Mondelez Third-Quarter Adjusted EPS Rises to $0.78 as Company Reaffirms 2026 Outlook

Mondelez International posted third-quarter adjusted earnings of $0.78 a share, up 5.5% on a constant currency basis, as volume growth in emerging markets offset a decline in Europe, and the snack maker reaffirmed its 2026 outlook, according to the earnings release it filed with an 8-K on Thursday after the market close.

Net revenue rose 2.3% to $9.97 billion, and organic net revenue grew 2.1%, driven by a 1.8-percentage-point contribution from volume and mix and 0.3 point from higher net pricing. Diluted EPS jumped 78.9% to $1.02, lifted mainly by a favorable swing in mark-to-market impacts from commodity and currency derivatives.

"We delivered strong third-quarter results, driven by broad based volume growth and robust share performance," Chairman and CEO Dirk Van de Put said in the release.

Emerging markets carry the quarter

Emerging markets revenue rose 4.9% to $4.07 billion, with organic growth of 4.1%. Developed markets revenue edged up 0.5% to $5.90 billion.

Europe, the company's largest region, was the soft spot. Revenue there fell 3.3% to $3.55 billion, and organic revenue dropped 2.1% as pricing subtracted 3.7 points, partly offset by 1.6 points of volume and mix gains.

Margins expand on lower costs

Adjusted gross profit margin widened 380 basis points to 34.2%, which Mondelez attributed primarily to lower raw material costs, lower manufacturing costs from productivity, favorable volume and mix, and higher net pricing. Adjusted operating income rose 17.0% at constant currency, and the adjusted operating margin increased 190 basis points to 13.9%.

Those gains were partly offset by higher selling, general and administrative expenses and higher advertising and consumer promotion spending. On a reported basis, operating income rose 136.3% to $1.76 billion, with the release citing higher restructuring charges, intangible asset impairment charges and incremental costs tied to geopolitical conflicts among the offsets.

Van de Put also highlighted a recent agreement to acquire Undercover Snacks, a quinoa crisp brand, calling it part of the company's expansion in what it describes as the high-growth permissible indulgence segment. The release did not disclose terms.

Outlook reaffirmed

For 2026, Mondelez reaffirmed organic net revenue growth of at least 2% and adjusted EPS growth ranging from flat to 5% on a constant currency basis. It expects free cash flow of about $3 billion and estimates currency translation will add about 1.5% to net revenue growth and $0.04 to adjusted EPS.

The company said the outlook reflects greater than usual volatility, including geopolitical, trade and regulatory uncertainty and commodity prices, and does not reflect any potential tariff changes to trade that complies with the United States-Mexico-Canada Agreement.

Through the first nine months, operating cash flow was $2.6 billion, free cash flow was $1.7 billion, and Mondelez returned $2.8 billion to shareholders through dividends and buybacks.

By the numbers

• $9.97 billion: third-quarter net revenue, up 2.3%
• 2.1%: organic net revenue growth
• $0.78: adjusted EPS, up 5.5% at constant currency
• $1.02: diluted EPS, up 78.9%
• 13.9%: adjusted operating margin, up 190 basis points

Sources

1. Mondelez Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001628280-26-068233)

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