Analysis of Revenues
Revenues as Reported
Mondelēz International Inc., income statement, revenues
US$ in millions
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).
Overall, net revenues demonstrate a consistent upward trajectory from 2021 through 2025. While growth rates fluctuate across individual product categories, the aggregate revenue picture indicates positive performance over the five-year period. The most substantial revenue contributions originate from Biscuits & Baked Snacks and Chocolate, with these segments driving the majority of the overall growth.
- Biscuits & Baked Snacks
- Revenues from Biscuits & Baked Snacks exhibit a steady increase, moving from US$13,552 million in 2021 to US$18,391 million in 2025. The growth appears relatively consistent year-over-year, with a slight deceleration in the rate of increase between 2023 and 2024, followed by renewed growth in 2025. This segment consistently represents the largest portion of overall net revenues.
- Chocolate
- Chocolate revenues also show a positive trend, increasing from US$9,271 million in 2021 to US$12,696 million in 2025. The growth rate accelerated between 2022 and 2024, indicating strengthening performance in this category. Chocolate consistently ranks as the second-largest revenue contributor.
- Gum & Candy
- Gum & Candy revenues experienced growth from 2021 to 2023, rising from US$2,872 million to US$4,426 million. However, revenues plateaued in 2024 at US$4,040 million and experienced only marginal growth in 2025, reaching US$4,060 million. This suggests a potential stabilization or slowdown in the growth of this segment after a period of significant expansion.
- Beverages
- Beverages demonstrate modest revenue growth, increasing from US$1,035 million in 2021 to US$1,185 million in 2023. However, revenues declined in both 2024 (to US$1,096 million) and 2025 (to US$1,006 million), indicating a potential contraction in this segment. This is the only segment to show an overall decline over the period.
- Cheese & Grocery
- Cheese & Grocery revenues experienced a slight decrease between 2021 and 2022, but then demonstrated growth, increasing from US$1,890 million in 2022 to US$2,384 million in 2025. This segment represents a smaller, but growing, portion of overall net revenues.
- Net Revenues – Overall Trend
- Net revenues increased from US$28,720 million in 2021 to US$38,537 million in 2025. The largest year-over-year increase occurred between 2022 and 2023 (US$4,520 million), while the increase between 2024 and 2025 was more moderate (US$1,100 million). This suggests that while overall growth remains positive, the rate of growth may be moderating.