Packaged snacks company Mondelez (NASDAQ: MDLZ) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 4.1% year on year to $9.36 billion. Its non-GAAP profit of $0.73 per share was 7.4% above analysts’ consensus estimates.
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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
- Free Cash Flow Margin: 5.5%, up from 0% in the same quarter last year
- Organic Revenue rose 2.2% year on year (beat)
- Market Capitalization: $77.88 billion
“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability. We delivered continued strength across our Emerging Markets, as well as strong growth and elevated execution in our North America business. In Europe, share dynamics are showing early positive trends, and we believe the business is well-positioned to build on that progress," said Dirk Van de Put, Chair and Chief Executive Officer.
Company Overview
Founded as Nabisco in 1903, Mondelez (NASDAQ: MDLZ) is a packaged snacks powerhouse best known for its Oreo, Cadbury, Toblerone, Ritz, and Trident brands.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
With $39.68 billion in revenue over the past 12 months, Mondelez is one of the most widely recognized consumer staples companies. Its influence over consumers gives it negotiating leverage with distributors, enabling it to pick and choose where it sells its products (a luxury many don’t have). However, its scale is a double-edged sword because there are only a finite number of major retail partners, placing a ceiling on its growth. To expand meaningfully, Mondelez likely needs to tweak its prices, innovate with new products, or enter new markets.
As you can see below, Mondelez’s sales grew at a tepid 5.6% compounded annual growth rate over the last three years as consumers bought less of its products. We’ll explore what this means in the “Volume Growth” section.
This quarter, Mondelez reported modest year-on-year revenue growth of 4.1% but beat Wall Street’s estimates by 1.6%.
Looking ahead, sell-side analysts expect revenue to grow 2.1% over the next 12 months, a deceleration versus the last three years. This projection doesn’t excite us and indicates its products will face some demand challenges.
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Organic Revenue Growth
When analyzing revenue growth, we care most about organic revenue growth. This metric captures a business’s performance excluding one-time events such as mergers, acquisitions, and divestitures as well as foreign currency fluctuations.
The demand for Mondelez’s products has generally risen over the last two years but lagged behind the broader sector. On average, the company’s organic sales have grown by 4.1% year on year. 
In the latest quarter, Mondelez’s organic sales rose by 2.2% year on year. This growth was a deceleration from its historical levels, showing the business is still performing well but losing a bit of steam.
Key Takeaways from Mondelez’s Q2 Results
We were impressed by how significantly Mondelez blew past analysts’ gross margin expectations this quarter. We were also happy its organic revenue narrowly outperformed Wall Street’s estimates. Overall, we think this was a solid quarter with some key areas of upside. The stock traded up 1.9% to $63.67 immediately after reporting.
Mondelez put up rock-solid earnings, but one quarter doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
