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Mondelez International

MDLZ Q1 2026 Earnings

Reported Apr 28, 2026 at 4:07 PM ET · SEC Source

Q1 26 EPS

$0.67

BEAT +10.22%

Est. $0.61

Q1 26 Revenue

$10.08B

BEAT +3.46%

Est. $9.74B

vs S&P Since Q1 26

+0.4%

BEATING MARKET

MDLZ +3.5% vs S&P +3.0%

Market Reaction

Did MDLZ Beat Earnings? Q1 2026 Results

Mondelez International posted a stronger-than-expected first quarter for fiscal 2026, delivering earnings per share of $0.67 against a consensus estimate of $0.61, a beat of 10.22%, while revenue of $10.08 billion cleared analyst forecasts by 3.46% a… Read more Mondelez International posted a stronger-than-expected first quarter for fiscal 2026, delivering earnings per share of $0.67 against a consensus estimate of $0.61, a beat of 10.22%, while revenue of $10.08 billion cleared analyst forecasts by 3.46% and rose 8.2% year over year. The headline growth, however, masked a more complicated story beneath the surface: organic net revenue expanded just 3.0%, driven almost entirely by 3.5 percentage points of pricing as volume and mix slipped 0.5 percentage points, a pattern that analysts have pointed to as evidence of brand resilience in a persistently inflationary environment. Cocoa cost pressures were the single most material drag, contributing to a 310-basis-point contraction in adjusted operating margin to 11.7% and a 19.0% constant-currency decline in adjusted operating income to $1.11 billion. Despite those profitability headwinds, management reaffirmed its full-year 2026 outlook for organic net revenue growth of flat to 2%, adjusted EPS growth of flat to 5% on a constant-currency basis, and free cash flow of approximately $3 billion, though the guidance explicitly excludes potential tariff changes to USMCA-compliant trade.

Key Takeaways

  • • Organic Net Revenue growth of 3.0% driven by 3.5pp of higher net pricing partially offset by -0.5pp unfavorable volume/mix
  • • Strong Emerging Markets organic growth of 6.3% with positive volume/mix of 0.5pp
  • • AMEA segment led organic growth at 11.3% with 5.8pp favorable volume/mix
  • • Higher input cost inflation, particularly cocoa, pressured margins significantly
  • • Favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives boosted reported results
  • • Increased advertising and consumer promotion spending and higher SG&A expenses weighed on adjusted profitability
  • • Lower manufacturing costs driven by productivity partially offset cost headwinds

MDLZ Forward Guidance & Outlook

Mondelēz reaffirmed its 2026 full-year guidance: Organic Net Revenue growth in the range of flat to 2%, Adjusted EPS growth of flat to 5% on a constant currency basis, and Free Cash Flow of approximately $3 billion. The company estimates currency translation would increase 2026 net revenue growth by approximately 2.0% and increase Adjusted EPS by $0.06. Outlook is provided in the context of greater-than-usual volatility, including geopolitical, trade, regulatory uncertainty and commodity prices, and does not reflect any potential tariff changes to USMCA-compliant trade.

24/7 Wall St

MDLZ YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

MDLZ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
24/7 Wall St

MDLZ Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We posted solid first quarter results led by strong top-line growth in our Emerging Markets while Developed Market growth showed signs of improvement. These results reflect strong execution of our consumer-centric strategy supported by increased investments behind our brands and growth platforms despite ongoing macro volatility.”

— Dirk Van de Put, Q1 2026 Earnings Press Release

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