Mondelez (MDLZ) Q3 2026 Earnings Review: Volume growth and lower costs lift profit

Q3 2026 earnings recap

Mondelez grew sales volumes and rebuilt profit margins in its third quarter, strengthening its earnings recovery while keeping the annual outlook unchanged.

• Adjusted profit per share of $0.78 beat the $0.71 forecast, while revenue of $9.97 billion narrowly missed the $9.98 billion sales forecast.
• Volume and product mix added 1.8% to sales, showing that growth is increasingly coming from demand rather than price increases alone.
• Lower raw-material costs and factory savings lifted the adjusted operating margin to 13.9%, up 1.9 percentage points from a year earlier.
• The company kept its annual outlook for sales growth excluding currency and acquisitions at least 2% and adjusted profit growth of 0–5% excluding currency.
• Nine-month free cash flow reached $1.7 billion against a $3 billion annual target, leaving fourth-quarter cash generation an important test.
• The $62.53 regular close valued shares at about 20 times trailing reported profit, with a sustained move above $65 the next technical test.

Sustaining volume growth as the company invests in its brands is the next test, while commodity swings, tariffs and cautious consumers remain risks.