Mondelez’s second quarter saw sales rise modestly, outpacing Wall Street expectations thanks to continued momentum in emerging markets and a disciplined approach to promotions in North America. Management credited broad-based strength across biscuits and chocolates, particularly in India and Brazil, as well as improving trends in the U.S. despite ongoing consumer caution. CEO Dirk Van de Put noted, “We had strong net revenue growth and a positive volume mix, both accelerating versus Q1, driven by innovation and distribution expansion.”
Is now the time to buy MDLZ? Find out in our full research report (it’s free for active Edge members).
Mondelez (MDLZ) Q2 CY2026 Highlights:
- Revenue: $9.36 billion vs analyst estimates of $9.21 billion (4.1% year-on-year growth, 1.6% beat)
- Adjusted EPS: $0.73 vs analyst estimates of $0.68 (7.4% beat)
- Operating Margin: 20.8%, up from 13% in the same quarter last year
- Organic Revenue rose 2.2% year on year (beat)
- Market Capitalization: $78.79 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is 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 Q2 Earnings Call
- Andrew Lazar (Barclays) asked about emerging market strength and North America sustainability; CEO Dirk Van de Put cited ongoing distribution expansion, innovation, and disciplined promotional execution as drivers.
- Scott Marks (Jefferies) inquired about the new CFO’s early observations; CFO Amit Banati highlighted the company’s strong brand portfolio, innovation pipeline, and opportunities for productivity gains through AI and supply chain initiatives.
- Peter Galbo (BofA) questioned the timing of European volume recovery; COO Luca Zaramella described recent softness from a heat wave but expects improved execution, activation, and profitability in the second half.
- Michael Lavery (Piper Sandler) pressed for details on innovation scale and Biscoff’s impact; CEO Van de Put outlined Biscoff’s multi-layered rollout and the goal of raising innovation’s contribution to net revenue.
- Chris Carey (Wells Fargo Securities) asked about distribution gains in North America; Van de Put explained strategic focus on under-indexed value and convenience channels, with new product formats and direct sales approaches.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will monitor (1) the continuation of emerging market volume growth and distribution expansion, (2) the scale and success of new product launches, particularly in health-focused and Biscoff collaborations, and (3) the recovery of European volumes and profitability after weather-related disruptions. We will also keep an eye on management’s ability to offset commodity cost pressures and maintain disciplined reinvestment.
Mondelez currently trades at $61.36, down from $62.48 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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