FY'25 Net Revenues +5.8%, Organic Net Revenues¹ +4.3%, Volume/Mix -3.7%

FY'25 Diluted EPS declined -44.7% to $1.89

FY'25 Adjusted EPS¹ was $2.92 down -14.6% on a constant currency basis

FY'25 Cash provided by operating activities was $4.5 billion

FY'25 Free Cash Flow¹ was $3.2 billion

FY'25 Return of capital to shareholders was $4.9 billion

Company provides FY'26 outlook

CHICAGO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Mondelēz International, Inc. (NASDAQ:MDLZ) today reported its fourth quarter and full year 2025 results.

"We delivered solid top-line results, generated strong cash flow, and returned significant cash to shareholders in a dynamic and challenging 2025 environment. While unprecedented cocoa cost headwinds impacted our profitability, our teams remained focused on what they can control to best position us for sustainable, profitable growth," said Dirk Van de Put, Chair and Chief Executive Officer. "As 2026 commences, we are executing clear plans to create multi-year shareholder value through improved volumes, brand investments, structural cost savings and disciplined capital allocation coupled with stabilizing cocoa costs. We remain convinced that our scale across markets—along with our stable of iconic brands, extensive route-to-market capabilities and supply chain strength—give us fundamental advantages in the years to come."

Net Revenue

$ in millions	Reported Net Revenues				Organic Net Revenue Growth
	Q4 2025		% Chg vs PY		Q4 2025		Vol/Mix		Pricing
Quarter 4
Latin America	$	1,264	7.9	%	4.4	%	(4.1)	pp	8.5	pp
Asia, Middle East & Africa		2,078	8.9		7.5		(1.8)		9.3
Europe		4,391	17.3		8.3		(7.4)		15.7
North America		2,763	(0.6)		(0.5)		(3.7)		3.2
Mondelēz International	$	10,496	9.3	%	5.1	%	(4.8)	pp	9.9	pp
Emerging Markets	$	4,122	13.2	%	8.0	%	(3.8)	pp	11.8	pp
Developed Markets	$	6,374	6.9	%	3.4	%	(5.4)	pp	8.8	pp

Full Year	FY 2025				FY 2025
Latin America	$	4,899	(0.5)	%	4.6	%	(3.2)	pp	7.8	pp
Asia, Middle East & Africa		7,932	8.7		5.7		(2.1)		7.8
Europe		15,027	12.9		8.6		(5.3)		13.9
North America		10,679	(2.1)		(1.9)		(2.7)		0.8
Mondelēz International	$	38,537	5.8	%	4.3	%	(3.7)	pp	8.0	pp
Emerging Markets	$	15,364	8.5	%	7.2	%	(3.3)	pp	10.5	pp
Developed Markets	$	23,173	4.0	%	2.5	%	(3.8)	pp	6.3	pp

Operating Income and Diluted EPS

$ in millions, except per share data	Reported					Adjusted
	Q4 2025			vs PY (Rpt Fx)		Q4 2025			vs PY (Rpt Fx)		vs PY (Cst Fx)
Quarter 4
Gross Profit	$	2,956		(20.3)	%	$	3,198		5.8	%	1.6	%
Gross Profit Margin		28.2	%	(10.4)	pp		30.5	%	(1.0)	pp
Operating Income	$	952		(40.9)	%	$	1,246		30.1	%	22.1	%
Operating Income Margin		9.1	%	(7.7)	pp		11.9	%	1.9	pp
Net Earnings²	$	665		(61.9)	%	$	929		7.2	%	1.0	%
Diluted EPS	$	0.51		(60.8)	%	$	0.72		10.8	%	4.6	%

Full Year	FY 2025					FY 2025
Gross Profit	$	10,935		(23.3)	%	$	12,303		(10.6)	%	(11.4)	%
Gross Profit Margin		28.4	%	(10.7)	pp		32.0	%	(5.8)	pp
Operating Income	$	3,548		(44.1)	%	$	5,074		(13.9)	%	(15.5)	%
Operating Income Margin		9.2	%	(8.2)	pp		13.2	%	(3.0)	pp
Net Earnings²	$	2,451		(46.8)	%	$	3,785		(16.2)	%	(17.8)	%
Diluted EPS	$	1.89		(44.7)	%	$	2.92		(12.8)	%	(14.6)	%

Full Year Commentary

Net revenues increased 5.8 percent due to Organic Net Revenue¹ growth of 4.3 percent, incremental net revenue from our acquisition of Evirth and favorable currency-related items, partially offset by lapping prior-year net revenue from a short-term distributor agreement related to the sale of our developed market gum business. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.
Gross profit decreased $3,322 million, while gross profit margin decreased 1,070 basis points to 28.4 percent primarily driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and a decrease in Adjusted Gross Profit¹ margin. Adjusted Gross Profit decreased $1,565 million at constant currency and Adjusted Gross Profit margin decreased 580 basis points to 32.0 percent due primarily to higher raw material costs and unfavorable product mix, partially offset by higher pricing and lower manufacturing costs driven by productivity.
Operating income decreased $2,797 million, and operating income margin was 9.2 percent, down 820 basis points due primarily to an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lower Adjusted Operating Income margin, an unfavorable year-over-year change in acquisition-related items and higher costs incurred for the ERP System Implementation program, partially offset by lower restructuring charges and lower intangible asset impairment charges.. Adjusted Operating Income decreased $916 million at constant currency while Adjusted Operating Income margin decreased 300 basis points to 13.2 percent, driven primarily by higher input cost inflation and unfavorable product mix, partially offset by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity and lower overhead costs.
Diluted EPS was $1.89, down 44.7 percent, primarily driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a decrease in Adjusted EPS, settlement losses related to pension plan buy-outs, an unfavorable year-over-year change in acquisition-related items, lapping prior-year divestiture-related items and higher costs incurred for the ERP System Implementation program. These unfavorable items were partially offset by lapping a prior-year equity method investment impairment, a current year gain on an equity method investment transaction, lapping prior-year costs for the completed Simplify to Grow Program, lower intangible asset impairment charges and a favorable impact from the resolution of an indirect tax matter.
Adjusted EPS was $2.92, down 14.6 percent on a constant currency basis driven by operating declines, higher interest and other expense, higher income taxes and lower benefit plan non-service income, partially offset by fewer shares outstanding, favorable currency-related items and-the impact from an acquisition.
Capital Return: The company returned $4.9 billion to shareholders in cash dividends and share repurchases.

Fourth Quarter Commentary

Net revenues increased 9.3 percent due to Organic Net Revenue¹ growth of 5.1 percent, favorable currency-related items and incremental net revenue from our acquisition of Evirth. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.
Gross profit decreased $755 million, while gross profit margin decreased 1,040 basis points to 28.2 percent primarily driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and a decrease in Adjusted Gross Profit¹ margin. Adjusted Gross Profit increased $48 million at constant currency and Adjusted Gross Profit margin decreased 100 basis points to 30.5 percent due primarily to higher raw material costs and unfavorable product mix, partially offset by higher pricing and lower manufacturing costs driven by productivity.
Operating income decreased $659 million, and operating income margin was 9.1 percent, down 770 basis points due primarily to an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and an unfavorable year-over-year change in acquisition-related items, partially offset by higher Adjusted Operating Income¹ margin and lower restructuring charges.. Adjusted Operating Income increased $212 million at constant currency while Adjusted Operating Income margin increased 190 basis points to 11.9 percent, driven primarily by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity and lower overhead costs, partially offset by higher input cost inflation and unfavorable product mix.
Diluted EPS was $0.51, down 60.8 percent, primarily driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lapping a prior-year gain on an equity method investment transaction, an unfavorable year-over-year change in acquisition-related items, lapping prior-year divestiture-related items, higher costs incurred for the ERP System Implementation program and an unfavorable impact from pension participation changes. These unfavorable items were partially offset by an increase in Adjusted EPS¹and lower restructuring charges.
Adjusted EPS was $0.72, up 4.6 percent on a constant currency basis driven by higher income taxes, partially offset by operating gains and fewer shares outstanding.

2026 Outlook

Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including future changes in foreign currency rates. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.

For 2026, the company expects Organic Net Revenue growth in the range of flat to 2 percent and Adjusted EPS growth in the range of flat to 5 percent on a constant currency basis. The company also expects 2026 Free Cash Flow of approximately $3 billion. The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent³ and increase Adjusted EPS by $0.06³.

Outlook is provided in the context of greater than usual volatility, including due to geopolitical, trade and regulatory uncertainty and commodity prices. This outlook does not reflect any potential tariff changes to United States-Mexico-Canada Agreement (USMCA) compliant trade.

Conference Call

Mondelēz International will host a conference call for investors at 5 p.m. ET today. A listen-only webcast will be provided at www.mondelezinternational.com. An archive of the webcast will be available on the company's web site.

About Mondelēz International

Mondelēz International, Inc. (NASDAQ:MDLZ) empowers people to snack right in over 150 countries around the world. With 2025 net revenues of approximately $38.5 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. Mondelēz International is a proud member of the Dow Jones Best-in-Class North America and World Indices, formerly Dow Jones Sustainability Indices. Visit www.mondelezinternational.com or follow the company on X at x.com/MDLZ.

End Notes

Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of this press release for more information.
Net earnings attributable to Mondelēz International.
Currency estimate is based on published rates from XE.com on January 20, 2026.

Additional Definitions

Emerging markets consist of the Latin America region in its entirety; the Asia, Middle East and Africa region excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of words, "will," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "likely," "estimate," "anticipate," "objective," "predict," "project," "drive," "seek," "aim," "target," "remain," "potential," "commitment," "outlook," "continue" or any other similar words.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control and are amplified by ongoing macroeconomic volatility and uncertainty, including current and potential trade and tariff actions affecting the countries where we operate. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:

weakness and/or volatility in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation) and the instability of certain financial institutions;
risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets;
volatility of cocoa and other commodity input costs, our ability to effectively hedge such costs and the availability of commodities;
geopolitical uncertainty, including the impact of ongoing or new developments in Ukraine and the Middle East, related current and future sanctions imposed by governments and other authorities and related impacts, including on our business operations, employees, reputation, brands, financial condition and results of operations;
competition and our response to channel shifts and pricing and other competitive pressures;
pricing actions and customer and consumer responses to such actions;
promotion and protection of our reputation and brand image;
weakness in consumer spending and/or changes in consumer preferences and demand and our ability to predict, identify, interpret and meet these changes;
the outcome and effects on us of legal and tax proceedings and government investigations;
use of information technology and third party service providers;
unanticipated disruptions to our business, such as malware incidents, cyberattacks or other security breaches, and supply, commodity, labor and transportation constraints;
our ability to identify, complete, manage and realize the full extent of the benefits, cost savings, efficiencies and/or synergies presented by strategic acquisitions and other transactions as well as other strategic initiatives, such as our ERP System Implementation program;
our investments and our ownership interests in those investments;
restructuring actions and other transformation initiatives not yielding the anticipated benefits;
changes in the assumptions on which restructuring actions or other transformation initiatives are based;
the impact of climate change on our supply chain and operations;
global or regional health pandemics or epidemics;
consolidation of retail customers and competition with retailer and other economy brands;
changes in our relationships with customers, suppliers or distributors;
management of our workforce and shifts in labor availability or labor costs;
compliance with legal, regulatory, tax and benefit laws and related changes, claims or actions;
perceived or actual product quality issues or product recalls;
failure to maintain effective internal control over financial reporting or disclosure controls and procedures;
our ability to protect our intellectual property and intangible assets;
tax matters including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes;
changes in currency exchange rates, controls and restrictions;
volatility of and access to capital or other markets, interest rates, the effectiveness of our cash management programs and our liquidity;
pension costs;
significant changes in valuation factors that may adversely affect our impairment testing of goodwill and intangible assets; and
the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

											Schedule 1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)

		For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
			2025			2024			2025			2024
Net revenues		$	10,496		$	9,604		$	38,537		$	36,441
Cost of sales			(7,540	)		(5,893	)		(27,602	)		(22,184	)
	Gross profit		2,956			3,711			10,935			14,257
	Gross profit margin		28.2	%		38.6	%		28.4	%		39.1	%

Selling, general and administrative expenses			(1,942	)		(1,980	)		(7,173	)		(7,439	)
Asset impairments and exit costs			(40	)		(86	)		(85	)		(324	)
Gain on divestiture and acquisition			13			4			13			4
Amortization of intangible assets			(35	)		(38	)		(142	)		(153	)
	Operating income		952			1,611			3,548			6,345
	Operating income margin		9.1	%		16.8	%		9.2	%		17.4	%

Benefit plan non-service (expense)/income			21			20			(252	)		96
Interest and other expense, net			(54	)		(34	)		(282	)		(180	)
	Earnings before income taxes		919			1,597			3,014			6,261

Income tax provision			(261	)		(216	)		(782	)		(1,469	)
	Effective tax rate		28.4	%		13.5	%		25.9	%		23.5	%
Gain/(loss) on equity method investment transactions			-			332			169			(337	)
Equity method investment net earnings			11			35			65			168
	Net earnings		669			1,748			2,466			4,623

	less: Noncontrolling interest earnings		(4	)		(3	)		(15	)		(12	)
	Net earnings attributable to Mondelēz International	$	665		$	1,745		$	2,451		$	4,611

Per share data:
	Basic earnings per share attributable to Mondelēz International	$	0.52		$	1.31		$	1.89		$	3.44

	Diluted earnings per share attributable to Mondelēz International	$	0.51		$