Mondelez International earnings: third quarter 2026

Mondelez International, the maker of Oreo, Cadbury and Milka, grew sales 2.3% to just under $10 billion in the third quarter of 2026, mostly by selling more rather than charging more. Lower costs for ingredients and factories lifted adjusted operating profit by almost a fifth. Higher tax and interest swallowed much of that gain, so adjusted earnings per share rose a more modest 6.8% to $0.78. The reported figure of $1.02 is flattered by gains on hedging contracts. ¹

Against what analysts expected

Analysts had on average expected earnings per share of $0.72 for the quarter, according to Nasdaq's earnings calendar; Mondelez's adjusted figure of $0.78 came in $0.06 above that, and its reported figure of $1.02, lifted by hedging gains, was above it too. ¹²

The strong points

• After the direct cost of making its biscuits and chocolate, Mondelez kept 34.2 cents of each sales dollar on its own adjusted measure, up 3.8 points, which it puts down to cheaper raw materials and manufacturing. ¹
• Adjusted operating profit, the profit from running the business before interest and tax, rose 18.2% to $1,384 million. ¹
• Underlying sales grew 2.1%, and almost all of that came from selling more product or a richer mix rather than from price rises. ¹

The weak points

• Higher tax, higher interest and lower earnings from investments in other companies ate most of the operating gain, so adjusted net earnings grew only 4.5%. ¹
• Over the first nine months, adjusted earnings per share is still 0.9% below last year at $2.18. ¹

What the company expects

• Mondelez kept its forecast for 2026 adjusted earnings per share growth of between flat and 5 percent, leaving out currency effects. ¹
• It also kept its forecast for underlying sales growth of at least 2 percent this year, and expects currency moves to add about 1.5 percent on top. ¹

Our verdict on the quarter

A strong report. A strong quarter with fatter margins, volume-led sales growth and profit per share above what analysts expected, and the company kept its forecasts for the year, though much of the operating gain was lost to tax and interest and the year so far is still flat underneath.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Mondelez International's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩