Mondelez International (MDLZ) FY2025 results: revenue $38.5 billion, up 5.8% on the year

Mondelez International sells snacks in over 150 countries and calls itself one of the world's largest snack companies. Its core business is making and selling chocolate, biscuits and baked snacks, alongside adjacent, locally relevant categories including gum and candy, cheese and grocery and powdered beverages. Brands include Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop in biscuits and baked snacks, and Cadbury Dairy Milk, Milka and Toblerone in chocolate. The portfolio spans five product categories: biscuits and baked snacks, covering cookies, crackers, salted snacks, snack bars and cakes and pastries; chocolate; gum and candy; beverages; and cheese and grocery.

Where it operates

The company has operations in approximately 80 countries, including 145 principal manufacturing and processing facilities across 49 countries, and 75.8% of what it took in came from outside the United States in 2025 against 74.0% in 2024. It is organised into four operating segments, Latin America, Asia, Middle East and Africa, Europe and North America, managed by region so it can use regional operating scale, handle different and changing business environments and pursue growth as it appears across key markets, with regional management teams responsible for the business, product categories and results. It also tracks growth across emerging and developed markets: emerging covers all of Latin America, the Asia, Middle East and Africa region except Australia, New Zealand and Japan, and a list of European countries including Russia, Ukraine, Türkiye and Poland, while developed covers North America, the rest of Europe and those three.

Selling and distribution

Products go to supermarket chains, wholesalers, supercentres, club stores, mass merchandisers, distributors, convenience stores, petrol stations, drug stores and other retail food outlets, and direct to businesses and consumers through e-retail platforms, retailer digital platforms, the company's own websites and social media. No single customer was 10% or more of net revenues from continuing operations in 2025. The distribution network covers direct store delivery, company-owned and satellite warehouses, distribution centres, third party distributors and other facilities, with independent sales offices and agents used in various international locations. Marketing falls into three sets of activities: consumer marketing and advertising across digital and social media, on-air, print and outdoor; consumer sales incentives such as coupons and rebates; and trade promotions supporting price features, displays and other merchandising by customers. Demand is generally balanced through the year with a rise in the fourth quarter for holidays and seasonal events, and the timing of Easter can shift sales between the first and second quarters.

Competition

The markets are highly competitive, with global, regional and local competitors including new start-up brands, some of which have different profit objectives and investment horizons and so approach pricing and promotion differently. The filing states that it competes on product quality, brand recognition and loyalty, service, product innovation, taste, convenience, nutritional value, the ability to identify and satisfy consumer preferences, the effectiveness of its digital and other sales and marketing strategies, routes to market and distribution networks, promotional activities and price. The filing states that its global footprint, operating scale and portfolio of brands have all contributed to building its market-leading positions across most of the categories it sells in. To hold and grow those positions it works on a local-first commercial focus with a broad array of product formats, pack sizes and price points, new digital and other sales and marketing initiatives, new products and high standards of quality, while optimising its manufacturing and supply chain networks and investing in research, advertising, marketing and consumer promotions.

Inputs, property and people

The company buys large quantities of commodities including cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavouring agents and nuts, plus packaging materials and energy for its factories and warehouses, and monitors worldwide supply, commodity cost and currency trends to secure them. It lists the macroeconomic environment, inflation, geopolitical uncertainty, climate and weather conditions affecting plant health and crop yield, commodity, transport and labour market conditions, exchange rate volatility and regulation including trade policy as factors in the cost and availability of its raw materials. It addresses higher commodity costs and currency effects mainly through hedging, higher pricing and manufacturing and overhead cost control, while noting that hedging may not cover everything, as with dairy where the ability to hedge is limited. Its intellectual property rights, covering trademarks, patents, copyrights, registered designs, trade secrets, recipes, technology and know-how, are described as material to the business, with patents covering everything from packaging techniques to processes and the products themselves. At 31 December 2025 it had approximately 91,000 employees, approximately 12,000 in the United States and approximately 79,000 elsewhere, with unions or workers' councils representing approximately 22% of the American workforce and approximately 56% of the rest.

From Mondelez International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 4 February 2026: read the full 10-K.