What happened?
Shares of packaged snacks company Mondelez (NASDAQ:MDLZ) jumped 4.3% in the morning session after the company reported higher third-quarter 2026 revenue and earnings alongside an agreement to acquire Undercover Snacks.
According to a company press release, Mondelez reported that net revenues rose 2.3 percent, supported by a 2.1 percent increase in organic net revenues. Volume and mix expanded 1.8 percent during the period, while diluted earnings per share surged 78.9 percent to $1.02 and adjusted earnings per share grew 5.5 percent on a constant currency basis to $0.78. In addition, the company announced an agreement to acquire Undercover Snacks. The adjusted profit of $0.78 per share beat Wall Street consensus estimates by 10.2 percent. The results highlighted durable underlying consumer demand, as positive volume and mix gains indicated that revenue expansion was supported by product sales rather than price increases alone.
After the initial pop, the shares cooled down to $65.06, up 4% from the previous close.
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What is the market telling us
Mondelez's shares are not very volatile and have had no moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 6 months ago when the stock gained 5.4% on the news that the company reported first-quarter results that surpassed Wall Street's top- and bottom-line expectations.
Revenue grew 8.2% year-over-year to $10.08 billion, beating analysts' forecasts, while adjusted earnings per share came in at $0.67, also topping estimates. A key positive for investors was the stabilization of sales volumes, which were flat compared to the same quarter last year, marking an improvement from previous declines. This suggested that the price increases driving revenue growth were not deterring customers. However, the report was mixed, as the company's adjusted EBITDA missed Wall Street's consensus, and its free cash flow margin declined significantly year-over-year. Despite these weaker points, investors appeared to focus on the headline revenue and profit beats.
Mondelez is up 21.3% since the beginning of the year, and at $65.06 per share, it is trading close to its 52-week high of $65.19 from October 2026. Investors who bought $1,000 worth of Mondelez's shares 5 years ago would now be looking at an investment worth $1,068.
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