# Mondelez International Inc. (MDLZ) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MDLZ/thesis · /stocks/MDLZ/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MDLZ/fundamental

## Navigation

- Overview: /stocks/MDLZ
- Financials (this page): /stocks/MDLZ/financials
- Thesis: /stocks/MDLZ/thesis
- Investment Memo: /stocks/MDLZ/memo
- Coverage universe: /stocks