Mondelēz International 2025 net revenue rises 5.8% to over US$38B 

USA – Mondelēz International has reported a 5.8% increase in full-year 2025 net revenue to US$38.5 billion, supported by organic net revenue growth of 4.3% driven primarily by higher pricing, partly offset by lower volume and mix. 

Despite the top-line growth, the company said profitability weakened during the year as rising input costs weighed heavily on margins. Mondelēz cited “higher raw material costs and unfavorable product mix,” linking the pressure largely to what it described as “unprecedented cocoa cost headwinds.”  

Full-year operating income declined 44.1% to US$3.55 billion, while diluted earnings per share fell 44.7% to US$1.89. 

“We delivered solid top-line results, generated strong cash flow, and returned significant cash to shareholders in a dynamic and challenging 2025 environment,” said Dirk Van de Put, Chair and Chief Executive Officer of Mondelēz International.  

“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.” 

During 2025, Mondelēz generated US$4.5 billion in cash from operations and US$3.2 billion in free cash flow. The company returned US$4.9 billion to shareholders through dividends and share repurchases. 

Gross profit declined by US$3.32 billion during the year, while gross profit margin fell by 1,070 basis points to 28.4%.  

The company attributed the decline primarily to unfavorable year-over-year mark-to-market impacts from commodity and foreign currency derivatives, as well as a decrease in adjusted gross profit margin. 

In the fourth quarter, net revenues increased 9.3% to US$10.50 billion, driven by organic net revenue growth of 5.1%, favorable currency-related items, and incremental revenue from the acquisition of Evirth.  

However, quarterly gross profit declined by US$755 million, with gross margin falling 1,040 basis points to 28.2% for similar reasons cited for the full year. 

In North America, full-year 2025 net revenue declined 2.1% to US$10.68 billion. On an organic basis, revenue fell 1.9%, as pricing increased 0.8% but volume and mix declined 2.7%.  

In the fourth quarter, North America net revenue decreased 0.6% to US$2.76 billion, with pricing up 3.2% and volume/mix down 3.7%. 

Looking ahead, Mondelēz forecast organic net revenue growth of flat to 2% in 2026 and adjusted earnings per share growth of flat to 5% on a constant-currency basis. The company also expects to generate approximately US$3 billion in free cash flow. 

“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,” Van de Put added. 

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