Common-Size Income Statement
Quarterly Data
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Mondelēz International Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Mondelēz International Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- The cost of sales as a percentage of net revenues exhibited notable volatility across the periods under review. Initially, the ratio showed a decreasing trend from -63.46% in Q1 2020 to -58.11% in Q3 2020, suggesting improving cost efficiencies. However, it rose again toward the end of 2020 and fluctuated thereafter, reaching an unusually low ratio of -48.87% in Q1 2024 before surging to a high of -73.91% by Q1 2025. Such fluctuations indicate variable input costs or changing product mix impacting cost structures considerably over time.
- Gross Profit
- Gross profit margin mirrored the inverse trend of the cost of sales, increasing from 36.54% in Q1 2020 to reach a peak of 41.89% in Q3 2020. This was followed by moderate declines and subsequent oscillations, including a marked increase to 51.13% in Q1 2024, which aligns with the significant drop in cost of sales ratio at that time. By Q1 2025, gross profit declined sharply to 26.09%, reflecting increased cost pressures or reduced pricing power.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses maintained a more stable pattern relative to cost of sales but still showed variability, ranging approximately between -17.71% and -24.58% of net revenues. A distinct drop was observed around Q3 2024 at -17.71%, possibly indicating cost control initiatives. Conversely, peaks close to -24.58% appeared in mid-2020 and late 2022, potentially reflecting increased operational spending or investments during those periods.
- Asset Impairments and Exit Costs
- This category was generally a small negative impact on net revenues, with periodic spikes in impairment costs occurring irregularly. A notable positive deviation occurred in Q4 2020 (0.97%), which might indicate one-time recoveries. Overall, impairments remained a minor but fluctuating expense component.
- Gain on Acquisition
- Gains from acquisitions were sporadic and minimal, with small positive entries recorded in Q2 2021, Q4 2021, and Q1 2023, and mostly zeros or missing data at other times. The largest gain was 1.16% in Q1 2023, indicating occasional benefits from acquisition activity but with limited consistency.
- Amortization of Intangible Assets
- This expense remained relatively stable and low, consistently around -0.4% to -0.85% of net revenues throughout the periods, reflecting steady amortization charges without significant fluctuations.
- Operating Income
- Operating income showed variability in line with gross profit and expense fluctuations, with margins ranging from a low of 7.3% in Q1 2025 to a high of 29.35% in Q1 2024. Peaks in operating income frequently coincided with periods of reduced cost of sales ratios, highlighting sensitivity of profitability to cost changes. Overall, operating margins demonstrate cyclical highs and lows but with a tendency to recover post each dip.
- Benefit Plan Non-Service Income
- This line item was a small positive contributor, showing modest increases early in the period followed by some decline after 2021. It remained under 1.0%, implying a steady but limited impact on overall profitability.
- Interest and Other Expense, Net
- Interest and other expenses generally ranged between -0.35% and -3.34%, with a notable decrease in mid-2021 suggesting reduced financing costs or improved capital structure during that time. However, the expense rose again in early 2025, reflecting increased financial charges or other costs.
- Gain (Loss) on Marketable Securities
- This item included infrequent but large impacts, such as a significant gain of 8.68% in Q4 2022, followed by losses in subsequent periods. Such fluctuations suggest one-off investment valuation changes impacting net income unpredictably.
- Earnings Before Income Taxes
- EBIT margins followed patterns similar to operating income but exhibited slightly higher volatility, with peaks at 28.87% in Q1 2024 and lows of 5.85% in Q1 2025. These changes track with operating income but also incorporate effects of non-operating gains and expenses.
- Income Tax Provision
- The income tax provision as a percentage of net revenues was inconsistent, fluctuating between roughly -1.65% and -7.18%. There was no clear upward or downward trend, implying variable effective tax rates or differing taxable income levels across quarters.
- Gain (Loss) on Equity Method Investment Transactions
- This category showed sporadic gains and losses, with notable peaks such as 7.56% in Q2 2021 and 5.31% in Q1 2023, interspersed with negative values, including -7.16% in Q1 2024. The volatility indicates irregular financial impacts from equity investments affecting earnings unpredictably.
- Equity Method Investment Net Earnings
- Net earnings from equity method investments showed a gradual decline over time, from about 1.8% early in 2020 to near 0.17% by Q1 2025. This trend suggests diminishing contribution or profitability from equity investments.
- Net Earnings
- Net earnings margins demonstrated a cyclical pattern with highs reaching 22.79% in Q1 2023 and lows at 4.37% in Q1 2025. The fluctuations generally corresponded to variability in operating income, gains on securities, and equity investments, highlighting sensitivity of overall profitability to several income and expense drivers.
- Noncontrolling Interest
- The noncontrolling interest remained a minor negative factor, close to zero across most periods, indicating minimal impact on consolidated net earnings.
- Net Earnings Attributable to Mondelēz International
- Attributable net earnings closely followed the total net earnings trend, displaying pronounced peaks and troughs akin to the overall net earnings, confirming that fluctuations primarily affected the parent company’s net income. The highest margin was 22.7% in Q1 2023, with a decreasing trend towards 4.32% in Q1 2025.