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Company file · MDLZ

Mondelez

Mondelez's revenue grew in 2025, led by chocolate, while net earnings fell

Net revenues rose 5.8% to $38.5B. Net earnings fell 46.8% to $2.5B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 4, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 25, 2026

Key facts

Mondelez (Nasdaq: MDLZ) closed fiscal 2025 on Dec 31, 2025 with net revenues of $38.5B, up 5.8% from a year before; net earnings to Mondelez came to $2.5B, down 46.8%. Its newest quarterly report covers the three months to Jun 30, 2026: net revenues of $9.4B, up 4.1% on the same stretch of the prior year, and net income of $1.5B. Broken down by category, Biscuits and baked snacks led with 48% of fiscal 2025 net revenues. Sources: 10-K for fiscal 2025 (filed Feb 4, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Net revenues$38.5BFY2025 · +5.8% vs FY2024
Net earnings to Mondelez$2.5BFY2025 · −46.8% vs FY2024
Operating cash flow$4.5BFY2025 · −8.1% vs FY2024
Cash & equivalents$1.8Bat Jun 30, 2026 · −19.9% vs FY2025 end
Total debt$21.4Bat Jun 30, 2026 · +1.2% vs FY2025 end
Diluted shares1.30BFY2025 avg · −3.6% vs FY2024
Net revenues and net earnings to Mondelez, three fiscal yearsBy fiscal year, $bn
Net revenuesNet earnings to Mondelez
Net revenues and net earnings to Mondelez by fiscal yearNet revenues FY2023: $36.0B36.0Net earnings to Mondelez FY2023: $5.0B5.0FY2023Net revenues FY2024: $36.4B36.4Net earnings to Mondelez FY2024: $4.6B4.6FY2024Net revenues FY2025: $38.5B38.5Net earnings to Mondelez FY2025: $2.5B2.5FY2025

Source: 10-K FY2025, filed Feb 4, 2026

Quarterly net revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net revenues, fiscal 2026 vs 2025FY2025 Q1: $9.3B9.3FY2026 Q1: $10.1B10.1Q1FY2025 Q2: $9.0B9.0FY2026 Q2: $9.4B9.4Q2

Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026

How it makes money

FY2025 total by categoryBiscuits and baked snacks: $18.4B (48%)Chocolate: $12.7B (33%)Gum and candy: $4.1B (11%)Cheese and grocery: $2.4B (6%)Beverages: $1.0B (3%)$38.5BFY2025 total

By category, FY2025

  • LineAmountSharevs FY2024
  • Biscuits and baked snacks$18.4B48%+3.3%
  • Chocolate$12.7B33%+12.9%
  • Gum and candy$4.1B11%+0.5%
  • Cheese and grocery$2.4B6%+5.7%
  • Beverages$1.0B3%−8.2%

Source: 10-K FY2025, XBRL breakdown

Biscuits and baked snacks were 48% of 2025 revenue, chocolate 33% and gum and candy 11%. Europe was 39% of revenue and North America 28%.

By category: three-year mixShare of the total each fiscal year
Biscuits and baked snacksChocolateGum and candyCheese and groceryBeverages

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Net revenues
$9.4B Q2 2026
$9.0B Q2 2025
4.1% increase
Net income
$1.5B Q2 2026
$641M Q2 2025
141.5% increase

Source: Mondelez 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

By category

Chocolate
$2.7B Q2 2026
$2.7B Q2 2025
1.8% increase
Gum and candy
$1.1B Q2 2026
$950M Q2 2025
12.3% increase
Beverages
$226M Q2 2026
$227M Q2 2025
0.4% decrease

Source: Mondelez 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

  • Cash & equivalents $1.8B at Jun 30, 2026, vs $2.2B at FY2025 end.
  • Total debt $21.4B at Jun 30, 2026, vs $21.2B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $1.3B vs $1.4B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net earnings fell 46.8% in 2025 to $2.5B even as revenue grew. 10-K, FY2025
  • North America revenue fell 2.1% in 2025. 10-K, FY2025
  • Total debt rose 19.5% in 2025 to $21.2B. 10-K, FY2025
  • The 10-K lists commodity costs such as cocoa, consumer demand, competition, international operations and currencies among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Mondelez International is one of the largest snack companies in the world, with brands such as Oreo, Cadbury, Milka, Toblerone and Trident.

It makes and sells biscuits and baked snacks, chocolate, gum and candy, and smaller lines of cheese, grocery items and powdered beverages around the world.

Europe is its largest region. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Mondelez's latest 10-K. Read the original for the full list.

  1. CommoditiesPrices of cocoa, sugar, wheat and other inputs can swing sharply.
  2. ConsumersShoppers may buy less or switch to cheaper brands when prices rise.
  3. CompetitionIt competes with other large snack makers and store brands.
  4. InternationalMost revenue is outside the US, bringing currency and political risks.
  5. Health trendsRules and preferences around sugar and snacks may change demand.
  6. CybersecurityAttacks could disrupt production and sales.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net revenues$36.0B$36.4B$38.5B
Net earnings to Mondelez$5.0B$4.6B$2.5B
Operating cash flow$4.7B$4.9B$4.5B
Cash & equivalents (year end)$1.9B$1.4B$2.2B
Total debt (year end)$19.4B$17.7B$21.2B
Diluted shares1.37B1.35B1.30B
  • Net revenues: Sales of biscuits, chocolate, gum, candy and other snacks around the world.
  • Net earnings to Mondelez: Net earnings attributable to Mondelez, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in recent filings.
  • Total debt: Short-term borrowings plus current and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

    Recent filings

    FormFiledPeriod
    10-QJul 28, 2026Jun 30, 2026
    10-QApr 28, 2026Mar 31, 2026
    DEF 14AApr 3, 2026May 20, 2026
    10-KFeb 4, 2026Dec 31, 2025

    Latest filings

    1. No new 8-K, Form 4 or 13D/13G filings from Mondelez in the last 30 days.

    All Mondelez filings notes →

    Common questions about Mondelez

    How does Mondelez make money?

    Fiscal 2025 net revenues: $38.5B. Biscuits and baked snacks were 48% of 2025 revenue, chocolate 33% and gum and candy 11%. Europe was 39% of revenue and North America 28%. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

    What was Mondelez's revenue in fiscal 2025?

    $38.5B, up 5.8% from fiscal 2024 ($36.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $36.0B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

    Is Mondelez profitable?

    Net earnings to Mondelez was $2.5B in fiscal 2025 (down 46.8%; fiscal 2024 was $4.6B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $1.5B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 4, 2026.

    What did Mondelez report in its latest quarterly filing?

    For the three months to Jun 30, 2026: net revenues $9.4B (up 4.1% from $9.0B) and net income $1.5B (up 141.5% from $641M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

    How much cash and debt does Mondelez have?

    As of Jun 30, 2026: $1.8B of cash and cash equivalents, $21.4B of total debt. Total debt here is short-term borrowings plus current and long-term debt, at carrying value. Source: 10-Q filed Jul 28, 2026.

    What are the main risks Mondelez lists?

    The risk factors are in Item 1A of the 10-K filed Feb 4, 2026. This page sorts them into 6 groups (Commodities; consumers; competition; international; health trends; cybersecurity). The first group in plain English: Prices of cocoa, sugar, wheat and other inputs can swing sharply. Source: 10-K, Item 1A Risk Factors.

    Where do these Mondelez numbers come from?

    The 10-K filed Feb 4, 2026 (fiscal 2025) and the 10-Q filed Jul 28, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

    Disclosures

    Editor holdings in MDLZ
    The editor holds no position in Mondelez (MDLZ). As of Oct 25, 2026.
    Trading rule
    The editor does not buy or sell MDLZ from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Oct 25, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold MDLZ, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    MondelezMDLZFY2025$38.5B+5.8%$2.5B
    PepsiCoPEPFY2025$93.9B+2.3%$8.2B
    Coca-ColaKOFY2025$47.9B+1.9%$13.1B
    Procter & GamblePGFY2026$87.0B+3.3%$16.0B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.