Analysis of Inventory
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- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Inventory Disclosure
Mondelēz International Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Finished product | |||||||||||
| Inventories, gross | |||||||||||
| Inventory reserves | |||||||||||
| Inventories, net |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Over the five-year period, inventories exhibited a general upward trend, although with some fluctuations in specific components. Gross inventories increased from US$2,824 million in 2021 to US$4,419 million in 2025. This growth was primarily driven by increases in finished product inventory, while raw materials showed more moderate changes. Inventory reserves were consistently negative, representing a reduction in the overall inventory value, but information on these reserves is incomplete after 2023.
- Raw Materials
- Raw materials inventory increased from US$770 million in 2021 to US$1,031 million in 2022, representing a significant rise. However, it subsequently decreased to US$973 million in 2023 and US$958 million in 2024 before increasing again to US$1,015 million in 2025. This suggests potential volatility in raw material procurement or consumption patterns.
- Finished Product
- Finished product inventory demonstrated consistent growth throughout the period, increasing from US$2,054 million in 2021 to US$3,404 million in 2025. The rate of increase was particularly notable between 2022 and 2023, and again between 2024 and 2025. This suggests a potential increase in production outpacing sales, or a deliberate strategy to build inventory levels.
- Gross Inventories
- Gross inventories followed the trend of finished goods, increasing steadily from US$2,824 million in 2021 to US$4,419 million in 2025. The largest year-over-year increase occurred between 2021 and 2022, and again between 2024 and 2025. This overall increase indicates a growing investment in inventory.
- Inventory Reserves
- Inventory reserves, representing reductions to gross inventory value, were consistently negative, ranging from US$-116 million to US$-151 million between 2021 and 2023. No information is available for 2024 or 2025, making it difficult to assess any potential changes in the application of these reserves. The consistent negative values suggest the presence of obsolete or damaged inventory requiring write-downs.
- Net Inventories
- Net inventories, calculated as gross inventories less inventory reserves, mirrored the trend of gross inventories, increasing from US$2,708 million in 2021 to US$4,419 million in 2025. The absence of reserve information for the later years means the net inventory value for 2024 and 2025 may not fully reflect potential impairments.
The increasing trend in finished product inventory warrants further investigation to determine the underlying causes and potential implications for working capital management and profitability. The lack of recent data regarding inventory reserves introduces uncertainty into the assessment of inventory valuation.