Mondelez International, Inc. (MDLZ) Stock Analysis

Mondelez International generated $38.5 billion in net revenues in 2025, with chocolate, biscuits, and baked snacks as the core categories sold through 145 manufacturing and processing facilities across 49 countries. The company employs approximately 91,000 people globally — roughly 12,000 in the United States and 79,000 outside — and sells in over 150 countries through four geographic segments (North America, Europe, AMEA, Latin America). Net earnings totaled $2.5 billion in 2025; 75.8% of net revenues came from outside the United States, up from 74.0% in 2024.

Mondelez earns revenue through branded volume sales across five product categories: biscuits and baked snacks (Oreo, Ritz, LU, Clif Bar, Tate's Bake Shop), chocolate (Cadbury Dairy Milk, Milka, Toblerone), gum and candy, beverages, and cheese and grocery. Products reach consumers through supermarket chains, wholesalers, supercenters, club stores, convenience stores, and e-commerce platforms. No single customer accounted for 10% or more of net revenues in 2025, reflecting broad retail distribution without channel concentration. Input cost exposure is material: the company purchases large quantities of cocoa, dairy, wheat, edible oils, sugar, flavoring agents, and nuts. In 2025, commodity cost pressure was driven primarily by soaring cocoa bean prices; the company responded through hedging, pricing actions, and manufacturing cost control, though the 10-K acknowledges hedging strategies may not protect against increases in inputs like dairy where hedging is limited.