Mondelez International

Pricing power is above average for staples, grounded in brand equity and execution. 2025 saw multiple rounds of pricing to offset cocoa and freight, with organic revenue still positive, but elasticity rose in Europe and North America, and mix was unfavorable as consumers traded down.

Q3 2025 gross margin fell to 26.8% and operating margin to 7.6% due to cocoa shock, though management maintained positive organic growth and highlighted productivity and targeted investments. Longer term, we expect pricing to normalize with cocoa, restoring margins toward mid-cycle levels.

Risks: aggressive retailer pushback, private label in biscuits, and consumer sensitivity after two years of price increases. Evidence: Q3 2025 release and updates indicating 3.4% organic growth with volume/mix −4.6%, and press coverage of trimmed 2025 EPS outlook tied to cocoa.