Mondelēz is one of the world's largest snack food companies, selling chocolate, biscuits, and baked snacks in over 150 countries. Its portfolio is anchored by iconic global brands including Oreo, Ritz, Chips Ahoy!, Cadbury Dairy Milk, Milka, and Toblerone. Mondelēz sells primarily through retail — supermarkets, mass merchandisers, convenience stores, and e-commerce — with no single customer accounting for more than 10% of revenue. In the U.S., direct store delivery (DSD) is a key distribution asset in biscuits, enabling stronger shelf presence. Mondelēz organizes into four geographic segments: Europe (~35% of revenue, weighted toward chocolate), North America (~25%, primarily biscuits), AMEA (~20%, a key growth engine), and Latin America (~15%). The core business model relies on selling branded snacks at a premium to private label, with profitability driven by the spread between input costs and pricing. Cocoa is the most critical commodity and has dominated the financial story recently — prices roughly tripled from historical norms, forcing ~30% price increases in European chocolate and pressuring volumes and margins. As cocoa prices decline, Mondelēz sees margin recovery beginning in 2027 as lower-cost hedges flow through. Growth strategy centers on emerging market expansion, category adjacencies like cakes and snack bars, and brand-led innovation including celebrity collaborations and a co-branding partnership with Lotus Bakeries. Mondelēz targets $3B+ in annual free cash flow, which it deploys through dividends, buybacks, and selective bolt-on acquisitions.