At a glance
Mondelez International Inc is worth $84.03B, about 35 times its fiscal 2025 earnings. Revenue grew 5.8% to $38.54B in fiscal 2025, with 6.4% kept as profit; over 5 years it has grown 7.7% a year. It pays a 3.04% dividend yield, raised every year for at least 9 years, and returned $21.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.7% over the past year with dividends reinvested and +4.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.3% in the 2020 crash (S&P 500: 33.7%) and 18.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 2 months after the lows.
The business in plain English
Mondelez International makes snacks. It is one of the world's largest snack companies, with net revenues of $38.5 billion and net earnings of $2.5 billion in fiscal 2025, the year ended December 31, 2025. Its core business is chocolate, biscuits and baked snacks. Its brands include Oreo, Ritz, LU, Clif Bar, Tate's Bake Shop, Cadbury Dairy Milk, Milka and Toblerone. The company was once called Kraft Foods Inc.
Biscuits and baked snacks, which include cookies, crackers, snack bars and cakes, brought in 47.7% of 2025 revenue. Chocolate brought in 32.9%. Smaller lines were gum and candy (10.5%), cheese and grocery (6.2%) and powdered beverages (2.6%). Mondelez makes money by turning ingredients such as cocoa, wheat, dairy and sugar into branded snacks. It supplies them to supermarket chains, wholesalers, supercenters, club stores, convenience stores, gas stations and online retailers. No single customer made up 10% or more of revenue.
The company is organized into four regions. Europe was the largest, at 39% of 2025 revenue. North America followed at 27.7%, then AMEA (Asia, the Middle East and Africa) at 20.6% and Latin America at 12.7%. In 2025, 75.8% of revenue came from outside the United States. Mondelez products reach more than 150 countries and are made in 145 principal factories across 49 countries.
Price history
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MDLZ +19.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Biscuits & Baked Snacks | $18.39B | 47.7% |
| Chocolate | $12.70B | 32.9% |
| Gum & Candy | $4.06B | 10.5% |
| Cheese & Grocery | $2.38B | 6.2% |
| Beverages | $1.01B | 2.6% |
By business segment
| Europe | $15.03B | 39% |
| North America | $10.68B | 27.7% |
| AMEA | $7.93B | 20.6% |
| Latin America | $4.90B | 12.7% |
By geography
| Other | $29.19B | 75.8% |
| United States | $9.34B | 24.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $9.97B, up 2.3% from a year earlier, and net income was $1.30B (+75.6%).
- For fiscal 2025, revenue was $38.54B (+5.8% year over year; +7.7% a year from FY2020 to FY2025) with a 6.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.7% good |
|---|---|
| Operating margin | 9.2% watch |
| Free cash flow margin | 8.4% watch |
| Return on equity (FY2025) | 9.5% watch |
| Return on assets (FY2025) | 3.4% watch |
| Net cash (cash minus debt) | $-20.08B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $26.58B | $3.56B | $3.10B |
| FY2021 | $28.72B | $4.30B | $3.18B |
| FY2022 | $31.50B | $2.72B | $3.00B |
| FY2023 | $36.02B | $4.96B | $3.60B |
| FY2024 | $36.44B | $4.61B | $3.52B |
| FY2025 | $38.54B | $2.45B | $3.23B |
Valuation snapshot
| Market value | $84.03B |
|---|---|
| P/E ratio | 35.1 |
| Dividend yield | 3.04% |
Rank among 1514 US companies
Market value at each year end
Mondelez International’s market value went from $68.46B at the end of 2016 to $84.03B on Nov 2, 2026, up 23%; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $84.03B | +21.0% |
| 2025 | $69.46B | -13.0% |
| 2024 | $79.87B | -19.0% |
| 2023 | $98.57B | +8.3% |
| 2022 | $91.02B | -1.6% |
| 2021 | $92.50B | +10.6% |
| 2020 | $83.62B | +5.4% |
| 2019 | $79.31B | +36.3% |
| 2018 | $58.20B | -9.0% |
| 2017 | $63.96B | -6.6% |
| 2016 | $68.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MDLZ price data to Nov 2, 2026 | +26.6% | +19.7% | +2.2% | +4.4% | +6.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.6% |
| 2025 | -7.0% |
| 2024 | -15.3% |
| 2023 | +11.2% |
| 2022 | +2.9% |
| 2021 | +15.9% |
| 2020 | +8.6% |
| 2019 | +40.5% |
| 2018 | -4.3% |
| 2017 | -1.6% |
| 2016 | +0.6% |
| 2015 | +25.4% |
| 2014 | +4.6% |
| 2013 | +41.1% |
| 2012 | +6.8% |
| 2011 | +22.6% |
| 2010 | +20.4% |
| 2009 | +5.9% |
| 2008 | -14.6% |
| 2007 | -5.7% |
| 2006 | +30.5% |
| 2005 | -18.6% |
| 2004 | +13.2% |
| 2003 | -15.4% |
| 2002 | +16.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.9% over that stretch · deepest drop along the way 38.8%, back to its old high 19.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.3% over that stretch · deepest drop along the way 29.3%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.3% over that stretch · deepest drop along the way 18.3%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 4 sales ($8.7M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | de Put Dirk Van Chief Executive Officer, Director | sell (plan) | $8.6M |
| Feb 13, 2026 | Gustavo Carlos Valle EVP and President, NA | sell (plan) | $186K |
| Apr 30, 2026 | Brian Stevens SVP, CTR & Chief Accoun Off | sell | $4K |
| May 1, 2026 | Brian Stevens SVP, CTR & Chief Accoun Off | sell | $62.00 |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Capital Research Global Investors | 5.3% | Mar 31, 2026 |
| Capital International Investors | 4% | Mar 31, 2026 |
ETFs with the most weight in MDLZ
| FTXG First Trust Nasdaq Food & Beverage ETF | 8.39% |
| XLP Consumer Staples Select Sector SPDR Fund | 4.57% |
| QQLV Invesco QQQ Low Volatility ETF | 4.44% |
| VNSE Natixis Vaughan Nelson Select ETF | 4.34% |
| IYK iShares U.S. Consumer Staples ETF | 4.06% |
| BEEX Beehive ETF | 3.93% |
| BGIG Bahl & Gaynor Income Growth ETF | 3.78% |
| ASLV Allspring Special Large Value ETF | 3.44% |
What could go wrong
- Cocoa and other ingredient costs can spike. Mondelez relies heavily on cocoa, dairy, wheat and sugar. Soaring cocoa bean prices pushed costs up in 2025. Hedging (locking in prices in advance) offers only partial protection, and raising prices can cut sales volumes.
- War in Ukraine and sanctions on Russia. The company says the war has hurt and could keep hurting its operations and results. Russia and Ukraine are among its markets, and the conflict and sanctions add to ingredient-cost swings.
- Tariffs and shifting trade rules. Mondelez makes products in 49 countries and markets them in over 150, so ingredients and goods cross many borders. New tariffs (taxes on imports) or other trade restrictions could raise costs.
- A strong dollar can dent reported results. With 75.8% of 2025 revenue earned outside the US, a stronger dollar shrinks the value of foreign sales and profits when they are converted back into dollars.
- Political and economic shocks in emerging markets. Latin America, most of Asia, the Middle East and Africa, and parts of its Europe region count as emerging (developing) markets. Political unrest, abrupt rule changes or economic crises there could hurt results.
- Bigger retailers and cheaper store brands. Its retail customers are merging, giving them more bargaining power. It must also offer enough value to compete with store brands and other economy brands, especially when shoppers trade down after price increases.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Mondelez has raised its dividend for at least nine straight years through fiscal 2025. Dividends per share rose from $1.16 in fiscal 2020 to $1.94 in fiscal 2025, roughly 10.7% a year. The dividend yield (yearly dividends divided by share price) was 3.11% as of October 30, 2026. In fiscal 2025, net income fell 46.8%, so dividends paid were 101.5% of earnings. They used only 76.9% of free cash flow (cash left after running and investing in the business). Over fiscal 2021 to 2025, Mondelez also spent $10.4 billion on share repurchases. Its share count fell 9.3% between October 2021 and October 2026.
In past market downturns, the stock fell sharply but recovered. It dropped 38.8% in the 2008 financial crisis (about 20 months to recover), 29.3% in the 2020 COVID crash (about five months) and 18.3% in the 2022 bear market (about two months). Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Mondelez make money?
Mondelez makes money by producing and marketing snacks under its own brands. In fiscal 2025, biscuits and baked snacks, such as cookies, crackers and snack bars, brought in 47.7% of its $38.5 billion in net revenue, and chocolate brought in 32.9%. Gum and candy added 10.5%, cheese and grocery 6.2%, and beverages 2.6%. Brands include Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka and Toblerone. Customers are mainly supermarkets, wholesalers, club stores, convenience stores and online retailers. No single customer made up 10% or more of revenue.
How much of Mondelez's business is outside the US?
Most of it. In fiscal 2025, 75.8% of net revenue came from outside the United States, up from 74.0% in 2024 and 73.4% in 2023. By region, Europe made up 39% of revenue, North America 27.7%, AMEA (Asia, the Middle East and Africa) 20.6% and Latin America 12.7%. That global reach also exposes the company to currency swings, tariffs, the war in Ukraine and political risk in emerging markets.
Does Mondelez raise its dividend every year?
Yes. Mondelez has increased its dividend for at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share climbed from about $1.16 in fiscal 2020 to $1.94 in fiscal 2025. That is growth of roughly 10.7% a year, with no special dividends. The dividend yield, or yearly dividends divided by the share price, was 3.11% as of October 30, 2026. Past increases do not guarantee future ones.
Is Mondelez's dividend safe?
In fiscal 2025 the dividend was covered by free cash flow but not by earnings. Net income fell 46.8% to about $2.5 billion, and dividends paid came to 101.5% of it. They took 76.9% of free cash flow, the cash left after running and investing in the business. Mondelez also had about $21.7 billion of debt and $1.7 billion of cash and investments as of September 30, 2026. Earnings rebounded in the third quarter of fiscal 2026, when net income rose 75.6% from a year earlier.
How has Mondelez stock performed?
Based on share prices, Mondelez shares returned about 6.2% a year over the 10 years to October 30, 2026, and 4.1% a year over five years. The path was uneven: the stock fell 15.3% in 2024 and 7.0% in 2025, then rose 23.8% in 2026 through October 30. Its price-to-earnings ratio (share price divided by yearly earnings per share) was 34.4 on that date. A sharp drop in diluted earnings per share pushed that ratio up. Earnings per share fell from $3.42 in fiscal 2024 to $1.89 in fiscal 2025.