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 $3.55 billion of the $9.97 billion of Q3 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 41% of net revenues in Q3 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%. Adjusted EPS fell 8.8% in constant currency in the first half of 2026, and the 2026 guidance is flat to 5% growth.

The recovery started in Q3 2026. Lower raw material costs and productivity raised the adjusted gross margin by 3.8 points to 34.2%, adjusted EPS grew 5.5% in constant currency, and Europe's volume and mix grew 1.6% after Mondelez cut prices there. 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 keeps reaching its margins in 2027, that European volumes keep growing, and that adjusted EPS grows again for the full year.

The main test is the full-year report in early 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 fall again, the gap can last longer.

1. Oct 29, 2026Passed

   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.Outcome: Adjusted EPS grew 5.5% in constant currency, European volume and mix grew 1.6%, and Mondelez kept its 2026 outlook.
2. Jan 29, 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

• October 29, 2026Mondelez reported Q3 2026 results. Net revenues grew 2.3% to $9.97 billion, and organic net revenue grew 2.1%, with volume and mix up 1.8%. Adjusted EPS was $0.78, up 5.5% in constant currency, and the adjusted gross margin rose 3.8 points to 34.2% on lower raw material costs. In Europe, volume and mix grew 1.6%, but organic net revenue fell 2.1% because prices fell 3.7 points. Mondelez kept its 2026 outlook of at least 2% organic revenue growth and flat to 5% adjusted EPS growth.
• October 29, 2026Mondelez agreed to buy a majority stake in Undercover Snacks, a US maker of quinoa crisp snacks. It did not give the price. The deal is to close in the first quarter of 2027, after regulatory approval.
• October 15, 2026Mondelez said that it will report Q3 2026 results on October 29, 2026, at 4:05 p.m. ET, after the market closes.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · mdlz-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · mdlz-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled June 18, 2026 · mdlz-20260615
• 8-KShareholder vote resultsFiled May 26, 2026 · mdlz-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · mdlz-20260331
• 8-KEarnings releaseFiled April 28, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled February 18, 2026 · mdlz-20260218
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 4, 2026 · mdlz-20251231

Every filing on SEC EDGAR (CIK 1103982)

• Cocoa is a main cost of the chocolate business, and its price changes a lot. Lower raw material costs lifted the adjusted gross margin in Q3 2026, but cocoa prices change a lot. If cocoa prices rise again before Mondelez buys for 2027, the margin recovery can stop.
• Higher prices reduced volumes, most of all in Europe, where organic net revenue fell 3.5% in Q2 2026. In Q3 2026, European volume grew again, but only after Mondelez cut prices by 3.7 points, so Europe's organic net revenue still fell 2.1%. Retailers and private-label products compete on price. If volumes do not keep growing, 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.

Mondelez funds itself with unsecured notes of the parent company, in US dollars, euros and other currencies, and with commercial paper. At September 30, 2026, debt was $16.35 billion of long-term debt, $1.74 billion of current long-term debt and $3.65 billion of short-term borrowings, which was mostly $3.61 billion of commercial paper at 3.5%. Read more

Yield at the current rate

3.1% (current annual rate, at today’s price)

Dividend yield

3.0% (last 12 months, at today’s price of $66.70)

Paid per share

$2.02 in the last 12 months (4 payments)

Current annual rate

$2.08 ($0.52 × 4 a year)

Payout ratio

103% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.52 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.1% a year. From 2015 to 2025, the dividend grew by about 11.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.