Mondelez International Inc.
MDLZFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$9.7B
Q1 2026 · +3% YoY
TTM ROIC
5.7%
FY2025 · NOPAT / Invested Capital (goodwill-inclusive); NOPAT = Adjusted Operating Income × (1 - effective tax rate) · WACC ~5.2% · Moat spread +0.5pp
Financial Snapshot
ticker: MDLZ step: 04 generated: 2026-05-12 source: quick-research
Mondelez International (MDLZ) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $31.5B | $36.0B | $36.4B | $38.5B | +5.8% |
| Organic Revenue Growth | +12.4% | +14.7% | +4.3% | +4.3% | |
| Gross Margin | 37.3% | 38.6% | 39.1% | 28.4% | |
| Operating Margin | 14.6% | 16.3% | 17.4% | 9.2% | |
| Net Income | $2.7B | $4.9B | $4.6B | $2.5B | -45% |
| Adjusted EPS | $2.95 | $3.42 | $3.50 | $2.65 | -24% |
Record cocoa costs (peaked $10.75/kg Jan 2025) collapsed gross margin >10 pp + halved EPS in 2025. Volume -3.7% as pricing +8%; classic CPG pass-through dynamic.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | $4.9B |
| Free Cash Flow | $3.5B |
| FCF Margin | ~9.7% |
| Cash & Equivalents | ~$1.4B |
| Total Debt | ~$22B |
| Net Debt/EBITDA | ~2.8x (elevated post cocoa hit) |
Key Ratios (approximate)
- P/E: ~35x GAAP / ~25x Adj | EV/EBITDA: ~16x | FCF Yield: ~3.9%
- Revenue Growth (TTM): ~6% | Op Margin: ~9% (cocoa-distorted)
- Dividend Yield: ~2.5% | Forward P/E: ~22x
Growth Profile
Long-term mid-single-digit organic growth model (4-6% range) driven by emerging markets + chocolate brand investment. 2024-25 was a cocoa-cost shock cycle; 2026 transition year as cocoa hedges roll off. AMEA region +11.3% organic + India/Brazil +6%+ illustrate emerging markets engine. Long-term TAM remains favorable.
Forward Estimates
- FY 2026: flat-to-+2% organic revenue growth (cautious guidance); $3B+ FCF; cocoa hedges still elevated
- FY 2027: bull thesis = lower cocoa costs flow through → significant margin recovery + adj EPS ~$3.50+
- 2026 brand investment elevated to revive volume; emerging markets remain growth engine
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MDLZ.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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