Mondelez’s first quarter saw the company miss Wall Street’s revenue expectations but deliver adjusted earnings above consensus, as the market responded positively to better profitability and operational discipline. Management attributed the flat sales volumes to stable performance in developed markets, robust growth in emerging markets, and a strong Easter season for core categories like biscuits and chocolate. CEO Dirk Van de Put highlighted the resilience of snack demand despite fragile consumer confidence in Europe and the U.S., noting, “We had a good start of the year. The retailer negotiations are generally complete, and they are in line with our planning.”
Is now the time to buy MDLZ? Find out in our full research report (it’s free for active Edge members).
Mondelez (MDLZ) Q1 CY2026 Highlights:
- Revenue: $10.08 billion vs analyst estimates of $9.79 billion (8.2% year-on-year growth, 3% beat)
- Adjusted EPS: $0.67 vs analyst estimates of $0.61 (10.2% beat)
- Adjusted EBITDA: $1.53 billion vs analyst estimates of $1.46 billion (15.1% margin, 4.7% beat)
- Operating Margin: 8%, in line with the same quarter last year
- Organic Revenue rose 3% year on year (beat)
- Sales Volumes were flat year on year (-3.5% in the same quarter last year)
- Market Capitalization: $78.79 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Mondelez’s Q1 Earnings Call
- Andrew Lazar (Barclays) asked about drivers in emerging and developed markets; CEO Dirk Van de Put detailed robust emerging market growth and improved share in Europe and U.S. crackers, while noting that consumer confidence remains fragile.
- Peter Galbo (Bank of America) requested clarity on reinvestment strategy and EPS guidance; CFO Luca Zaramella explained that any upside will be reinvested in brands to sustain momentum, given ongoing cost pressures from the Middle East conflict.
- Megan Clapp (Morgan Stanley) questioned the competitive environment in Europe amid cocoa market volatility; Van de Put and Zaramella described stable negotiations and share gains, but signaled uncertainty around future cocoa supply and pricing.
- David Palmer (Evercore ISI) probed European consumer elasticity and margin outlook; Van de Put pointed to stable consumer demand but warned of potential inflation from energy prices, while Zaramella cited productivity gains and selective investment in profitable markets.
- Michael Lavery (Piper Sandler) inquired about Mondelez’s innovation strategy post-COVID; Van de Put emphasized bigger, fewer innovation bets focused on well-being, premiumization, and global brand partnerships like Biscoff.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will focus on (1) the pace of emerging market growth and whether distribution and premiumization continue to drive strong organic sales, (2) the impact of supply chain modernization on cost efficiency and margin stability, and (3) signs of innovation-led share gains in core categories such as biscuits and chocolate. The ability to navigate commodity and geopolitical risks will also be a key determinant of future performance.
Mondelez currently trades at $61.07, up from $58.54 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).
The Best Stocks for High-Quality Investors
WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses.
But our AI platform says the party isn't over. Find out which 9 stocks made the cut this week - FREE. Get Our Top 9 Market-Beating Stocks for Free HERE.
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.
