What Mondelez International, Inc. told the SEC could break it.

Mondelez's aggregate 2025 commodity costs rose primarily on higher cocoa, dairy, packaging, edible-oils, nuts and other ingredient costs (plus unfavorable FX on imported materials), partially offset by lower sugar/grains/energy; operating-income margin fell from 17.4% (2024) to 9.2% (2025) and diluted EPS dropped 44.7%, driven largely by unfavorable mark-to-market on commodity and FX derivatives.

“During 2025, the primary drivers of the increase in our aggregate commodity costs were higher cocoa, dairy, packaging, edible oils, nuts and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar, grains and energy costs.”

Mondelez generated 75.8% of 2025 net revenues outside the U.S. (markets in 150+ countries, operations in ~80), with significant emerging-market exposure (all of Latin America, AMEA ex-Australia/NZ/Japan, and Russia/Ukraine/Türkiye/Poland etc. in Europe) — subjecting results to FX swings, highly-inflationary-economy remeasurement, and global geopolitical risk.

“We are a global company and generated 75.8% of our 2025 net revenues, 74.0% of our 2024 net revenues and 73.4% of our 2023 net revenues outside the United States. We market our products in over 150 countries and have operations in approximately 80 countries.”

Operating globally (150+ countries, ops in ~80), Mondelez faces imposition of increased/new tariffs, sanctions, export controls, quotas, trade barriers, labor reforms and price floors on its sales or key commodities like cocoa, plus changes in U.S. trade programs/relations and cross-border data-transfer restrictions.

“Those risks include: the imposition of increased or new tariffs, sanctions, export controls, quotas, trade barriers, labor reforms, price floors or similar restrictions on our sales or key commodities like cocoa, potential changes in U.S. trade programs and trade relations with other countries”

Approximately 56% of Mondelez's ~79,000 non-U.S. employees and ~22% of its ~12,000 U.S. employees are represented by labor unions or works councils; strikes, work stoppages or other labor unrest by its employees or those of suppliers/distributors/partners (and collective-bargaining renegotiations) have caused and may cause supply-chain, manufacturing or distribution disruptions.

“Strikes, work stoppages or other forms of labor unrest by our employees or those of our suppliers, distributors or other business partners, or situations like the renegotiation of collective bargaining agreements, have in the past and may in the future cause disruptions to our supply chain, manufacturing or distribution processes.”