Analyst Consensus ?
ConsensusBuy41 ratings
Bullish3175.6%
Neutral819.5%
Bearish24.9%
Mondelez International, Inc. · MDLZ · FY2026 Q1 · Calendar Q2 2026
Mondelez Beats Q1 as Easter Demand and Emerging Markets Offset Cost Pressures
Mondelez posted a clear Q1 FY2026 beat, with EPS of $0.67 versus $0.61 estimated and revenue of $10.08 billion versus $9.75 billion estimated — roughly 10% and 3% surprises respectively. The market responded with a 4.3% abnormal return on 1.86x baseline volume, followed by a 2.2% drift higher. The quarter was driven by Easter-seasonal demand in chocolate and biscuits, resilient value growth in Europe, and 6.3% revenue expansion in emerging markets, now roughly 40% of the business. India posted double-digit chocolate growth aided by a GST regulatory change. The Biscoff partnership is evolving into a cross-category platform spanning biscuits, chocolate, and pastries, with plans for global extension. Two acquisitions — Evirth in cakes and pastries and 7Days in Brazil — broaden the portfolio beyond core confectionery. Management tone shifted from cautious in Q4 FY2025 to confident in Q1…
Reported After market closeNASDAQConsumer Defensive
$80.20B market cap
100quality score
Company context
Snapshot as of publicationMondelez International, Inc. operates as a prominent global entity in the snack and beverage sector, focusing on the production, promotion, and distribution of a wide array of food items. Its extensive reach spans multiple continents, including North America, Latin America, Asia, the Middle East, Africa, and Europe. The company's diverse product portfolio encompasses biscuits (such as cookies, crackers, and various savory snacks), chocolates, chewing gums, candies, as well as selection of cheese and general grocery products, and powdered beverage mixes.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.67
Consensus $1
EPS surprise
+10.2%
Reported versus consensus
Reported revenue
$10.08B
Consensus $9.75B
Revenue surprise
+3.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$62.48Previous close
$61Low
$69.57Average
$84High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Apr 29, 2026 |
| TD Cowen | Buy | Buy | Maintain | Apr 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 29, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 29, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 10, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 30, 2026 |
| Rothschild & Co | Neutral | Buy | Downgrade | Mar 25, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Mar 16, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Feb 18, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 12, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Feb 9, 2026 |
| Stifel | Buy | Buy | Maintain | Feb 4, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Feb 4, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jan 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 29, 2025 |
| Jefferies | Buy | Hold | Upgrade | Jul 17, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 6, 2025 |
| Citigroup | Buy | Buy | Maintain | Jan 8, 2025 |
| Argus Research | Buy | Hold | Upgrade | Nov 28, 2023 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Oct 17, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 6, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 1, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Jan 31, 2022 |
| Seaport Global | Buy | Buy | Maintain | Jul 28, 2020 |
| Berenberg | Buy | Hold | Upgrade | Jun 15, 2020 |
| Guggenheim | Buy | Buy | Maintain | Apr 29, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Feb 11, 2020 |
| Buckingham | Buy | Buy | Maintain | Feb 11, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jun 17, 2019 |
| DZ Bank | Buy | Hold | Upgrade | Jul 27, 2018 |
| Societe Generale | Buy | Hold | Upgrade | Feb 2, 2018 |
| Bank of America | Buy | Buy | Maintain | Feb 1, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Jul 25, 2017 |
| Susquehanna | Neutral | Positive | Downgrade | Feb 8, 2017 |
| Canaccord Genuity | Buy | Hold | Upgrade | Feb 4, 2016 |
| CLSA | Outperform | Buy | Maintain | Aug 6, 2015 |
| Nomura | Sell | Reduce | Maintain | Apr 9, 2014 |
| First Global | Outperform | Outperform | Maintain | Dec 11, 2013 |
| Credit Agricole | Underperform | Outperform | Downgrade | May 8, 2013 |
| Janney Capital | Neutral | Neutral | Maintain | Oct 12, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $62.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Michael Lavery | $65 | $61.5 | +4.0% | Apr 29, 2026 |
| Evercore ISI | David Palmer | $71 | $61.45 | +13.6% | Apr 29, 2026 |
| UBS | Analyst unavailable | $64 | $58.54 | +2.4% | Apr 29, 2026 |
| Barclays | Andrew Lazar | $68 | $58.54 | +8.8% | Apr 29, 2026 |
| BTIG | Rob Dickerson | $70 | $57.68 | +12.0% | Apr 13, 2026 |
| Bernstein | Analyst unavailable | $73 | $59.86 | +16.8% | Feb 18, 2026 |
| D.A. Davidson | Analyst unavailable | $64 | $59.52 | +2.4% | Feb 9, 2026 |
| D.A. Davidson | Brian Holland | $62 | $59.2 | -0.8% | Feb 4, 2026 |
| Stifel Nicolaus | Analyst unavailable | $68 | $59.94 | +8.8% | Feb 4, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $66 | $59.47 | +5.6% | Feb 4, 2026 |
| Piper Sandler | Michael Lavery | $64 | $59.47 | +2.4% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $65 | $59.47 | +4.0% | Feb 4, 2026 |
| UBS | Analyst unavailable | $63 | $59.47 | +0.8% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $65 | $59.15 | +4.0% | Jan 28, 2026 |
| Deutsche Bank | Analyst unavailable | $61 | $58.4 | -2.4% | Jan 26, 2026 |
| Coker Palmer | Thomas Palmer | $69 | $57.34 | +10.4% | Jan 21, 2026 |
| UBS | Analyst unavailable | $60 | $56.82 | -4.0% | Jan 14, 2026 |
| Mizuho Securities | Analyst unavailable | $67 | $51.51 | +7.2% | Jan 8, 2026 |
| Wells Fargo | Chris Carey | $62 | $53.28 | -0.8% | Jan 5, 2026 |
| Piper Sandler | Analyst unavailable | $62 | $55.75 | -0.8% | Nov 21, 2025 |
| Barclays | Analyst unavailable | $67 | $57.85 | +7.2% | Oct 30, 2025 |
| RBC Capital | Nik Modi | $67 | $60.21 | +7.2% | Oct 29, 2025 |
| Stifel Nicolaus | Analyst unavailable | $70 | $58.78 | +12.0% | Oct 29, 2025 |
| Mizuho Securities | Analyst unavailable | $70 | $60.21 | +12.0% | Oct 29, 2025 |
| Bernstein | Alexia Howard | $84 | $60.21 | +34.4% | Oct 29, 2025 |
| Morgan Stanley | Megan Alexander Clapp | $68 | $57.87 | +8.8% | Oct 29, 2025 |
| Piper Sandler | Analyst unavailable | $63 | $60.21 | +0.8% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $72 | $60.21 | +15.2% | Oct 29, 2025 |
| Mizuho Securities | Analyst unavailable | $73 | $61.65 | +16.8% | Oct 28, 2025 |
| UBS | Peter Grom | $65 | $62.6 | +4.0% | Oct 8, 2025 |
| Morgan Stanley | Analyst unavailable | $71 | $61.99 | +13.6% | Oct 6, 2025 |
| Berenberg Bank | Analyst unavailable | $70 | $63.17 | +12.0% | Oct 2, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $62.56 | +15.2% | Sep 26, 2025 |
| Barclays | Analyst unavailable | $77 | $64.56 | +23.2% | Jul 31, 2025 |
| Bernstein | Analyst unavailable | $88 | $65.1 | +40.8% | Jul 30, 2025 |
| Piper Sandler | Analyst unavailable | $59 | $67.5 | -5.6% | Mar 27, 2025 |
| Morgan Stanley | Analyst unavailable | $69 | $64.95 | +10.4% | Mar 24, 2025 |
| Wells Fargo | Chris Carey | $61 | $58.29 | -2.4% | Jan 8, 2025 |
| Piper Sandler | Michael Lavery | $84 | $68.35 | +34.4% | Oct 30, 2024 |
| Wells Fargo | Chris Carey | $78 | $69.15 | +24.8% | Oct 30, 2024 |
| Piper Sandler | Michael Lavery | $74 | $71.35 | +18.4% | Oct 23, 2024 |
| Bank of America Securities | Peter Galbo | $84 | $70.53 | +34.4% | Oct 15, 2024 |
| Piper Sandler | Michael Lavery | $76 | $69.16 | +21.6% | Aug 9, 2024 |
| D.A. Davidson | Brian Holland | $75 | $67.05 | +20.0% | Jul 31, 2024 |
| Piper Sandler | Michael Lavery | $78 | $67.98 | +24.8% | Jun 5, 2024 |
| Jefferies | Rob Dickerson | $78 | $67.89 | +24.8% | May 31, 2024 |
| Piper Sandler | Michael Lavery | $81 | $67.6 | +29.6% | Apr 9, 2024 |
| RBC Capital | Nik Modi | $83 | $71.48 | +32.8% | Nov 27, 2023 |
| Morgan Stanley | Pamela Kaufman | $74 | $71.49 | +18.4% | Nov 24, 2023 |
| Cowen & Co. | Analyst unavailable | $75 | $65.92 | +20.0% | Feb 6, 2023 |
| Barclays | Analyst unavailable | $72 | $66.73 | +15.2% | Feb 2, 2023 |
| Wells Fargo | Analyst unavailable | $77 | $65.78 | +23.2% | Feb 1, 2023 |
| Credit Suisse | Analyst unavailable | $76 | $65.44 | +21.6% | Feb 1, 2023 |
| Piper Sandler | Analyst unavailable | $80 | $65.44 | +28.0% | Feb 1, 2023 |
| Morgan Stanley | Pamela Kaufman | $75 | $66.09 | +20.0% | Dec 20, 2022 |
| Piper Sandler | Analyst unavailable | $77 | $67.26 | +23.2% | Dec 15, 2022 |
| UBS | Analyst unavailable | $71 | $68.03 | +13.6% | Dec 8, 2022 |
| Deutsche Bank | Analyst unavailable | $75 | $67.32 | +20.0% | Dec 6, 2022 |
| BNP Paribas | Analyst unavailable | $68 | $64.1 | +8.8% | Nov 15, 2022 |
| Credit Suisse | Robert Moskow | $67 | $58.1 | +7.2% | Oct 18, 2022 |
| Mizuho Securities | Analyst unavailable | $75 | $64.68 | +20.0% | Apr 27, 2022 |
| Morgan Stanley | Pamela Kaufman | $70 | $65.78 | +12.0% | Apr 26, 2022 |
| Jefferies | Robert Dickerson | $76 | $67.1 | +21.6% | Jan 27, 2022 |
| Mizuho Securities | John Baumgartner | $77 | $66.25 | +23.2% | Jan 26, 2022 |
| Deutsche Bank | Stephen Powers | $73 | $67.38 | +16.8% | Jan 20, 2022 |
| Morgan Stanley | Pamela Kaufman | $73 | $68.1 | +16.8% | Jan 16, 2022 |
| Bank of America Securities | Bryan Spillane | $75 | $67.04 | +20.0% | Jan 5, 2022 |
| Goldman Sachs | Jason English | $71 | $62.2 | +13.6% | Jul 30, 2021 |
| Guggenheim | Laurent Grandet | $66 | $62.34 | +5.6% | Jul 28, 2021 |
| Stifel Nicolaus | Christopher Growe | $67 | $59.56 | +7.2% | Apr 28, 2021 |
| Credit Suisse | Robert Moskow | $68 | $59.56 | +8.8% | Apr 28, 2021 |
Track every rating change on MDLZ the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+4.3%
Event window
SPY move
-0.0%
Same window
Abnormal move
+4.3%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+2.2%
Up to 20 sessions
MDLZSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Management tone shifted from cautious in Q4 FY2025 to confident in Q1 FY2026, reflecting the stronger-than-expected start. The Biscoff partnership expanded from a biscuit collaboration into a cross-category platform across chocolate and pastries with global rollout plans. Two new acquisitions — Evirth (cakes and pastries) and 7Days (Brazil) — were highlighted, extending the portfolio beyond core confectionery. Emerging markets were disclosed as approximately 40% of revenue. North American supply-chain modernization was detailed with concrete plans including in-house production of co-manufactured lines and AI-enabled distribution centers. The prior quarter's emphasis on cocoa hedging mismatches and the $1 billion inventory accounting charge receded, though cocoa price volatility remains a cited risk.
Guidance delta
Full-year FY2026 EPS guidance was reaffirmed despite the Q1 beat, surprising analysts who expected an upward revision. Management cited Middle East conflict-related cost headwinds, potential H2 cocoa price volatility, and inventory phasing as justifications for maintaining rather than raising guidance. This continues the prudent, flexible posture established in the prior quarter.
Key takeaways
- Q1 beat consensus on both lines — EPS of $0.67 versus $0.61 estimated (10% surprise) and revenue of $10.08 billion versus $9.75 billion estimated (3% surprise).
- Easter-driven seasonal demand and 6.3% emerging-market growth — now roughly 40% of revenue — powered the outperformance, with India posting double-digit chocolate growth.
- Full-year guidance was reaffirmed, not raised, despite the beat; management pointed to Middle East cost pressures, H2 cocoa volatility risk, and inventory phasing.
- The Biscoff partnership is expanding into a cross-category platform across biscuits, chocolate, and pastries with global rollout plans.
- Two acquisitions — Evirth and 7Days — extend Mondelez into cakes, pastries, and the Brazilian market.
Management priorities
- Expand the Biscoff partnership globally across biscuits, chocolate, and pastries.
- Scale premium and well-being innovations including Perfect Bar, Builders Bar, Hu, and Toblerone Pralines.
- Modernize North American supply chain — bring co-manufactured lines in-house and deploy AI-enabled distribution centers.
- Drive share gains in crackers (Ritz) and confectionery (Sour Patch Kids) through brand reinvestment and media activation.
- Continue emerging-market expansion, particularly in India, China, Brazil, and Mexico.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T10:23:01.168278+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T10:23:01.165291+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.