Mondelez International, Inc. (MDLZ)
Mondelez owns global snack brands including Oreo, Cadbury, and Ritz, with strong positions in chocolate and biscuits. A large emerging-market presence exposes it to both currency swings and commodity cocoa prices.
MDLZ vs PEP: how the two businesses compare
- Bigger business: PEP, with $93.9B of yearly revenue, about 2.4× MDLZ's $38.5B.
- More profitable: PEP keeps 9 cents of each sales dollar as profit, against 6 cents at MDLZ.
- More cash from each sale: PEP turns 13 cents of each sales dollar into operating cash flow, against 12 cents at MDLZ.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
PepsiCo (PEP) is the larger business by reported revenue: $93.9B in its fiscal year ended Dec 2025, about 2.4× MDLZ's $38.5B (fiscal year ended Dec 2025). MDLZ's net margin was 6.4% and PEP's 8.8%. The SEC places them in related industries (Food and Kindred Products; Beverages), and both map to the International markets research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Different
- Separate classifications
- Different
- MDLZ December 31 · PEP December 26
- Feb 4, 2026
MDLZ vs PEP: quick comparison
| Company fact | MDLZ | PEP |
|---|---|---|
| Company | Mondelez International, Inc. | PepsiCo, Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Chicago, Illinois | Purchase, New York |
| Founded | 2012 | 1898 |
| SEC industry | Food and Kindred Products | Beverages |
| Fiscal year-end | December 31 | December 26 |
| Latest annual filing | 10-K · 2026-02-04 | 10-K · 2026-02-03 |
MDLZ vs PEP: audited financials
- Scale: PEP's $93.9B of revenue is about 2.4× MDLZ's $38.5B.
- Net margin: PEP kept 8.8% of revenue as net income versus 6.4% at MDLZ.
- Cash conversion: operating cash flow equalled MDLZ 11.7% of revenue, or 1.84× net income; PEP 12.9% of revenue, or 1.47× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end 4 days apart (2025-12-31 and 2025-12-27), so these annual figures cover close to the same months.
| Metric | MDLZ | PEP |
|---|---|---|
| Revenue | $38.5B2025-01-01 to 2025-12-31 · SEC filing | $93.9B2024-12-29 to 2025-12-27 · SEC filing |
| Net income | $2.5B2025-01-01 to 2025-12-31 · SEC filing | $8.2B2024-12-29 to 2025-12-27 · SEC filing |
| Operating cash flow | $4.5B2025-01-01 to 2025-12-31 · SEC filing | $12.1B2024-12-29 to 2025-12-27 · SEC filing |
| Diluted EPS | $1.892025-01-01 to 2025-12-31 · SEC filing | $6.002024-12-29 to 2025-12-27 · SEC filing |
| Net margin | 6.4%2025-01-01 to 2025-12-31 · SEC filing | 8.8%2024-12-29 to 2025-12-27 · SEC filing |
MDLZ: FY ending 2025-12-31 · PEP: FY ending 2025-12-27. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where MDLZ and PEP overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 20.
- Shared research theme: International markets.
- Nearly aligned fiscal calendars: MDLZ's year ends December 31 and PEP's December 26.
Differences
- Different four-digit SIC codes: MDLZ is 2000 (Food and Kindred Products); PEP is 2080 (Beverages).
- Scale: PEP reported about 2.4× the annual revenue of MDLZ.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
PepsiCo, Inc. (PEP)
PepsiCo combines a global beverage business with the Frito-Lay and Quaker snack and food franchises. The snack portfolio gives it a diversification advantage over pure-play drink companies.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves MDLZ
We have not yet published a company-specific driver list for MDLZ. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-04.
What moves PEP
We have not yet published a company-specific driver list for PEP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-03.
The investment question
You now know PEP reports about 2.4× MDLZ's revenue, and PEP keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. MDLZ's fiscal year ends December 31, while PEP's ends December 26. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 20 matched transaction rows for MDLZ and 50 matched transaction rows for PEP. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
MDLZ primary filings
PEP primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
MDLZ vs PEP FAQs
Are MDLZ and PEP direct competitors?
Not necessarily. Mondelez International files as Food and Kindred Products and PepsiCo as Beverages. The pair is compared because both map to the International markets research theme, not because the filings show head-to-head competition.
Is MDLZ or PEP the bigger company by revenue?
PepsiCo (PEP) is the larger business by reported revenue: $93.9B in its fiscal year ended Dec 2025, about 2.4× MDLZ's $38.5B (fiscal year ended Dec 2025). MDLZ's net margin was 6.4% and PEP's 8.8%. The SEC places them in related industries (Food and Kindred Products; Beverages), and both map to the International markets research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, MDLZ or PEP?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this MDLZ vs PEP comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Mondelez International, Inc. and PepsiCo, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
MDLZ vs PEP compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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