Mondelēz's 2025 revenue rises 5.8% as volumes fall 3.7%
Mondelēz International reported full-year 2025 net revenue of $38.5 billion, up 5.8%, with organic net revenue growth of 4.3% driven by higher pricing and partly offset by lower volume/mix.
In North America, 2025 net revenue declined 2.1% to $10.68 billion. On an organic basis, North America net revenue fell 1.9%, with volume/mix down 2.7% and pricing up 0.8%.
Financial results for Q4, which were reported at the same time as FY 2025, showed the same pattern. North America net revenue edged down 0.6% to $2.76 billion, with organic net revenue down 0.5% as pricing rose 3.2% but volume/mix declined 3.7%.
Why this matters
Demand softness is the headline for route and micro market operators: Q4 North America pricing rose 3.2% while volume/mix fell 3.7%; for the full year, pricing was up 0.8% while volume/mix declined 2.7%. That combination typically shows up as fewer units sold per location unless operators adjust assortment, price points or pack architecture.
North America revenue contraction stands out vs. global growth: The company grew 2025 net revenue 5.8% overall, but North America declined 2.1%, suggesting the U.S./Canada consumer was more resistant at higher price points than several other regions.
A low growth outlook suggests a fight for traffic and trips: Mondelēz forecasted flat to 2% organic net revenue growth in 2026. This often translates into continued emphasis on revenue management, targeted promotions and productivity rather than on broad-based volume recovery.
Profitability weakened in 2025 as “higher raw material costs and unfavorable product mix” weighed on margins, which the company tied to “unprecedented cocoa cost headwinds.” Full-year operating income fell 44.1% to $3.55 billion, and diluted earnings per share declined 44.7% to $1.89.
In North America specifically, full-year operating income was $1.90 billion, down from $2.49 billion in 2024, with a reported operating margin at 17.8%. On an adjusted basis, North America operating income was $1.88 billion and adjusted operating margin was 17.7%.
For the fourth quarter, North America operating income was $418 million, and adjusted operating income was $423 million, with reported operating margin at 15.1% and adjusted margin at 15.3%.
Mondelēz said it generated $4.5 billion in cash from operations and $3.2 billion of free cash flow in 2025, returning $4.9 billion to shareholders through dividends and share repurchases.
For 2026, the company forecast organic net revenue growth of flat to 2% and adjusted earnings per share growth of flat to 5% on a constant-currency basis, with free cash flow of about $3 billion.
A global snacking company, Mondelēz International Inc. sells biscuits, baked snacks and chocolate in more than 150 countries. Its brands include Oreo, Ritz, Clif Bar, Tate’s Bake Shop, Cadbury Dairy Milk, Milka and Toblerone.
About the Author
Linda Becker
Editor-in-Chief
Linda Becker is editor-in-chief of Automatic Merchandiser and VendingMarketWatch.com. She has more than 20 years of experience in B2B publishing, writing, editing and producing content for magazines, websites, webinars, podcasts, newsletters and eBooks, primarily for manufacturing and process engineering audiences. Since joining Automatic Merchandiser and VendingMarketWatch.com, Linda has developed a new appreciation for the convenience services industry and the essential role it plays. She is dedicated to serving readers by covering the latest news in the vending, office coffee service and micro market industry. She can be reached at 262-203-9924 or [email protected].