A Peek Behind the Numbers

A Peek Behind the Numbers

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A Peek Behind the Numbers
A Peek Behind the Numbers
Mondelez (MDLZ)- We See Why It Didn’t Raise Guidance

Mondelez (MDLZ)- We See Why It Didn’t Raise Guidance

Much of the Q1 beat disappears after closer scrutiny

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Behind the Numbers
May 14, 2025
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A Peek Behind the Numbers
A Peek Behind the Numbers
Mondelez (MDLZ)- We See Why It Didn’t Raise Guidance
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MDLZ’s adjusted EPS for Q1’25 beat expectations by 8 cents. However, the company kept guidance for 2025 the same from its 4Q outlook (organic revenue growth of 5%, adjusted EPS down 10%, and free cash flow of $3b+). While the market applauded the results and rewarded the company with a 5% increase in the share price, let’s not forget that EPS declined y/y by 21 cents and investors were cheering that it wasn’t down 29 cents.

In addition, a closer look at the quarter reveals several unsustainable benefits we believe were responsible for the better-than-expected results. Let’s take a closer look behind the numbers…


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