10-Q · July 28, 2026
Mondelēz delivered Q2 revenue of $9.355 billion, up 4.1% YoY, and GAAP EPS of $1.20, up from $0.49, but the reported earnings expansion was heavily influenced by a $827 million derivative mark-to-market gain. Core…
Earnings analysis · 10-Q
MDLZ earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Mondelēz delivered Q3 revenue of $9.967 billion and reported EPS of $1.02, with adjusted EPS of $0.78 beating the $0.71 consensus estimate. Revenue increased versus both Q3 2025 and Q2 2026, but reported profitability…
Read full summary
Mondelēz delivered Q3 revenue of $9.967 billion and reported EPS of $1.02, with adjusted EPS of $0.78 beating the $0.71 consensus estimate. Revenue increased versus both Q3 2025 and Q2 2026, but reported profitability was materially supported by a $543 million derivative mark-to-market gain, limiting the quality of the earnings improvement. Management maintained its 2026 outlook, including at least 2% organic revenue growth, flat-to-5% adjusted EPS growth, and approximately $3.0 billion of free cash flow.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.02
What stood out
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Revenue grew year over year
Q3 revenue was $9.967 billion, up approximately 2.3% from $9.74 billion in Q3 2025 and approximately 6.5% from $9.36 billion in Q2 2026. Revenue was slightly below the $9.989 billion consensus estimate.
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EPS exceeded consensus
Reported diluted EPS was $1.02 versus $0.57 in Q3 2025, while adjusted EPS was $0.78 versus the $0.71 consensus estimate. Reported profitability included a favorable $543 million derivative mark-to-market impact.
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2026 outlook maintained
The company maintained its 2026 outlook for at least 2% organic net revenue growth, adjusted EPS growth of flat to 5% on a constant-currency basis, and approximately $3.0 billion of free cash flow.
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Continued share repurchases
Mondelēz repurchased $874 million of stock during the nine months ended September 30, 2026, with approximately $5.8 billion of authorization remaining under its $9.0 billion program.
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ERP implementation progressed
The first phase of the ERP implementation was completed for the North America and Latin America segments during the quarter ended September 30, 2026; management stated that the implementation had not adversely affected internal controls.
What to watch
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Derivative gain distorts earnings
Q3 reported profitability benefited from a $543 million derivative mark-to-market impact, creating a risk that reported earnings will not reflect recurring operating performance if derivative valuations reverse.
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Capital allocation may pressure liquidity
The company repurchased $874 million of stock in the first nine months of 2026 and had approximately $5.8 billion of authorization remaining as of September 30, 2026, which could constrain liquidity if operating conditions weaken.
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ERP transition execution risk
The ERP implementation affected internal control processes for the North America and Latin America segments during the quarter ended September 30, 2026. Although management concluded controls were effective as of September 30, 2026, it stated that post-implementation monitoring would continue.
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Existing market risks unchanged
The filing states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K, so existing exposure to currency, commodity-price and interest-rate volatility remains relevant; the company identifies all 3 exposures as primary market risks.
Management's outlook
Management maintained 2026 outlook for organic net revenue growth of at least 2%, adjusted EPS growth of flat to 5% on a constant-currency basis, and free cash flow of approximately $3.0 billion. Currency translation is estimated to add approximately 1.5% to revenue growth and $0.043 to adjusted EPS.
Earlier filings 4
10-Q · April 28, 2026
Mondelez reported Q1 2026 net revenues of $10,080 million, up $767 million (+8.2% YoY) driven by pricing and favorable currency; Organic Net Revenue rose 3.0% to $9,581 million. Reported diluted EPS was $0.44 (up 41.9%…
10-K · February 4, 2026
Mondelēz reports global net revenues of $38.5 billion and net earnings of $2.5 billion in 2025 and emphasizes a sharpened strategy focused on chocolate, biscuits & baked snacks with four strategic priorities…
10-Q · April 29, 2025
Mondelēz reported Q1 2025 net revenue of $9,313 million, essentially flat versus Q1 2024 ($9,290 million) but down versus the prior quarter (Q4 2024 $9.6B). Gross margin and operating margin compressed materially —…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.