Global snack food company Mondelēz International has announced its Q4 and full-year results for 2025, showing net revenues up by 5.8%.
Mondelēz International, owner of brands including Oreo, Ritz, Cadbury Dairy Milk and Toblerone, has published its 2025 full-year and Q4 results, stating that it has achieved “solid top-line results” despite “unprecedented headwinds”.
Full-year results
For the full year, Mondelēz International reported that its net revenues had increased by 5.8% to $38,537 million. Organic net revenue growth of 4.3% was driven by higher net pricing, which was partially offset by “unfavourable volume/mix”.
Gross profit for 2025 decreased by $3,322 million to $10,935 million, and gross profit margin was down by 1,070 basis points to 28.4%, which the company said was primarily driven by an unfavourable year-on-year change in market-to-market impacts. Adjusted gross profit decreased $1,565 million at constant currency to $12,303 million and margin decreased by 580 basis points to 32%, which it said was primarily due to higher raw material costs and unfavourable product mix, partially offset by higher pricing and lower manufacturing costs driven by productivity.
Operating income decreased by $2,797 million and operating income margin was 9.2%, down 820 basis points. Diluted EPS was $1.89, down 44.7% and adjusted EPS was $2.92, down 14.6%.
Q4 2026 figures
In the fourth quarter, Mondelēz International revealed that net revenues increased by 9.3% to $10,496 million, which the company said was due to organic net revenue growth of 5.1%, favourable currency-related items and incremental net revenue from the acquisition of Evirth.
Gross profit for the quarter decreased $755 million to $2,956 million and growth profit margin decreased 1,040 basis points to 28.2%. Adjusted gross profit increased $48 million at constant currency to £3,198 million; adjusted gross profit margin decreased 100 basis points to 30.5%.
Operating income decreased by $659 million, with operating income margin down 770 basis points to 9.1%. Adjusted operating income increased $212 million at constant currency and adjusted operating income margin increased 190 basis points to 11.9%.
Outlook for 2026
Mondelēz International stated that it expects to see organic net revenue growth for 2026 in the range of flat to 2% and adjusted EPS growth in the range of flat to 5% on a constant currency basis, with free cash flow expected to be approximately $3 billion. It said that the outlook is provided in the context of “greater than usual volatility”, due to geopolitical, trade and regulatory uncertainty, and commodity prices.
“While unprecedented cocoa cost headwinds impacted our profitability, our teams remained focused on what they can control to best position us for sustainable, profitable growth.”
Mondelēz International chair and chief executive officer Dirk Van de Put commented: “We delivered solid top-line results, generated strong cash flow, and returned significant cash to shareholders in a dynamic and challenging 2025 environment. While unprecedented cocoa cost headwinds impacted our profitability, our teams remained focused on what they can control to best position us for sustainable, profitable growth.
“As 2026 commences, we are executing clear plans to create multi-year shareholder value through improved volumes, brand investments, structural cost savings and disciplined capital allocation coupled with stabilizing cocoa costs.
“We remain convinced that our scale across markets – along with our stable of iconic brands, extensive route-to-market capabilities and supply chain strength – give us fundamental advantages in the years to come.”
