Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Mondelēz International Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The financial performance over the analyzed period is characterized by significant volatility in gross margins and operating profitability, with a notable compression of margins occurring between 2021 and 2025, followed by a sharp recovery in the second quarter of 2026.
- Gross Margin Trends
- Cost of sales exhibited an upward trend as a percentage of net revenues, rising from approximately 60% in early 2021 to peaks exceeding 73% in early 2025. This resulted in gross profit margins declining from a range of 37%–41% in 2021 to lows of 26%–28% during 2025. However, anomalous spikes in profitability were observed in March 2024 (51.13%) and a strong recovery to 42.61% by June 2026, suggesting periodic fluctuations in input costs or pricing adjustments.
- Operational Expense Management
- Selling, general and administrative (SG&A) expenses remained relatively stable, generally fluctuating between 18% and 24% of net revenues. A slight downward trend in SG&A intensity is observable from 2022 through 2025, indicating a relative improvement in operational efficiency or successful cost-containment measures despite the volatility in gross margins.
- Operating Income Volatility
- Operating income as a percentage of revenue showed high variability, directly mirroring the instability of the cost of sales. Profitability reached a peak of 29.35% in March 2024 but dropped to 7.30% by March 2025. The operating margin recovered significantly to 20.80% by June 2026, marking a return to historical performance levels seen in 2021.
- Net Earnings and Non-Operating Factors
- Net earnings attributable to the company were heavily influenced by non-operating items. Significant volatility was introduced by gains and losses on equity method investment transactions, such as a 7.56% gain in June 2021 and a 7.16% loss in March 2024. Additionally, a substantial gain on marketable securities in March 2023 (8.68%) contributed to a peak net earnings margin of 22.70% for that quarter. Interest expenses remained generally low and stable, typically ranging between 0.2% and 2.2% of net revenues.
- Overall Profitability Summary
- The bottom-line performance reflects a period of margin pressure between 2022 and 2025, where net earnings margins often dipped below 10%. The period concludes with a strong rebound in June 2026, where net earnings attributable to the company rose to 16.55%, driven by a substantial reduction in the cost of sales and a recovery in operating income.