Mondelēz Raises 2026 Revenue Outlook as Q2 Organic Sales Grow 2.2%
Mondelēz International reported net revenues of USD9.36bn for the second quarter of 2026, up 4.1% year-on-year, while Organic Net Revenue increased 2.2%. Organic growth included a 0.7 percentage-point contribution from volume/mix and 1.5 percentage points from pricing. Following the results, the company raised the lower end of its full-year revenue outlook and now expects Organic Net Revenue growth of at least 2% for 2026, compared with its previous guidance of flat to 2%.
Growth was strongest in Latin America, where Organic Net Revenue increased 8.4% in the quarter, followed by Asia, Middle East and Africa at 7.1%. North America recorded organic growth of 3.4%, while Europe declined 3.5%, reflecting decreases in both pricing and volume/mix. Emerging Markets grew 4.4% organically, compared with 0.7% in Developed Markets.
For the first six months of the year, Mondelēz generated net revenues of USD19.44bn, 6.2% above the comparable 2025 period. Organic Net Revenue increased 2.6%, driven primarily by pricing, which contributed 2.5 percentage points, while volume/mix contributed 0.1 percentage points. Asia, Middle East and Africa delivered the strongest first-half organic growth at 9.3%, while Europe declined 2.0%.
Reported profitability increased sharply during the quarter, although the company said the improvement was influenced significantly by favorable year-on-year mark-to-market movements in commodity and foreign-exchange derivatives. Reported operating income rose 66% to USD1.95bn and diluted EPS increased 144.9% to USD1.20.
The company’s adjusted results showed a different underlying profit trend. Adjusted operating income was USD1.22bn, down 6.1% at constant currency, with the adjusted operating margin falling 120 basis points to 13.1%. Mondelēz attributed the decline primarily to higher raw material costs, increased selling, general and administrative expenses and higher advertising and consumer promotion spending, partly offset by pricing and manufacturing productivity. Adjusted EPS was USD0.73, down 2.7% at constant currency.
“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability,” said Dirk Van de Put, Chair and CEO of Mondelēz International.
During the first half, the company generated USD1.3bn in cash from operating activities and USD0.7bn in Free Cash Flow, while returning USD1.5bn to shareholders. Mondelēz also announced a 4% increase in its quarterly dividend.
For the full year, the company continues to expect Adjusted EPS growth of between flat and 5% on a constant-currency basis and Free Cash Flow of approximately USD3bn. Mondelēz said its outlook remains subject to elevated volatility related to geopolitical, trade and regulatory uncertainty and commodity prices.
