ADDED
At January 30, 2026, there were 1,281,845,669 shares of the registrant s Class A Common Stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations: 32 Recent Developments and Significant Items 32 Business Trends 35 Non-GAAP Financial Measures 37 Items Affecting Comparability of Financial Results 38 Discussion and Analysis of Historical Results 41 Summary of Results 41 Liquidity and Capital Resources 49 Commodity Trends 51 Critical Accounting Estimates 52 Item 7A.
We are one of the world s largest snack companies with global net revenues of $38.5 billion and net earnings of $2.5 billion in 2025.
Please refer to our Sustainability and Mindful Snacking section below for additional information.
Global Operations We sell our products in over 150 countries and have operations in approximately 80 countries, including 145 principal manufacturing and processing facilities across 49 countries.
The portion of our net revenues generated outside the United States was 75.8% in 2025, 74.0% in 2024 and 73.4% in 2023.
Research, Development and Innovation Our innovation and new product development objectives include growth through new products, superior consumer satisfaction, reduced production costs and continuous improvement in food safety and quality.
These bundles enhance our portfolio to address evolving consumer preferences, market trends and nutritional needs, as well as reduce our environmental impact.
In 2025, we further enhanced these capabilities through the expansion of our R D Innovation and Consumer Research Centers as well as collaborative programs that support early-stage ideation and experimentation to challenge traditional product development.
We work to introduce new varieties of our core products, including new taste or nutrition profiles that cater to evolving consumer preferences, such as the launch of co-branded chocolate innovations combining Biscoff with Cadbury Dairy Milk, Milka and other key brands in Europe as well as zero sugar Bournvita in India.
REMOVED
At January 31, 2025, there were 1,293,525,167 shares of the registrant s Class A Common Stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations: 32 Recent Developments and Significant Items Affecting Comparability 32 Financial Outlook 35 Summary of Results 36 Discussion and Analysis of Historical Results 37 Liquidity and Capital Resources 54 Commodity Trends 56 Non-GAAP Financial Measures 57 Critical Accounting Estimates 60 Item 7A.
We are one of the world s largest snack companies with global net revenues of $36.4 billion and net earnings of $4.6 billion in 2024.
Please see our Sustainability and Mindful Snacking section below.
Global Operations We sell our products in over 150 countries and have operations in approximately 80 countries, including 147 principal manufacturing and processing facilities across 46 countries.
The portion of our net revenues generated outside the United States was 74.0% in 2024, 73.4% in 2023 and 73.6% in 2022.
Research, Development and Innovation Our innovation and new product development objectives include continuous improvement in food safety and quality, growth through new products, superior consumer satisfaction and reduced production costs.
These bundles enhance our portfolio to address evolving consumer preferences and market trends, nutritional needs as well as reduce our environmental impact.
We work to introduce new varieties of our core products, including new taste or nutrition profiles that cater to evolving consumer preferences, such as the launch in the UK of Cadbury Dairy Milk MORE , a multi-dimensional tablet designed to deliver a richer, more indulgent eating experience, zero-sugar Oreo s in China and reduced sugar candies under The Natural Confectionary Company brand in Australia.
We continue to expand our portfolio of cakes and pastries in new markets and with updated formats including Milka brownies a nd Oreo cakes .