Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Common-Size Income Statement 
Quarterly Data

Mondelēz International Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Net revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -72.19 -71.84 -73.19 -67.31 -73.91 -61.36 -67.42 -66.47 -48.87 -62.74 -61.30 -60.57 -62.40 -64.63 -66.34 -63.69 -61.58 -63.01 -60.68 -60.39 -59.02
Gross profit 27.81% 28.16% 26.81% 32.69% 26.09% 38.64% 32.58% 33.53% 51.13% 37.26% 38.70% 39.43% 37.60% 35.37% 33.66% 36.31% 38.42% 36.99% 39.32% 39.61% 40.98%
Selling, general and administrative expenses -19.01 -18.50 -18.42 -19.20 -18.37 -20.62 -17.71 -22.67 -20.86 -24.25 -22.36 -21.97 -20.24 -24.51 -24.27 -23.04 -21.81 -21.81 -19.99 -23.98 -21.61
Asset impairments and exit costs -0.53 -0.38 -0.42 -0.02 -0.02 -0.90 -1.91 -0.18 -0.51 -0.96 -0.64 -0.27 -0.51 -0.85 -0.23 -0.08 -2.11 0.97 -0.86 -2.02 -1.24
Gain on divestiture 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gain on acquisition 0.00 0.12 0.00 0.00 0.00 0.04 0.00 0.00 0.00 1.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.12
Amortization of intangible assets -0.27 -0.33 -0.33 -0.42 -0.40 -0.40 -0.43 -0.44 -0.41 -0.40 -0.42 -0.43 -0.43 -0.41 -0.41 -0.44 -0.41 -0.42 -0.45 -0.48 -0.53
Operating income 8.02% 9.07% 7.64% 13.05% 7.30% 16.77% 12.53% 10.24% 29.35% 12.81% 15.27% 16.75% 16.42% 9.59% 8.75% 12.74% 14.09% 15.72% 18.02% 13.13% 17.73%
Benefit plan non-service income (expense) 0.31 0.20 -0.28 -2.94 0.19 0.21 0.27 0.34 0.25 0.24 0.21 0.26 0.21 0.28 0.39 0.41 0.43 0.37 0.52 0.81 0.61
Interest and other expense, net -0.63 -0.51 -0.23 -0.59 -1.64 -0.35 -0.50 -0.38 -0.73 -0.56 -0.73 -1.14 -1.04 -0.99 -0.91 -1.35 -2.16 -1.16 -1.14 -0.87 -3.01
Gain (loss) on marketable securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 -2.22 8.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings before income taxes 7.69% 8.76% 7.13% 9.52% 5.85% 16.63% 12.30% 10.19% 28.87% 12.49% 14.74% 13.65% 24.27% 8.88% 8.22% 11.81% 12.35% 14.93% 17.39% 13.07% 15.32%
Income tax provision -2.26 -2.49 -1.41 -2.56 -1.65 -2.25 -3.54 -3.54 -6.80 -2.76 -3.92 -3.15 -7.18 -3.11 -2.37 -2.76 -2.70 -3.11 -4.76 -5.99 -2.93
Gain (loss) on equity method investment transactions -0.03 0.00 1.73 0.00 0.00 3.46 -0.04 0.00 -7.16 0.00 0.01 -0.27 5.31 -0.03 -0.08 -0.11 -0.06 -0.04 3.48 7.56 -0.10
Equity method investment net earnings 0.20 0.10 0.19 0.21 0.17 0.36 0.59 0.58 0.33 0.47 0.11 0.83 0.38 0.98 1.09 1.35 1.51 1.34 1.46 1.61 1.08
Net earnings 5.60% 6.37% 7.66% 7.17% 4.37% 18.20% 9.30% 7.23% 15.24% 10.20% 10.94% 11.06% 22.79% 6.72% 6.87% 10.28% 11.09% 13.12% 17.57% 16.25% 13.37%
Noncontrolling interest (earnings) losses -0.04 -0.04 -0.03 -0.03 -0.05 -0.03 -0.03 -0.02 -0.04 0.00 -0.04 0.04 -0.09 -0.01 -0.01 -0.01 -0.08 -0.03 -0.06 -0.02 -0.10
Net earnings attributable to Mondelēz International 5.56% 6.34% 7.63% 7.13% 4.32% 18.17% 9.27% 7.20% 15.20% 10.20% 10.90% 11.10% 22.70% 6.71% 6.85% 10.27% 11.01% 13.10% 17.52% 16.23% 13.28%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

A comprehensive analysis of the common-size income statement reveals a progressive compression of profit margins over the observed period, primarily driven by a significant increase in the cost of sales relative to net revenues.

Gross Profitability and Cost Management
Cost of sales exhibited a general upward trend, increasing from approximately 59% to 60% in early 2021 to peak at 73.91% by March 2025. This trend resulted in a corresponding decline in gross profit margins, which fell from roughly 40% in 2021 to 27.81% by March 2026. A notable anomaly occurred in March 2023, where cost of sales dropped sharply to 48.87%, leading to a temporary spike in gross profit to 51.13%.
Operating Expense Trends
Selling, general, and administrative (SG&A) expenses remained relatively stable, fluctuating between 17.71% and 24.51% of net revenues. A slight improvement in efficiency is observable toward the latter half of the period, with expenses settling around 18% to 19% by 2025 and 2026, suggesting an attempt to mitigate the impact of rising production costs.
Operating Income and Margin Erosion
Operating income demonstrated significant volatility, reflecting the tension between rising cost of sales and stable operating expenses. After early peaks of approximately 18% in 2021, operating margins entered a period of instability, reaching a high of 29.35% in March 2023 before declining to a range of 7% to 9% between 2024 and 2026. This indicates a structural decline in core operational profitability.
Non-Operating Items and Net Earnings
Interest and other expenses, net, showed a general downward trend, decreasing from 3.01% in March 2021 to 0.63% by March 2026, which suggests improved debt management or lower financing costs relative to revenue. However, these gains were insufficient to offset the erosion in operating margins. Net earnings attributable to the company declined from a range of 13% to 17% in 2021 to 5.56% by March 2026, with occasional spikes caused by one-time events such as gains on marketable securities in early 2023.

Overall, the financial trajectory is characterized by increasing input costs that have significantly outpaced the company's ability to reduce operating expenses or adjust pricing, leading to a sustained contraction in net profit margins over the analyzed timeframe.

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