MDLZ Q2 2026: Cocoa costs ease from peak, Europe volumes recover, new restructuring underway

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~1 min read

Key Changes

• high

  Cocoa prices have declined from prior-year peaks but remain elevated versus historical levels, easing a key input-cost headwind that drove pricing actions in 2025.

  MD&A: Cocoa cost outlook verify on EDGAR →
• high

  Europe chocolate volume declines are moderating following elevated pricing actions in the prior year, signaling easing price-elasticity pressure in the company's largest developed market.

  MD&A: Europe volume/mix trends verify on EDGAR →
• high

  New restructuring program launched Q4 2025 (primarily Europe) recorded $59M in severance/implementation costs YTD to optimize supply chain and reduce overhead, with $63M liability outstanding.

  Notes: New restructuring actions verify on EDGAR →