v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
Note 14. Segment Reporting

We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, meals and beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.

Our operations and management structure are organized into four operating segments which are also our reportable segments:
    • Latin America
    • AMEA
    • Europe
    • North America

Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segments. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM.

Our segment net revenue, significant segment expenses and operating income by reportable segment were as follows:
 Three Months Ended June 30, 2026
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,374 $1,971 $3,377 $2,633 $9,355 
Segment cost of sales(903)(1,291)(2,361)(1,641)(6,196)
Segment selling, general and administrative expenses (1)
(305)(426)(634)(561)(1,926)
Segment operating income$166 $254 $382 $431 1,233 
Mark-to-market gains from derivatives
827 
General corporate expenses(88)
Amortization of intangible assets(26)
Operating income$1,946 
 Three Months Ended June 30, 2025
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$1,194 $1,821 $3,412 $2,557 $8,984 
Segment cost of sales(807)(1,189)(2,343)(1,615)(5,954)
Segment selling, general and administrative expenses (1)
(254)(361)(555)(488)(1,658)
Segment operating income$133 $271 $514 $454 1,372 
Mark-to-market losses from derivatives
(93)
General corporate expenses(69)
Amortization of intangible assets(38)
Operating income$1,172 
 Six Months Ended June 30, 2026
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$2,722 $4,275 $7,248 $5,190 $19,435 
Segment cost of sales(1,814)(2,853)(5,258)(3,275)(13,200)
Segment selling, general and administrative expenses (1)
(593)(842)(1,314)(1,100)(3,849)
Segment operating income$315 $580 $676 $815 2,386 
Mark-to-market gains from derivatives
554 
General corporate expenses(134)
Amortization of intangible assets(53)
Gain on divestiture
1 
Operating income$2,754 
 Six Months Ended June 30, 2025
 (in millions)
Latin AmericaAMEAEuropeNorth AmericaTotal
Net revenues
$2,397 $3,837 $6,962 $5,101 $18,297 
Segment cost of sales(1,622)(2,459)(4,884)(3,198)(12,163)
Segment selling, general and administrative expenses (1)
(503)(764)(1,102)(964)(3,333)
Segment operating income$272 $614 $976 $939 2,801 
Mark-to-market losses from derivatives
(762)
General corporate expenses(112)
Amortization of intangible assets(75)
Operating income$1,852 
(1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses.
Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
 (in millions)
Depreciation expense (2):
Latin America$43 $35 $84 $69 
AMEA45 43 90 84 
Europe83 79 166 150 
North America45 45 89 88 
  Corporate
11 10 21 21 
Total depreciation expense$227 $212 $450 $412 
(2) Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the condensed consolidated statements of cash flows for total depreciation and amortization expenses.


 Six Months Ended
June 30,
 20262025
 (in millions)
Capital expenditures:
Latin America$(153)$(82)
AMEA(106)(124)
Europe(286)(235)
North America(104)(134)
   Corporate
(5)(7)
Total capital expenditures$(654)$(582)
Disaggregation of Net Revenue
Net revenues by product category, reflecting our current segment structure for all periods presented, were:

For the Three Months Ended June 30, 2026
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$343 $735 $1,311 $2,346 $4,735 
Chocolate372 742 1,517 90 2,721 
Gum & Candy436 282 152 197 1,067 
Beverages
84 115 27 — 226 
Meals
139 97 370 — 606 
Total net revenues$1,374 $1,971 $3,377 $2,633 $9,355 
For the Three Months Ended June 30, 2025(3)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$295 $686 $1,289 $2,294 $4,564 
Chocolate345 657 1,589 81 2,672 
Gum & Candy361 261 146 182 950 
Beverages
79 122 26 — 227 
Meals
114 95 362 — 571 
  Total net revenues
$1,194 $1,821 $3,412 $2,557 $8,984 
For the Six Months Ended June 30, 2026
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks$644 $1,551 $2,523 $4,560 $9,278 
Chocolate803 1,694 3,620 207 6,324 
Gum & Candy835 557 306 423 2,121 
Beverages172 269 60 — 501 
Meals
268 204 739 — 1,211 
  Total net revenues
$2,722 $4,275 $7,248 $5,190 $19,435 
For the Six Months Ended June 30, 2025 (3)
Latin
America		AMEAEuropeNorth
America		Total
(in millions)
Biscuits & Baked Snacks
$582 $1,422 $2,377 $4,506 $8,887 
Chocolate714 1,430 3,529 189 5,862 
Gum & Candy701 504 308 406 1,919 
Beverages175 286 63 — 524 
Meals
225 195 685 — 1,105 
Total net revenues$2,397 $3,837 $6,962 $5,101 $18,297 
(3)During the first quarter of 2026, we realigned some of our products between our biscuits & baked snacks and chocolate categories in the North America segment; as such, we reclassified $11 million and $19 million of product category net revenues from biscuits & baked snacks to chocolate for the three and six months ended June 30, 2025, respectively, on a basis consistent with the 2026 presentation.