Mondelez International, Inc., through its subsidiaries, manufactures, markets, and sells snack food and beverage products in the Latin America, North America, Asia, the Middle East, Africa, and Europe. It provides biscuits and baked snacks, including cookies, crackers, salted snacks, snack bars, and cakes and pastries; chocolates; and gums and candies, as well as various cheese and grocery, and powdered beverage products. The company's brand portfolio includes Oreo, Ritz, LU, CLIF Bar, and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka, and Toblerone chocolate. It serves supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores, and other retail food outlets through direct store delivery, company-owned and satellite warehouses, distribution centers, third party distributors, and other facilities, as well as through independent sales offices and agents. The company also sells products directly to businesses and consumers through e-retail platforms, retailer digital platforms, as well as through its direct-to-consumer websites and social media platforms. Mondelez International, Inc. was formerly known as Kraft Foods Inc. and changed its name to Mondelez International, Inc. in October 2012. The company was incorporated in 2000 and is headquartered in Chicago, Illinois.

Фундаментальная картина Mondelez International, Inc. демонстрирует смешанные результаты. Мультипликаторы, такие как P/E, P/S и P/FCF, находятся значительно выше медианных значений по отрасли, что указывает на потенциальную переоцененность компании. В то же время, компания имеет хорошую динамику по выручке и чистой прибыли, однако, рентабельность (ROE, ROA) остается ниже среднеотраслевых значений. Долговая нагрузка также вызывает опасения: коэффициент долга к капиталу выше медианы. Дивиденды в последнее время не выплачиваются, что также негативно сказывается на восприятии компании. В то же время, показатели, такие как EPS и чистая прибыль, остаются выше медианы, что может поддерживать интерес со стороны инвесторов. В целом, необходимо учитывать высокие мультипликаторы и долг, а также отсутствие дивидендов, что ограничивает потенциал роста оценки акций компании в ближайшем будущем.

Mondelez International, Inc.

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Mondelez (MDLZ) Q1 2026 Earnings Transcript

Mondelez International, Inc. MDLZ posted first-quarter 2026 results, wherein both top and bottom lines beat the Zacks Consensus Estimate. While net sales increased, earnings decreased from the year-ago period’s actuals.
Adjusted earnings were 67 cents per share, which decreased 14.9% on a constant-currency (cc) basis. The decline was caused by weaker operating performance and higher income taxes, partially offset by lower interest and other expenses, as well as a reduced share count. The metric beat the Zacks Consensus Estimate of 61 cents per share.
Mondelez International, Inc. Price, Consensus and EPS Surprise
Mondelez International, Inc. price-consensus-eps-surprise-chart | Mondelez International, Inc. Quote
Net revenues rose 8.2% year over year to $10,080 million, outpacing the Zacks Consensus Estimate of $9,790 million. This growth was driven by favorable currency-related factors and underlying organic net revenue gains, partially offset by the absence of prior-year revenues from a divestiture.
Organic net revenues rose 3% year over year in the first quarter, primarily driven by pricing, which contributed 3.5 percentage points, while volume/mix declined 0.5 percentage points.
MDLZ’s Revenue & Margin Breakdown: Key Insights
Revenues from emerging markets increased 11.4% year over year to $4,149 million, with organic growth of 6.3%. Growth in these markets was supported by strong results in India and Brazil, along with solid growth in China and Southeast Asia. These gains reflect continued focus on expanding distribution and strengthening consumer engagement.
Revenues from developed markets increased 6.1% year over year to $5,931 million, with organic growth of 0.8%. Growth was supported by gradual improvement across key regions. In North America, growth was modest, with the U.S. biscuit business showing sequential improvement.
Region-wise, revenues jumped 12.1% in Latin America and 14.3% in Asia, the Middle East and Africa, 9% in Europe and 0.5% in North America. On an organic basis, revenues rose 11.3% in AMEA, 5.1% in Latin America, 0.5% in North America and fell 0.6% in Europe.
Adjusted gross profit decreased 5.4% on a cc basis, while adjusted gross profit margin declined 270 basis points to 30.7%, mainly due to elevated input cost inflation and unfavorable volume/mix. These pressures were partly mitigated by higher pricing and lower manufacturing costs driven by productivity gains.
Adjusted operating income decreased 19% on a cc basis, with adjusted operating margin decreasing 310 basis points to 11.7%. The decline was caused by elevated input costs, unfavorable volume/mix, increased advertising and consumer promotion spending, and higher selling, general, and administrative expenses. These were partially offset by higher pricing and lower manufacturing costs from productivity improvements.
Mondelez’s Financial Health Snapshot
MDLZ ended the quarter with cash and cash equivalents of $1,524 million and total debt of $21,024 million. For the three months ended March 31, 2026, the company generated $467 million in net cash from operating activities and delivered free cash flow of $155 million.
During the quarter, the company returned $0.6 billion to its shareholders through dividends.
What to Expect From MDLZ in 2026?
For 2026, the company reaffirmed its guidance for organic net revenue growth in the range of flat to 2% and adjusted EPS growth of flat to 5% on a constant currency basis. Free cash flow is expected to be approximately $3 billion.
This Zacks Rank #3 (Hold) company has risen 2.2% in the past three months against the industry’s 8.9% decline.
Image Source: Zacks Investment Research
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The consensus estimate for Post Holdings’ current fiscal-year sales and earnings implies growth of 2.7% and 0.1%, respectively, from the year-ago figures. Post Holdings delivered a trailing four-quarter earnings surprise of 19.6%, on average.
Smithfield Foods, Inc. SFD produces packaged meats and fresh pork in the United States and internationally. It carries a Zacks Rank #2 at present. Smithfield Foods delivered a trailing four-quarter earnings surprise of 15.3%, on average.
The Zacks Consensus Estimate for Smithfield Foods’ current fiscal-year sales and earnings indicates growth of 1.1% and 7.5%, respectively, from the prior-year levels.
Tyson Foods, Inc. TSN operates as a food company worldwide. It currently has a Zacks Rank #2. Tyson Foods delivered a trailing four-quarter earnings surprise of 16.5%, on average.
The Zacks Consensus Estimate for Tyson Foods’ current fiscal-year sales indicates growth of 4.4%, from the prior-year reported levels.
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Mondelez Q1 Earnings Beat Estimates, Revenues Up 8.2% Y/Y

(RTTNews) - Mondelez International, Inc. (MDLZ) reported higher profit for the first quarter, mainly supported by revenue growth.
Operating income rose to $808 million from $680 million in the prior-year quarter.
Net earnings increased to $560 million from $402 million a year earlier, while earnings per share rose to $0.44 from $0.31.
Excluding items, adjusted earnings declined to $859 million from $962 million in the same period last year, while adjusted EPS fell to $0.67 from $0.74.
Revenue increased 8.2% to $10.080 billion from $9.313 billion a year earlier, while organic revenue growth was 3%.
For 2026, the company reaffirmed its outlook, expecting organic revenue growth in the range of flat to 2% and adjusted earnings per share growth of flat to 5% on a constant currency basis.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Mondelez Q1 Profit, Revenue Up; Confirms Full-year Outlook

Mondelez (MDLZ) came out with quarterly earnings of $0.67 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.62%. A quarter ago, it was expected that this maker of Oreo cookies, Cadbury chocolate and Trident gum would post earnings of $0.7 per share when it actually produced earnings of $0.72, delivering a surprise of +2.86%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Mondelez, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $10.08 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.96%. This compares to year-ago revenues of $9.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Mondelez shares have added about 6.7% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Mondelez?
While Mondelez has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Mondelez was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.71 on $9.18 billion in revenues for the coming quarter and $3.03 on $39.6 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Miscellaneous is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Chefs' Warehouse (CHEF), is yet to report results for the quarter ended March 2026. The results are expected to be released on April 29.
This distributor of specialty food products is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Chefs' Warehouse's revenues are expected to be $1 billion, up 5.7% from the year-ago quarter.
Should You Invest in Mondelez International, Inc. (MDLZ)?
Before you invest in Mondelez International, Inc. (MDLZ), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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Mondelez (MDLZ) Q1 Earnings and Revenues Surpass Estimates

The following companies are expected to report earnings after hours on 04/28/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Visa Inc. (V)is reporting for the quarter ending March 31, 2026. The financial transactions company's consensus earnings per share forecast from the 12 analysts that follow the stock is $3.09. This value represents a 11.96% increase compared to the same quarter last year. In the past year V has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.96%. T-Mobile US, Inc. (TMUS)is reporting for the quarter ending March 31, 2026. The wireless (national) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.06. This value represents a 20.16% decrease compared to the same quarter last year. In the past year TMUS has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 5.42%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TMUS is 17.37 vs. an industry ratio of -26.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Welltower Inc. (WELL)is reporting for the quarter ending March 31, 2026. The reit company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.45. This value represents a 20.83% increase compared to the same quarter last year. In the past year WELL has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.69%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for WELL is 33.76 vs. an industry ratio of 13.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Booking Holdings Inc. (BKNG)is reporting for the quarter ending March 31, 2026. The internet company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.10. This value represents a 11.11% increase compared to the same quarter last year. In the past year BKNG has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 1.04%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BKNG is 16.68 vs. an industry ratio of 21.10.
Seagate Technology Holdings PLC (STX)is reporting for the quarter ending March 31, 2026. The computer company's consensus earnings per share forecast from the 4 analysts that follow the stock is $3.26. This value represents a 95.21% increase compared to the same quarter last year. In the past year STX has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 10.69%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for STX is 49.12 vs. an industry ratio of 25.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Starbucks Corporation (SBUX)is reporting for the quarter ending March 31, 2026. The restaurant company's consensus earnings per share forecast from the 12 analysts that follow the stock is $0.44. This value represents a 7.32% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SBUX is 42.38 vs. an industry ratio of 13.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Waste Management, Inc. (WM)is reporting for the quarter ending March 31, 2026. The waste removal company's consensus earnings per share forecast from the 10 analysts that follow the stock is $1.75. This value represents a 4.79% increase compared to the same quarter last year. The last two quarters WM had negative earnings surprises; the latest report they missed by -1.03%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for WM is 27.79 vs. an industry ratio of 24.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Mondelez International, Inc. (MDLZ)is reporting for the quarter ending March 31, 2026. The food company's consensus earnings per share forecast from the 8 analysts that follow the stock is $0.61. This value represents a 17.57% decrease compared to the same quarter last year. In the past year MDLZ has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 2.86%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MDLZ is 18.95 vs. an industry ratio of 12.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Robinhood Markets, Inc. (HOOD)is reporting for the quarter ending March 31, 2026. The investment bankers company's consensus earnings per share forecast from the 7 analysts that follow the stock is $0.40. This value represents a 8.11% increase compared to the same quarter last year. In the past year HOOD has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 4.76%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for HOOD is 43.05 vs. an industry ratio of 16.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Bloom Energy Corporation (BE)is reporting for the quarter ending March 31, 2026. The alternative energy company's consensus earnings per share forecast from the 5 analysts that follow the stock is $-0.02. This value represents a 81.82% increase compared to the same quarter last year. In the past year BE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 86.67%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BE is 234.68 vs. an industry ratio of 19.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Teradyne, Inc. (TER)is reporting for the quarter ending March 31, 2026. The electrical instrument company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.11. This value represents a 181.33% increase compared to the same quarter last year. In the past year TER has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 32.35%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TER is 64.63 vs. an industry ratio of 29.60, implying that they will have a higher earnings growth than their competitors in the same industry.
NXP Semiconductors N.V. (NXPI)is reporting for the quarter ending March 31, 2026. The semiconductor company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.61. This value represents a 20.28% increase compared to the same quarter last year. NXPI missed the consensus earnings per share in the 1st calendar quarter of 2025 by -0.46%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for NXPI is 18.93 vs. an industry ratio of 39.20.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After-Hours Earnings Report for April 28, 2026 : V, TMUS, WELL, BKNG, STX, SBUX, WM, MDLZ, HOOD, BE, TER, NXPI

Mondelez International, Inc. MDLZ is likely to witness top-line growth when it reports first-quarter 2026 earnings on April 28. The Zacks Consensus Estimate for revenues is pegged at $9.77 billion, indicating growth of almost 5% from the prior-year quarter’s reported figure.
The consensus mark for earnings has remained unchanged over the past 30 days at 61 cents a share, which, however, implies a 17.6% decline from the figure reported in the year-ago quarter. MDLZ has a trailing four-quarter earnings surprise of 6.4%, on average.
Factors Likely to Influence MDLZ’s Upcoming Results
Mondelez’s first-quarter performance is likely to have been supported by continued pricing execution, particularly across its chocolate portfolio, as the company has been navigating elevated cocoa costs through disciplined revenue growth management. On its fourth-quarter 2025earnings call management noted that pricing remained a key lever while also emphasizing affordability actions through price-pack architecture and broader price-point offerings. These efforts, backed by strong brand equity and consumer loyalty toward its iconic brands, are likely to have supported top-line trends despite a challenging consumer backdrop.
The company’s emerging-market exposure is also likely to have remained a key growth driver. Management highlighted broad-based strength across several emerging markets, along with continued investment in distribution expansion and route-to-market capabilities. Mondelez also pointed to accelerated digitization across its supply chain and sales force, which should aid execution and support brand reach in underpenetrated markets. These factors are likely to have helped the company sustain resilient demand across key international markets.
Mondelez’s ongoing focus on brand investments, innovation and channel expansion is expected to have supported the quarter. The company has been increasing advertising and consumer investments to drive awareness, penetration, frequency and buy rate while expanding offerings in areas such as premium indulgence, better-for-you snacks, protein and on-the-go occasions. It is also strengthening its presence in channels such as convenience, club, value, e-commerce, discount and travel retail, which should help it capture shifting consumer shopping patterns and incremental snacking occasions.
However, soft consumer sentiment, pricing-related elasticity and management’s first-half commentary suggest near-term pressure on first-quarter performance. The company called out some customer disruption in Europe for the first half due to usual pricing negotiations. It also noted that first-half profitability would be hurt by year-over-year inventory cost phasing, with the majority of the impact expected in the first quarter. Weak consumer confidence in the United States, fragile sentiment in Europe, softness in U.S. biscuits and elevated cocoa costs could have weighed on volumes, mix and profitability during the quarter.
Earnings Whispers for MDLZ
Our proven model does not conclusively predict an earnings beat for Mondelez this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Mondelez carries a Zacks Rank #3 and has an Earnings ESP of -1.25%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
BJ's Wholesale Club Holdings, Inc. BJ currently has an Earnings ESP of +1.69% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BJ's Wholesale Club’s upcoming quarter’s EPS is pegged at $1.05, which implies a 7.9% decline year over year. The consensus estimate for the quarterly revenues is pinned at $5.39 billion, which indicates 4.6% growth from the figure reported in the prior-year quarter. BJ delivered a trailing four-quarter earnings surprise of 9.4%, on average.
The J. M. Smucker Company SJM currently has an Earnings ESP of +2.97% and a Zacks Rank of 3. The consensus mark for the upcoming quarter’s revenues is pegged at $2.28 billion, which indicates an increase of 6.5% from the figure reported in the year-ago quarter.
The Zacks Consensus Estimate for J. M. Smucker’s quarterly earnings per share of $2.66 implies growth of 15.2% from the figure reported in the year-ago quarter. SJM delivered a trailing four-quarter earnings surprise of 1%, on average.
McCormick & Company, Incorporated MKC currently has an Earnings ESP of +0.43% and a Zacks Rank of 3. The consensus estimate for the quarterly revenues is pegged at $1.9 million, which indicates a surge of 14.5% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for McCormick’s upcoming quarter’s EPS is pegged at 71 cents, which implies a 2.9% increase year over year. MKC delivered a trailing four-quarter earnings surprise of roughly 4.5%, on average.
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Mondelez Gears Up for Q1 Earnings: Essential Insights for Investors

Fintel reports that on April 14, 2026, BTIG initiated coverage of Mondelez International (NasdaqGS:MDLZ) with a Buy recommendation.
Analyst Price Forecast Suggests 15.95% Upside
As of April 9, 2026, the average one-year price target for Mondelez International is $67.04/share. The forecasts range from a low of $54.54 to a high of $76.65. The average price target represents an increase of 15.95% from its latest reported closing price of $57.82 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Mondelez International is 34,401MM, a decrease of 10.73%. The projected annual non-GAAP EPS is 3.77.
What is the Fund Sentiment?
There are 1,877 funds or institutions reporting positions in Mondelez International. This is an decrease of 1,021 owner(s) or 35.23% in the last quarter. Average portfolio weight of all funds dedicated to MDLZ is 0.15%, an increase of 48.52%. Total shares owned by institutions decreased in the last three months by 17.89% to 1,075,592K shares. The put/call ratio of MDLZ is 1.35, indicating a bearish outlook.
What are Other Shareholders Doing?
Capital International Investors holds 86,944K shares representing 6.77% ownership of the company. In its prior filing, the firm reported owning 78,561K shares , representing an increase of 9.64%. The firm decreased its portfolio allocation in MDLZ by 7.40% over the last quarter.
Jpmorgan Chase holds 63,105K shares representing 4.92% ownership of the company. In its prior filing, the firm reported owning 69,588K shares , representing a decrease of 10.27%. The firm decreased its portfolio allocation in MDLZ by 18.12% over the last quarter.
Price T Rowe Associates holds 37,367K shares representing 2.91% ownership of the company. In its prior filing, the firm reported owning 33,373K shares , representing an increase of 10.69%. The firm decreased its portfolio allocation in MDLZ by 50.50% over the last quarter.
Capital Research Global Investors holds 29,521K shares representing 2.30% ownership of the company. In its prior filing, the firm reported owning 29,705K shares , representing a decrease of 0.62%. The firm decreased its portfolio allocation in MDLZ by 15.75% over the last quarter.
Geode Capital Management holds 29,299K shares representing 2.28% ownership of the company. In its prior filing, the firm reported owning 29,190K shares , representing an increase of 0.37%. The firm decreased its portfolio allocation in MDLZ by 16.31% over the last quarter.
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BTIG Initiates Coverage of Mondelez International (MDLZ) with Buy Recommendation

Key Points
Cocoa prices are already retreating back toward normal levels from the unusual highs they reached in 2024 and 2025.
Because large buyers like Mondelēz hedge their costs by locking in purchases in advance, they aren't fully seeing the benefit of those lower prices yet, which is creating a near-term earnings disconnect.
Emerging markets are driving long-term growth for Mondelēz.
When I think of passive-income stocks, I picture businesses that are boring and slow. Utilities. REITs. Assets that offer investors appealing yields, but little else.
Mondelēz International (NASDAQ: MDLZ) is a different kind of income play, and I think it's one of the most misunderstood stocks in the consumer goods space right now.
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What Mondelēz specializes in
Before getting into the investment case, it helps to understand the company's actual footprint, because it's bigger and stranger than most people realize. Mondelēz International holds 17% of the $128 billion global biscuit market, a segment that includes cookies. Its Oreo brand, for example, holds an 18% market share of the biscuit category in China -- the highest country-level biscuit share Oreo has worldwide.
The company also holds 12.4% of the $147 billion global chocolate market and 8.6% of the $20 billion snack bar market. It operates in more than 150 countries. When its CEO says 40% of 2025 revenues came from emerging markets, and that its sales in those markets have grown at a 13.4% compound annual rate over the past five years, that's proof the machine is already running.
The cocoa problem and the timing opportunity
In 2025, cocoa prices hit historic highs, and Mondelēz took the brunt of it. The company said the unprecedented inflation could cut into its adjusted EPS by as much as 15%. The stock has been punished. Since last summer, shares have fallen from a high above $70 to a 52-week low of around $51 in January, and today trade at roughly $59. That slide has pushed its trailing dividend yield to around 3.3%.
But here's what the bears behind sell-off are missing: Cocoa spot prices have already come down significantly from their 2024 peak. The problem is that large manufacturers like Mondelēz hedge their commodity exposure roughly a year in advance, which in this case has locked them into elevated prices even as the spot market for cocoa has cooled.
The company is not expected to benefit from the declining cocoa costs until 2027. This creates a window for the company to adjust. The market is pricing in the current pain, but the structural relief is already in the pipeline.
In a recent interview with Food Dive, CEO Dirk Van de Put said Mondelēz is already seeing some "small benefits" from declining cocoa prices, and said it plans to increase advertising and brand investment in 2026. That's a company leaning into its position, not retreating from it.
The market engine and bull case
The bull case for Mondelēz is really an emerging-market case, and it takes a long view.
Currently, China generates roughly $2 billion in annual revenue for the company. Brazil contributes $1.8 billion and India $1.7 billion. And its sales in all three are growing faster than the company's developed market businesses. Its strategy in India, for example, centers on expanding route-to-market reach, scaling biscuit premiumization through Oreo and Biscoff, and building out a chocolate business in a country where per-capita chocolate consumption is still a fraction of what it is in Europe.
Mondelēz has also been methodically shrinking its share count over time. The company has reduced its diluted share count through consistent annual repurchases. On top of this, the company is steadily returning money to shareholders, with dividends rising in 2025. At the same time, its share count declined from 1.36 billion to 1.28 billion, signaling ongoing stock buybacks that enhance per-share value.
In December 2024, the board authorized a new $9 billion repurchase program running through December 2027, replacing the prior $6 billion authorization, of which $2.8 billion had gone unspent. Fewer shares outstanding means each remaining share captures a larger slice of future earnings. That math works quietly in investors' favor regardless of what cocoa prices are doing in any given quarter. And $9 billion would be a meaningful buyback for a company currently valued at around $82.5 billion.
The cocoa sweet dividend
Mondelēz pays a quarterly dividend of $0.50 per share and has raised its payouts every year for over a decade, with a five-year dividend growth rate of nearly 9.5%. At current prices near $59, its forward yield sits around 3.4%.
The payout ratio is expected to exceed 100% of earnings in the near term. This is a legitimate risk that income investors shouldn't ignore. But free cash flow coverage is healthier at 77%, and the company has guided for over $3 billion in free cash flow in 2026.
With all this in mind, Mondelēz is not the stock to buy if you need yield stability in 2026. The cocoa price headwinds it faces are real, and the near-term earnings picture is murky.
But if you're deploying $1,000 with a time horizon of three to five years or more, there's a case to be made for buying this globally diversified snacking business with dominant brands, a growing emerging market engine, and a well-funded dividend, particularly when you can get it at a share price that reflects a temporary commodity-related problem rather than a permanent structural one. That's the kind of setup that positions a stock for real passive income growth over time.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Want Passive Income That Grows? This Is the Ultimate Stock to Buy With $1,000.

Investors interested in stocks from the Food - Miscellaneous sector have probably already heard of Darling Ingredients (DAR) and Mondelez (MDLZ). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Currently, Darling Ingredients has a Zacks Rank of #2 (Buy), while Mondelez has a Zacks Rank of #3 (Hold). This means that DAR's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
DAR currently has a forward P/E ratio of 17.68, while MDLZ has a forward P/E of 18.97. We also note that DAR has a PEG ratio of 0.43. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. MDLZ currently has a PEG ratio of 2.40.
Another notable valuation metric for DAR is its P/B ratio of 1.94. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, MDLZ has a P/B of 2.85.
These are just a few of the metrics contributing to DAR's Value grade of B and MDLZ's Value grade of C.
DAR has seen stronger estimate revision activity and sports more attractive valuation metrics than MDLZ, so it seems like value investors will conclude that DAR is the superior option right now.
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DAR vs. MDLZ: Which Stock Is the Better Value Option?

Mondelez International, Inc.’s MDLZ chocolate business delivered strong growth in full-year 2025, supported by pricing actions and broad-based brand performance across markets. The company saw strength across key brands, including Cadbury Dairy Milk, Milka, Lacta, Cote d’Or, Freia Marabou and Hu, with growth seen in both developed and emerging markets.
Chocolate organic net revenues increased 11.4% in 2025. This growth was driven primarily by pricing and revenue growth management actions taken in response to elevated cocoa costs. At the same time, the category experienced a 7.5 percentage point decline in volume and mix. Management attributed more than 3 percentage points of this decline to deliberate actions such as product downsizing, with the remaining pressure largely linked to elasticity, particularly in Europe.
Europe played a central role in shaping chocolate performance. The region reported organic net revenue growth of 8.6%, supported by strong pricing execution. However, volumes declined, mainly due to consumer response to cocoa-related pricing and revenue growth management actions.
Management indicated that it expects chocolate volumes in Europe to stabilize following the recent pricing cycle. To support this, the company is focusing on price-pack architecture, increased advertising and consumer promotion, and expansion in segments such as pralines, filled chocolates and choco bakery. It is also investing in innovation, including products that require lower cocoa usage. Chocolate products featuring Biscoff have been performing ahead of expectations.
Image Source: Zacks Investment Research
Cocoa costs remain an important part of the chocolate story. Mondelez said cocoa prices have come down from last year’s peak, and a supply surplus is expected in the 2025 to 2026 cycle. The company has already locked in most of its 2026 cocoa needs, though at prices still above current market levels.
Overall, Mondelez’s 2025 chocolate performance was driven by strong pricing, even as volumes remained under pressure from high cocoa costs and related pricing actions. While the Zacks Rank #3 (Hold) company’s chocolate strength remains intact, the sustainability of that growth will likely depend on how volumes recover as cocoa cost pressures ease.
Shares of MDLZ have risen 6.5% year to date against the industry’s decline of 3.5%.
Better-Ranked Stocks
The Hershey Company HSY engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. It sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Hershey’s current financial-year sales and earnings indicates growth of 4.8% and 30.1%, respectively, from the prior-year reported levels. HSY delivered a trailing four-quarter earnings surprise of 17.2%, on average.
Mama's Creations, Inc. MAMA manufactures and markets fresh deli-prepared foods in the United States. At present, MAMA sports a Zacks Rank #1. Mama's Creations delivered a trailing four-quarter earnings surprise of 133.3%, on average.
The consensus estimate for Mama's Creations’ current fiscal-year sales and earnings implies growth of 39.9% and 44.4%, respectively, from the year-ago figures.
US Foods Holding Corp. USFD engages in the marketing, sale and distribution of fresh, frozen and dry food and non-food products to foodservice customers in the United States. USFD currently carries a Zacks Rank of 2 (Buy). US Foods Holding delivered a trailing four-quarter earnings surprise of 2.2%, on average.
The Zacks Consensus Estimate for US Foods Holding’s current fiscal-year sales and earnings implies growth of 5.4% and 20.9%, respectively, from the year-ago figures.
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Hershey Company (The) (HSY) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.