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.
MDLZ YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MDLZ Revenue by Segment
With YoY comparisons, source: SEC Filings
MDLZ Revenue by Geography
With YoY comparisons, source: SEC Filings
“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
MDLZ Earnings Trends
MDLZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MDLZ EPS Trend
Earnings per share: estimate vs actual
MDLZ Revenue Trend
Quarterly revenue: estimate vs actual
MDLZ Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.61 | $0.67 | +10.22% | $10.08B | +3.46% |
| Q4 25 BEAT FY | $0.70 | $0.72 | +3.34% | $10.50B | +2.01% |
| FY Full Year | — | $2.92 | — | $38.54B | — |
| Q3 25 BEAT | $0.71 | $0.73 | +2.95% | $9.74B | +0.63% |
| Q2 25 BEAT | $0.68 | $0.73 | +7.69% | $8.98B | +1.71% |