Mondelez International, Inc. (MDLZ) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 2, 2027 — estimated from last year’s reporting date.

Consensus is $0.88 EPS for Dec 2026 across 7 estimates, ranging $0.85 to $0.93.

MDLZ Sep 2026

Reported Oct 29, 2026 · after the close

: 8.33%
: +3.85%

: $0.72
: $0.78
: —
: $9.97B

Reported results

: $9.97B; from $9.74B
: 39.37%; from 26.81%
: $1.76B; from $744.00M
: 17.64%; from 7.64%
: $1.30B; from $743.00M
: $1.02; from $0.57

Highlights

Adjusted EPS: $0.78 versus $0.72 consensus, an 8.3% beat; growth was 5.5% at constant currency, while GAAP diluted EPS was $1.02, up 78.9% year over year.
Organic sales: Revenue rose 2.3% to $9.97 billion and organic net revenue grew 2.1%; volume/mix contributed 1.8 percentage points and pricing 0.3 points.
Underlying margin: Constant-currency adjusted operating income increased 17.0% to $1.37 billion, with adjusted operating margin up 190 basis points to 13.9%; lower input and manufacturing costs helped offset higher SG&A and advertising.
GAAP volatility: Operating income rose 136.3% to $1.76 billion, but the comparison benefited from an $891 million year-over-year swing in derivative mark-to-market impacts; adjusted operating income grew 18.2% as reported.
Regional split: Organic revenue grew 6.9% in Latin America, 7.7% in AMEA and 1.6% in North America, but fell 2.1% in Europe; developed markets grew 0.5% overall versus 4.9% in emerging markets.
Sequential comparison: Revenue increased from $9.36 billion in Q2 to $9.97 billion, while GAAP operating income declined from $1.95 billion to $1.76 billion and diluted EPS from $1.20 to $1.02.
Cash and guidance: Year-to-date operating cash flow was $2.61 billion and free cash flow $1.66 billion; the company reaffirmed 2026 organic revenue growth of at least 2%, constant-currency adjusted EPS growth of flat to 5%, and free cash flow of about $3 billion.
Investment and returns: Mondelēz returned $2.8 billion to shareholders through Q3 and agreed to acquire a majority stake in Undercover Snacks, with closing expected in Q1 2027.

Analysis

Mondelēz delivered a modestly growing sales quarter with better underlying profitability, while headline GAAP earnings were amplified by volatile derivative accounting. Revenue of $9.97 billion increased 2.3% year over year, and organic revenue grew 2.1%, led by 1.8 points of volume/mix and 0.3 points of pricing. Adjusted EPS of $0.78 exceeded the supplied $0.72 consensus by 8.3% and rose 5.5% at constant currency. GAAP diluted EPS of $1.02 was up 78.9% from $0.57 a year earlier, largely reflecting a favorable derivative mark-to-market comparison and other items excluded from adjusted results.

Constant-currency adjusted operating income rose 17.0% to $1.37 billion and its margin expanded 190 basis points to 13.9%, as lower raw-material and manufacturing costs, pricing and volume/mix outweighed higher SG&A and brand support spending. The quarter’s improvement follows a weaker year-to-date underlying picture: adjusted EPS was down 4.1% at constant currency through September. Sequentially, revenue rose from $9.36 billion in Q2, but GAAP operating income and EPS fell from $1.95 billion and $1.20. Management reaffirmed its 2026 outlook: at least 2% organic revenue growth, flat-to-5% constant-currency adjusted EPS growth and approximately $3 billion of free cash flow, against continued geopolitical, trade and commodity uncertainty.

Sales and regional mix

Organic growth: Organic net revenue increased 2.1% to $9.94 billion. Volume/mix added 1.8 percentage points, reflecting growth across all regions and categories except beverages; pricing added 0.3 points.
Emerging markets: Organic revenue rose 4.1% overall. Latin America grew 6.9%, with 6.1 points from pricing and 0.8 from volume/mix; AMEA grew 7.7%, including 5.5 points from volume/mix.
Developed markets: Organic revenue increased 0.5%. North America grew 1.6% on volume/mix, while Europe declined 2.1% as a 3.7-point volume/mix decline outweighed 1.6 points of pricing.
Reported revenue: The 2.3% increase to $9.97 billion included favorable currency effects and was partly offset by lapping prior-year revenue from a divestiture. Emerging-market organic growth of 4.1% contrasted with 0.8% in developed markets.

Margins and earnings quality

Adjusted performance: Adjusted operating income reached $1.38 billion, up 18.2% reported and 17.0% at constant currency. Adjusted operating margin expanded 190 basis points to 13.9%; adjusted gross margin increased 380 basis points to 34.2%.
Cost drivers: Constant-currency adjusted operating income benefited from $329 million of lower input costs, $54 million from favorable volume/mix and $31 million from higher net pricing. Higher SG&A reduced the increase by $227 million, reflecting greater advertising, consumer promotion and other expenses.
GAAP-to-adjusted gap: Reported operating income increased 136.3% to $1.76 billion from $744 million. Derivative mark-to-market impacts swung from a $348 million loss in the year-ago quarter to a $543 million gain, an $891 million favorable change that is excluded from adjusted results.
EPS comparison: GAAP EPS rose to $1.02 from $0.57, while adjusted EPS increased 6.8% reported to $0.78 and 5.5% at constant currency to $0.77. Operating gains and fewer shares supported adjusted EPS; higher taxes, interest and other expense, and lower equity-method earnings partly offset them.

Cash, returns and outlook

Cash generation: Through September, operating cash flow was $2.61 billion versus $2.12 billion a year earlier. Free cash flow was $1.66 billion, up from $1.24 billion, after $947 million of capital expenditure.
Shareholder returns: The company returned $2.8 billion through Q3 in dividends and repurchases. Nine-month cash flow statements show $1.93 billion of dividends paid and $845 million of share repurchases.
2026 targets: Management reaffirmed organic net revenue growth of at least 2%, adjusted EPS growth of flat to 5% at constant currency and free cash flow of approximately $3 billion. It estimates currency translation will add about 1.5% to reported revenue growth and $0.04 to adjusted EPS.
Caveats: The outlook is set against elevated geopolitical, trade, regulatory and commodity volatility and excludes any potential changes to tariffs on USMCA-compliant trade.

Undercover and ERP

Undercover Snacks: Mondelēz agreed to acquire a majority stake in the U.S.-based snack businesses, whose quinoa crisps fit its permissible-indulgence strategy. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in Q1 2027; no purchase price was provided.
ERP rollout: The company completed the first phase of its multi-year ERP implementation in North America and Latin America during Q3. Remaining segments are scheduled for later phases, with completion expected by year-end 2028; the program has $1.2 billion of approved funding.

Mondelez International, Inc.

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