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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
Mondelez International (MDLZ) investor relations material
Mondelez International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Net revenues grew 5.9% year-over-year in Q3 2025, with organic net revenue up 3.4% driven by higher pricing, offset by a 4.6% decline in volume/mix and record-high cocoa cost inflation; Europe and U.S. faced volume and share pressures, while emerging markets showed resilience outside Argentina and China.
Diluted EPS fell 9.5% to $0.57, while adjusted EPS dropped 24.2% on a constant currency basis to $0.73, reflecting operational declines and higher input costs.
Year-to-date cash from operations was $2.1 billion, with free cash flow at $1.2 billion; $3.7 billion was returned to shareholders via dividends and buybacks in the first nine months.
Market share performance remained robust, with snacks revenue gaining or holding share in about 70% of tracked markets year-to-date.
Segment results were mixed, with Europe and North America seeing significant profit declines, and ongoing macroeconomic and geopolitical risks remain elevated.
Financial highlights
Q3 2025 net revenues: $9,744M (+5.9% YoY); nine months: $28,041M (+4.5% YoY).
Q3 operating income: $744M (-35.5% YoY); nine months: $2,596M (-45.2% YoY).
Q3 gross profit margin: 26.8% (down from 32.6% YoY); operating income margin: 7.6% (down from 12.5% YoY); adjusted operating income margin: 12.0% (down from 18.9%).
Adjusted EPS for Q3 2025 was $0.73, down 24.2% year-over-year (constant currency).
Free cash flow for the first nine months: $1.2 billion (down from $2.5 billion YoY); cash conversion cycle of 27 days.
Outlook and guidance
FY 2025 organic net revenue growth is now expected at 4%+, with adjusted EPS projected to decline about 15% on a constant currency basis.
Free cash flow for 2025 is expected to exceed $3 billion.
On-algorithm EPS growth expected for 2026, with cocoa prices forecasted to be deflationary versus 2025 but still high relative to historical norms.
Q4 is expected to see a rebound in Europe, driven by Christmas activation and improved volume.
High single-digit EPS growth targeted for 2026, with material investments planned to support long-term growth.
Quantify Q3 cocoa cost impact on margins
What drives the negative volume/mix trend?
Explain the divergence in market performance
How will Europe chocolate elasticity evolve?
US biscuit market: path to positive growth
Detail 2026 SG&A investment strategy
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Next Mondelez International earnings date
Q4 202527 Jan, 2026
Next Mondelez International earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Leading Snack Producers
Mondelez International is an American multinational confectionery, food, and beverage conglomerate. Established in 2012 following a spin-off from Kraft Foods, Mondelez operates in over 150 countries and owns a plethora of iconic brands. With a vast portfolio of snacks and treats, the company is positioned as a global leader in the snack industry. The company is headquartered in Chicago, Illinois, and is listed on the Nasdaq.
The Spin-Off
Mondelez International's roots trace back to the foundation of many legacy companies, but its most immediate predecessor is Kraft Foods. The name "Mondelez" is derived from two words: "monde" from the Latin word for "world," and "delez" as an expression of "delicious." In 2012, in a strategic move to separate its global snack business from its North American grocery operations, Kraft Foods Inc. spun off its North American grocery business into a new company, Kraft Foods Group, and renamed the remaining global snacks business Mondelez International. This decision aimed to enable each entity to focus more keenly on their respective markets.
The Brands
Mondelez International is a global powerhouse in the snack industry, boasting a portfolio of iconic brands. Among its most recognizable brands are the chocolate producers Cadbury, LU, Milka, and Toblerone and the well-known Oreo cookie. Beyond these, Mondelez also owns Nabisco, the name behind classics like Ritz crackers and Chips Ahoy! cookies. Trident, one of the world's leading chewing gum brands, and Tang, a popular powdered beverage, further demonstrate the company's diverse portfolio. This is merely a snapshot of Mondelez’s brands, and their ownership of companies goes much further than what has been mentioned above.
A Global Market
Mondelez International has an expansive global presence, operating in over 150 countries. As one of the world's leading snack companies, its products can be found on shelves in nearly all corners of the world. This is however not something unique for the industry Mondelez is active in, and some of their main publicly traded competitors include names like Nestle, PepsiCo, Unilever, and other similar companies.
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