Mondelēz International makes and sells branded snacks, including Oreo, Ritz, Cadbury Dairy Milk and Milka, across more than 150 countries.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001103982-24-000019 | Feb 2, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001103982-25-000030 | Feb 5, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-005345 | Feb 4, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Mondelēz’s latest supplied results show improving sales but an uneven earnings recovery. First-half 2026 revenue reached $19.435 billion, with organic growth of 2.6% largely driven by pricing rather than volume/mix. Second-quarter demand improved outside Europe, where earlier price increases continued to weigh on chocolate consumption. The sharp GAAP profit rebound mainly reflected favorable derivative valuations and easier pension comparisons; adjusted operating income still declined. Cash generation also weakened, and first-half free cash flow did not cover dividends. In July, management raised its organic revenue outlook but left adjusted EPS and free-cash-flow expectations unchanged. The central dependency remains whether commodity-cost relief and consumer demand improve enough to offset spending pressures. Substantial debt, continuing systems investment and conditional access to credit remain important constraints.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28
Biscuits, baked snacks and chocolate generated approximately 80.7% of 2025 revenue, calculated from reported category totals. Revenue outside the United States represented 75.8%. Mondelēz manages four regions: Latin America, Asia/Middle East/Africa, Europe and North America. Its economics depend on balancing ingredient costs, pricing, consumer demand and brand spending. Higher sales dollars need not mean more products sold: 2025 organic growth of 4.3% combined 8.0 percentage points of pricing with a 3.7-point decline in volume/mix, a combined measure rather than pure unit volume.
Sources: 10-K · 2025-12-31
After the 2025 annual filing on February 4, 2026, the July 28 release and unaudited June-quarter report showed first-half revenue rising to $19.435 billion from $18.297 billion. Reported growth was 6.2%, versus 2.6% organically, with only 0.1 percentage point from volume/mix. Second-quarter organic growth was 2.2%, including 0.7 point of volume/mix. Latin America, AMEA and North America grew organically; Europe declined 3.5%, with both pricing and volume/mix negative. Management described early positive European market-share trends, but that did not establish a broad demand recovery.
First-half GAAP operating income increased to $2.754 billion from $1.852 billion, but a $1.316 billion favorable derivative mark-to-market swing exceeded that increase. Non-GAAP adjusted operating income instead fell to $2.404 billion from $2.657 billion. Management explained that earlier cocoa contracts and inventory delayed relief from lower market prices; higher overhead and advertising also offset pricing and manufacturing productivity. Second-quarter adjusted gross margin improved, yet adjusted operating margin fell to 13.1% from 14.3%. Parent earnings also benefited from much smaller pension charges and lower tax rates. Quarterly adjusted EPS stayed at $0.73 at reported exchange rates, or $0.71 at constant currency; fewer shares supported per-share results.
Adjusted results exclude unrealized hedge marks until realization and specified transformation and other costs; those exclusions do not remove the underlying procurement or spending demands. Organic revenue excludes acquisition, divestiture and currency-related effects. Constant-currency measures also exclude Argentine pricing above the company’s 26% annual threshold, although that adjustment was immaterial in the reported 2026 periods.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28
First-half operating cash flow fell to $1.322 billion from $1.400 billion despite higher GAAP earnings. Receivables and payables absorbed more cash, partly offset by much less inventory absorption and a smaller outflow from other current liabilities. Capital spending increased to $654 million from $582 million. Company-reported non-GAAP free cash flow—operating cash flow less capex—was $668 million, below $1.287 billion of dividends before another $212 million of repurchases. This measure excludes investing cash flows from derivative settlements: $270 million paid and $179 million received.
Working-capital financing also matters: outstanding sold receivables were $585 million at June 30, and supplier-finance obligations of $2.9 billion remained within accounts payable. These are balances, not additional cash receipts. Management’s latest 2026 capex expectation was up to $1.4 billion, versus up to $1.5 billion in the annual filing. The separate $1.2 billion multi-year ERP program includes capital and operating spending and targets completion by year-end 2028. Its $108 million first-half operating expense was excluded from adjusted earnings; the program budget must not be added again to current spending.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · 10-K · 2025-12-31
At June 30, cash and equivalents were $1.716 billion, down from $2.125 billion at year-end; $43 million of restricted cash was separate. Reported debt was approximately $21.5 billion, including $2.663 billion of current long-term debt and $2.285 billion of commercial paper. On February 18, Mondelēz replaced—not supplemented—its $1.5 billion short-term revolving facility, with the replacement terminating February 17, 2027. Together with the facility maturing in 2030, revolving commitments totaled $6 billion and were undrawn at June 30. They are conditional borrowing capacity, not cash. The company reported compliance with a $25 billion specially adjusted equity covenant, but actual headroom and complete contractual access conditions are not established here.
The July 28 filing declared a quarterly dividend of $0.52 per share, up 4%, for October 14 payment; it does not verify subsequent payment. Separately, the June 18 filing reported the June 15 announcement of Amit Banati’s CFO appointment, scheduled for July 1, with Luca Zaramella continuing as COO. That announcement alone does not verify commencement or payment of the conditional make-whole award, capped at $7 million.
Sources: 8-K · 2026-02-18 · 10-Q · 2026-06-30 · 8-K · 2026-06-15
On July 28, management raised its 2026 organic revenue expectation from April’s flat-to-2% range to at least 2%. It maintained adjusted EPS growth of flat to 5% at constant currency and approximately $3 billion of free cash flow. These are conditional non-GAAP forecasts, not achieved results or an earnings upgrade. Guidance excludes potential tariff changes affecting USMCA-compliant trade and lacks forward GAAP reconciliations because specified adjustments and cash-flow inputs cannot be reliably forecast. Elevated cocoa costs, European price sensitivity, ERP execution, tariffs and changing food regulations remain material dependencies.
Russia remained consolidated and contributed 3.8% of second-quarter revenue; sanctions, expropriation or loss of control could change that position. Middle East disruption affected operations and shipping, although management reported no material overall impact to date. Five brands with less than 10% valuation headroom at the 2025 impairment test carried $1.5 billion at June 30. Acquisition contingent-consideration liabilities were $156 million, distinct from Clif Bar’s conditional $2.4 billion maximum payout. Related wheat-futures private litigation remained unresolved, and Mondelēz expected to bear monetary payments; an unestimated loss is not assurance of no liability.
Sources: EX-99.1 · 2026-04-28 · EX-99.1 · 2026-07-28 · 10-Q · 2026-06-30
USD 38.537 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 38.537 bn | 5.8% |
| 2024 | USD 36.441 bn | — |
Consolidated product revenue net of trade and sales incentives and estimated returns.
Sources: 10-K · 2025-12-31
USD 36.016 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 36.016 bn | — |
Consolidated product revenue net of trade and sales incentives and estimated returns; includes the developed-market gum business before its October 2023 disposal.
Sources: 10-K · 2025-12-31
USD 2.451 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.451 bn | -46.8% |
| 2024 | USD 4.611 bn | -7.0% |
| 2023 | USD 4.959 bn | — |
GAAP net earnings after deducting earnings attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 4.514 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.514 bn | -8.1% |
| 2024 | USD 4.91 bn | 4.2% |
| 2023 | USD 4.714 bn | — |
GAAP operating cash flow, including receivables-factoring proceeds and working-capital movements; not net income.
Sources: 10-K · 2025-12-31
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