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: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -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 -60.65 -58.11 -60.57 -63.46
Gross profit 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% 39.35% 41.89% 39.43% 36.54%
Selling, general and administrative expenses -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 -22.25 -22.27 -24.58 -22.92
Asset impairments and exit costs -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 -0.66 -1.85 -1.95 -0.22
Gain on acquisition 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 0.00 0.00 0.00 0.00
Amortization of intangible assets -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 -0.70 -0.75 -0.85 -0.64
Operating income 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% 15.74% 17.03% 12.06% 12.76%
Benefit plan non-service income (expense) -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 0.49 0.57 0.52 0.49
Interest and other expense, net -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 -3.34 -1.34 -1.44 -2.83
Gain (loss) on marketable securities 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 0.00 0.00 0.00 0.00
Earnings before income taxes 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% 12.89% 16.26% 11.15% 10.42%
Income tax provision -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 -4.71 -5.87 -5.77 -2.21
Gain (loss) on equity method investment transactions 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 6.19 5.18 2.05 1.06
Equity method investment net earnings 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 1.51 1.26 1.79 1.80
Net earnings 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% 15.88% 16.83% 9.22% 11.08%
Noncontrolling interest (earnings) losses -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 -0.04 -0.05 -0.02 -0.10
Net earnings attributable to Mondelēz International 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% 15.84% 16.79% 9.20% 10.97%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Cost of sales
Cost of sales as a percentage of net revenues exhibited notable variance across the periods. Initially, a gradual decline occurred from around -63.46% in early 2020 towards a lower point near -58.11% in Q3 2020, followed by fluctuations generally ranging between -60% and -64%. From mid-2023 onward, this ratio experienced considerable volatility, including a significant reduction to -48.87% in Q1 2024 and a steep increase to -73.91% in Q2 2025, indicating instability in production or procurement costs relative to revenue.
Gross profit
Gross profit margin inversely followed the cost of sales pattern. It strengthened from roughly 36.54% in Q1 2020 to peak near 41.89% in Q3 2020, then fluctuated downward with intermittent recoveries, maintaining between mid-30s and low 40s percentages. A marked increase was observed in early 2024, peaking at 51.13% in Q1 2024, followed by a decline and irregular movements thereafter. This suggests periods of improved production efficiency alternated with challenges affecting profitability at the gross level.
Selling, general and administrative expenses (SG&A)
SG&A expenses as a percentage of net revenues generally ranged from approximately -17.7% to -24.5%, showing moderate variability. Notably, some quarters in late 2024 and early 2025 indicated relative improvement with decreases to near -17.7%, implying efforts to control overhead and operating expenses. Yet, the trend did not demonstrate a clear direction over the full period.
Asset impairments and exit costs
This category remained a relatively small proportion of net revenues, generally under 1%, with occasional negative impacts around -2% to -2.1% in select quarters such as Q4 2020 and Q1 2022. Positive values in some quarters (e.g., Q4 2020) and return to low negative contributions highlight sporadic one-time charges impacting results unevenly.
Gain on acquisition
Gains related to acquisitions appeared sporadically and at low magnitudes, with occasional positive impacts such as 1.16% in Q4 2023. The inconsistency and limited data points reflect infrequent acquisition-related gains contributing marginally to income.
Amortization of intangible assets
This expense remained quite stable over the periods, fluctuating narrowly around -0.4% to -0.85% of net revenues, indicating consistent amortization impact on profitability without significant shifts.
Operating income
Operating income margins showed considerable variation, with values ranging from a low of around 7.3% to a high near 29.35% (Q1 2024). The margin generally oscillated between approximately 12% to 18%, with occasional dips below 10%. The strong rebound in early 2024 suggests operational efficiencies or favorable conditions temporarily boosting earnings, though this was not sustained steadily thereafter.
Benefit plan non-service income (expense)
Typically a minor positive contributor around 0.2% to 0.8%, this component was largely stable until a pronounced negative value of -2.94% in Q2 2025, indicating an unusual or one-off expense affecting profitability in that quarter.
Interest and other expense, net
Interest and other expenses fluctuated between -0.35% and -3.34% of net revenues, lacking a consistent trend. Some quarters showed notably lower net expenses (near -0.35%), while others spiked substantially (around -3.3%), signifying variable financing costs or other expenses influencing net results.
Gain (loss) on marketable securities
Data on gains or losses on marketable securities was limited and intermittent. A significant gain of 8.68% appeared in Q4 2022, followed by negative values in subsequent quarters, suggesting episodic investment-related results impacting overall income inconsistently.
Earnings before income taxes
EBIT margins varied substantially from about 5.85% to almost 28.87%. While generally fluctuating around 12%-17%, peaks in Q4 2023 and Q1 2024 indicate periods of enhanced profitability before taxes. The variability mirrors operating income trends and other income or expense elements.
Income tax provision
The income tax provision percentage showed notable oscillations, ranging mostly between approximately -1.65% and -7.18%, with no clear linear trend. Some quarters reflected higher tax impacts, potentially linked to volatility in pre-tax earnings.
Gain (loss) on equity method investment transactions
This line item demonstrated irregular gains and losses over the periods, ranging from modest positive values (e.g., 7.56% in Q2 2021) to notable negative impacts (e.g., -7.16% in Q1 2024). The inconsistency indicates varying outcomes from equity investments, contributing unpredictably to earnings.
Equity method investment net earnings
Net earnings from equity investments stayed relatively low and stable, mostly between 0.1% and 1.8% of net revenues, with a slight decreasing trend in later years, reflecting a minor but steady income component.
Net earnings
Net earnings showed marked variability, ranging from lows near 4.37% in Q1 2025 to highs around 22.79% in Q1 2023. While the margin fluctuated widely, peaks correlated with higher operating income quarters, underscoring sensitivity to shifts in operating performance and other income statement factors.
Noncontrolling interest (earnings) losses
Noncontrolling interests were minimal, generally below 0.1%, indicating limited impact from noncontrolling shareholders on earnings attributable to the company.
Net earnings attributable to Mondelēz International
This metric mirrored net earnings closely, showing similar trends and fluctuations, peaking in early 2023 and experiencing troughs in early 2025. The pattern indicates core profitability attributable to the company followed the overall earnings trajectory with minor adjustments for noncontrolling interests.