Mondelez Raises Revenue 2.3% in Third Quarter, With Organic Growth of 2.1%
Key Facts
Mondelez International reported a 2.3% increase in net revenue and 2.1% organic revenue growth in the third quarter of 2026, with volume and mix growth of 1.8%. Reported revenue was $9.967 billion for the three months ended September 30, compared with $9.744 billion in the same period of 2025. The results showed that organic growth remained positive and that higher volume and mix contributed more than pricing to growth. The figures were included in the company’s statement issued on October 29, the date it had previously announced for releasing its quarterly results. The available materials do not establish that revenue missed analyst estimates, so the results cannot be described that way.
By component, volume and mix added 1.8 percentage points to organic growth, compared with 0.3 percentage points from pricing. Volume and mix growth improved from 0.7% in the second quarter to 1.8% in the third quarter, according to the company’s quarter-on-quarter comparison. This puts higher volumes and mix at the forefront of organic revenue drivers, with a smaller contribution from pricing. Organic revenue growth was 2.2% in the second quarter, compared with 2.1% in the third quarter. Adjusted operating profit rose 17.0% on a constant-currency basis in the third quarter, according to the results presentation.
Performance varied across markets: organic revenue rose 4.1% in emerging markets, compared with 0.8% in developed markets. Latin America posted the strongest regional growth, at 8.7%, followed by Asia, the Middle East and Africa, up 6.8%. By contrast, organic revenue fell 2.0% in Europe, while it grew 1.8% in North America. The divergence highlights the reliance of a significant part of the quarter’s momentum on emerging markets, while Europe remained the only region with negative growth. In the second quarter, the company reported net revenue growth of 4.1% and organic growth of 2.2%, pointing to a slight slowdown in organic growth in the third quarter.
By product, organic revenue from biscuits and baked snacks grew 2.2% in the third quarter, while organic chocolate revenue rose 0.6%. The company said consumers remained cautious under pressure from energy prices, despite continued growth in spending. It added that price sensitivity was driving some shoppers toward value channels and smaller packs. It also said chocolate volumes in Europe remained weak amid a record heatwave, with underlying trends improving as the pace of price increases slowed. These factors provide context for the variation in performance across products and markets, without changing the fact that total organic revenue grew during the quarter.
Reported diluted earnings per share rose 78.9% to $1.02 in the third quarter, while adjusted earnings per share were $0.78, up 5.5% on a constant-currency basis. The difference between the growth rates for the two measures shows that the increase in reported earnings was greater than growth in the adjusted measure cited by the company. In the second quarter, adjusted earnings per share were $0.73, according to the company’s prior results. Mondelez also said it had returned $2.8 billion to shareholders through the end of the third quarter. The quarterly results also included the announcement of an agreement to acquire a majority stake in Undercover Snacks, as part of a push to expand in the better-for-you snacking segment, which the company said is growing at more than 10%.
Mondelez maintained its 2026 guidance, targeting organic revenue growth of at least 2%, adjusted earnings per share growth on a constant-currency basis of between 0 and 5%, and free cash flow of about $3 billion. The company had scheduled the release of its results for October 29, 2026, at 4:05 p.m. Eastern Time, with a conference call at 5:00 p.m. the same day. The acquisition of Undercover Snacks is expected to close in early 2027, subject to customary regulatory review. Mondelez shares closed at $61.87 on October 28, the latest listed daily close before the results announcement. The data provided do not include a share price after the announcement, so the available market context is limited to the previous day’s close.