For the full year, Mondelēz International generated a cash flow of USD 3.2 billion. Europe revenue grew by 8.6% for the year (and +8.3% for Q4). At the same time, volume declines in Europe were driven primarily by cocoa-related pricing.
For the year, the company’s organic net revenue grew by 4.3%.
The company’s revenues in North America declined by 1.9% for the year (and 0.5% for Q4), due primarily to soft consumption in the US biscuit market. “The U.S. market continues to display soft category performance due to economic anxiety and low consumer sentiment. Several dynamics are shaping the U.S. biscuit category, including flat basket sizes over the past two years, a shift in channels toward value and club, premiumization led by higher income cohorts, more emphasis on better-for-you, and growing on-the-go consumption,” said Dirk Van de Put, Chair and Chief Executive Officer.
AMEA revenue grew by 5.7% in 2025 and +7.5% for the final quarter. Strong results from India, Australia and New Zealand, the Middle East and Africa drove growth for both the year and quarter. In China, the revenues grew in low single digits for the year, with a small decline in the second half.
Latin America revenue grew by 4.6% for the year (and +4.4% for the quarter). Brazil posted high single-digit growth for both the year and the quarter with strong chocolate, biscuit and gum performance. Mexico grew low single-digit for the year, with high single-digit growth in the quarter underpinned by solid results in both biscuits and chocolate.
Performance by product segment
The Biscuits and Baked Snacks category grew by 0.8% for the year. Brands including Oreo, LU, 7 Days, Give & Go, Perfect, Builders and Zbar delivered growth. While the U.S. biscuit business saw softer results, in Europe, Latin America and AMEA, Mondelēz recorded solid biscuit growth for the year.
Chocolate revenue increased by 11.4%, with growth in both Developed and Emerging Markets. “Brand growth was strong across nearly all brands, including Cadbury Dairy Milk, Milka, Lacta, Cote d’Or, Freia/Marabou and Hu,” the CEO noted.
The Gum and Candy segment grew by +2.8% driven by strong markets in Brazil, Mexico, the Middle East and Africa.
Expectations
“As we transition to 2026, we are encouraged by the continuing normalization of cocoa costs for the long-term benefit of the business, and we are focused on improving performance in Developed Markets while maintaining strong performance in Emerging Markets,” Van de Put highlighted.
In Europe, consumer confidence remains fragile due to economic uncertainty, Mondelēz says, with snacking growth projected to be steady – led by e-commerce, convenience and discount channels.
Shoppers are expected to increasingly focus on affordability and functional ingredients.
“We expect chocolate volumes to stabilize following last year’s pricing wave, with biscuits remaining resilient. Accordingly, we’re focused on offering strong consumer value through price-pack architecture that delivers the right products and the right package sizes at critical price points – supported with robust A&C. We’re also expanding our range of pralines, filled chocolates and choco-bakery innovations that not only offer exciting new flavor profiles for consumers, but also require lower cocoa volume to produce,” the CEO details.
Dirk Van de Put also announced the company’s plans in 2026:
“First, we continue to invest significantly in our brands – building consumer loyalty, accelerating innovation, and strengthening retailer partnerships to accelerate our leadership in key categories.
Second, we’re continuing to advance our price-pack architecture to address affordability and value, with a broad range of new formats such as our U.S. ‘fresh stacks’ concept targeting critical consumer price points.
Third, we’re rapidly expanding our distribution in Emerging Markets, fueled by accelerated digitization in our supply chain and sales force.
Finally, we’re scaling our offerings to meet growing consumer demand in segments like better-for-you, premium and protein. Some examples include the recent launch of Oreo Zero Sugar and a broader Perfect Bar assortment, as well as expanded distribution for on-trend Hu chocolate, and high-protein, low-sugar Clif Builders and Grenade bars.
As one of the leading chocolate companies in the world, we are also investing in initiatives to strengthen the resiliency and stability of the cocoa supply chain.”
Photo: Mondelēz International