Mondelez International

Mondelez International generated $36.4 billion revenue in 2024, up 1.2% with 4.3% organic growth across brands including Oreo, Cadbury, Milka, and Toblerone sold in 150+ countries. The company posted 13% adjusted EPS growth in 2024 reaching $3.36, but guided 2025 adjusted EPS down 10% despite 5% organic revenue growth forecast, entirely attributable to "unprecedented inflation in cocoa costs." Cocoa futures spiked above $10,000 per ton in 2024, more than triple historical averages, creating input cost pressure that pricing power cannot fully offset.

Like a herbivore facing sudden vegetation toxin evolution, Mondelez must adapt metabolic processes to survive environmental shock. The company's chocolate portfolio generates significant revenue concentration, making cocoa price exposure an existential threat rather than margin headwind. Management described teams as "well-equipped to stay agile and take the necessary actions to navigate this challenging operating environment," biological language for autophagy and resource reallocation. Mondelez generated $3.5 billion free cash flow in 2024 while returning $4.7 billion to shareholders, maintaining dividend commitments despite earnings pressure.

The emerging markets portfolio provides geographic diversification, with extreme pricing of $1.2 billion offsetting $1.9 billion in unfavorable currency translation. Like organisms distributing populations across varied habitats, Mondelez's presence in 150 countries creates resilience against localized disruptions. The company's scale enables procurement hedging, reformulation agility, and pricing power that smaller chocolate manufacturers lack. But 2025 performance tests whether these advantages suffice against input cost inflation that overwhelms operational efficiency, whether ecosystem dominance prevents or merely delays resource scarcity consequences.