Mondelez International, Inc.

Note 1. Basis of Presentation

Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair statement of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation

The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments in common stock or in-substance common stock over which we exercise significant influence under the equity method of accounting.

Highly Inflationary Accounting

As of September 30, 2026, our consolidated entities in Argentina, Türkiye, Egypt and Nigeria are operating in highly inflationary economies and represent 1.3%,0.6%,0.5% and 0.3%, respectively, of our consolidated net revenues for the three months ended September 30, 2026 and 1.4%,0.6%,0.5% and 0.3% of our consolidated net revenues for the nine months ended September 30, 2026. The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $4 million and $9 million for the three months ended September 30, 2026 and 2025, respectively, and $20 million and $24 million for the nine months ended September 30, 2026 and 2025, respectively. Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions. Restricted cash is recorded within other current assets and was $38 million as of September 30, 2026 and $70 million as of December 31, 2025. Total cash, cash equivalents and restricted cash was $1,666 million as of September 30, 2026 and $2,195 million as of December 31, 2025.

Allowances for Credit Losses

Changes in allowances for credit losses consisted of:

Transfers of Financial Assets

The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $229 million as of September 30, 2026 and $674 million as of December 31, 2025. The incremental costs of factoring receivables under these arrangements were recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings and were not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows.

Non-Cash Lease Transactions

We recorded $163 million in operating lease and $161 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2026 and $119 million in operating lease and $139 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2025.

Supply Chain Financing

As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our condensed consolidated balance sheets. Our outstanding obligations confirmed as valid under our SCF program are $2.9 billion and $3.6 billion as of September 30, 2026 and December 31, 2025, respectively.

New Accounting Pronouncements - Adopted

In July 2025, the FASB issued an ASU which introduces a practical expedient that allows entities to measure expected credit losses on current accounts receivable and current contract assets by assuming that the conditions existing at the balance sheet date remain unchanged over the remaining life of those assets. The guidance is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables. We adopted the practical expedient on a prospective basis during the quarter ended March 31, 2026 and the impact on our consolidated financial statements was not material.

In September 2025, the FASB issued an ASU that refines the scope of derivative accounting by introducing a new exception for contracts whose underlyings are based on the operations or activities of one of the parties, among other updates. The ASU is effective for interim and annual periods beginning after December 15, 2026, with early adoption permitted. The guidance may be applied either on a prospective or modified retrospective basis. We early adopted the ASU on a modified retrospective basis effective January 1, 2026, and there was no impact on our consolidated financial statements.

New Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued an ASU that will require incremental disclosures in the notes to the financial statements to disaggregate income statement expense line items into specified expense categories and to provide additional information about certain expenses. The ASU is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied either on a prospective or retrospective basis. We currently expect to adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2027 and for our interim reporting in the first quarter of 2028. We are currently assessing the impact on our consolidated financial statements and related disclosures, as well as whether we will adopt the guidance on a prospective or retrospective basis.

In September 2025, the FASB issued an ASU that improves the accounting for internal-use software by replacing the previous capitalization guidance, which focused on a project's stage of development, with a principles-based "probable-to-complete" recognition threshold. The ASU is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The guidance may be applied on a prospective or retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued an ASU that establishes accounting guidance for government grants received by a business entity, including grants related to an asset and grants related to income. The ASU is effective for interim and annual periods beginning after December 15, 2028, with early adoption permitted. The guidance may be applied on a modified prospective, modified retrospective or retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures.

In May 2026, the FASB issued an ASU that establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The guidance must be applied retrospectively. We are currently assessing the impact on our consolidated financial statements and related disclosures.

Subsequent Event

On October 29, 2026, we announced that we signed an agreement to acquire a majority stake in Undercover Chocolate Company, Inc. and Undercover Ingredients LLC ("Undercover Snacks"), U.S.-based affiliated companies making and selling snacks made from simple, better-for-you ingredients. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first quarter of 2027.

Note 2. Inventories

Inventories consisted of the following:

Note 3. Property, Plant and Equipment

Property, plant and equipment consisted of the following:

For the nine months ended September 30, 2026, capital expenditures of $947 million excluded $355 million of accrued capital expenditures remaining unpaid at September 30, 2026 and included payment for the $481 million of capital expenditures that were accrued and unpaid at December 31, 2025. For the nine months ended September 30, 2025, capital expenditures of $881 million excluded $408 million of accrued capital expenditures remaining unpaid at September 30, 2025 and included payment for the $458 million of capital expenditures that were accrued and unpaid at December 31, 2024.

Note 4. Goodwill and Intangible Assets

Goodwill

Changes in goodwill consisted of:

Intangible Assets

Intangible assets consisted of the following:

Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks. The weighted-average amortization period for our definite-life intangible assets is approximately 16 years, which is primarily driven by recently acquired customer-related intangibles.

Amortization expense for definite-life intangible assets was $26 million and $32 million for the three months ended September 30, 2026 and 2025, respectively, and $79 million and $107 million for the nine months ended September 30, 2026 and 2025, respectively.

Impairment Assessments

We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount.

There wereno impairments of goodwill during the three and nine months ended September 30, 2026 and 2025.

In the third quarters of 2026 and 2025, we recognized impairment charges of $64 million and $33 million, respectively, to reduce the carrying amounts of certain of our brands to their estimated fair values. Those charges are reported within Asset impairments and exit costs in the condensed consolidated statements of earnings. The 2026 impairments relate totwo brands in the biscuits & baked snacks category in the Europe segment andone brand in the biscuits & baked snacks category in the North America segment. The 2025 impairments related totwo brands in the biscuits & baked snacks category in the Europe segment, one brand in the biscuits & baked snacks category in the Asia, Middle East and Africa ("AMEA") segment andone brand in the gum & candy category in the Latin America segment. The impairments were driven by lower expectations of future business performance to reflect current or expected market conditions in select markets as well as changes in management strategy.

The fair values of our brand intangibles were determined using several valuation methods, including the relief from royalty method, the excess earnings method and the excess margin method. Inputs to those valuation methods include our most recent forecasts of revenue and earnings, as well as estimates of royalty rates and discount rates. Fair value measurements of brand intangible assets are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs.

Including thethree brand intangibles for which we recognized impairments in the current period, we identifiedsix brand intangibles for which fair value exceeded book value by less than 10%. The aggregate carrying value of thosesix brand intangibles was $1.6 billion as of September 30, 2026. We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired.

Note 5. Equity Method Investment Transactions

During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDE Peet’s N.V. (“JDEP”) to JAB Holding Company (“JAB”) and fully exited the investment. On August 24, 2025, Keurig Dr Pepper Inc. (“KDP”) and JDEP entered into a definitive agreement under which KDP would acquire JDEP. As a result of that definitive agreement, we became entitled to a cash payment of €145 million ($169 million) from JAB related to our previously held equity investment in JDEP that we received in the third quarter of 2025. The related gain is reported within gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings for the three and nine months ended September 30, 2025.

Note 6. Debt and Borrowing Arrangements

Short-Term Borrowings

Our short-term borrowings and related weighted-average interest rates consisted of:

Our uncommitted and committed credit facilities available include:

(1)On February 18, 2026, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 19, 2025 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 17, 2027.

We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At September 30, 2026, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

Debt Repayments

During the nine months ended September 30, 2026, we repaid the following notes (in millions):

(1)Repaid by Mondelez International Holdings Netherlands B.V., a wholly owned Dutch subsidiary of Mondelēz International, Inc.

During the nine months ended September 30, 2025, we repaid the following notes (in millions):

(1)Repaid by Mondelez International Holdings Netherlands B.V., a wholly owned Dutch subsidiary of Mondelēz International, Inc.

Debt Issuances

During the nine months ended September 30, 2026, we issued the following notes (in millions):

During the nine months ended September 30, 2025, we issued the following notes (in millions):

Fair Value of Our Debt

The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of our long-term debt was primarily determined using quoted prices in active markets (Level 1 valuation data).

Interest and Other Expense, net

Interest and other expense, net consisted of:

Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency and interest rate derivative contracts, interest income and other non-operating items. Refer to Note 7, Financial Instruments for additional information about our hedging activities.

Note 7. Financial Instruments

Derivatives and Hedging Activities

Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows:

(1)Derivative contracts designated as either cash flow ("CF"), fair value ("FV") or net investment hedging ("NIH") instruments.

(2)We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 6, Debt and Borrowing Arrangements. Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote.

We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows:

Certain exchange-traded commodity contracts require us to receive from or pay to a broker an amount of cash related to the daily fluctuation in value of the futures contract. Such cash collateral held or placed is known as variation margin and is recorded as other current assets and liabilities. The net (liability)/asset variation margin balances for futures contracts were $(145) million and $364 million as of September 30, 2026 and December 31, 2025, respectively. These balances are excluded from the table above. Our over-the-counter ("OTC") derivative transactions are governed by International Swaps and Derivatives Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties.

Fair Value Measurements of Derivative Instruments

Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities. Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges.

Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market. Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards, options and swaps; OTC commodity options; interest rate swaps; and cross-currency swaps. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of foreign currency contracts, interest rate swaps, and cross-currency swaps is derived from a discounted cash flow model based on the terms of the contract and the observable market inputs such as interest rate curves and forward rates. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk.

Level 3 fair value measurements use significant unobservable inputs and include the use of judgment by management about the assumptions market participants would use in pricing the asset or liability.

The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows:

Notional Amounts of Derivatives and Other Hedging Instruments

The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were:

Cash Flow Hedges

Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps. As of September 30, 2026, the aggregate notional value of those derivatives was $1.8 billion.

Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses) and reclassified to earnings in the periods in which the hedged item affects earnings. Refer to Note 11, Accumulated Other Comprehensive Earnings/(Losses) for additional information on current period activity. Based on current market conditions, $9 million of losses, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of September 30, 2026 are expected to be recognized into earnings during the next 12 months.

As of September 30, 2026, our longest dated cash flow hedge was a cross-currency swap that hedges currency exchange risk on certain debt denominated in a different currency than the functional currency of the borrowing entity over the next 18 years, 6 months.

Fair Value Hedges

Our derivative instruments designated as fair value hedges include interest rate swaps. As of September 30, 2026, the aggregate notional value of those derivatives was $1.6 billion.

Fair value hedge pre-tax gains/(losses) recorded within interest and other expense, net were:

Amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships were:

Hedges of Net Investments in International Operations

Derivative contracts designated as net investment hedges

Our derivative instruments designated as net investment hedges include foreign currency contracts and cross-currency swaps. As of September 30, 2026, the aggregate notional value of those derivatives was $9.7 billion.

Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were:

(1)Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses).

(2)We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.

Non-U.S. dollar debt designated as net investment hedges

Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were:

Derivatives Not Designated as Accounting Hedges

Pre-tax gains/(losses) recorded in net earnings for economic hedges were:

Fair Value of Contingent Consideration

Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings. The fair values of our contingent consideration liabilities were $111 million and $149 million as of September 30, 2026 and December 31, 2025, respectively. Contingent consideration liabilities are primarily recorded in other liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings.

The estimated fair values of our contingent consideration liabilities were primarily determined using Monte Carlo simulations. Significant assumptions used in assessing the fair value of the liabilities include financial projections for net revenue, gross profit and EBITDA, as well as discount and volatility rates. Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs.

Contingent consideration arrangements include an earn-out related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022. The possible payments under that arrangement range from zero to a maximum total of $2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of our base financial projections for the business.

The following is a summary of our contingent consideration liability activity:

Note 8. Benefit Plans

Pension Plans

Components of Net Periodic Pension (Benefit)/Cost

Net periodic pension (benefit)/cost consisted of the following:

Employer Contributions

During the nine months ended September 30, 2026, we contributed $3 million and $61 million to our U.S. and non-U.S. pension plans, respectively. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability.

As of September 30, 2026, we plan to makeno further contributions to our U.S. plans and further contributions of approximately $16 million to our non-U.S. plans for the remainder of 2026. However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates.

Mondelēz Global LLC Retirement Plan Settlement

During 2024, we entered into agreements withtwo third-party insurance companies to purchase buy-in annuity contracts to cover the liabilities associated with the Mondelēz Global LLC Retirement Plan ("MDLZ Global Plan"), the pension plan for U.S. salaried employees. The agreements provided us with the option to elect a buy-out conversion, at which time full responsibility of the MDLZ Global Plan obligations would transfer to the insurance companies. During the second quarter of 2025, we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $282 million as a component of our net periodic pension cost.

Mondelez Canada Inc. - Trusteed Hourly Retirement Plan and Retirement Plan Settlement

During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc. Trusteed Hourly Retirement Plan and Mondelez Canada Inc. Retirement Plan. The obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $54 million as a component of our net periodic pension cost.

Multiemployer Pension Plans

On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $491 million at that time. In connection with the discounted long-term liability, we recorded accreted interest of $2 million for both the three months ended September 30, 2026 and 2025 and $6 million and $7 million for the nine months ended September 30, 2026 and 2025, respectively, within interest and other expense, net in the condensed consolidated statements of earnings. As of September 30, 2026, the remaining discounted withdrawal liability was $281 million, with $17 million recorded in other current liabilities and $264 million recorded in other liabilities in the condensed consolidated balance sheets.

Postretirement and Postemployment Benefit Plans

Net periodic postretirement benefit was $5 million and $3 million for the three months ended September 30, 2026 and 2025, respectively, and $15 million and $9 million for the nine months ended September 30, 2026 and 2025, respectively. Net periodic postemployment cost was $5 million for both the three months ended September 30, 2026 and 2025 and $13 million and $16 million for the nine months ended September 30, 2026 and 2025, respectively.

Note 9. Commitments and Contingencies

Legal Proceedings

We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position.

On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the United States District Court for the Northern District of Illinois as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. On September 30, 2026, the District Court decertified the class, dismissed five of the eight named plaintiffs for lack of standing, and granted summary judgment to defendants on plaintiffs' Commodity Exchange Act claims as time barred. The three remaining plaintiffs' claims under the Sherman Act and for unjust enrichment, on which the District Court denied summary judgment, remain pending. On October 7, 2026, the District Court asked parties to confer on dates for a status hearing. On October 14, 2026, plaintiffs sought appellate review of the decertification ruling. It is not possible to predict the outcome of these matters even as narrowed by the recent rulings; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action.

Third-Party Guarantees

We enter into third-party guarantees primarily to cover long-term obligations of certain vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of September 30, 2026 and December 31, 2025, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

Tax Matters

We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position.

Note 10. Shareholders' Equity

Stock Award Activity

Stock Options

Stock option activity is reflected below:

(1)Cash received from options exercised was $27 million and $80 million in the three and nine months ended September 30, 2026, respectively. The excess income tax benefit from stock option exercises was $1 million and $4 million in the three and nine months ended September 30, 2026, respectively.

Performance Share Units ("PSU") and Deferred Stock Units ("DSU")

PSU and DSU activity is reflected below:

(1)Includes incremental PSUs issued over target.

(2)The income tax shortfall upon vesting of PSUs and DSUs waszero and $2 million in the three and nine months ended September 30, 2026, respectively.

(3)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, as long as the requisite service has been provided.

Share Repurchase Program

Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary.

During the nine months ended September 30, 2026, we repurchased approximately 14 million shares of Common Stock at an average cost of $60.60 per share, or an aggregate cost of approximately $874 million, all of which was paid during the period except for approximately $50 million settled in October 2026. All share repurchases were funded through available cash and commercial paper issuances. As of September 30, 2026, we have approximately $5.8 billion in remaining share repurchase capacity.

Note 11. Accumulated Other Comprehensive Earnings/(Losses)

The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $(39) million and $(60) million in the third quarter of 2026 and 2025, respectively, and $(77) million and $(391) million in the first nine months of 2026 and 2025, respectively.

(1)These reclassified losses/(gains) are included in net periodic benefit costs disclosed in Note 8, Benefit Plans.

(2)These reclassified gains or losses are recorded within interest and other expense, net.

(3)Taxes reclassified to earnings are recorded within the provision for income taxes.

Note 12. Restructuring

Beginning in the fourth quarter of 2025, we initiated new restructuring actions to reduce our cost structure and streamline our operations. Those restructuring actions, which were primarily undertaken by our Europe segment, included initiatives to optimize our supply chain network and reduce our overhead costs. We recorded restructuring charges related to those actions of $56 million and $115 million in the three and nine months ended September 30, 2026, respectively, which are classified within asset impairment and exit costs.

The activity for the liabilities related to these restructuring actions for the nine months ended September 30, 2026 was:

At September 30, 2026, $77 million of our restructuring liabilities were recorded within other current liabilities and $34 million were recorded within other long-term liabilities.

Note 13. Income Taxes

Our effective tax rate was 24.6% for the third quarter of 2026 as compared to 19.7% in the third quarter of 2025. The higher current quarter effective tax rate was driven by prior year tax benefits that did not recur in the current period, including benefits related to the provision for final tax return filings and the tax treatment of certain foreign pension assets. These items were partially offset by current period tax benefits from a legal entity reorganization and a more favorable jurisdictional mix of earnings, including mark-to-market gains and losses on commodity and foreign currency derivatives.

Our effective tax rate for the nine months ended September 30, 2026 was 23.1% as compared to 24.9% for the nine months ended September 30, 2025. The lower year-to-date effective tax rate was driven by current period tax benefits from legal entity reorganizations, an amended tax return filing in the U.S., and a more favorable jurisdictional mix of earnings, including mark-to-market gains and losses on commodity and foreign currency derivatives. These items were partially offset by prior year tax benefits that did not recur in the current period, including benefits related to the provision for final tax return filings, the tax treatment of certain foreign pension assets, and the release of liabilities for uncertain tax positions due to audit developments and statute of limitation expirations.

Note 14. Earnings per Share

Basic and diluted earnings per share (EPS) were calculated as follows:

We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options, deferred stock units and performance share units of 9.8 million and 8.1 million for the three months ended September 30, 2026 and 2025, respectively, and 9.5 million and 4.0 million for the nine months ended September 30, 2026 and 2025, respectively.

Note 15. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, meals and beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Our operations and management structure are organized into four operating segments which are also our reportable segments:

• Latin America

• AMEA

• Europe

• North America

Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segments. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM.

Our segment net revenue, significant segment expenses and operating income by reportable segment were as follows:

(1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses.

Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:

(2) Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the condensed consolidated statements of cash flows for total depreciation and amortization expenses.

Disaggregation of Net Revenue

Net revenues by product category, reflecting our current segment structure for all periods presented, were:

(3)During the first quarter of 2026, we realigned some of our products between our biscuits & baked snacks and chocolate categories in the North America segment; as such, we reclassified $11 million and $30 million of product category net revenues from biscuits & baked snacks to chocolate for the three and nine months ended September 30, 2025, respectively, on a basis consistent with the 2026 presentation.