Mondelez International (MDLZ) Q1 2026 Earnings
How Did MDLZ Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +6.60%.
Did MDLZ Beat Earnings? Q1 2026 Results
Yes. Mondelez International reported Q1 2026 earnings of $0.67 a share on Apr 28, 2026, beating the $0.61 consensus estimate by 10.2%. Revenue was $10.1B against a $9.7B estimate.
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.
- 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
“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.”
Mondelez International CEO, on the earnings call
What Was Mondelez International's Outlook in Q1 2026?
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.
MDLZ YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $10.1B | $9.3B | +8.2% |
| Gross Profit | $2.8B | $2.4B | +15.4% |
| Operating Income | $808.0M | $680.0M | +18.8% |
| Net Income | $560.0M | $402.0M | +39.3% |
MDLZ Revenue by Segment
MDLZ Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.