MDLZ · Q1 FY2026
Mondelez International, Inc. Q1 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $10.08B | $9.31B (yr ago) | Beat |
| EPS | $0.44 | $0.31 (yr ago) | Beat |
| Free Cash Flow | $0.15B | $0.81B (yr ago) | Miss |
| Gross Margin | 27.8% | 26.1% (yr ago) | Beat |
| Operating Margin | 8.0% | 7.3% (yr ago) | Beat |
What changed
Revenue increased 8.3% from Q1 FY2025, while EPS rose 41.9% and gross and operating margins expanded by 170 and 70 basis points, respectively. The improvement did not translate into cash generation: free cash flow fell 81.5% to $0.15B from $0.81B a year earlier.
Impact on the investment thesis
There is no prior SageNoodle fair value to revise, so this update establishes an initial fair value of $62 per share. Better year-over-year margins support an earnings recovery, but weak free cash flow and a 30.9x TTM P/E prevent a higher base-case value.