Mondelēz International, Inc.

Mondelēz International, Inc. is one of the world's largest snack companies, making and selling chocolate, biscuits and baked snacks, gum and candy, cheese and grocery products, and powdered beverages in over 150 countries under brands that include Oreo, Ritz, Cadbury Dairy Milk, Milka, Toblerone, LU, Clif Bar, and Tate's Bake Shop. It generated $38.5 billion in net revenue in fiscal 2025, roughly three-quarters of it outside the United States, and employed approximately 91,000 people across 145 manufacturing facilities in 49 countries.

This is a story about an exceptional portfolio of snacking brands navigating the most disruptive commodity cycle in its history. Cocoa — the essential input for roughly a third of revenue — saw prices spike to unprecedented levels in 2024 and remained elevated through 2025, compressing chocolate gross margins and exposing the limits of the company's pricing power in price-sensitive European markets. The 2025 income statement tells the story in stark terms: revenue up 5.8% but GAAP operating income down 44% and diluted EPS nearly halved, as mark-to-market derivative losses and soaring input costs overwhelmed the pricing and productivity levers that had delivered a decade of steady margin expansion. The file turns on a single question: whether Mondelez can restore its chocolate profit engine as cocoa normalises — and whether the market, pricing the equity at 22.9 times trailing earnings, is already discounting that recovery.