MDLZ Filings — Mondelez International, Inc. - FilingSpy
MDLZ
Mondelez International, Inc.
A maker of snack brands sold in more than 150 countries, including Oreo, Ritz, Cadbury Dairy Milk, Milka, and Toblerone. The company was born in 2012 when Kraft Foods split in two; its global snacks business took the coined name Mondelēz, blending the Latin word for "world" with a play on "delicious."
Q2 2026 diluted EPS rose 144.9% to $1.20 on derivatives swing, while adjusted operating income fell 4.8%.
Reported profit swung on derivatives, not operations. rose 4.1% to $9.4B and rose 144.9% to $1.20 as a favorable mark-to-market move added $0.57, while fell 4.8% to $1.2B on input costs and was 27.8%. The quarter shows the underlying business is still losing ground to cocoa and other cost inflation.
Key takeaways
rose 144.9% to $1.20, largely from a favorable swing in of $0.57 and lower pension charges, but was flat at $0.73.
declined 4.8% to $1.2B as $56M of higher raw material costs, other SG&A, and advertising spend outweighed $137M in higher net pricing and $11M from favorable volume/mix.
Net rose 4.1% to $9.4B with up 2.2% to $9.2B, driven by 1.5 points of higher pricing and 0.7 points of favorable volume/mix.
Section summaries
Management's Discussion and Analysis
Q2 2026 net revenue rose 4.1% to $9.4B, but adjusted operating income fell 4.8% as higher input costs and SG&A outweighed pricing gains.
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grew 2.2% to $9.2B, driven by higher net pricing (+1.5pp) and favorable (+0.7pp), with emerging markets up 4.4% and developed markets up 0.7%.
Europe fell 25.7% on lower pricing, unfavorable chocolate volume/mix, and higher SG&A, while Latin America grew 24.8% on pricing and productivity.
decreased to $1.3B from $1.4B a year earlier, and the company declared a $0.52 quarterly , up 4%.
Cocoa costs remain elevated versus historical levels and the company warns additional tariffs could impact and cost of goods sold.
What changed
Q2 2026 pace came in at 2.2%, below the 3.0% Q1 rate flagged to watch, with volume/mix turning positive at +0.7pp versus Q1's -0.5pp.
was 27.8% in Q2, unchanged from Q1's 27.8% level after the 2025 full-year margin of 28.4%, as cocoa costs and tariffs continue to flow through.
The next swing moved favorably in Q2 after Q1's favorable move lifted reported ; Q2 added $0.57 to .
2026 is expected up to $1.4B, within the up-to-$1.5B flagged at the 2025 annual report, with of $155M in Q1 and $3M in Q2 against that spend.
Risk factors showed no material change from the 2025 10-K, so the tariff and cocoa cost warnings carry forward without new disclosure.
What to watch
Q3 2026 pace to see if the 2.2% Q2 rate holds as volume/mix stays positive
trajectory against the 27.8% Q2 level as cocoa costs and any new U.S. tariffs flow through
Next swing after Q2's $0.57 favorable move lifted reported
Deployment of cash and any resumption of share repurchases against $15.5B
declined 4.8% to $1.2B, as higher raw material costs ($56M), other , and advertising spend more than offset $137M in higher net pricing and $11M from favorable .
Europe fell 25.7% due to lower pricing, unfavorable from chocolate elasticity, and higher , while Latin America grew 24.8% on strong pricing and productivity.
surged 144.9% to $1.20, largely from a favorable swing in derivatives ($0.57) and lower pension charges, but was flat at $0.73.
decreased to $1.3B from $1.4B, and the company expects up to $1.4B in 2026 ; a $0.52 quarterly was declared, up 4%.
Cocoa costs remain elevated versus historical levels despite moderating from peaks, and the company warns that additional tariffs could significantly impact and cost of goods sold.
Quantitative and Qualitative Disclosures About Market Risk
As we operate globally, we are primarily exposed to currency exchange rate, commodity price and interest rate market risks. We monitor and manage these exposures as part of our overall risk management program. Our risk management program focuses on the unpredictability of financ…
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As we operate globally, we are primarily exposed to currency exchange rate, commodity price and interest rate market risks. We monitor and manage these exposures as part of our overall risk management program. Our risk management program focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results.
We principally utilize derivative instruments to reduce significant, unanticipated earnings fluctuations that may arise from volatility in currency exchange rates, commodity prices and interest rates. Additionally, we periodically use interest rate swaps and forward interest rate contracts to achieve a desired proportion of variable versus fixed rate debt based on current and projected market conditions. For additional information on our derivative activity and the types of derivative instruments we use to hedge our currency exchange, commodity price and interest rate exposures, see Note 6, Financial Instruments and for additional information on our debt activity, see Note 5, Debt and Borrowing Arrangements.
For additional information on our strategies, policies and practices on an ongoing basis, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.
Information regarding legal proceedings is available in Note 8, Commitments and Contingencies, to the condensed consolidated financial statements in this report.
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Information regarding legal proceedings is available in Note 8, Commitments and Contingencies, to the condensed consolidated financial statements in this report.