What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-28 compared with 2025-10-28 · 177 added, 417 removed, 624 unchanged (49% of the section changed)

6 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net revenues $ 10,080 $ 9,313

3 unchanged sentences

Asset impairments and exit costs

( 41 ) ( 176 ) ( 45 ) ( 238 )

Gain on divestiture

Amortization of intangible assets ( 27 ) ( 37 )

Operating income 808 680

Benefit plan non-service (expense)/income

( 27 ) 25 ( 273 ) 76

Benefit plan non-service income

Interest and other expense, net ( 64 ) ( 153 )

1 unchanged sentence

Income tax provision ( 228 ) ( 154 )

Gain/(loss) on equity method investment transactions

169 ( 4 ) 169 ( 669 )

Loss on equity method investment transactions

Equity method investment net earnings 20 16

1 unchanged sentence

Noncontrolling interest earnings ( 4 ) ( 5 )

Net earnings attributable to

Mondelēz International $ 743 $ 853 $ 1,786 $ 2,866

Net earnings attributable to Mondelēz International

Per share data:

Basic earnings per share attributable to

Mondelēz International $ 0.57 $ 0.64 $ 1.38 $ 2.13

Diluted earnings per share attributable to

Mondelēz International $ 0.57 $ 0.63 $ 1.37 $ 2.12

Basic earnings per share attributable to Mondelēz International

$ 0.44 $ 0.31

Diluted earnings per share attributable to Mondelēz International

$ 0.44 $ 0.31

See accompanying notes to the condensed consolidated financial statements.

4 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net earnings $ 564 $ 407

4 unchanged sentences

Total other comprehensive earnings/(losses) ( 45 ) 499

Comprehensive earnings/(losses) 842 802 2,827 2,244

Comprehensive earnings/(losses)

attributable to noncontrolling interests ( 2 ) ( 13 ) ( 34 ) ( 11 )

Comprehensive earnings/(losses) attributable to

Mondelēz International

$ 840 $ 789 $ 2,793 $ 2,233

Comprehensive earnings

Comprehensive earnings/(losses) attributable to noncontrolling interests

Comprehensive earnings attributable to Mondelēz International

See accompanying notes to the condensed consolidated financial statements.

4 unchanged sentences

dollars, except share data)

September 30,

2026 December 31, 2025

2 unchanged sentences

Other receivables, less allowance ($ 35 and $ 35 , respectively)

Inventories, net 5,098 3,827

Other current assets 1,760 1,549

48 unchanged sentences

Interest Total

Three Months Ended September 30, 2025

Balances at July 1, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247

Comprehensive earnings/(losses):

Net earnings — — 743 — — 3 746

Other comprehensive earnings/(losses),

net of income taxes

— — — 97 — ( 1 ) 96

Exercise of stock options and issuance of

other stock awards

— 19 — — 13 — 32

Common Stock repurchased — — — — ( 242 ) — ( 242 )

Cash dividends declared ($ 0.500 per share)

— — ( 646 ) — — — ( 646 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 4 ) ( 4 )

Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Balances at January 1, 2026 $ — $ 32,322 $ 36,413 $ ( 11,364 ) $ ( 31,533 ) $ 53 $ 25,891

7 unchanged sentences

— ( 46 ) — — 84 — 38

Common Stock repurchased — — — — ( 1,822 ) — ( 1,822 )

Cash dividends declared ($ 0.500 per share)

— — ( 644 ) — — — ( 644 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 8 ) ( 8 )

Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229

Three Months Ended September 30, 2024

Balances at July 1, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718

Comprehensive earnings/(losses):

Net earnings — — 853 — — 3 856

Other comprehensive earnings/(losses),

net of income taxes

— — — ( 64 ) — 10 ( 54 )

Exercise of stock options and issuance of

other stock awards

— 44 2 — 69 — 115

Common Stock repurchased — — — — ( 107 ) — ( 107 )

Cash dividends declared ($ 0.470 per share)

— — ( 632 ) — — — ( 632 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 5 ) ( 5 )

Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891

Nine Months Ended September 30, 2024

Balances at March 31, 2026 $ — $ 32,276 $ 36,329 $ ( 11,406 ) $ ( 31,449 ) $ 54 $ 25,804

Three Months Ended March 31, 2025

Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958

10 unchanged sentences

— — ( 611 ) — — — ( 611 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 8 ) ( 8 )

Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891

Balances at March 31, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in millions of U.S.

For the Nine Months Ended

September 30,

For the Three Months Ended

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

3 unchanged sentences

Stock-based compensation expense 29 18

Deferred income tax (benefit)/provision

Deferred income tax provision/(benefit)

Asset impairments and accelerated depreciation 4 4

Gain on divestiture

Loss on equity method investment transactions

3 unchanged sentences

Contingent consideration adjustments

( 26 ) ( 311 )

Other non-cash items, net ( 36 ) 56

2 unchanged sentences

Receivables, net ( 728 ) ( 379 )

Inventories, net ( 967 ) ( 710 )

Accounts payable ( 320 ) 222

9 unchanged sentences

Payments for derivative settlements

( 165 ) ( 150 )

Proceeds from/(contributions to) investments

Proceeds from investments

Proceeds from sales of property, plant and equipment and other

2 unchanged sentences

CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES

Net issuance of short-term borrowings

Long-term debt proceeds 1,594 1,671

Issuances of commercial paper, maturities greater than 90 days 586 —

Net (repayment)/issuance of short-term borrowings

( 368 ) 1,841

Long-term debt repayments ( 262 ) ( 453 )

4 unchanged sentences

Cash, cash equivalents and restricted cash:

Increase/(decrease)

(Decrease)/increase

Balance at beginning of period 2,195 1,400

18 unchanged sentences

Highly Inflationary Accounting

Within our consolidated entities, Argentina, Türkiye, Egypt and Nigeria are accounted for as highly inflationary countries.

Argentina, Türkiye, Egypt and Nigeria represent 1.1 %, 0.6 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended September 30, 2025 and 1.4 %, 0.7 %, 0.5 % and 0.3 % of our consolidated net revenues for the nine months ended September 30, 2025.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 9 million and $ 9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24 million and $ 26 million for the nine months ended September 30, 2025 and 2024, respectively.

As of March 31, 2026, our consolidated entities in Argentina, Türkiye, Egypt and Nigeria are operating in highly inflationary economies and represent 1.2 %, 0.5 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended March 31, 2026.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $( 5 ) million and $( 7 ) million for the three months ended March 31, 2026 and 2025, respectively.

Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels.

2 unchanged sentences

Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions.

Restricted cash is recorded within other current assets and was $ 99 million as of September 30, 2025 and $ 49 million as of December 31, 2024.

Total cash, cash equivalents and restricted cash was $ 1,466 million as of September 30, 2025 and $ 1,400 million as of December 31, 2024.

Restricted cash is recorded within other current assets and was $ 107 million as of March 31, 2026 and $ 70 million as of December 31, 2025.

Total cash, cash equivalents and restricted cash was $ 1,631 million as of March 31, 2026 and $ 2,195 million as of December 31, 2025.

Allowances for Credit Losses

3 unchanged sentences

Balance at January 1, 2026 $ ( 35 ) $ ( 35 ) $ ( 18 )

Net (provision)/recovery for expected credit losses

Write-offs charged against the allowance 2 1 —

Net recovery for expected credit losses

Currency and other

( 3 ) ( 5 ) ( 3 )

Balance at September 30, 2025 $ ( 39 ) $ ( 37 ) $ ( 19 )

Balance at March 31, 2026 $ ( 31 ) $ ( 35 ) $ ( 18 )

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 857 million as of September 30, 2025 and $ 159 million as of December 31, 2024.

The incremental cost of factoring receivables under this arrangement was not material for all periods presented.

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 892 million as of March 31, 2026 and $ 674 million as of December 31, 2025.

The incremental costs of factoring receivables under these arrangements were recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings and were not material for all periods presented.

The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions

We recorded $ 119 million in operating lease and $ 139 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2025 and $ 244 million in operating lease and $ 90 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2024.

We recorded $ 47 million in operating lease and $ 43 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2026 and $ 38 million in operating lease and $ 51 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2025.

Supply Chain Financing

1 unchanged sentence

We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions.

Amounts due to our suppliers that elected to participate in the SCF program are included in Accounts payable in our consolidated balance sheets .

Our outstanding obligations confirmed as valid under our SCF program are $ 3.6 billion and $ 3.7 billion as of September 30, 2025 and December 31, 2024, respectively.

New Accounting Pronouncements

In December 2023, the FASB issued an Accounting Standards Update ("ASU") to enhance the transparency of annual income tax disclosures, primarily related to the rate reconciliation and income taxes paid.

The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted.

We will adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2025.

Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our condensed consolidated balance sheets .

Our outstanding obligations confirmed as valid under our SCF program are $ 3.3 billion and $ 3.6 billion as of March 31, 2026 and December 31, 2025, respectively.

New Accounting Pronouncements - Adopted

The guidance is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables.

We adopted the practical expedient on a prospective basis during the quarter ended March 31, 2026 and the impact on our consolidated financial statements was not material.

New Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued an ASU that will require incremental disclosures in the notes to the financial statements to disaggregate income statement expense line items into specified expense categories and to provide additional information about certain expenses.

The guidance is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027.

The ASU is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Early adoption is permitted.

1 unchanged sentence

We currently expect to adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2027 and for our interim reporting in the first quarter of 2028.

We are currently assessing whether we will adopt the guidance on a prospective or retrospective basis.

In July 2025, the FASB issued an ASU which introduces a practical expedient that allows entities to measure expected credit losses on current accounts receivable and current contract assets by assuming that the conditions existing at the balance sheet date remain unchanged over the remaining life of those assets, The amendment is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables.

The amendments are effective for annual periods beginning after December 15, 2025, including interim periods, with early adoption permitted.

We are currently assessing the impact on our consolidated financial statements and related disclosures.

We are currently assessing the impact on our consolidated financial statements and related disclosures, as well as whether we will adopt the guidance on a prospective or retrospective basis.

In September 2025, the FASB issued an ASU that refines the scope of derivative accounting by introducing a new exception for contracts whose underlyings are based on the operations or activities of one of the parties among other updates.

The ASU is effective for annual periods beginning after December 15, 2026, including interim periods, with early adoption permitted.

The ASU is effective for interim and annual periods beginning after December 15, 2026, with early adoption permitted.

The guidance may be applied either on a prospective or modified retrospective basis.

We are currently assessing the impact on our consolidated financial statements and related disclosures.

We do not expect this ASU to have a material impact on our consolidated financial statements and related disclosures.

In September 2025, the FASB issued an ASU that improves the accounting for internal-use software by replacing the previous capitalization guidance, which focused on a project's stage of development, with a principles-based "probable-to-complete" recognition threshold.

The amendments are effective for annual periods after December 15, 2027, including interim periods, with early adoption permitted.

The ASU is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted.

The guidance may be applied on a prospective or retrospective basis.

We are currently assessing the impact on our consolidated financial statements and related disclosures.

Acquisitions and Divestitures

On November 1, 2024, we acquired Evirth (Shanghai) Industrial Co., Ltd.

("Evirth"), a leading manufacturer of cakes and pastries in China.

The acquisition will continue to expand our growth in the cakes and pastries categories.

The cash consideration paid totaled ¥ 1.8 billion ($ 255 million), net of cash received.

We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a

preliminary purchase price allocation.

The purchase price was primarily allocated to definite-lived intangible assets and goodwill.

Within definite-lived intangible assets, we allocated $ 117 million to customer relationships which have an estimated useful life of 17 years.

The fair value of customer relationships at the acquisition date was determined using the multi-period excess earnings method, which is an income approach.

Those fair value measurements are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs.

Significant assumptions used in assessing the fair values of the intangible assets include discounted cash flows, customer attrition rates and discount rates.

Goodwill of $ 125 million was determined as the excess of the purchase price over the fair value of the net assets acquired and arose principally as a result of expansion opportunities and synergies across China.

None of the goodwill recognized will be deductible for income tax purposes.

All of the goodwill was assigned to the AMEA operating segment.

For further detail, refer to Note 5, Goodwill and Intangible Assets .

Acquisition and Divestiture-Related Costs

We incurred net costs of $ 18 million and recorded a net gain $ 11 million in the three and nine months ended September 30, 2025 and recorded net gains of $ 326 million and $ 247 million in the three and nine months ended September 30, 2024 in total acquisition-related costs, including contingent consideration adjustments.

We recorded a net gain of zero and $ 7 million in the three and nine months ended September 30, 2025 and recorded a net gain of $ 2 million and incurred net costs of $ 2 million in the three and nine months ended September 30, 2024 in total divestiture-related costs.

In December 2025, the FASB issued an ASU that establishes accounting guidance for government grants received by a business entity, including grants related to an asset and grants related to income.

The ASU is effective for interim and annual periods beginning after December 15, 2028, with early adoption permitted.

The guidance may be applied on a modified prospective, modified retrospective or retrospective basis.

We are currently assessing the impact on our consolidated financial statements and related disclosures.

Inventories consisted of the following:

As of September 30,

As of March 31,

2026 As of December 31, 2025

2 unchanged sentences

Finished product 3,098 3,404

Inventory reserves ( 182 ) ( 171 )

Inventories, net $ 5,098 $ 3,827

$ 4,079 $ 4,419

Property, Plant and Equipment

Property, plant and equipment consisted of the following:

As of September 30,

As of March 31,

2026 As of December 31, 2025

7 unchanged sentences

Property, plant and equipment, net $ 10,567 $ 10,667

For the nine months ended September 30, 2025, capital expenditures of $ 881 million excluded $ 408 million of accrued capital expenditures remaining unpaid at September 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

For the nine months ended September 30, 2024, capital expenditures of $ 982 million excluded $ 387 million of accrued capital expenditures remaining unpaid at September 30, 2024 and included payment for the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023.

For the three months ended March 31, 2026, capital expenditures of $ 312 million excluded $ 392 million of accrued capital expenditures remaining unpaid at March 31, 2026 and included payment for a portion of the $ 481 million of capital expenditures that were accrued and unpaid at December 31, 2025.

For the three months ended March 31, 2025, capital expenditures of $ 277 million excluded $ 397 million of accrued capital expenditures remaining unpaid at March 31, 2025 and included payment for a portion of the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

Goodwill and Intangible Assets

4 unchanged sentences

Currency 23 11 ( 134 ) ( 10 ) ( 110 )

— 3 — ( 25 ) ( 22 )

Balance at September 30, 2025 $ 1,491 $ 3,102 $ 8,842 $ 10,815 $ 24,250

Balance at March 31, 2026 $ 1,523 $ 3,139 $ 8,750 $ 10,814 $ 24,226

Intangible Assets

Intangible assets consisted of the following:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount

6 unchanged sentences

Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks.

Amortization expense for intangible assets was $ 32 million and $ 40 million for the three months ended September 30, 2025 and 2024, respectively, and $ 107 million and $ 115 million for the nine months ended September 30, 2025 and 2024, respectively.

The weighted-average amortization period for our definite-life intangible assets is approximately 16 years, which is primarily driven by recently acquired customer-related intangibles.

Amortization expense for definite-life intangible assets was $ 27 million and $ 37 million for the three months ended March 31, 2026 and 2025, respectively.

Impairment Assessments

We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount.

There were no impairments of goodwill during the three and nine months ended September 30, 2025 and 2024.

In the third quarters of 2025 and 2024, we recognized impairment charges of $ 33 million and $ 153 million, respectively, to reduce the carrying amounts of certain of our brands to their estimated fair values.

Those charges are reported within Asset impairments and exit costs in the condensed consolidated statements of earnings.

The 2025 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment.

The 2024 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment.

The impairments were driven by lower expectations of future business performance to reflect current or expected market conditions in select markets as well as changes in management strategy.

The fair values of our brand intangibles were determined using several valuation methods, including the relief from royalty method, the excess earnings method and the excess margin method.

Inputs to those valuation methods include our most recent forecasts of revenue and earnings, as well as estimates of royalty rates and discount rates.

Fair value measurements of brand intangible assets are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs.

Including the four brand intangibles for which we recognized impairments in the current period, we identified five brand intangibles for which fair value exceeded book value by less than 10%.

The aggregate book value of those

five brand intangibles was $ 1.5 billion as of September 30, 2025.

During the first quarter of 2026, we evaluated our goodwill impairment risk and intangible asset impairment risk through an assessment of potential triggering events.

We considered qualitative and quantitative information in our assessment and concluded there were no impairment indicators.

During our 2025 annual impairment test, we recognized impairment charges of $ 33 million related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment.

Including the four brand intangibles for which we recognized impairments in 2025, we identified five brand intangibles, as part of our annual test, for which fair value exceeded book value by less than 10%.

The aggregate carrying value of those five brand intangibles was $ 1.5 billion as of March 31, 2026.

We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.

Equity Method Investments

Our current equity method investments primarily relate to our ownership interests in Dong Suh Foods Corporation and Dong Suh Oil & Fats Co.

As of September 30, 2025, we owned 50.0 % and 49.0 %, respectively, of these companies' outstanding shares.

Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions.

Our investments accounted for under the equity method totaled $ 669 million as of September 30, 2025 and $ 635 million as of December 31, 2024.

We recorded equity earnings of $ 19 million and received cash dividends of $ 1 million in the three months ended September 30, 2025 and recorded equity earnings of $ 54 million and received cash dividends of $ 33 million in the three months ended September 30, 2024.

We recorded equity earnings of $ 54 million and received cash dividends of $ 45 million in the nine months ended September 30, 2025 and recorded equity earnings of $ 133 million and received cash dividends of $ 115 million in the nine months ended September 30, 2024.

The activity during 2024 included our prior investment in JDE Peet’s N.V.

During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company ("JAB") and fully exited the investment.

On August 24, 2025, Keurig Dr Pepper Inc.

(“KDP”) and JDEP entered into a definitive agreement under which KDP will acquire JDEP.

As a result of that definitive agreement, we became entitled to a cash payment of € 145 million ($ 169 million) from JAB that we received in the third quarter of 2025.

The related gain is reported within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.

During the three months ended March 31, 2024, we recorded an impairment charge of € 612 million ($ 665 million) related to our JDEP investment.

This charge was included within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings.

Debt and Borrowing Arrangements

1 unchanged sentence

Our short-term borrowings and related weighted-average interest rates consisted of:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

Outstanding Weighted-

6 unchanged sentences

Our uncommitted and committed credit facilities available include:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

Facility Amount Borrowed Amount Facility Amount Borrowed Amount

1 unchanged sentence

Uncommitted credit facilities $ 867 $ 76 $ 882 $ 71

$ 882 $ 53 $ 784 $ 71

Credit facilities (1) :

2 unchanged sentences

February 19, 2030 4,500 — 4,500 —

February 19, 2030 4,500 — — —

(1) On February 18, 2026, our $ 1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 19, 2025 expired and we entered into a $ 1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 17, 2027.

Additionally, we early terminated our $ 4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $ 4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.

We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program.

The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $ 25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans.

At September 30, 2025, we complied with this covenant.

At March 31, 2026, we complied with this covenant.

The revolving credit facility also contains customary representations, covenants and events of default.

1 unchanged sentence

Debt Repayments

During the nine months ended September 30, 2025, we repaid the following notes (in millions):

During the three months ended March 31, 2026, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

3.250 % March 2025 C$ 600 $ 417

1.500 % May 2025 $ 750 $ 750

4.250 % September 2025 (1)

(1) Repaid by Mondelez International Holdings Netherlands B.V.

("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

During the nine months ended September 30, 2024, we repaid the following notes (in millions):

3.625 % February 2026 $ 222 $ 222

During the three months ended March 31, 2025, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

2.125 % March 2024 $ 500 $ 500

2.250 % September 2024 (1)

0.000 % September 2024 (1)

0.750 % September 2024 (1)

0.617 % September 2024 Fr.

(1) Repaid by Mondelez International Holdings Netherlands B.V.

("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.

3.250 % March 2025 C$ 600 $ 417

Debt Issuances

During the nine months ended September 30, 2025, we issued the following notes (in millions):

Issuance Date

Interest Rate Maturity Date Principal Amount

Principal Amount

USD Equivalent

May 2025 4.250 % May 2028 $ 700 $ 700

May 2025 4.500 % May 2030 $ 500 $ 500

May 2025 5.125 % May 2035 $ 400 $ 400

During the nine months ended September 30, 2024, we issued the following notes (in millions):

Issuance Date

During the three months ended March 31, 2026 and 2025, respectively, we did no t complete any debt issuances.

On April 10, 2026, we issued the following notes (in millions):

Interest Rate Maturity Date Principal Amount

1 unchanged sentence

USD Equivalent

February 2024 4.750 % February 2029 $ 550 $ 550

July 2024 4.625 % July 2031 C$ 650 $ 473

August 2024 4.750 % August 2034 $ 500 $ 500

0.958 % April 2029 Fr.

1.271 % November 2032 Fr.

1.625 % April 2036 Fr.

Fair Value of Our Debt

The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets.

The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).

As of September 30, 2025 As of December 31, 2024

The fair value of our long-term debt, excluding finance lease obligations, was determined using quoted prices in active markets (Level 1 valuation data).

As of March 31, 2026 As of December 31, 2025

(in millions)

4 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions) (in millions)

(in millions)

Interest expense

$ 157 $ 129 $ 445 $ 381

Other income, net

( 135 ) ( 83 ) ( 217 ) ( 235 )

Other (income)/expense, net

Interest and other expense, net $ 64 $ 153

Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items.

Other (income)/expense, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items.

Refer to Note 6, Financial Instruments for additional information about our hedging activities.

2 unchanged sentences

Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

Derivatives Liability

19 unchanged sentences

Total fair value $ 1,189 $ 2,232 $ 826 $ 1,780

(1) Derivative contracts designated as either cash flow ("CF") or net investment hedging ("NIH") instruments.

(1) Derivative contracts designated as either cash flow ("CF"), fair value ("FV") or net investment hedging ("NIH") instruments.

(2) We designate some of our non-U.S.

3 unchanged sentences

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

(in millions)

4 unchanged sentences

Such cash collateral held or placed is known as variation margin and is recorded as other current assets and liabilities.

The net asset variation margin balances for futures contracts were $ 230 million and $ 263 million as of September 30, 2025 and December 31, 2024, respectively.

The net asset variation margin balances for futures contracts were $ 318 million and $ 364 million as of March 31, 2026 and December 31, 2025, respectively.

These balances are excluded from the table above.

Our over-the-counter ("OTC") derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts.

Our over-the-counter ("OTC") derivative transactions are governed by International Swaps and Derivatives Association agreements and other standard industry contracts.

Under these agreements, we do not post nor require collateral from our counterparties.

6 unchanged sentences

Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market.

Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards and options;

commodity forwards and options;

Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards, options and swaps;

OTC commodity options;

interest rate swaps;

and cross-currency swaps.

Our foreign currency contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount.

Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices.

Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve.

Our calculation of the fair value of foreign currency contracts, interest rate swaps, and cross-currency swaps is derived from a discounted cash flow model based on the terms of the contract and the observable market inputs such as interest rate curves and forward rates.

Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk.

Level 3 fair value measurements use unobservable inputs and include the use of judgment by management about the assumptions market participants use in pricing the asset or liability.

Level 3 fair value measurements use significant unobservable inputs and include the use of judgment by management about the assumptions market participants would use in pricing the asset or liability.

The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows:

As of September 30, 2025

As of March 31, 2026

Fair Value of Net

27 unchanged sentences

Cross-currency swap contracts

( 132 ) — ( 132 ) —

Total derivatives $ ( 954 ) $ ( 188 ) $ ( 766 ) $ —

3 unchanged sentences

Notional Amount

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

(in millions)

2 unchanged sentences

Commodity contracts

12,322 16,210

Interest rate contracts 3,149 1,932

2 unchanged sentences

Euro notes 3,680 3,741

Swiss franc notes 251 220

Canadian dollar notes 467 474

1 unchanged sentence

Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps.

As of September 30, 2025, the aggregate notional value of those derivatives was $ 1.0 billion.

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses).

As of March 31, 2026, the aggregate notional value of those derivatives was $ 2.1 billion.

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses) and reclassified to earnings in the periods in which the hedged item affects earnings.

Refer to Note 10, Accumulated Other Comprehensive Earnings/(Losses) for additional information on current period activity.

Based on current market conditions, $ 27 million of gains, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of September 30, 2025 are expected to be recognized into earnings during the next 12 months.

As of September 30, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 3 months .

Based on current market conditions, $ 4 million of losses, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of March 31, 2026 are expected to be recognized into earnings during the next 12 months.

As of March 31, 2026, our longest dated cash flow hedge was a cross-currency swap that hedges currency exchange risk on certain debt denominated in a different currency than the functional currency of the borrowing entity over the next 10 years.

Fair Value Hedges

Our derivative instruments designated as fair value hedges include interest rate swaps.

As of March 31, 2026, the aggregate notional value of those derivatives was $ 1.6 billion.

Fair value hedge pre-tax gains/(losses) recorded within interest and other expense, net were:

For the Three Months Ended

(in millions)

Interest rate contracts

Hedging derivatives

Net impact of fair value hedges

Amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships were:

Carrying Amount of the Hedged Items

Cumulative Fair Value Hedging Adjustments

As of March 31, 2026 As of December 31, 2025 As of March 31, 2026 As of December 31, 2025

(in millions)

Long-term debt

$ 1,602 $ — $ ( 9 ) $ —

Hedges of Net Investments in International Operations

Net investment hedge ("NIH") derivative contracts

We enter into foreign currency contracts and cross-currency swaps to hedge certain investments in our non-U.S.

operations against movements in exchange rates.

As of September 30, 2025, the aggregate notional value of those derivatives was $ 9.5 billion.

Derivative contracts designated as net investment hedges

Our derivative instruments designated as net investment hedges include foreign currency contracts and cross-currency swaps.

As of March 31, 2026, the aggregate notional value of those derivatives was $ 10.1 billion.

Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

Gain/(loss) on NIH contracts (1)

Foreign currency contracts

$ 19 $ ( 61 )

Amounts excluded from the assessment of hedge effectiveness (2)

Cross-currency swap contracts

$ 130 $ ( 201 )

Amounts excluded from the assessment of hedge effectiveness (2)

Foreign currency contracts

Cross-currency swap contracts

(1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).

4 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

1 unchanged sentence

Swiss franc notes — ( 6 )

Canadian notes 10 ( 11 ) ( 15 ) 3

Canadian dollar notes

Total $ 68 $ ( 153 )

Derivatives Not Designated as Accounting Hedges

For derivatives not designated as accounting hedges ("economic hedges"), we classify gains and losses in the income statement based on the classification of the item economically hedged.

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

2 unchanged sentences

$ ( 42 ) $ ( 131 )

Selling, general and administrative expenses

Interest and other expense, net

( 10 ) ( 65 ) 17 —

Commodity contracts - Cost of sales

1 unchanged sentence

Interest rate contracts - Interest and other expense, net

— ( 3 ) 1 ( 2 )

Total $ ( 577 ) $ ( 450 )

1 unchanged sentence

Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings.

The fair values of our contingent consideration liabilities were $ 155 million and $ 179 million as of September 30, 2025 and December 31, 2024, respectively.

The fair values of our contingent consideration liabilities were $ 143 million and $ 149 million as of March 31, 2026 and December 31, 2025, respectively.

Contingent consideration liabilities are primarily recorded in other liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings.

6 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions) (in millions)

(in millions)

Liability at beginning of period $ 149 $ 179

Changes in fair value

13 ( 350 ) ( 26 ) ( 315 )

— ( 93 ) — ( 147 )

Liability at end of period $ 143 $ 167

1 unchanged sentence

Pension Plans

Components of Net Periodic Pension Cost

Net periodic pension cost/(benefit) consisted of the following:

Components of Net Periodic Pension (Benefit)/Cost

Net periodic pension (benefit)/cost consisted of the following:

Plans Non-U.S.

For the Three Months Ended

September 30, For the Three Months Ended

September 30,

March 31, For the Three Months Ended

2026 2025 2026 2025

4 unchanged sentences

Amortization of net loss and prior service cost

Settlement losses

Settlement (gains)/losses

Net periodic pension (benefit)/cost

$ ( 3 ) $ 1 $ ( 8 ) $ ( 3 )

Plans Non-U.S.

For the Nine Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

Service cost $ 2 $ 2 $ 46 $ 46

Interest cost 32 45 204 214

Expected return on plan assets ( 45 ) ( 69 ) ( 317 ) ( 324 )

Amortization of net loss and prior service cost

Settlement losses

Net periodic pension cost/(benefit)

$ 283 $ ( 12 ) $ 39 $ ( 16 )

Employer Contributions

During the nine months ended September 30, 2025, we contributed $ 2 million and $ 62 million to our U.S.

During the three months ended March 31, 2026, we contributed $ 2 million and $ 30 million to our U.S.

pension plans, respectively.

1 unchanged sentence

Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of September 30, 2025, we plan to make further contributions of approximately $ 9 million to our U.S.

plans and $ 6 million to our non-U.S.

As of March 31, 2026, we plan to make no further contributions to our U.S.

plans and further contributions of approximately $ 47 million to our non-U.S.

plans for the remainder of 2026.

However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates.

Mondelēz Global LLC Retirement Plan Settlement

During the third quarter of 2024, we entered into agreements with two third-party insurance companies to purchase buy-in annuity contracts to cover the liabilities associated with the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), the pension plan for U.S.

salaried employees.

The agreements provided us with the option to elect a buy-out conversion, at which time full responsibility of the MDLZ Global Plan obligations would transfer to the insurance companies.

On June 12, 2025 we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $ 282 million as a component of our net periodic pension cost in the second quarter of 2025.

That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings.

Mondelez Canada Inc.

- Trusteed Hourly Retirement Plan and Retirement Plan Settlement

During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc.

Trusteed Hourly Retirement Plan and Mondelez Canada Inc.

Retirement Plan (collectively, "Canadian Pension Plans").

On September 11, 2025 the obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $ 54 million as a component of our net periodic pension cost in the third quarter of 2025.

That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings.

Multiemployer Pension Plans

On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $ 491 million at that time.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for both the three months ended September 30, 2025 and 2024 and $ 7 million for both the nine months ended September 30, 2025 and 2024 within Interest and other expense, net in the condensed consolidated statements of earnings.

As of September 30, 2025, the remaining discounted withdrawal liability was $ 298 million, with $ 16 million recorded in Other current liabilities and $ 282 million recorded in Other liabilities in the condensed consolidated balance sheets.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for both the three months ended March 31, 2026 and 2025 within interest and other expense, net in the condensed consolidated statements of earnings.

As of March 31, 2026, the remaining discounted withdrawal liability was $ 289 million, with $ 16 million recorded in other current liabilities and $ 273 million recorded in other liabilities in the condensed consolidated balance sheets.

Postretirement and Postemployment Benefit Plans

The net periodic postretirement benefit was $ 3 million for both the three months ended September 30, 2025 and 2024, and $ 9 million and $ 8 million for the nine months ended September 30, 2025 and 2024, respectively.

The net periodic postemployment cost was $ 5 million for both the three months ended September 30, 2025 and 2024 and $ 16 million for both the nine months ended September 30, 2025 and 2024.

Net periodic postretirement benefit was $ 5 million and $ 3 million for the three months ended March 31, 2026 and 2025, respectively.

Net periodic postemployment cost was $ 4 million and $ 5 million for the three months ended March 31, 2026 and 2025, respectively.

Commitments and Contingencies

25 unchanged sentences

however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action.

As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area.

In the second quarter of 2024, we reached a negotiated resolution in this matter.

At that time, we had accrued on a pre-tax basis, a liability of € 337.5 million ($ 376 million).

Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024.

We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union.

Third-Party Guarantees

1 unchanged sentence

As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures.

As of September 30, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

We are a party to various tax matter proceedings incidental to our business.

1 unchanged sentence

Shareholders' Equity

Stock Compensation Plans

Stock Award Activity

Stock Options

9 unchanged sentences

( 185,349 ) 60.95

Balance at September 30, 2025 16,082,092 57.06 5 years $ 123 million

(1) Cash received from options exercised was $ 14 million and $ 85 million in the three and nine months ended September 30, 2025, respectively.

The excess income tax benefit from stock option exercises was $ 2 million and $ 7 million in the three and nine months ended September 30, 2025, respectively.

Performance Share Units and Other Stock-Based Awards

Our performance share unit ("PSU") and deferred stock unit ("DSU") activity is reflected below:

Balance at March 31, 2026 17,786,706 58.70 6 years $ 64 million

(1) Cash received from options exercised was $ 38 million in the three months ended March 31, 2026.

We recognized $ 1 million of excess income tax benefits from stock option exercises in the three months ended March 31, 2026.

Performance Share Units ("PSU") and Deferred Stock Units ("DSU")

PSU and DSU activity is reflected below:

of Shares Weighted-Average

12 unchanged sentences

( 87,344 ) 66.62

Balance at September 30, 2025 5,507,140 67.64

Balance at March 31, 2026 6,619,293 65.19

(1) Includes incremental PSUs issued over target.

(2) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 1 million in the three and nine months ended September 30, 2025, respectively.

(2) The income tax shortfall upon vesting of PSUs and DSUs was $ 2 million in the three months ended March 31, 2026.

(3) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components.

4 unchanged sentences

Repurchases under the program are determined by management and are wholly discretionary.

During the nine months ended September 30, 2025, we repurchased approximately 31 million shares of Common Stock at an average cost of $ 59.00 per share, or an aggregate cost of approximately $ 1.8 billion, all of which was paid during the period.

All share repurchases were funded through available cash and commercial paper issuances.

As of September 30, 2025, we have approximately $ 7.2 billion in remaining share repurchase capacity.

During the three months ended March 31, 2026, we did no t repurchase any shares.

As of March 31, 2026, we have approximately $ 6.7 billion in remaining share repurchase capacity.

Accumulated Other Comprehensive Earnings/(Losses)

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 60 ) million and $( 71 ) million in the third quarter of 2025 and 2024, respectively, and $( 391 ) million and $( 50 ) million in the first nine months of 2025 and 2024, respectively.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 11 ) million and $( 47 ) million in the first quarter of 2026 and 2025, respectively.

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

2 unchanged sentences

Currency translation adjustments ( 65 ) 549

( 20 ) 18 49 ( 3 )

Tax effect ( 10 ) ( 13 )

Other comprehensive earnings/(losses) ( 75 ) 536

other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 7 )

1 ( 10 ) ( 23 ) ( 2 )

Balance at end of period ( 10,252 ) ( 10,488 )

5 unchanged sentences

Amortization of net loss and prior service (1)

Settlement losses (1)

Settlement losses/(gains) (1)

Tax expense/(benefit) on reclassifications (3)

( 17 ) ( 3 ) ( 99 ) ( 11 )

Currency impact 20 ( 44 )

4 unchanged sentences

Interest rate contracts gains/(losses) ( 3 ) ( 2 )

( 2 ) 1 ( 1 ) ( 9 )

Cross-currency swap contracts gains/(losses) ( 13 ) ( 39 )

( 9 ) ( 57 ) ( 95 ) ( 17 )

Other derivative gains/(losses) 3 4

5 ( 2 ) ( 7 ) ( 6 )

Tax effect on net derivative gain/(loss) 4 1

2 unchanged sentences

Cross-currency swap contracts (2)

11 51 90 ( 2 )

Other derivative contracts (2)

Tax expense/(benefit) on reclassifications (3)

6 unchanged sentences

other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 7 )

1 ( 10 ) ( 23 ) ( 2 )

Other comprehensive earnings/(losses) attributable to Mondelēz International ( 42 ) 492

Balance at end of period $ ( 11,406 ) $ ( 11,979 )

(1) These reclassified losses are included in net periodic benefit costs disclosed in Note 9, Benefit Plans .

(1) These reclassified losses/(gains) are included in net periodic benefit costs disclosed in Note 7, Benefit Plans .

(2) These reclassified gains or losses are recorded within interest and other expense, net.

(3) Taxes reclassified to earnings are recorded within the provision for income taxes.

Restructuring Program

In 2014, our Board of Directors approved a multi-year restructuring program ("Simplify to Grow Program") to reduce our operating cost structure in both supply chain and overhead costs.

Total restructuring and implementation charges of $ 5.4 billion were incurred throughout the Simplify to Grow Program, which ended in December 2024.

We recorded a net gain of $ 5 million and net restructuring charges of $ 40 million in the three and nine months ended September 30, 2024, respectively, and recorded implementation costs of $ 17 million and $ 40 million in the three and nine months ended September 30, 2024, respectively.

The Simplify to Grow Program restructuring liability activity for the nine months ended September 30, 2025 was:

(in millions)

Liability balance, January 1, 2025

Payments ( 47 )

Currency and other 9

Liability balance, September 30, 2025

The liability for restructuring charges is included within other current liabilities and other long-term liabilities.

Our effective tax rate was 19.7 % for the third quarter of 2025 as compared to 28.8 % in the third quarter of 2024.

The decrease in our effective tax rate was primarily driven by a favorable jurisdictional mix of earnings, tax benefits related to the provision for final 2024 tax return filings, and the tax treatment of certain foreign pension assets.

Our effective tax rate for the nine months ended September 30, 2025, was 24.9 % as compared to 26.9 % for the nine months ended September 30, 2024.

The decrease in our year-to-date effective tax rate was primarily driven by tax benefits related to the provision for final 2024 tax return filings, the tax treatment of certain foreign pension assets, and the release of liabilities for uncertain tax positions due to audit developments and statute of limitation expirations in the nine months ended September 30, 2025.

These benefits were partially offset by changes in our jurisdictional mix of earnings (including the impact of mark-to-market losses on commodity and foreign currency derivatives) as compared to the nine months ended September 30, 2024.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S.

This legislation contains numerous tax provisions, including an increase to the tax rate applied to income earned by our foreign subsidiaries, favorable changes to foreign tax credit calculation methodologies, and changes to the timing of certain tax deductions for qualifying depreciable assets, costs of research and development performed in the U.S.

and interest expense.

The initial impact of the OBBBA legislation was not material to our third quarter earnings.

Further, while we continue to monitor supplemental guidance released by the government, we do not expect any material impacts to our financial statements for the full year ending December 31, 2025.

Restructuring

Beginning in the fourth quarter of 2025, we initiated restructuring actions to reduce our cost structure and streamline our operations.

We incurred charges of $ 48 million in connection with these actions for employee severance and related costs during the three months ended March 31, 2026, which are classified within asset impairment and exit costs.

The liability for those restructuring actions undertaken in the first quarter of 2026 and the fourth quarter of 2025 was $ 62 million as of March 31, 2026 and $ 23 million as of December 31, 2025 and is included within other current liabilities and other liabilities.

Current period cash payments for those restructuring actions were no t material.

In the first quarter of 2026, our effective tax rate was 29.4 % as compared to 28.3 % in the first quarter of 2025.

The lower effective tax rate in the prior year was mainly driven by releases of liabilities for uncertain tax positions due to audit developments in the first quarter of 2025.

Earnings per Share

1 unchanged sentence

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions, except per share data)

1 unchanged sentence

Noncontrolling interest earnings

( 3 ) ( 3 ) ( 11 ) ( 9 )

Net earnings attributable to Mondelēz International $ 560 $ 402

2 unchanged sentences

Weighted-average shares for diluted EPS 1,286 1,305

Basic earnings per share attributable to

Mondelēz International $ 0.57 $ 0.64 $ 1.38 $ 2.13

Diluted earnings per share attributable to

Mondelēz International $ 0.57 $ 0.63 $ 1.37 $ 2.12

Basic earnings per share attributable to Mondelēz International

$ 0.44 $ 0.31

Diluted earnings per share attributable to Mondelēz International

$ 0.44 $ 0.31

We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS.

We excluded antidilutive stock options and performance share units of 8.1 million and 3.7 million for the three months ended September 30, 2025 and 2024, respectively, and 4.0 million and 3.3 million for the nine months ended September 30, 2025 and 2024, respectively.

We excluded antidilutive stock options and performance share units of 11.7 million and 6.4 million for the three months ended March 31, 2026 and 2025, respectively.

Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages.

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, meals and beverages.

We manage our global business and report operating results through geographic units.

1 unchanged sentence

Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Our operations and management structure are organized into four operating segments:

Our operations and management structure are organized into four operating segments which are also our reportable segments:

• Latin America

3 unchanged sentences

The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans.

We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends.

Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented.

Segment operating

income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented.

We exclude these items from segment operating income in order to provide better transparency of our segment operating results.

3 unchanged sentences

Our segment net revenue, significant segment expenses and operating income by reportable segment were as follows:

Three Months Ended September 30, 2025

(in millions)

Latin America AMEA Europe North America Total

$ 1,238 $ 2,017 $ 3,674 $ 2,815 $ 9,744

Segment cost of sales ( 849 ) ( 1,379 ) ( 2,791 ) ( 1,766 ) ( 6,785 )

Segment selling, general and administrative expenses (1)

( 242 ) ( 439 ) ( 608 ) ( 502 ) ( 1,791 )

Segment operating income $ 147 $ 199 $ 275 $ 547 1,168

Mark-to-market losses from derivatives

General corporate expenses ( 44 )

Amortization of intangible assets ( 32 )

Operating income $ 744

Three Months Ended September 30, 2024

(in millions)

Latin America AMEA Europe North America Total

$ 1,204 $ 1,851 $ 3,323 $ 2,826 $ 9,204

Segment cost of sales ( 780 ) ( 1,048 ) ( 2,002 ) ( 1,663 ) ( 5,493 )

Segment selling, general and administrative expenses (1)

( 299 ) ( 468 ) ( 716 ) ( 245 ) ( 1,728 )

Segment operating income $ 125 $ 335 $ 605 $ 918 1,983

Mark-to-market losses from derivatives

General corporate expenses ( 78 )

Amortization of intangible assets ( 40 )

Acquisition-related costs ( 2 )

Operating income $ 1,153

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in millions)

8 unchanged sentences

Amortization of intangible assets ( 27 )

Gain on divestiture

Operating income $ 808

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions)

8 unchanged sentences

Amortization of intangible assets ( 37 )

Acquisition-related costs ( 2 )

Operating income $ 680

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

1 unchanged sentence

Latin America $ 41 $ 34

AMEA 43 40 127 119

Europe 81 72 231 207

North America 44 43

2 unchanged sentences

Does not include amortization of intangible assets or leased assets.

Refer to the consolidated statements of cash flows for total depreciation and amortization expenses.

Nine Months Ended

September 30,

Refer to the condensed consolidated statements of cash flows for total depreciation and amortization expenses.

Three Months Ended

(in millions)

4 unchanged sentences

North America ( 56 ) ( 64 )

( 11 ) ( 20 )

Total capital expenditures $ ( 312 ) $ ( 277 )

1 unchanged sentence

Net revenues by product category, reflecting our current segment structure for all periods presented, were:

For the Three Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

America AMEA Europe North

4 unchanged sentences

Gum & Candy 399 275 154 226 1,054

Beverages 80 102 35 — 217

Cheese & Grocery 124 105 372 — 601

88 154 33 — 275

129 107 369 — 605

Total net revenues $ 1,348 $ 2,304 $ 3,871 $ 2,557 $ 10,080

For the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2025 (3)

America AMEA Europe North

4 unchanged sentences

Gum & Candy 340 243 162 224 969

Beverages 104 105 28 — 237

Cheese & Grocery 115 93 348 — 556

Total net revenues

96 164 37 — 297

For the Nine Months Ended September 30, 2025

America AMEA Europe North

America Total

(in millions)

Biscuits $ 868 $ 2,182 $ 3,685 $ 6,970 $ 13,705

Chocolate 1,066 2,237 5,335 281 8,919

Gum & Candy 1,098 747 461 665 2,971

Beverages 255 388 98 — 741

Cheese & Grocery 348 300 1,057 — 1,705

Total net revenues

111 100 323 — 534

For the Nine Months Ended September 30, 2024

America AMEA Europe North

America Total

(in millions)

Biscuits & Baked Snacks

$ 908 $ 1,865 $ 3,285 $ 7,203 $ 13,261

Chocolate 985 2,102 4,703 240 8,030

Gum & Candy 1,148 711 491 686 3,036

Beverages 348 418 90 — 856

Cheese & Grocery 366 292 996 — 1,654

Total net revenues

$ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313

(3) During the first quarter of 2026, we realigned some of our products between our biscuits & baked snacks and chocolate categories in the North America segment;

as such, we reclassified $ 8 million of product category net revenues from biscuits & baked snacks to chocolate in the first quarter of 2025 on a basis consistent with the 2026 presentation.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements