Mondelez International (MDLZ) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 2.3% to $9.967B; organic net revenue grew 2.1%, led by volume/mix growth of 1.8 percentage points.

• Adjusted EPS was $0.78, up 5.5% at constant currency; improving volume and share trends supported continued investment in brands and innovation.

• FY2026 outlook was maintained; strong EPS growth remained expected in FY2027 despite inflationary headwinds and a cautious consumer.

Financial highlights

• Q3 adjusted gross profit rose 14.0% and adjusted operating income rose 17.0% at constant currency; adjusted operating margin expanded 1.9 percentage points to 13.9%.

• Q3 reported operating income increased 136.3% to $1.758B, largely reflecting favorable derivative mark-to-market comparisons; adjusted operating income was $1.384B.

• Q3 net earnings attributable to shareholders increased 75.6% to $1.305B; reported diluted EPS was $1.02, versus adjusted EPS of $0.78.

• 9M adjusted operating income declined 3.7% at constant currency and adjusted EPS fell 4.1% at constant currency to $2.18.

• 9M operating cash flow was $2.606B and free cash flow was $1.659B, versus $2.117B and $1.236B, respectively, a year earlier.

Outlook and guidance

• FY2026 outlook maintained: organic net revenue growth of at least 2%, adjusted EPS growth flat to +5% at constant currency, and free cash flow of ~$3B.

• FY2026 assumptions included high-single-digit inflation as a share of COGS, a mid-20s adjusted effective tax rate, and share repurchases up to $2B.

• Currency translation was estimated to add 1.5 percentage points to FY2026 net revenue growth and $0.04 to adjusted EPS.

• Strong FY2027 EPS growth was expected, supported by volume-led growth, emerging-market strength, greater European stabilization and productivity savings; 2027 sales guidance was deferred.

• Inflation in freight, dairy, oil and packaging was expected, with productivity and other levers positioned to offset cost pressure.