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MDLZ · Q2 2026

Mondelez International, Inc.

Reported 2026-07-28
IN-LINE
37EarnIQ signal
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Confidence falling

Mild quarter-over-quarter shift

Solid top-line momentum in emerging and North American markets offset by persistent commodity cost pressures.

  • ✓Guidance was maintained, with high specificity.
  • ✓Management tone registered as confident (75/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Mixed evidence

The headline and management signals do not point in one direction (confidence falling).

EPS: reported vs expected+5.2%$0.73 vs $0.69
Revenue: reported vs expected-0.3%$9.4B vs $9.4B
Guidance specificityHighMaintained
Market expectations supplied by Finnhub · Reported vs consensus estimate

Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability.

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability.”
“We delivered continued strength across our Emerging Markets, as well as strong growth and elevated execution in our North America business.”
“We are encouraged by the momentum in our business, and we remain focused on executional excellence coupled with reinvesting behind our brands to enable sustained performance for years to come.”
Guidance specificity
80/100

High specificity

For 2026, the company expects at least 2% Organic Net Revenue growth, maintained Adjusted EPS growth of flat to 5% on a constant currency basis, and Free Cash Flow of approximately $3 billion.

Pressure point
!

Volatility of cocoa and other

0 potential deflections detected in management communication.

Narrative break

What changed

No material narrative break was detected this quarter.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • Organic Net Revenue growth of 2.2% with positive volume/mix of 0.7pp.
  • Strong performance and continued strength across Emerging Markets with 4.4% organic growth.
  • Healthy balance sheet performance supporting Free Cash Flow expectation of approximately $3 billion for 2026.
Key risks
  • Volatility of cocoa and other commodity input costs, and our ability to effectively hedge such costs.
  • Risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets.
  • Weakness in consumer spending and/or changes in consumer preferences and demand, including pricing actions and consumer responses.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+17
Eps Beat+0
Guidance+12
New Signal+0
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0