A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MDLZ reported 4.1% reported revenue growth to $9.4B and a 144.9% increase in diluted EPS to $1.20 in 2026-Q2, but underlying profitability weakened as constant-currency adjusted operating income fell 6.1%, reflecting higher input and selling costs. Source: 10-Q Item 2 MD&A, pp.32-34
In 2026-Q2, MDLZ grew reported revenue 4.1% to $9.4B and GAAP EPS 144.9% to $1.20, while constant-currency adjusted operating income declined 6.1% amid cost and SG&A pressure. Source: 10-Q Item 2 MD&A, pp.32-34
Last 4 quarters: 4 beats
Reported EPS of $0.73 versus the $0.69 analyst consensus — a +5.2% beat for Jun 2026.
2026-Q2 net revenues increased 4.1% year over year to $9.355B, while Organic Net Revenue increased 2.2% to $9.172B. Organic growth reflected 1.5 percentage points of pricing and 0.7 percentage points of favorable volume/mix; favorable currency-related items added $183M to reported revenue.
Source: 10-Q Item 2 MD&A, p.33
Adjusted Operating Income fell 4.8% to $1.222B, and declined 6.1% on a constant-currency basis to $1.205B. Higher net pricing contributed $137M and favorable volume/mix contributed $11M, but these were more than offset by $56M of higher input costs and $182M of higher selling, general and administrative expenses.
Source: 10-Q Item 2 MD&A, pp.33-34
Diluted EPS increased 144.9% to $1.20, whereas Adjusted EPS was flat at $0.73 and constant-currency Adjusted EPS declined 2.7% to $0.71. The reported EPS increase was driven principally by a favorable year-over-year change in commodity and foreign-currency derivative mark-to-market impacts, lower pension participation charges and tax-law impacts.
Source: 10-Q Item 2 MD&A, pp.32, 35
Management stated that price increases implemented to address elevated raw-material costs have adversely affected consumer demand, particularly in Europe. Europe also partially offset company-wide favorable volume/mix in 2026-Q2, although chocolate volume declines were moderating following prior-year price actions.
Source: 10-Q Item 2 MD&A, pp.26, 33-34
The Board approved $1.2B of funding in July 2024 for a global ERP and supply-chain systems transformation expected to be completed by year-end 2028; a majority of spending is expected to be operating expense. ERP implementation costs were $59M in 2026-Q2, versus $37M a year earlier.
Source: 10-Q Item 2 MD&A, pp.27, 30
No Item 1A risk-factor text was provided; MD&A states that cocoa prices are expected to remain elevated relative to historical levels in the near and medium term, while raw material, labor and energy costs remain pressured. In 2026-Q2, higher raw-material costs—including packaging, nuts, energy, edible oils and grains—contributed to the 6.1% constant-currency decline in Adjusted Operating Income.
Source: 10-Q Item 2 MD&A, pp.26, 34
MD&A states that additional U.S. tariff actions and potential retaliation could adversely affect revenue and cost of goods sold, and management expects impacts to be significant if additional actions are implemented. MDLZ paid approximately $20M of tariffs under IEEPA while those tariffs were effective and had received approximately $6M in refunds as of June 30, 2026, with further refunds uncertain.
Source: 10-Q Item 2 MD&A, p.26
The war in Ukraine may disrupt regional production and distribution and create employee-safety concerns. MDLZ continues to consolidate its Russian and Ukrainian subsidiaries, but identifies risks of expropriation, asset impairment, deconsolidation or loss of Russian revenue; Russia represented 3.8% and Ukraine represented 0.4% of consolidated 2026-Q2 net revenue.
Source: 10-Q Item 2 MD&A, p.27
Military escalation and shipping disruptions may affect operations, including the Bahrain manufacturing facility, through reduced route availability, higher freight costs and longer transit times. Management stated the impact had not yet been material, but it may be unable to fully mitigate these effects in certain AMEA markets.
Source: 10-Q Item 2 MD&A, p.27
The $1.2B global systems transformation is phased by region through year-end 2028, with most spending expected to be operating expense. The program creates incremental costs above normal IT spending, including consulting, direct labor and accelerated depreciation, and its 2026-Q2 operating costs increased to $59M from $37M.
Source: 10-Q Item 2 MD&A, pp.27, 30
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
Mondelez International (MDLZ) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the MDLZ earnings preview — expected date, analyst estimates and what to watch →
Reported EPS of $0.73 versus the $0.69 analyst consensus — a +5.2% beat for Q2 2026.
MDLZ reported 2026-Q2 net revenue of $9.355B, up 4.1% year over year. Organic Net Revenue rose 2.2%, supported by 1.5 percentage points of pricing and 0.7 percentage points of favorable volume/mix, while currency-related items added $183M to reported revenue. Source: 10-Q Item 2 MD&A, p.33
Diluted EPS increased 144.9% to $1.20 primarily because commodity and foreign-currency derivative mark-to-market results improved year over year, pension participation charges were lower, and tax-law-related impacts were favorable. This did not represent equivalent underlying earnings growth: constant-currency Adjusted EPS declined 2.7% to $0.71. Source: 10-Q Item 2 MD&A, pp.32, 35
Constant-currency Adjusted Operating Income declined 6.1% to $1.205B, as $56M of higher input costs and $182M of higher SG&A more than offset $137M of higher pricing. Management specifically cited higher costs for raw materials, packaging, nuts, energy, edible oils and grains, as well as higher advertising and consumer-promotion spending. Source: 10-Q Item 2 MD&A, p.34
The MD&A highlighted elevated cocoa and other input costs, tariff and trade-policy uncertainty, continued Russia/Ukraine exposure, Middle East shipping disruption, and ERP implementation costs. Russia and Ukraine represented 3.8% and 0.4%, respectively, of consolidated 2026-Q2 net revenue; the ERP transformation has $1.2B of approved funding through expected completion at year-end 2028. Source: 10-Q Item 2 MD&A, pp.26-27, 30
Mondelez International (MDLZ) is next expected to report earnings on Oct 26, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Mondelez International (MDLZ) delivered strong Q1 FY2026 results with revenue up 8.2% YoY to $10.08B and net income surging 39.3% to $560M, though operating cash flow dropped sharply by 57.2% to $467M and the current ratio remains well below 1.0, signaling near-term liquidity pressure.
Mondelez International (MDLZ) reported FY2025 revenue growth of 5.8% to $38.5B, but profitability was severely pressured by a 24.4% surge in cost of revenue, causing gross margin to collapse by ~10.7 percentage points and net income to fall nearly 47% to $2.45B.
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