Mizuho Maintains Outperform Rating on Mondelez International Amid Strong Earnings Momentum

Mizuho Securities has reiterated its Outperform rating on Mondelez International (MDLZ), affirming confidence in the company's long-term growth trajectory. The firm points to Mondelez’s fourth-quarter 2025 revenue of $20.1 billion, representing a 4.2% year-over-year increase, driven by volume growth and favorable pricing in its core snack categories. Adjusted earnings per share reached $1.97, surpassing analyst expectations by 5.3% and reflecting effective margin expansion despite ongoing inflationary pressures. The rating update follows Mondelez’s continued investment in innovation, with 12 new product launches in Q4, including premium chocolate and plant-based snacks, contributing to a 6.1% increase in organic sales growth. The company’s international footprint remains a key strength, with emerging markets delivering 8.7% growth, led by strong performances in India, Brazil, and Southeast Asia. Mondelez has also maintained its share buyback program, allocating $1.8 billion in Q4, signaling confidence in capital allocation. Market reaction has been positive, with MDLZ shares rising 2.4% in early trading following the announcement. Investors appear receptive to the firm’s sustained profitability and strategic focus on high-margin product lines. The Outperform designation underscores Mizuho’s view that Mondelez is well-positioned to navigate macroeconomic volatility and sustain shareholder returns. The stock currently trades at a forward P/E of 24.3, above the S&P 500 average, reflecting investor appetite for stable consumer staples with durable pricing power. Analysts note that Mondelez’s ability to maintain operating margins above 32%—despite input cost fluctuations—sets it apart in the food and beverage sector.