$MDLZ · Mondelez International, Inc.
Mondelez reported Q3 FY2026 results with net revenues of $9.967B (+2.3% reported, +2.1% organic) and adjusted EPS of $0.78 (+5.5% constant currency). Volume/mix contributed +1.8pp to organic growth, with broad-based gains across emerging and developed markets. The company reaffirmed its full-year 2026 outlook for at least 2% organic revenue growth, flat-to-5% adjusted EPS growth, and approximately $3B in free cash flow.
- Q3 net revenues $9.967B, +2.3% reported, organic growth +2.1% with volume/mix +1.8pp
- Adjusted EPS $0.78, +5.5% constant currency; GAAP EPS $1.02, +78.9%
- Adjusted gross profit margin expanded 380bps to 34.2%, driven by lower raw material and manufacturing costs
- Year-to-date free cash flow $1.7B; $2.8B returned to shareholders via dividends and buybacks
- Reaffirmed 2026 outlook: organic revenue growth ≥2%, adjusted EPS growth flat to +5% constant currency, FCF ~$3B
Extended-hours trading at $63.98, +2.32% vs regular close of $62.53. The broad-based volume growth (+1.8pp vol/mix) and reaffirmed guidance are driving a positive after-hours reaction on the $79.81B consumer staple.
Mondelez posted genuine volume growth (+1.8pp vol/mix) in a sector where peers are losing volume, while reaffirming guidance and announcing a bolt-on acquisition in the high-growth permissible indulgence category.
Mondelez's +1.8pp volume/mix stands out in packaged food where peers are struggling for volume growth. The Undercover Snacks acquisition signals continued push into "permissible indulgence," a high-growth snacking subsegment.
Europe organic revenue declined 2.1% with pricing down 3.7pp, and YTD adjusted operating income fell 3.7% constant currency. Geopolitical conflicts added incremental costs. Outlook excludes potential USMCA tariff changes.