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MDLZ
FY2026 Q2
Raised
Mondelez International, Inc. earnings call
Buzzberg read
Emerging markets growth is structural, not cyclical
Mondelez reported strong emerging markets and improving North America results, leading to a raised full-year organic revenue growth forecast to at least 2%. Management emphasized sustained reinvestment in brands and innovation, and provided a detailed update on the Biscoff collaboration, projecting it could be worth up to $1 billion. Raised FY2026 organic revenue growth outlook to 'at least 2%' from prior guidance.
Buzzberg read Emerging markets growth is structural, not cyclical Mondelez reported strong emerging markets and improving North America results, leading to a raised full-year organic revenue growth forecast to at least 2%. Management emphasized sustained reinvestment in brands and innovation, and provided a detailed update on the Biscoff collaboration, projecting it could be worth up to $1 billion. Raised FY2026 organic revenue growth outlook to 'at least 2%' from prior guidance. Read full analysisCollapse analysis
Mondelez reported strong emerging markets and improving North America results, leading to a raised full-year organic revenue growth forecast to at least 2%. Management emphasized sustained reinvestment in brands and innovation, and provided a detailed update on the Biscoff collaboration, projecting it could be worth up to $1 billion. Raised FY2026 organic revenue growth outlook to 'at least 2%' from prior guidance.
- EM momentum driven by distribution gains (India +100k stores, Brazil at 1M stores) and under-penetrated snacking categories.
- North America volume/mix positive and accelerating; management expects a 'very strong second half'.
- Europe chocolate volume/mix improving, with a more positive outlook for H2 2026.
Revenue$9.355B-7% QoQ
EPS$0.73+9% QoQ
Gross margin42.61%Reported
Operating margin20.8%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
North America growth expected to be very strong in second half
Guidance
2027 earnings expected to be strong and insulated from commodity volatility
Show 3 more callouts
Innovation
Biscoff collaboration could be worth $500 million to $1 billion
Supply
Cocoa market structurally better than 2024 crisis
AI
AI and productivity to drive overhead savings
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $9.355B | -7% QoQ |
| EPS | $0.73 | +9% QoQ |
| Gross margin | 42.61% | Reported |
| Operating margin | 20.8% | Reported |
| Free cash flow | $0.513B | Reported |
| Capex | $0.342B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Revenue | FY2026 | 2% | 2% | Raised |
AI, capex & demand read
Management read
Confident
Management expressed confidence in sustained emerging market growth, strong North America performance, and a robust innovation pipeline, while also downplaying cocoa concerns.
Management AI read
Management mentioned AI-enabled efficiency across the P&L as an opportunity to create fuel for reinvestment, and discussed using AI to drive overhead savings and improve efficiency in creative media spending.
External signals
Supply-chain alpha · 3returns since call
Mondelez is prioritizing faster distribution expansion in emerging markets, adding 100,000 stores in India and reaching 1 million stores in Brazil.
Evidence
“We added another 100,000 stores in India. Brazil is now at 1 million stores.”
The Biscoff collaboration is expected to be worth $500 million to $1 billion, with new chocolate products gaining 7% market share in Scandinavia and adding 3% growth in Australia.
Evidence
“In the coming years, we'll be worth $500 million to about a billion.”
The cocoa market is in a structurally different position versus 2024, with a surplus equivalent to 10% of total demand and industry coverage of 10 months.
Evidence
“The surplus in deep-in-demand and supply in cocoa is at a historical high.”
Methodology & coverage
Management-only analysis. All 0 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.