Mondelez International (MDLZ) Q4 2024 earnings summary

Executive summary

• Achieved strong FY 2024 top-line growth with 4.3% organic net revenue increase, robust free cash flow of $3.5 billion, and $4.7 billion returned to shareholders via buybacks and dividends.

• Maintained growth across developed (3.2%) and emerging (6.2%) markets, with positive volume/mix in H2 and improved market share.

• Continued reinvestment in brands, distribution, and organizational capabilities, with progress in sustainability and digital commerce.

• Confident in long-term growth strategy despite record cocoa cost inflation and dynamic operating environment.

• Completed Evirth acquisition in China and exited JDE Peet's investment.

Financial highlights

• FY 2024 organic net revenue grew 4.3% year-over-year; Q4 organic net revenue up 5.2%.

• Adjusted EPS for FY 2024 rose 13% year-over-year at constant FX to $3.36; reported EPS declined 5.5% to $3.42.

• Free cash flow reached $3.5 billion; $4.7 billion returned to shareholders.

• Gross margin up 90 bps to 39.1%; operating margin up 210 bps to 17.4%.

• Chocolate segment grew 7.4%, biscuits up 1.7%, gum and candy up over 7% for the year.

Outlook and guidance

• 2025 organic net revenue growth expected at ~5%; adjusted EPS projected to decline ~10% due to cocoa cost inflation.

• Free cash flow for 2025 expected to exceed $3 billion; at least $3 billion in share repurchases planned.

• Double-digit inflation anticipated in 2025, mainly from cocoa and some labor costs.

• Currency translation expected to reduce 2025 net revenue growth by ~2.5% and adjusted EPS by $0.12.

• EPS growth expected to resume in 2026, depending on cocoa price trends.