Mondelez International

Mondelez International (MDLZ) Q2 2026 Earnings

Reported Jul 28, 2026 at 4:09 PM ET · SEC Source

Q2 26 EPS

$0.73

BEAT +7.40%

Est. $0.68

Q2 26 Revenue

$9.36B

BEAT +1.71%

Est. $9.20B

vs S&P Since Q2 26

-3.5%

TRAILING MARKET

MDLZ +2.5% vs S&P +6.0%

Market Reaction

Did MDLZ Beat Earnings? Q2 2026 Results

MondelÄ“z International delivered a broad earnings beat in Q2 2026, extending its streak of exceeding Wall Street expectations to four consecutive quarters as the global snacking giant posted adjusted EPS of $0.73, clearing the $0.68 consensus estimat… Read more MondelÄ“z International delivered a broad earnings beat in Q2 2026, extending its streak of exceeding Wall Street expectations to four consecutive quarters as the global snacking giant posted adjusted EPS of $0.73, clearing the $0.68 consensus estimate by 7.40%, while revenue of $9.36 billion topped forecasts by 1.71% and grew 4.1% year over year. The quarter's organic momentum was unevenly distributed across geographies, with Latin America and AMEA leading the charge at 8.4% and 7.1% organic growth, respectively, while Europe weighed on results with a 3.5% organic decline driven by softness in both volume and pricing. Adjusted gross profit margin edged up 20 basis points to 34.0%, though adjusted operating income margin contracted 120 basis points to 13.1%, reflecting higher input costs and stepped-up advertising investment. Looking ahead, management raised its full-year organic revenue growth target to at least 2%, while maintaining adjusted EPS growth guidance of flat to 5% on a constant currency basis and targeting roughly $3.00 billion in free cash flow, even as trade and commodity volatility cloud the broader consumer packaged goods landscape.

Key Takeaways

  • Higher net pricing and favorable volume/mix driving organic revenue growth
  • Continued strength in Emerging Markets with 4.4% organic growth
  • Favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives
  • Lower manufacturing costs driven by productivity
  • Strong growth and elevated execution in North America

MDLZ Forward Guidance & Outlook

For full-year 2026, Mondelēz now expects at least 2% Organic Net Revenue growth (reflecting year-to-date strength), maintains Adjusted EPS growth in the range of flat to 5% on a constant currency basis, and expects Free Cash Flow of approximately $3 billion. Currency translation is estimated to increase 2026 net revenue growth by approximately 2.0% and increase Adjusted EPS by $0.05. 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.

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MDLZ YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

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MDLZ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26
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MDLZ Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability. We delivered continued strength across our Emerging Markets, as well as strong growth and elevated execution in our North America business. In Europe, share dynamics are showing early positive trends, and we believe the business is well-positioned to build on that progress.”

— Dirk Van de Put, Q2 2026 Earnings Press Release