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Mondelez International, Inc. 8-K Report, Financial Results (Jul 28, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 28, 2026
Period End
July 28, 2026
Security
MDLZ
In the record · 2016–202610-K1110-Q328-K184

MDLZ filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 184 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. Material agreement8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed July 28, 2026. Cited figures are marked; the original filing is the authoritative source.

Mondelēz International (MDLZ) reported second-quarter 2026 results on July 28, 2026, with reported net revenues up 4.1% to $9.355 billiona.

Organic Net Revenue growth was a more modest 2.2%, driven by higher net pricing (+1.5 pp) and favorable volume/mix (+0.7 pp), with Europe declining 3.5% on an organic basis while Emerging Markets grew 4.4%. The headline reported diluted EPS of $1.20b (up 144.9%) is inflated by a favorable swing in mark-to-market derivative gains ($827 million pre-tax), lower pension participation charges and initial tax-law impacts. On a non-GAAP basis, Adjusted EPS was $0.73, flat as reported and down 2.7% at constant currency, with Adjusted Operating Income declining 6.1% at constant currency as raw material costs, SG&A and advertising spend weighed on margins.

Full-year 2026 guidance was modestly revised: Organic Net Revenue growth is now expected to be at least 2%, up from the prior framing, while Adjusted EPS growth of flat to 5% on a constant currency basis was maintained and Free Cash Flow of approximately $3 billionc was reaffirmed. The company also announced a 4% increase to its quarterly dividend. Currency translation is estimated to add roughly 2.0 percent to 2026 net revenue growth and $0.053 to Adjusted EPS.

Cash generation was softer in the first half, with operating cash flow of $1.3 billiond and Free Cash Flow of $0.7 billion versus $0.8 billion a year earlier, though the company returned $1.5 billion to shareholders in the period. Investors should focus on the gap between strong GAAP headline figures and the more muted underlying operating trends, along with the sustainability of margin pressure from input costs and geopolitical disruption.

02—Key points

Key Highlights

  1. Reported net revenues rose 4.1% to $9.355 billion; organic growth was 2.2%, with Emerging Markets (+4.4% organic) offsetting a 3.5% organic decline in Europe.
  2. Reported diluted EPS of $1.20 (up 144.9%) was driven largely by a $827 million pre-tax mark-to-market derivative gain, not underlying operating performance.
  3. Adjusted EPS was $0.73, flat as reported and down 2.7% at constant currency; Adjusted Operating Income fell 6.1% at constant currency with margin down 120 basis points to 13.1%.
  4. Adjusted gross margin rose 20 basis points to 34.0%, supported by pricing and productivity, but was offset by higher raw material costs and higher advertising and SG&A spending.
  5. 2026 outlook: Organic Net Revenue growth raised to at least 2%; Adjusted EPS growth of flat to 5% (constant currency) and Free Cash Flow of approximately $3 billion were maintained.
  6. Quarterly dividend increased 4%, and $1.5 billion was returned to shareholders in the first half of 2026.
  7. First-half operating cash flow of $1.3 billion and Free Cash Flow of $0.7 billion both declined year over year, with Free Cash Flow down $150 million.

03—Questions

Frequently Asked Questions

  1. Why is reported EPS up nearly 145% when Adjusted EPS was flat?

    The reported increase is mainly due to a favorable year-over-year swing in mark-to-market gains on commodity and foreign currency derivatives ($827 million pre-tax in Q2 2026), lower pension participation charges, and initial impacts from enacted tax law changes. These non-operating or non-recurring items are excluded from Adjusted EPS, which was $0.73 and flat versus the prior year on a reported basis.

  2. Did the company change its 2026 guidance?

    Partially. Organic Net Revenue growth guidance was raised to at least 2%, reflecting year-to-date performance. Adjusted EPS growth guidance of flat to 5% on a constant currency basis and approximately $3 billion of Free Cash Flow were maintained. Currency translation is expected to add about 2.0% to net revenue growth and about $0.053 to Adjusted EPS.

  3. What is driving margin pressure in the business?

    Adjusted Operating Income margin fell 120 basis points to 13.1% in Q2, primarily due to higher raw material costs, higher other SG&A expenses and higher advertising and consumer promotion spending. Pricing gains and productivity-driven manufacturing savings partially offset these headwinds. The company also cited incremental costs from geopolitical conflicts and ERP implementation expenses, though these are excluded from Adjusted results.

  4. How is the company performing across its regions?

    Performance is uneven. Latin America grew 8.4% organically and AMEA grew 7.1%, both led by pricing and volume gains. North America grew 3.4% organically. Europe declined 3.5% organically on weaker volume and pricing, although management noted early positive share trends there. Emerging Markets grew 4.4% organically, versus 1.9% reported growth in Developed Markets (0.7% organic).

  5. How strong is the company's cash generation and capital return?

    First-half 2026 operating cash flow was $1.3 billion, down from $1.4 billion, and capital expenditures of $654 million left Free Cash Flow at $668 million versus $818 million a year earlier. Despite lower cash generation, the company returned $1.5 billion to shareholders in the first half, including $1.3 billion in dividends, and announced a 4% increase to its quarterly dividend. Net debt also rose modestly in the period, as the company issued commercial paper and long-term debt.

04—Continue

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