Mondelez International
MDLZ Nasdaq Packaged Foods & Meats Financials FY2016–FY2025
Mondelez International's revenue rose 5.8% to $38.5 billion in fiscal 2025. Its operating margin was 9.2%, down from 17.4% a year earlier. Free cash flow was $3.2 billion, down 8.2%. It paid out $4.9 billion in dividends and buybacks, 151% of free cash flow. The diluted share count fell 3.6%.
What Mondelez International does
Mondelēz makes and sells snacks in over 150 countries. Its main products are biscuits and baked snacks, such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop, and chocolate, such as Cadbury Dairy Milk, Milka and Toblerone. It also sells gum and candy, powdered drinks, and cheese and grocery products in some countries. It had net revenues of $38.5 billion in 2025.
It reports four regional segments: Latin America; Asia, the Middle East and Africa; Europe, the largest by revenue; and North America. Biscuits and baked snacks are its biggest category, followed by chocolate. Sales outside the United States made up 75.8% of net revenues in 2025. It sells to supermarkets, wholesalers, club and convenience stores, distributors and other food stores, and online, and no single customer made up 10% or more of revenue. Mondelēz says it competes with global, regional and local food and snack companies, new start-up brands, and retailers' own store brands.
Mondelēz had about 91,000 employees at the end of 2025, about 12,000 of them in the United States. It runs 145 main factories and processing plants in 49 countries. It buys large amounts of cocoa, dairy, wheat, oils, sugar and nuts.
- Legal name
- Mondelez International, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 4, 2026
- Accession · CIK
- 0001628280-26-005345
0001103982
Revenue and margins
Mondelez International had $38.5B of revenue in fiscal 2025, up 5.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 6.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.2B in fiscal 2025, 8.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Mondelez International returned $4.9B to shareholders in fiscal 2025, 151% of free cash flow. The diluted share count fell 3.6%.
Value Mondelez International yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$19.0B and divides by 1,298.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 31.6x · peers 23.6x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Mondelez International can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.6B | $1.9B | $1.9B | $1.4B | $2.2B |
| Debt incl. finance leases | $19.5B | $22.9B | $19.4B | $17.7B | $21.2B |
| Net debt / EBITDA | 2.8x | 4.5x | 2.6x | 2.1x | 3.9x |
| Debt / equity | 0.7x | 0.9x | 0.7x | 0.7x | 0.8x |
| Interest coverage | 12.8x | 8.3x | 10.0x | 12.5x | 5.9x |
| Current ratio | 0.7x | 0.6x | 0.6x | 0.7x | 0.6x |
| Quick ratio | 0.5x | 0.4x | 0.4x | 0.5x | 0.4x |
| Total assets | $67.1B | $71.2B | $71.4B | $68.5B | $71.5B |
| Total liabilities | $38.8B | $44.2B | $43.0B | $41.5B | $45.6B |
| Shareholders' equity | $28.3B | $26.9B | $28.3B | $26.9B | $25.8B |
| Net debt (− = net cash) | $16.0B | $21.0B | $17.5B | $16.3B | $19.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$8.7M
3 insiders
Of sales under plans
100%
$8.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | de Put Dirk VanChief Executive Officer, Director | Sold plan | 133,580 | $64.08 | $8.6M | Form 4 |
| May 1, 2026 | Brian StevensSVP, CTR & Chief Accoun Off | Sold | 1 | $61.55 | $0.0M | Form 4 |
| Apr 30, 2026 | Brian StevensSVP, CTR & Chief Accoun Off | Sold | 63 | $61.46 | $0.0M | Form 4 |
| Feb 13, 2026 | Gustavo Carlos ValleEVP and President, Na | Sold plan | 3,000 | $62.00 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 9 | 8 / 9 | 5 / 9 |
| Accruals ratio | 0.3% | −0.4% | −3.0% |
| Altman Z'' | 2.10 | 2.44 | 1.77 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Mondelez International MDLZ | $82.0B | 5.8% | 9.2% | 8.4% | 6.0% | 31.6x | 5 | |
| Tyson Foods TSN | $20.1B | 2.1% | 2.0% | 2.2% | 2.8% | 35.0x | 4 | Compare → |
| Kraft Heinz KHC | $29.4B | −3.5% | −18.7% | 14.7% | −5.8% | — | 4 | Compare → |
| Pilgrim's Pride PPC | $6.7B | 3.5% | 8.7% | 3.5% | 20.1% | 12.2x | 4 | Compare → |
| General Mills GIS | $18.5B | −5.5% | 4.8% | 8.8% | 2.0% | — | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $25.9B | $25.9B | $25.9B | $25.9B | $26.6B | $28.7B | $31.5B | $36.0B | $36.4B | $38.5B |
| Gross profit | $10.1B | $10.0B | $10.4B | $10.3B | $10.4B | $11.3B | $11.3B | $13.8B | $14.3B | $10.9B |
| Research and development | $376M | $366M | $362M | $351M | $332M | $347M | $346M | $380M | $400M | $400M |
| Operating income | $2.6B | $3.5B | $3.3B | $3.8B | $3.9B | $4.7B | $3.5B | $5.5B | $6.3B | $3.5B |
| Interest expense | $515M | $396M | $462M | $484M | $423M | $365M | $428M | $550M | $508M | $599M |
| Pretax income | $1.5B | $3.1B | $2.8B | $3.4B | $3.4B | $4.4B | $3.2B | $5.9B | $6.3B | $3.0B |
| Income tax | $114M | $666M | $773M | $2.0M | $1.2B | $1.2B | $865M | $1.5B | $1.5B | $782M |
| Net income | $1.6B | $2.8B | $3.3B | $3.9B | $3.6B | $4.3B | $2.7B | $5.0B | $4.6B | $2.5B |
| Diluted EPS | $1.04 | $1.85 | $2.23 | $2.69 | $2.47 | $3.04 | $1.96 | $3.62 | $3.42 | $1.89 |
| Diluted shares | 1.57B | 1.53B | 1.49B | 1.46B | 1.44B | 1.41B | 1.39B | 1.37B | 1.35B | 1.30B |
| Cash flow | ||||||||||
| Cash from operations | $2.8B | $2.6B | $3.9B | $4.0B | $4.0B | $4.1B | $3.9B | $4.7B | $4.9B | $4.5B |
| Capital expenditure | $1.2B | $1.0B | $1.1B | $925M | $863M | $965M | $906M | $1.1B | $1.4B | $1.3B |
| Free cash flow | $1.6B | $1.6B | $2.9B | $3.0B | $3.1B | $3.2B | $3.0B | $3.6B | $3.5B | $3.2B |
| Depreciation and amortization | $823M | $816M | $811M | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Stock-based compensation | $140M | $137M | $128M | $135M | $126M | $121M | $120M | $146M | $147M | $114M |
| Acquisitions | $246M | $0.0M | $528M | $284M | $1.1B | $833M | $5.3B | $19.0M | $240M | $15.0M |
| Share buybacks | $2.6B | $2.2B | $2.0B | $1.5B | $1.4B | $2.1B | $2.0B | $1.5B | $2.3B | $2.4B |
| Dividends paid | $1.1B | $1.2B | $1.4B | $1.5B | $1.7B | $1.8B | $2.0B | $2.2B | $2.3B | $2.5B |
| Dividends and buybacks | $3.7B | $3.4B | $3.4B | $3.0B | $3.1B | $3.9B | $4.0B | $3.7B | $4.7B | $4.9B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.7B | $761M | $1.1B | $1.3B | $3.7B | $3.6B | $1.9B | $1.9B | $1.4B | $2.2B |
| Total debt | $17.3B | $17.7B | $18.4B | $18.5B | $20.0B | $19.5B | $22.9B | $19.4B | $17.7B | $21.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $123M | $256M | $239M | $293M | $336M | $309M | $423M |
| Current assets | $8.5B | $7.5B | $7.6B | $7.6B | $10.0B | $10.3B | $10.1B | $11.7B | $13.2B | $13.0B |
| Current liabilities | $14.4B | $15.8B | $16.7B | $15.3B | $15.2B | $14.0B | $16.7B | $19.0B | $19.5B | $21.9B |
| Inventory | $2.5B | $2.6B | $2.6B | $2.5B | $2.6B | $2.7B | $3.4B | $3.6B | $3.8B | $4.4B |
| Property and equipment, net | $8.2B | $8.7B | $8.5B | $8.7B | $9.0B | $8.7B | $9.0B | $9.7B | $9.5B | $10.7B |
| Total assets | $61.5B | $63.0B | $62.6B | $64.5B | $67.8B | $67.1B | $71.2B | $71.4B | $68.5B | $71.5B |
| Total liabilities | $36.3B | $36.9B | $37.0B | $37.2B | $40.2B | $38.8B | $44.2B | $43.0B | $41.5B | $45.6B |
| Shareholders' equity | $25.2B | $26.0B | $25.6B | $27.2B | $27.6B | $28.3B | $26.9B | $28.3B | $26.9B | $25.8B |
| Margins | ||||||||||
| Gross margin | 39.0% | 38.8% | 39.9% | 40.0% | 39.3% | 39.2% | 35.9% | 38.2% | 39.1% | 28.4% |
| Operating margin | 9.9% | 13.4% | 12.8% | 14.9% | 14.5% | 16.2% | 11.2% | 15.3% | 17.4% | 9.2% |
| EBITDA margin | 13.0% | 16.5% | 15.9% | 18.9% | 18.7% | 20.1% | 14.7% | 18.7% | 21.0% | 12.7% |
| Net margin | 6.3% | 10.9% | 12.8% | 15.2% | 13.4% | 15.0% | 8.6% | 13.8% | 12.7% | 6.4% |
| FCF margin | 6.2% | 6.1% | 11.0% | 11.8% | 11.7% | 11.1% | 9.5% | 10.0% | 9.7% | 8.4% |
| Returns | ||||||||||
| Return on capital | — | 6.5% | 5.6% | 8.8% | 5.6% | 7.7% | 5.6% | 8.7% | 10.9% | 6.0% |
| Return on capital employed | 5.2% | 7.4% | 7.1% | 8.1% | 7.6% | 8.8% | 6.6% | 10.3% | 12.5% | 7.2% |
| Return on equity | 6.2% | 11.1% | 12.9% | 14.9% | 13.0% | 15.4% | 9.9% | 18.0% | 16.7% | 9.3% |
| Return on assets | 2.6% | 4.5% | 5.3% | 6.2% | 5.4% | 6.4% | 3.9% | 7.0% | 6.6% | 3.5% |
| Growth | ||||||||||
| Revenue growth | −12.5% | −0.1% | 0.2% | −0.3% | 2.8% | 8.1% | 9.7% | 14.4% | 1.2% | 5.8% |
| Net income growth | −77.5% | 73.0% | 17.3% | 18.5% | −9.5% | 21.0% | −36.8% | 82.5% | −7.0% | −46.8% |
| EPS growth | −76.6% | 77.9% | 20.5% | 20.6% | −8.2% | 23.1% | −35.5% | 84.7% | −5.5% | −44.7% |
| FCF growth | −27.1% | −2.2% | 80.7% | 6.6% | 2.0% | 2.4% | −5.5% | 20.0% | −2.2% | −8.2% |
| Share count change | −3.9% | −2.7% | −2.9% | −1.9% | −1.2% | −1.9% | −2.0% | −1.1% | −1.7% | −3.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.6x | 4.0x | 4.2x | 3.5x | 3.3x | 2.8x | 4.5x | 2.6x | 2.1x | 3.9x |
| Debt / equity | 0.7x | 0.7x | 0.7x | 0.7x | 0.7x | 0.7x | 0.9x | 0.7x | 0.7x | 0.8x |
| Interest coverage | 5.0x | 8.7x | 7.2x | 7.9x | 9.1x | 12.8x | 8.3x | 10.0x | 12.5x | 5.9x |
| Current ratio | 0.6x | 0.5x | 0.5x | 0.5x | 0.7x | 0.7x | 0.6x | 0.6x | 0.7x | 0.6x |
| Quick ratio | 0.4x | 0.3x | 0.3x | 0.3x | 0.5x | 0.5x | 0.4x | 0.4x | 0.5x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.7% | 3.9% | 4.2% | 3.6% | 3.3% | 3.4% | 2.9% | 3.1% | 3.8% | 3.3% |
| Stock comp / revenue | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% |
| Payouts / FCF | 228.9% | 213.6% | 118.4% | 99.4% | 98.9% | 123.9% | 133.3% | 102.9% | 132.9% | 150.6% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 5.0 | 6.0 | 9.0 | 5.0 | 7.0 | 5.0 | 8.0 | 8.0 | 5.0 |
| Altman Z'' | 1.5 | 1.4 | 1.4 | 1.7 | 2.0 | 2.4 | 1.8 | 2.1 | 2.4 | 1.8 |
| Accruals ratio | −1.9% | 0.4% | −1.0% | −0.1% | −0.6% | 0.2% | −1.7% | 0.3% | −0.4% | −3.0% |
Source: SEC EDGAR XBRL filings (CIK 0001103982). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.