Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

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Analysis of Revenues

Microsoft Excel

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Revenues as Reported

Mondelēz International Inc., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Beverages
Cheese & Grocery
Net revenues

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.