What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-04-28 · 271 added, 91 removed, 710 unchanged (34% of the section changed)

6 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net revenues $ 9,355 $ 8,984 $ 19,435 $ 18,297

3 unchanged sentences

Asset impairments and exit costs

( 13 ) ( 2 ) ( 66 ) ( 4 )

Gain on divestiture

1 unchanged sentence

Operating income 1,946 1,172 2,754 1,852

Benefit plan non-service income

Benefit plan non-service income/(expense)

27 ( 264 ) 58 ( 246 )

Interest and other expense, net ( 74 ) ( 53 ) ( 138 ) ( 206 )

6 unchanged sentences

Net earnings attributable to Mondelēz International

$ 1,548 $ 641 $ 2,108 $ 1,043

Per share data:

9 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net earnings $ 1,552 $ 644 $ 2,116 $ 1,051

5 unchanged sentences

Comprehensive earnings

1,672 1,079 2,191 1,985

Comprehensive earnings/(losses) attributable to noncontrolling interests

( 1 ) ( 20 ) ( 2 ) ( 32 )

Comprehensive earnings attributable to Mondelēz International

$ 1,671 $ 1,059 $ 2,189 $ 1,953

See accompanying notes to the condensed consolidated financial statements.

58 unchanged sentences

Interest Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Balances at April 1, 2026 $ — $ 32,276 $ 36,329 $ ( 11,406 ) $ ( 31,449 ) $ 54 $ 25,804

Comprehensive earnings/(losses):

Net earnings — — 1,548 — — 4 1,552

Other comprehensive earnings/(losses),

net of income taxes

— — — 123 — ( 3 ) 120

Exercise of stock options and issuance of

other stock awards

— 57 — — 15 — 72

Common Stock repurchased — — — — ( 210 ) — ( 210 )

Cash dividends declared ($ 0.500 per share)

— — ( 644 ) — — — ( 644 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 2 ) ( 2 )

Balances at June 30, 2026 $ — $ 32,333 $ 37,233 $ ( 11,283 ) $ ( 31,644 ) $ 53 $ 26,692

Six Months Ended June 30, 2026

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

7 unchanged sentences

— 11 — — 99 — 110

Common Stock repurchased — — — — ( 210 ) — ( 210 )

Cash dividends declared ($ 1.000 per share)

— — ( 1,288 ) — — — ( 1,288 )

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

Three Months Ended March 31, 2025

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 2 ) ( 2 )

Balances at June 30, 2026 $ — $ 32,333 $ 37,233 $ ( 11,283 ) $ ( 31,644 ) $ 53 $ 26,692

Three Months Ended June 30, 2025

Balances at April 1, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823

Comprehensive earnings/(losses):

Net earnings — — 641 — — 3 644

Other comprehensive earnings/(losses),

net of income taxes

— — — 418 — 17 435

Exercise of stock options and issuance of

other stock awards

— 47 — — 24 — 71

Common Stock repurchased — — — — ( 111 ) — ( 111 )

Cash dividends declared ($ 0.470 per share)

— — ( 611 ) — — — ( 611 )

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 4 ) ( 4 )

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

Six Months Ended June 30, 2025

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

10 unchanged sentences

— — ( 1,222 ) — — — ( 1,222 )

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

Dividends paid on noncontrolling interest

and other activities

— — — — — ( 4 ) ( 4 )

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

See accompanying notes to the condensed consolidated financial statements.

3 unchanged sentences

(in millions of U.S.

For the Three Months Ended

For the Six Months Ended

CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES

9 unchanged sentences

Distributions from equity method investments 44 44

Unrealized loss on derivative contracts

Unrealized (gain)/loss on derivative contracts

Contingent consideration adjustments

3 unchanged sentences

Receivables, net ( 424 ) 536

( 16 ) ( 775 )

Accounts payable ( 538 ) ( 177 )

9 unchanged sentences

Payments for derivative settlements

( 270 ) ( 55 )

Proceeds from investments

4 unchanged sentences

Issuances of commercial paper, maturities greater than 90 days 1,584 —

Repayments of commercial paper, maturities greater than 90 days ( 587 ) —

Net (repayment)/issuance of short-term borrowings

( 1,313 ) 1,589

Long-term debt proceeds 1,074 1,594

Long-term debt repayments ( 304 ) ( 1,242 )

25 unchanged sentences

Highly Inflationary Accounting

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.

As of June 30, 2026, our consolidated entities in Argentina, Türkiye, Egypt and Nigeria are operating in highly inflationary economies and represent 1.6 %, 0.5 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended June 30, 2026 and 1.4 %, 0.5 %, 0.5 % and 0.3 % of our consolidated net revenues for the six months ended June 30, 2026.

The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 11 million and $ 8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 16 million and $ 15 million for the six months ended June 30, 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 $ 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.

Restricted cash is recorded within other current assets and was $ 43 million as of June 30, 2026 and $ 70 million as of December 31, 2025.

Total cash, cash equivalents and restricted cash was $ 1,759 million as of June 30, 2026 and $ 2,195 million as of December 31, 2025.

Allowances for Credit Losses

5 unchanged sentences

Currency and other

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

Balance at June 30, 2026 $ ( 30 ) $ ( 35 ) $ ( 18 )

Transfers of Financial Assets

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 outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 585 million as of June 30, 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.

1 unchanged sentence

Non-Cash Lease Transactions

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.

We recorded $ 105 million in operating lease and $ 102 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2026 and $ 71 million in operating lease and $ 94 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2025.

Supply Chain Financing

2 unchanged sentences

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.

Our outstanding obligations confirmed as valid under our SCF program are $ 2.9 billion and $ 3.6 billion as of June 30, 2026 and December 31, 2025, respectively.

New Accounting Pronouncements - Adopted

2 unchanged sentences

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.

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 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 early adopted the ASU on a modified retrospective basis effective January 1, 2026, and there was no impact on our consolidated financial statements.

New Accounting Pronouncements - Not Yet Adopted

5 unchanged sentences

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.

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 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.

6 unchanged sentences

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

In May 2026, the FASB issued an ASU that establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations.

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

The guidance must be applied retrospectively.

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

Inventories consisted of the following:

As of March 31,

As of June 30,

2026 As of December 31, 2025

5 unchanged sentences

Property, plant and equipment consisted of the following:

As of March 31,

As of June 30,

2026 As of December 31, 2025

7 unchanged sentences

Property, plant and equipment, net $ 10,649 $ 10,667

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.

For the six months ended June 30, 2026, capital expenditures of $ 654 million excluded $ 346 million of accrued capital expenditures remaining unpaid at June 30, 2026 and included payment for the $ 481 million of capital expenditures that were accrued and unpaid at December 31, 2025.

For the six months ended June 30, 2025, capital expenditures of $ 582 million excluded $ 366 million of accrued capital expenditures remaining unpaid at June 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

Goodwill and Intangible Assets

4 unchanged sentences

Currency 53 24 ( 211 ) ( 22 ) ( 156 )

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

Balance at June 30, 2026 $ 1,553 $ 3,152 $ 8,673 $ 10,802 $ 24,180

Intangible Assets

Intangible assets consisted of the following:

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

As of June 30, 2026 As of December 31, 2025

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

7 unchanged sentences

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.

Amortization expense for definite-life intangible assets was $ 26 million and $ 38 million for the three months ended June 30, 2026 and 2025, respectively, and $ 53 million and $ 75 million for the six months ended June 30, 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.

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

During the second 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.

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 Asia, Middle East and Africa ("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.

The aggregate carrying value of those five brand intangibles was $ 1.5 billion as of June 30, 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.

2 unchanged sentences

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

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

As of June 30, 2026 As of December 31, 2025

Outstanding Weighted-

6 unchanged sentences

Our uncommitted and committed credit facilities available include:

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

As of June 30, 2026 As of December 31, 2025

Facility Amount Borrowed Amount Facility Amount Borrowed Amount

8 unchanged sentences

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 March 31, 2026, we complied with this covenant.

At June 30, 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 three months ended March 31, 2026, we repaid the following notes (in millions):

During the six months ended June 30, 2026, we repaid the following notes (in millions):

Interest Rate Maturity Date Amount USD Equivalent

3.625 % February 2026 $ 222 $ 222

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

During the six months ended June 30, 2025, 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

Debt Issuances

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

During the six months ended June 30, 2026, we issued the following notes (in millions):

Issuance Date Interest Rate Maturity Date Principal Amount

Principal Amount

USD Equivalent

0.958 % April 2029 Fr.

1.271 % November 2032 Fr.

1.625 % April 2036 Fr.

April 2026 0.958 % April 2029 Fr.

April 2026 1.271 % November 2032 Fr.

April 2026 1.625 % April 2036 Fr.

During the six months ended June 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

Fair Value of Our Debt

1 unchanged sentence

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

As of June 30, 2026 As of December 31, 2025

(in millions)

4 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

Interest expense

Other (income)/expense, net

$ 144 $ 151 $ 292 $ 288

Other income, net

( 70 ) ( 98 ) ( 154 ) ( 82 )

Interest and other expense, net $ 74 $ 53 $ 138 $ 206

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.

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 and interest rate 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 March 31, 2026 As of December 31, 2025

As of June 30, 2026 As of December 31, 2025

Derivatives Liability

25 unchanged sentences

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

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

As of June 30, 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 $ 318 million and $ 364 million as of March 31, 2026 and December 31, 2025, respectively.

The net asset variation margin balances for futures contracts were $ 87 million and $ 364 million as of June 30, 2026 and December 31, 2025, respectively.

These balances are excluded from the table above.

17 unchanged sentences

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

As of March 31, 2026

As of June 30, 2026

Fair Value of Net

33 unchanged sentences

Notional Amount

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

As of June 30, 2026 As of December 31, 2025

(in millions)

2 unchanged sentences

Commodity contracts

10,897 14,463

Interest rate contracts 2,731 1,932

5 unchanged sentences

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

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

As of June 30, 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, $ 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.

Based on current market conditions, less than $ 1 million, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of June 30, 2026 are expected to be recognized into earnings during the next 12 months.

As of June 30, 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 18 years, 9 months .

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.

As of June 30, 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

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

Interest rate contracts

$ ( 7 ) $ — $ 2 $ —

Hedging derivatives

Net impact of fair value hedges

$ 1 $ — $ 1 $ —

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

Carrying Amount of the Hedged Items Cumulative Fair Value Hedging Adjustments

As of June 30, 2026 As of December 31, 2025 As of June 30, 2026 As of December 31, 2025

(in millions)

4 unchanged sentences

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.

As of June 30, 2026, the aggregate notional value of those derivatives was $ 9.4 billion.

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

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

Gain/(loss) on NIH contracts (1)

(Loss)/gain on NIH contracts (1)

Foreign currency contracts

2 unchanged sentences

( 20 ) ( 466 ) 91 ( 606 )

$ ( 10 ) $ ( 799 ) $ 120 $ ( 1,000 )

Amounts excluded from the assessment of hedge effectiveness (2)

Foreign currency contracts

$ 16 $ 34 $ 43 $ 48

Cross-currency swap contracts

$ 60 $ 67 $ 127 $ 124

(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

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

2 unchanged sentences

Canadian dollar notes

9 ( 25 ) 16 ( 25 )

Total $ 51 $ ( 361 ) $ 119 $ ( 514 )

2 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

2 unchanged sentences

$ ( 22 ) $ ( 34 ) $ ( 64 ) $ ( 165 )

Selling, general and administrative expenses

— ( 6 ) — ( 6 )

Interest and other expense, net

26 ( 63 ) ( 14 ) 27

Commodity contracts - Cost of sales

4 unchanged sentences

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 $ 143 million and $ 149 million as of March 31, 2026 and December 31, 2025, respectively.

The fair values of our contingent consideration liabilities were $ 156 million and $ 149 million as of June 30, 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.

2 unchanged sentences

Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs.

Contingent consideration liabilities include an earn-out arrangement related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022.

Contingent consideration arrangements include an earn-out related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022.

The possible payments under that arrangement range from zero to a maximum total of $ 2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of our base financial projections for the business.

1 unchanged sentence

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

1 unchanged sentence

Changes in fair value

11 ( 26 ) 3 ( 38 )

Liability at end of period $ 156 $ 142 $ 156 $ 142

5 unchanged sentences

For the Three Months Ended

March 31, For the Three Months Ended

June 30, For the Three Months Ended

2026 2025 2026 2025

4 unchanged sentences

Amortization of net loss and prior service cost

Settlement losses — 288 — —

Net periodic pension cost/(benefit)

$ — $ 287 $ ( 9 ) $ ( 7 )

Plans Non-U.S.

For the Six Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

Service cost $ 1 $ 1 $ 31 $ 31

Interest cost 7 26 135 135

Expected return on plan assets ( 10 ) ( 33 ) ( 220 ) ( 211 )

Amortization of net loss and prior service cost

Settlement (gains)/losses ( 3 ) 292 — —

2 unchanged sentences

Employer Contributions

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

During the six months ended June 30, 2026, we contributed $ 2 million and $ 46 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 March 31, 2026, we plan to make no further contributions to our U.S.

As of June 30, 2026, we plan to make no further contributions to our U.S.

plans and further contributions of approximately $ 31 million to our non-U.S.

1 unchanged sentence

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 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.

During the second quarter of 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.

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 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.

In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million and $ 3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 4 million and $ 5 million for the six months ended June 30, 2026 and 2025, respectively, within interest and other expense, net in the condensed consolidated statements of earnings.

As of June 30, 2026, the remaining discounted

withdrawal liability was $ 285 million, with $ 17 million recorded in other current liabilities and $ 268 million recorded in other liabilities in the condensed consolidated balance sheets.

Postretirement and Postemployment Benefit Plans

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.

Net periodic postretirement benefit was $ 5 million and $ 3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 10 million and $ 6 million for the six months ended June 30, 2026 and 2025, respectively.

Net periodic postemployment cost was $ 4 million and $ 6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 8 million and $ 11 million for the six months ended June 30, 2026 and 2025 , respectively.

Commitments and Contingencies

28 unchanged sentences

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

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

As of June 30, 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.

6 unchanged sentences

to Option Weighted-

Exercise Price

Per Share Average

5 unchanged sentences

( 329,518 ) 63.01

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.

Balance at June 30, 2026 17,322,257 58.93 6 years $ 61 million

(1) Cash received from options exercised was $ 15 million and $ 53 million in the three and six months ended June 30, 2026, respectively.

The excess income tax benefit from stock option exercises was $ 2 million and $ 3 million in the three and six months ended June 30, 2026, respectively.

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

1 unchanged sentence

of Shares Weighted-Average

Grant Date Fair Value

Per Share (3)

Weighted-Average

Grant Date Fair Value

Balance at January 1, 2026 5,337,124 $ 67.73

9 unchanged sentences

( 264,753 ) 65.17

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

Balance at June 30, 2026 6,518,304 65.09

(1) Includes incremental PSUs issued over target.

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

(2) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 2 million in the three and six months ended June 30, 2026, respectively.

(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 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.

During the six months ended June 30, 2026, we repurchased approximately 3 million shares of Common Stock at an average cost of $ 60.69 per share, or an aggregate cost of approximately $ 210 million, all of which was paid during the period except for approximately $ 18 million settled in July 2026.

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

As of June 30, 2026, we have approximately $ 6.5 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 $( 11 ) million and $( 47 ) million in the first quarter of 2026 and 2025, respectively.

Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 27 ) million and $( 284 ) million in the second quarter of 2026 and 2025, respectively, and $( 38 ) million and $( 331 ) million in the first six months of 2026 and 2025, respectively.

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions)

13 unchanged sentences

Settlement losses/(gains) (1)

— 288 ( 3 ) 292

Tax expense/(benefit) on reclassifications (3)

( 4 ) ( 80 ) ( 6 ) ( 82 )

Currency impact 2 ( 100 ) 22 ( 144 )

11 unchanged sentences

Tax expense/(benefit) on reclassifications (3)

( 5 ) 5 ( 7 ) 8

Currency impact — ( 4 ) 1 ( 8 )

11 unchanged sentences

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.

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

Those restructuring actions, which were primarily undertaken by our Europe segment, included initiatives to optimize our supply chain network and reduce our overhead costs.

We recorded restructuring charges related to those actions, consisting of severance and related costs, of $ 11 million and $ 59 million in the three and six months ended June 30, 2026, which are classified within asset impairment and exit costs.

The activity for the liabilities related to these restructuring actions for the six months ended June 30, 2026 was:

(in millions)

Liability balance, December 31, 2025 $ 23

Payments ( 18 )

Currency ( 1 )

Liability balance, June 30, 2026 $ 63

At June 30, 2026, $ 40 million of our restructuring liabilities were recorded within other current liabilities and $ 23 million were recorded within other long-term liabilities.

Our effective tax rate was 19.2 % for the second quarter of 2026 as compared to 26.9 % in the second quarter of 2025.

The decrease in our effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits recorded in the current quarter related to a legal entity reorganization and a U.S.

amended tax return filing.

Our effective tax rate for the six months ended June 30, 2026 was 22.1 % as compared to 27.4 % for the six months ended June 30, 2025.

The decrease in our year-to-date effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits related to a legal entity reorganization and a U.S.

amended tax return filing in the six months ended June 30, 2026, partially offset by tax benefits from releases of liabilities for uncertain tax positions due to audit developments in the six months ended June 30, 2025.

Earnings per Share

1 unchanged sentence

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

(in millions, except per share data)

1 unchanged sentence

Noncontrolling interest earnings

( 4 ) ( 3 ) ( 8 ) ( 8 )

Net earnings attributable to Mondelēz International $ 1,548 $ 641 $ 2,108 $ 1,043

7 unchanged sentences

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 11.7 million and 6.4 million for the three months ended March 31, 2026 and 2025, respectively.

We excluded antidilutive stock options, deferred stock units and performance share

units of 11.4 million and 4.6 million for the three months ended June 30, 2026 and 2025, respectively, and 10.6 million and 3.8 million for the six months ended June 30, 2026 and 2025, respectively.

Segment Reporting

7 unchanged sentences

Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer.

Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment.

Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segments.

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

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 March 31, 2026

Three Months Ended June 30, 2026

(in millions)

5 unchanged sentences

Segment operating income $ 166 $ 254 $ 382 $ 431 1,233

Mark-to-market gains from derivatives

General corporate expenses ( 88 )

Amortization of intangible assets ( 26 )

Operating income $ 1,946

Three Months Ended June 30, 2025

(in millions)

Latin America AMEA Europe North America Total

$ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984

Segment cost of sales ( 807 ) ( 1,189 ) ( 2,343 ) ( 1,615 ) ( 5,954 )

Segment selling, general and administrative expenses (1)

( 254 ) ( 361 ) ( 555 ) ( 488 ) ( 1,658 )

Segment operating income $ 133 $ 271 $ 514 $ 454 1,372

Mark-to-market losses from derivatives

1 unchanged sentence

Amortization of intangible assets ( 38 )

Operating income $ 1,172

Six Months Ended June 30, 2026

(in millions)

Latin America AMEA Europe North America Total

$ 2,722 $ 4,275 $ 7,248 $ 5,190 $ 19,435

Segment cost of sales ( 1,814 ) ( 2,853 ) ( 5,258 ) ( 3,275 ) ( 13,200 )

Segment selling, general and administrative expenses (1)

( 593 ) ( 842 ) ( 1,314 ) ( 1,100 ) ( 3,849 )

Segment operating income $ 315 $ 580 $ 676 $ 815 2,386

Mark-to-market gains from derivatives

General corporate expenses ( 134 )

Amortization of intangible assets ( 53 )

Gain on divestiture

Operating income $ 2,754

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions)

13 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(in millions)

1 unchanged sentence

Latin America $ 43 $ 35 $ 84 $ 69

AMEA 45 43 90 84

Europe 83 79 166 150

North America 45 45 89 88

3 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions)

7 unchanged sentences

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

For the Three Months Ended March 31, 2026

For the Three Months Ended June 30, 2026

America AMEA Europe North

7 unchanged sentences

Total net revenues $ 1,374 $ 1,971 $ 3,377 $ 2,633 $ 9,355

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

For the Three Months Ended June 30, 2025 (3)

America AMEA Europe North

8 unchanged sentences

$ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984

For the Six Months Ended June 30, 2026

America AMEA Europe North

America Total

(in millions)

Biscuits & Baked Snacks $ 644 $ 1,551 $ 2,523 $ 4,560 $ 9,278

Chocolate 803 1,694 3,620 207 6,324

Gum & Candy 835 557 306 423 2,121

Beverages 172 269 60 — 501

268 204 739 — 1,211

Total net revenues

$ 2,722 $ 4,275 $ 7,248 $ 5,190 $ 19,435

For the Six Months Ended June 30, 2025 (3)

America AMEA Europe North

America Total

(in millions)

Biscuits & Baked Snacks

$ 582 $ 1,422 $ 2,377 $ 4,506 $ 8,887

Chocolate 714 1,430 3,529 189 5,862

Gum & Candy 701 504 308 406 1,919

Beverages 175 286 63 — 524

225 195 685 — 1,105

Total net revenues $ 2,397 $ 3,837 $ 6,962 $ 5,101 $ 18,297

(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.

as such, we reclassified $ 11 million and $ 19 million of product category net revenues from biscuits & baked snacks to chocolate for the three and six months ended June 30, 2025, respectively, 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