Initial Reaction: Positive Heading into the print, our conversations suggested that while there were some concerns around shifts in the cost trajectory, MDLZ remained one of the more well liked names across Packaged Food given improving organic sales growth coupled with the potential for strong EPS growth in '27. Against that backdrop, we think the print will be viewed favorably as the company delivered a solid beat driven by better top line growth, stronger GM, and a benefit from a lower tax rate. From a g ...