Mondelez International, Inc. (MDLZ)

Mondelēz International is one of the world's largest snack companies, with a stated purpose of empowering people to snack right. In 2025 it reported net revenues of $38.5 billion and net earnings of $2.5 billion. Its core business is making and selling chocolate, biscuits and baked snacks, with additional businesses in adjacent, locally relevant categories such as gum & candy, cheese & grocery and powdered beverages. Its strategy prioritizes the fast-growing core categories of chocolate, biscuits and baked snacks, through four priorities: accelerating consumer-centric growth, driving operational excellence, building a winning growth culture and scaling sustainable snacking.

The portfolio includes global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop in biscuits and baked snacks, and Cadbury Dairy Milk, Milka and Toblerone in chocolate. Its brands span five product categories, including biscuits & baked snacks (cookies, crackers, salted snacks, snack bars, cakes & pastries) and cheese & grocery. The business is managed through four regional operating segments, with regional teams responsible for the business, product categories and financial results in their regions. Innovation work includes technical research centers and SnackFutures, a venture and innovation hub focused on mindful snacking.

Products are sold in over 150 countries, and 75.8% of 2025 net revenues came from outside the United States. The company tracks emerging markets (all of Latin America, most of Asia, the Middle East and Africa, and parts of Europe) separately from developed markets (North America, the rest of Europe, Australia, New Zealand and Japan). Customers include supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores and other retail food outlets. It also sells through e-retail platforms, retailer digital platforms, direct-to-consumer websites and social media. No single customer accounted for 10% or more of 2025 net revenues. Demand is fairly balanced through the year, with a lift in the fourth quarter from holidays and seasonal events.

Mondelēz has operations in approximately 80 countries, including 145 principal manufacturing and processing facilities across 49 countries, and about 91,000 employees at the end of 2025. Distribution uses direct store delivery, company-owned and satellite warehouses, distribution centers, third-party distributors, and independent sales offices and agents. It buys large quantities of cocoa, dairy, wheat, edible oils, sugar and other sweeteners, flavoring agents, nuts, packaging materials and energy, and uses hedging, pricing and cost control to manage commodity costs. It competes against global, regional and local companies, including start-up brands, on quality, brand strength, innovation, taste, price and distribution. Its intellectual property, including trademarks and patents, is material to the business, and its operations are subject to food, environmental and packaging regulation in many jurisdictions.