said in February 2026 that low consumer confidence limits volume growth in North America. For the gap to close, Mondelez must show that cheaper cocoa reaches its margins in 2027, that European volumes grow again, and that adjusted EPS grows again. The first test is the Q3 2026 report, expected in late October 2026.

The main test is the full-year report in early February 2027, with the 2027 outlook and the cocoa cost for 2027. If the 2027 outlook shows margin recovery, the gap can close over the next three to five quarters. If cocoa prices rise again or volumes keep falling, the gap can last longer.

1. Oct 28, 2026 · est.Pending

   Q3 2026 results: Europe volumes and adjusted EPSAdjusted EPS that is flat or up in constant currency and a smaller fall in European volume pass; another fall in adjusted EPS or a cut to the 2026 outlook fails.
2. Feb 2027 · est.Pending

   Full-year 2026 results and 2027 outlookA 2027 outlook with adjusted EPS growth from lower cocoa costs passes; an outlook of flat or lower adjusted EPS fails.

Every passed and failed checkpoint across all picks

Mondelez funds itself with unsecured notes of the parent company, in US dollars, euros and other currencies, and with commercial paper. At June 30, 2026, debt was $16.46 billion of long-term debt, $2.66 billion of current long-term debt and $2.33 billion of short-term borrowings, which was mostly commercial paper at 2.9%. Read more

• Cocoa is a main cost of the chocolate business, and its price changes a lot. Mondelez bought its cocoa for 2026 at high prices. If cocoa prices rise again before Mondelez buys for 2027, margins stay low.
• Higher prices reduced volumes, most of all in Europe, where organic net revenue fell 3.5% in Q2 2026. Retailers and private-label products compete on price. If volumes do not recover, revenue growth stays slow.
• Consumers in North America have low confidence and look for lower prices, as the CEO said in February 2026. Weak demand limits volume growth in the second-largest region.
• Mondelez sells in many emerging markets, including Argentina, Türkiye, Egypt and Nigeria, which have high inflation. A strong US dollar lowers the value of foreign sales, and trade changes, such as tariffs on US-Mexico-Canada trade, can raise costs.

• July 28, 2026Mondelez reported Q2 2026 results. Net revenues grew 4.1% to $9.36 billion, and organic net revenue grew 2.2%. Adjusted EPS was $0.73, down 2.7% in constant currency. Europe's organic net revenue fell 3.5%. Mondelez raised its 2026 organic revenue outlook to at least 2% growth, kept its adjusted EPS outlook of flat to 5% growth, and raised its quarterly dividend by 4%.
• June 15, 2026Mondelez appointed Amit Banati, the former CFO of Kenvue and Kellanova, as Chief Financial Officer, effective July 1, 2026. Luca Zaramella, the former CFO, stays as Chief Operating Officer.
• May 20, 2026At the annual meeting, shareholders re-elected all 10 directors, including CEO Dirk Van de Put as chair. They rejected a proposal for an independent board chair, with about 31% of the votes cast in favor.