Jun 2026 (Q2 FY26) — Jul 28, 2026
Mondelez Q2 FY26 — Strong Emerging Markets and North America Rebound Drive Top Line
Read the full callMondelez (MDLZ) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Mondelez earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 10,080 | +8.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 8.0 | +0.7 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 560 | +39.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year organic net revenue growth | 0% to 2% | Dec 2025 | I think you've seen us take the top line to at least plus 2% | Revised Up |
| Full-year adjusted EPS growth | EPS growth regardless of the cocoa scenario; later specified as high single-digit | Dec 2024 | From an EPS standpoint, we are maintaining our outlook | On Track |
| Inventory-accounting cost headwind from cocoa pipeline repricing | approximately $0.5 billion across 1H, predominantly Q1 | Dec 2025 | the headwind for the quarter is around about $350 million, a little bit more than that ... So we got it right and we guided you to the right number | Achieved |
2 of Mondelez International, Inc.'s 29 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Emerging markets delivered remarkably strong volume-led growth, with India adding 100,000 stores and Brazil reaching 1 million stores.
- North America achieved strong net revenue growth and positive volume mix, accelerating sequentially versus Q1, with share gains across all categories.
- Innovation is driving performance, particularly with Ritz Drizzled, Sour Patch Kids Chews, and the ventures portfolio (Perfect Snacks, Tate's, Hu) performing well.
- Advertising & Consumer (A&C) investment increased double-digit, with plans to accelerate in H2, supporting sustained brand performance.
- Gross profit dollar terms increased by 3% in Q2, with expectations for acceleration in Q3 and Q4.
Qualified
- The Middle East conflict caused incremental costs and lost revenue in H1, which is factored into the full-year outlook.
- Consumer confidence in North America remains subdued, with K-shaped growth observed, pushing consumers towards value formats while also seeking premium options.
- Europe's chocolate business was impacted by a heat wave in Q2, leading to lower-than-expected A&C investment and trade stock control.
- Uncertainty around cocoa prices for 2027, despite the market being in a structurally better position than 2024.
Price
$63.34 −0.89% · −$0.57
Performance +1.4% 1Y
1Y: $62.46 on 17 Oct 2025 → $63.34. High $64.99 (29 Jul 2026), low $51.51 (7 Jan 2026).
- Previous close
- $63.91
- 52-week range
- $51.51 – $64.99
- One year
- +0.84%
Overview
- Symbol
- MDLZ
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year organic net revenue growth | 0% to 2% | Dec 2025 | I think you've seen us take the top line to at least plus 2% | Revised Up |
| Full-year adjusted EPS growth | EPS growth regardless of the cocoa scenario; later specified as high single-digit | Dec 2024 | From an EPS standpoint, we are maintaining our outlook | On Track |
| Inventory-accounting cost headwind from cocoa pipeline repricing | approximately $0.5 billion across 1H, predominantly Q1 | Dec 2025 | the headwind for the quarter is around about $350 million, a little bit more than that ... So we got it right and we guided you to the right number | Achieved |
Claimed
- Emerging markets delivered remarkably strong volume-led growth, with India adding 100,000 stores and Brazil reaching 1 million stores.
- North America achieved strong net revenue growth and positive volume mix, accelerating sequentially versus Q1, with share gains across all categories.
- Innovation is driving performance, particularly with Ritz Drizzled, Sour Patch Kids Chews, and the ventures portfolio (Perfect Snacks, Tate's, Hu) performing well.
- Advertising & Consumer (A&C) investment increased double-digit, with plans to accelerate in H2, supporting sustained brand performance.
- Gross profit dollar terms increased by 3% in Q2, with expectations for acceleration in Q3 and Q4.
Qualified
- The Middle East conflict caused incremental costs and lost revenue in H1, which is factored into the full-year outlook.
- Consumer confidence in North America remains subdued, with K-shaped growth observed, pushing consumers towards value formats while also seeking premium options.
- Europe's chocolate business was impacted by a heat wave in Q2, leading to lower-than-expected A&C investment and trade stock control.
- Uncertainty around cocoa prices for 2027, despite the market being in a structurally better position than 2024.
The full ledger
Open Mondelez International, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Mondelez Q1 FY26 – Strong Emerging Markets & Reaffirmed Guidance
Read the full callDec 2025 (Q4 FY25) — Feb 3, 2026
Mondelez Q4 FY25 — Cocoa Price Volatility and Strategic Adjustments
Read the full callEvery analysed call
Mondelez earnings calls (MDLZ)
Financials
What the filings say
Net profit, year on year: +39% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,343 | 9,204 | 9,604 | 9,313 | 8,984 | 9,744 | 10,496 | 10,080 |
| Operating profit | 854 | 1,153 | 1,611 | 680 | 1,172 | 744 | 952 | 808 |
| Operating margin | 10.2% | 12.5% | 16.8% | 7.3% | 13.1% | 7.6% | 9.1% | 8.0% |
| Profit before tax | 850 | 1,132 | 1,597 | 545 | 855 | 695 | 919 | 775 |
| Tax rate | 34.7% | 28.8% | 13.5% | 28.3% | 26.9% | 19.7% | 28.4% | 29.4% |
| Net profit | 601 | 853 | 1,745 | 402 | 641 | 743 | 665 | 560 |
| EPS ($ per share) | 0.45 | 0.64 | — | 0.31 | 0.49 | 0.57 | — | 0.44 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 24,491 | 26,615 | 28,402 | 30,806 | 31,481 | 34,236 | 36,476 | 36,413 |
| Total liabilities | 37,016 | 37,198 | 40,156 | 38,769 | 44,241 | 43,025 | 41,539 | 45,596 |
| Fixed assets | 8,482 | 8,733 | 9,026 | 8,658 | 9,020 | 9,694 | 9,481 | 10,667 |
| Total assets | 62,618 | 64,515 | 67,810 | 67,092 | 71,161 | 71,391 | 68,497 | 71,487 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,948 | 3,965 | 3,964 | 4,141 | 3,908 | 4,714 | 4,910 | 4,514 |
| Cash from investing | -1,224 | -960 | 500 | -26 | -4,888 | 2,812 | 526 | -1,196 |
| Cash from financing | -2,329 | -2,787 | -2,215 | -4,069 | -456 | -7,558 | -5,780 | -2,759 |
| Net cash flow | 339 | 228 | 2,322 | -97 | -1,605 | -64 | -484 | 795 |
| Capital expenditure | -1,095 | -925 | -863 | -965 | -906 | -1,112 | -1,387 | -1,279 |
| Free cash flow | 2,853 | 3,040 | 3,101 | 3,176 | 3,002 | 3,602 | 3,523 | 3,235 |
MDLZ revenue by segment
North America shrank from 31% to 26% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| North America | 31% | 29% | 27% | 28% | 29% | 26% | 25% | 28% | +3.0% |
| Asia Middle East and Africa | 20% | 20% | 22% | 20% | 21% | 20% | 23% | 21% | +8.2% |
| Latin America | 13% | 12% | 13% | 13% | 13% | 12% | 13% | 15% | +15.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
48 filings between Jan 12, 2026 and Sep 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$8.75M
4 sales by 3 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Van de Put Dirk | — | $8.56M | Aug 19, 2026 |
| Valle Gustavo Carlos | — | $186.0K | Feb 13, 2026 |
| Stevens Brian | — | $3.9K | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 2, 2026 | Zaramella Luca EVP & Chief Operating Officer | Tax withheld | 18,695 | $1.17M |
| Sep 2, 2026 | Zaramella Luca EVP & Chief Operating Officer | Option exercise | 22,570 | $975.0K |
| Aug 19, 2026 | Van de Put Dirk Chief Executive Officer | Sale 10b5-1 plan | 133,580 | $8.56M |
| Aug 19, 2026 | Van de Put Dirk Chief Executive Officer | Option exercise 10b5-1 plan | 133,580 | $5.63M |
| Jul 1, 2026 | BANATI AMIT EVP and CFO | Award | 20,370 | $0 |
| May 20, 2026 | Mesquita Jorge S. Director | Award | 3,525 | $0 |
| May 20, 2026 | McKinstry Nancy Director | Award | 3,525 | $0 |
| May 20, 2026 | Nielsen Jane Director | Award | 3,525 | $0 |
| May 20, 2026 | 't Hart Cees Director | Award | 3,525 | $0 |
| May 20, 2026 | McNamara Brian James Director | Award | 3,525 | $0 |
| May 20, 2026 | Price Paula A Director | Award | 3,525 | $0 |
| May 20, 2026 | TODMAN MICHAEL Director | Award | 3,525 | $0 |
| May 20, 2026 | Siewert Patrick Director | Award | 3,525 | $0 |
| May 20, 2026 | COUSIN ERTHARIN Director | Award | 3,525 | $0 |
| May 1, 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Sale | 1 | $62 |
| Apr 30, 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Sale | 63 | $3.9K |
| Apr 30, 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Gift | 20 | $0 |
| Apr 30, 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Gift | 20 | $0 |
| Apr 1, 2026 | Kuhn Volker EVP and President, Europe | Tax withheld | 90 | $5.1K |
| Apr 1, 2026 | Lilak Stephanie EVP and Chief People Officer | Tax withheld | 3,218 | $183.7K |
| Feb 13, 2026 | Valle Gustavo Carlos EVP and President, NA | Sale 10b5-1 plan | 3,000 | $186.0K |
| Feb 11, 2026 | Van de Put Dirk Chief Executive Officer | Tax withheld | 61,726 | $3.79M |
| Feb 11, 2026 | Van de Put Dirk Chief Executive Officer | Award | 81,340 | $0 |
| Feb 11, 2026 | Valle Gustavo Carlos EVP and President, NA | Award 10b5-1 plan | 26,928 | $0 |
| Feb 11, 2026 | Valle Gustavo Carlos EVP and President, NA | Tax withheld 10b5-1 plan | 10,112 | $621.6K |
| Feb 11, 2026 | Valle Gustavo Carlos EVP and President, NA | Award 10b5-1 plan | 22,310 | $0 |
| Feb 11, 2026 | STEIN LAURA EVP, CLA and General Counsel | Tax withheld | 9,474 | $582.4K |
| Feb 11, 2026 | Iyer Deepak D. EVP and President AMEA | Award | 14,046 | $0 |
| Feb 11, 2026 | Iyer Deepak D. EVP and President AMEA | Tax withheld | 570 | $35.0K |
| Feb 11, 2026 | Iyer Deepak D. EVP and President AMEA | Award | 14,440 | $0 |
| Feb 11, 2026 | Lilak Stephanie EVP and Chief People Officer | Award | 4,397 | $0 |
| Feb 11, 2026 | Lilak Stephanie EVP and Chief People Officer | Tax withheld | 1,374 | $84.5K |
| Feb 11, 2026 | Lilak Stephanie EVP and Chief People Officer | Award | 10,370 | $0 |
| Feb 11, 2026 | Kuhn Volker EVP and President, Europe | Award | 20,780 | $0 |
| Feb 11, 2026 | LOZANO MARIANO EVP and President, LA | Award | 17,565 | $0 |
| Feb 11, 2026 | LOZANO MARIANO EVP and President, LA | Tax withheld | 4,558 | $280.2K |
| Feb 11, 2026 | LOZANO MARIANO EVP and President, LA | Award | 11,810 | $0 |
| Feb 11, 2026 | Renaud Martin EVP, Chief Mkting & Sales Off | Award | 23,409 | $0 |
| Feb 11, 2026 | Renaud Martin EVP, Chief Mkting & Sales Off | Tax withheld | 10,585 | $650.7K |
| Feb 11, 2026 | Renaud Martin EVP, Chief Mkting & Sales Off | Award | 14,440 | $0 |
| Feb 11, 2026 | STEIN LAURA EVP, CLA and General Counsel | Award | 22,247 | $0 |
| Feb 11, 2026 | STEIN LAURA EVP, CLA and General Counsel | Award | 11,020 | $0 |
| Feb 11, 2026 | Stevens Brian SVP, CTR & Chief Accoun Off | Award | 1,970 | $0 |
| Feb 11, 2026 | Zaramella Luca EVP, COO and CFO | Award | 58,528 | $0 |
| Feb 11, 2026 | Zaramella Luca EVP, COO and CFO | Tax withheld | 23,527 | $1.45M |
| Feb 11, 2026 | Zaramella Luca EVP, COO and CFO | Award | 37,920 | $0 |
| Feb 11, 2026 | Van de Put Dirk Chief Executive Officer | Award | 158,019 | $0 |
| Jan 12, 2026 | STEIN LAURA EVP, CLA and General Counsel | Tax withheld | 1,716 | $94.5K |
| Jul 1, 2025 | Iyer Deepak D. EVP and President AMEA | Tax withheld | 1,000 | $69.0K |
| May 21, 2025 | Siewert Patrick Director | Award | 3,009 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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