Kellanova vs Mondelez: Revenue, Profit and Business Model
Kellanova reported $12.7B of revenue in FY2024 and $1.3B of net income. Mondelez reported $38.5B of revenue in FY2025 and $2.5B of net income.
Latest financial snapshot
Financial summary
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers.
Mondelez
Mondelez grew net revenues from $25.9 billion in 2016 to $38.5 billion in 2025, helped by pricing, emerging-market growth and acquisitions such as Chipita, Clif Bar and Ricolino in 2022. Profit has been more volatile: net earnings fell from $4.61 billion in 2024 to $2.45 billion in 2025 as record cocoa costs squeezed margins. Q2 2026 net revenues rose 4.1% to $9.355 billion (2.2% organic growth) and net income rose to about $1.55 billion from $641 million a year earlier, and management raised its 2026 organic revenue growth outlook.
Revenue and profit by year
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | — | Source |
Mondelez
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $38.5B | $2.5B | 6.4% | +5.8% | Source |
| FY2024 | $36.4B | $4.6B | 12.7% | +1.2% | Source |
| FY2023 | $36B | $5B | 13.8% | +14.4% | Source |
| FY2022 | $31.5B | $2.7B | 8.6% | +9.7% | Source |
| FY2021 | $28.7B | $4.3B | 15.0% | +8.0% | Source |
| FY2020 | $26.6B | $3.6B | 13.4% | +2.8% | Source |
| FY2019 | $25.9B | $3.9B | 15.2% | -0.3% | Source |
| FY2018 | $25.9B | $3.3B | 12.8% | +0.2% | Source |
| FY2017 | $25.9B | $2.8B | 10.9% | -0.1% | Source |
| FY2016 | $25.9B | $1.6B | 6.3% | — | Source |
Where the revenue comes from
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Mondelez
- Biscuits and baked snacks
Revenue from brands such as Oreo, Ritz, belVita, Chips Ahoy!, LU, and Tate's.
- Chocolate
Revenue from Cadbury, Milka, Toblerone, and regional chocolate brands.
- Gum and candy
Revenue from products including Sour Patch Kids, Halls, and other confectionery brands.
- Bars and adjacent snacks
Revenue from Clif Bar and other broader snacking products.
Business model and strategy
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Mondelez
How it makes money
Mondelez manufactures and sells branded snacks: biscuits and baked snacks (Oreo, Ritz, LU, belVita, Chips Ahoy!, Tate's, 7Days), chocolate (Cadbury, Milka, Toblerone, Côte d'Or), gum and candy (Halls, Sour Patch Kids, Ricolino) and smaller beverage and cheese & grocery lines. Biscuits and chocolate generate the large majority of revenue.
Growth strategy
Management focuses on the core categories of chocolate, biscuits and baked snacks, on emerging markets (Latin America organic growth was 8.4% and AMEA 7.1% in Q2 2026), and on selective bolt-on acquisitions. At CAGNY in February 2026, CEO Dirk Van de Put said many acquisition targets had become too expensive, so M&A stays disciplined while pricing, portion-size packs and premium lines support growth.
Competitive advantage
Mondelez's advantage is brand depth plus distribution. Oreo, Cadbury and Milka are category leaders in many countries, and the company reaches traditional trade in emerging markets such as India, Brazil and Mexico where small competitors struggle to build routes to market.
Questions about Kellanova vs Mondelez
Which company has higher revenue — Kellanova or Mondelez International, Inc.?
Kellanova reported $12.7B (FY2024), while Mondelez International, Inc. reported $38.5B (FY2025). By last reported revenue, Mondelez International, Inc. is the larger business, with Kellanova reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Kellanova vs Mondelez International, Inc.?
Mondelez International, Inc. has a market capitalisation of $76.8B. A public market cap figure for Kellanova was not available (it may be privately held).
Which is more financially efficient — Kellanova or Mondelez International, Inc.?
Kellanova generates $554k / employee in revenue per employee, while Mondelez International, Inc. generates $423k / employee. Kellanova shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Kellanova and Mondelez International, Inc. make money?
Kellanova and Mondelez International, Inc. generate revenue in fundamentally different ways. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets. Mondelez International, Inc.: Mondelez manufactures and sells branded snacks: biscuits and baked snacks (Oreo, Ritz, LU, belVita, Chips Ahoy!
Is Kellanova bigger than Mondelez International, Inc.?
By last reported revenue, Mondelez International, Inc. ($38.5B (FY2025)) is the larger company compared to Kellanova ($12.7B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Kellanova vs Mondelez overview