The Top 5 Analyst Questions From Mondelez's Q2 Earnings Call

Mondelez’s second quarter results were met with a negative market reaction, despite revenue and non-GAAP profit both surpassing Wall Street expectations. Management highlighted that pricing actions and strong international performance offset ongoing volume declines, particularly in North America. CEO Dirk Van de Put pointed to “continued weakness in North America, but we had a strong quarter in the rest of the world,” attributing results to global diversification and stable demand for snacking categories. The company’s focus on cost discipline and selective price increases helped lift operating margins, even as consumer anxiety weighed on U.S. performance.

Is now the time to buy MDLZ? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Mondelez’s Q2 Earnings Call

• Andrew Lazar (Barclays) asked about actions to accelerate North American growth amid consumer weakness. CEO Dirk Van de Put cited incremental pricing, cost control, and channel expansion, saying, “We have a plan that aims at boosting productivities in the second part of the year.”
• Peter Galbo (Bank of America) pressed on why guidance did not change despite strong first-half delivery. CFO Luca Zaramella clarified that their outlook assumes no “material rebound of the U.S. general sentiment” and embeds caution around chocolate demand in Europe.
• Megan Christine Alexander (Morgan Stanley) questioned flexibility for the second half given recent headwinds. Zaramella explained that “unprecedented heat wave” and U.S. trade destocking reduced leeway, while emerging markets and new pricing actions provide some offset.
• Robert Moskow (TD Cowen) asked about increased media investment in 2026. Van de Put confirmed this is proactive, not a catch-up, due to reduced chocolate volumes and ongoing U.S. consumer pressure.
• Alexia Howard (Bernstein) inquired about the impact of GLP-1 drugs and future share buybacks. Van de Put said GLP-1s have a negligible effect on volumes, and Zaramella reiterated a pragmatic approach to buybacks depending on market conditions.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be tracking (1) the pace and consumer response to new pricing in North America and Europe, (2) chocolate volume trends as weather normalizes and as elasticity is tested, and (3) continued momentum in emerging markets amid further pricing waves. Execution in alternative channels and increased brand investment will also be key indicators for Mondelez’s progress.

Mondelez currently trades at $61.56, down from $69.73 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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