The 2025 Fortune Global 500 list is released: PepsiCo and Coca-Cola climb in ranking; Nestlé and Unilever stabilize; Mondelēz, Anheuser-Busch, and Starbucks see changes; formerly prominent giants remain absent from the list.

Since 2023, only three companies have consistently appeared on this list: Nestlé S.A., PepsiCo, Inc., and Mondelēz International. Among them, PepsiCo is the sole company whose ranking has risen while both revenue and profit increased. Its portfolio includes brands such as Pepsi-Cola, 7UP, Lay’s, and Quaker. Nestlé remains the largest packaged food and beverage company globally and continues to rank among the ‘Top 100’. This year, it slipped one place to No. 97, with revenue rising marginally by 0.2% year-on-year to USD 103.7495 billion—the highest in 14 years—while profit declined by 0.9% to USD 12.361 billion. Last year, Nestlé faced headwinds at the start, encountering sales pressure. Although conditions improved somewhat in Q2, the company lowered its full-year sales growth target, weighing on its stock price. By Q3, the world’s largest food and beverage company underwent a leadership change. Under new CEO Laurent Freixe, Nestlé has prioritized sustainable growth in revenue and market share, pledging strategic investments in key brands and critical innovations. Simultaneously, the company is reassessing several businesses—including bottled water and vitamins, minerals, and supplements (VMS). PepsiCo ranks second on this sub-list, climbing eight places to No. 115. Its listed revenue rose slightly by 0.4% to USD 91.854 billion, while profit grew 5.6% year-on-year to USD 9.578 billion. “Our business remained resilient throughout 2024,” said Ramon Laguarta, Chairman and CEO of PepsiCo, in announcing its 2024 annual report. “Our multi-year productivity program enabled us to invest in our business and improve gross margin, operating margin, and earnings per share in 2024.” Next is Mondelēz International, whose latest ranking fell 14 places to No. 436. Its listed revenue rose 1.2% to USD 36.441 billion, but profit declined 7% to USD 4.611 billion. Last year, an unprecedented surge in cocoa prices pressured Mondelēz’s costs—cocoa being a key ingredient in Oreo cookies and numerous chocolate products. To absorb cost pressures, Mondelēz raised prices—but sales volume declined. With cocoa prices remaining at historic highs, Mondelēz forecasts a 10% decline in full-year 2025 EPS and organic net revenue growth of approximately 5%. “We remain focused on executing our long-term growth strategy and navigating the unprecedented cocoa cost inflation in our chocolate business. Our team is agile and capable of taking necessary actions to respond to this challenging operating environment,” said Dirk Van de Put, CEO of Mondelēz International. It should be noted that Mars, Inc.—a family-owned enterprise with businesses spanning snacks and pet food—has traditionally opted out of participating in the Fortune Global 500 rankings. Yet its massive scale would easily qualify it for inclusion, placing it between PepsiCo and Mondelēz International. As previously reported by Xiaoshidai (a food industry media outlet), Mars’ net sales last year totaled USD 54.6 billion. By this calculation, Mars would rank No. 267 on this year’s list—immediately behind Pinduoduo and on par with Performance Food Group, a food distributor reporting USD 54.681 billion in revenue.

Q3 2024: Analysis of financial performance, current status, and challenges facing global retail industry giants—including Nestlé, PepsiCo, Procter & Gamble, Unilever, Coca-Cola, Mars, and Mondelēz International.

Although privately held Mars does not publicly disclose its financial results, it commands a significant share of the confectionery and chocolate industry. According to the latest data published by Candy Industry magazine, Mars’ annual net confectionery sales reached USD 22 billion, ranking second on the ‘2024 Top 100 Global Confectionery Companies’ list—just behind Mondelēz International. In 2024, Mars completed a major acquisition by entering into an agreement to acquire Kellanova. Under the terms, Mars will acquire all outstanding Kellanova shares for USD 83.50 per share in cash, for a total transaction value of approximately USD 35.9 billion. The deal is expected to close in the first half of 2025, subject to approval by Kellanova shareholders and other customary closing conditions—including regulatory approvals. Through this acquisition, Mars aims to further expand its footprint in the snack market and accelerate its global expansion strategy. Mars announced this acquisition on August 14, 2024. This transaction is expected to have far-reaching implications for the global snack and food markets. Kellanova owns numerous well-known brands, including Pringles potato chips, Kellogg’s breakfast cereals, and MorningStar Farms plant-based foods. Mondelēz International Mondelēz International’s Q3 2024 Earnings Report (detailed in another article) In Q3 2024, Mondelēz achieved 1.9% net revenue growth and 5.4% organic net revenue growth, reflecting robust global growth momentum. Despite challenges posed by foreign exchange volatility and market fluctuations, Mondelēz maintained healthy growth… Net Revenue: Q3 net revenue reached USD 9.204 billion, up 1.9% year-on-year. Organic Net Revenue Growth: Grew 5.4%, driven primarily by pricing strategies and product portfolio optimization. In 2023, Mondelēz’s net revenue totaled USD 36.016 billion, up 14.7% year-on-year. In H1 2024, net revenue amounted to USD 17.633 billion, while net profit stood at USD 2.019 billion—a 33.37% decline year-on-year. Mondelēz faces growth headwinds, yet the Chinese market remains critically important. The company plans to increase investment in product innovation and market expansion. The sharp decline in Mondelēz’s H1 2024 net profit may stem partly from global supply chain disruptions and rising raw material costs—as well as broader factors including market shifts, cost inflation, intensifying competition, and internal management issues. For specifics, please refer to official disclosures. Danone Group On October 24, Danone released its Q3 2024 financial results, reporting Q3 sales of EUR 6.826 billion, up 4.2% year-on-year. Of this growth, volume and mix contributed 3.6%, while pricing contributed 0.7%. Sales for the first nine months of 2024 totaled EUR 20.575 billion, up 4.1% year-on-year.

Mondelez tops third-quarter profit estimates on easing cost pressures

18 hours ago

Mondelez International beat Q3 profit estimates driven by lower cocoa costs from a global surplus, while announcing an acquisition of Undercover Snacks to expand its snack portfolio despite soft North American consumer confidence.

reuters

2026-10-29

Mondelez tops third-quarter profit estimates on easing cost pressures

Mondelez tops third-quarter profit estimates on easing cost pressures

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