Mondelez International
MDLZ · NasdaqFood and Kindred Products · Fiscal year ends Dec 31
Mondelez International reported revenue of $38.5B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was $3.5B, an operating margin of 9.2%, and net income was $2.5B. Operating cash flow of $4.5B less capital expenditure of $1.3B left free cash flow of $3.2B. Net debt was $17.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $28.7B | $31.5B | $36B | $36.4B | $38.5B |
| Cost of revenue | $17.5B | $20.2B | $22.3B | $22.2B | $27.6B |
| Gross profit | $11.3B | $11.3B | $13.8B | $14.3B | $10.9B |
| Research & development | $347M | $346M | $380M | $400M | $400M |
| Selling, general & admin | $6.3B | $7.4B | $8B | $7.4B | $7.2B |
| Operating income | $4.7B | $3.5B | $5.5B | $6.3B | $3.5B |
| Interest expense | $365M | $428M | $550M | $508M | $599M |
| Pre-tax income | $4.4B | $3.2B | $5.9B | $6.3B | $3B |
| Income tax | $1.2B | $865M | $1.5B | $1.5B | $782M |
| Net income | $4.3B | $2.7B | $5B | $4.6B | $2.5B |
| Diluted EPS | 3.04 | 1.96 | 3.62 | 3.42 | 1.89 |
| Diluted shares | 1,413M | 1,385M | 1,370M | 1,347M | 1,298M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.6B | $1.9B | $1.9B | $1.4B | $2.2B |
| Receivables | $2.3B | $3.1B | $3.6B | $3.9B | $3.9B |
| Inventory | $2.7B | $3.4B | $3.6B | $3.8B | $4.4B |
| Current assets | $10.3B | $10.1B | $11.7B | $13.2B | $13B |
| Goodwill | $22B | $23.5B | $23.9B | $23B | $24.3B |
| Total assets | $67.1B | $71.2B | $71.4B | $68.5B | $71.5B |
| Payables | $6.7B | $7.6B | $8.3B | $9.4B | $10.1B |
| Current liabilities | $14B | $16.7B | $19B | $19.5B | $21.9B |
| Short-term debt | $216M | $2.3B | $420M | $71M | $2.7B |
| Long-term debt | $17.6B | $20.3B | $16.9B | $15.7B | $17.2B |
| Total liabilities | $38.8B | $44.2B | $43B | $41.5B | $45.6B |
| Shareholders' equity | $28.3B | $26.9B | $28.3B | $26.9B | $25.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.1B | $3.9B | $4.7B | $4.9B | $4.5B |
| Capital expenditure | $965M | $906M | $1.1B | $1.4B | $1.3B |
| Free cash flow | $3.2B | $3B | $3.6B | $3.5B | $3.2B |
| Depreciation & amortisation | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Stock-based compensation | $121M | $120M | $146M | $147M | $114M |
| Acquisitions | $833M | $5.3B | −$19M | $240M | $15M |
| Share buybacks | $2.1B | $2B | $1.5B | $2.3B | $2.4B |
| Dividends paid | $1.8B | $2B | $2.2B | $2.3B | $2.5B |
| Dividend per share | – | 1.47 | 1.62 | 1.79 | 1.94 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.7% | 14.4% | 1.2% | 5.8% |
| Operating income growth (YoY) | – | −24.0% | 55.7% | 15.3% | −44.1% |
| EPS growth (YoY) | – | −35.5% | 84.7% | −5.5% | −44.7% |
| Gross margin | 39.2% | 35.9% | 38.2% | 39.1% | 28.4% |
| Operating margin | 16.2% | 11.2% | 15.3% | 17.4% | 9.2% |
| Net margin | 15.0% | 8.6% | 13.8% | 12.7% | 6.4% |
| Return on equityBlank when equity is negative | 15.2% | 10.1% | 17.5% | 17.1% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.8% | 6.5% | 10.5% | 13.0% | 7.1% |
| Free cash flow margin | 11.1% | 9.5% | 10.0% | 9.7% | 8.4% |
| Cash conversion (CFO ÷ net income) | 0.96x | 1.44x | 0.95x | 1.06x | 1.84x |
| Receivable days | 30 | 36 | 37 | 39 | 37 |
| Inventory days | 57 | 61 | 59 | 63 | 58 |
| Payable days | 141 | 137 | 136 | 155 | 134 |
| Interest cover | 12.7x | 8.26x | 10.0x | 12.5x | 5.92x |
| Debt ÷ equity | 0.63x | 0.84x | 0.61x | 0.58x | 0.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $14.2B | $20.6B | $15.4B | $14.3B | $17.7B |
| Current ratio | 0.74x | 0.60x | 0.62x | 0.68x | 0.59x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.