Mondelēz International Inc. (NASDAQ:MDLZ)

Current assets exhibited a fluctuating pattern over the five-year period. Initially, a decrease is observed from 2021 to 2022, followed by consistent increases through 2024, and a slight decrease in 2025. Adjusted current assets mirrored this trend, demonstrating similar fluctuations over the same timeframe.

Overall Trend

From 2021 to 2025, current assets increased overall from US$10,342 million to US$12,951 million, representing a net increase of approximately 25.2%. Adjusted current assets also increased over the period, moving from US$10,428 million to US$13,021 million, a net increase of roughly 24.9%.

Year-over-Year Changes

A decrease in both current and adjusted assets occurred between 2021 and 2022. Current assets declined by US$251 million, while adjusted current assets decreased by US$96 million. Subsequently, both metrics experienced growth between 2022 and 2024. Current assets increased by US$3,151 million, and adjusted current assets grew by US$3,121 million. A minor decrease was noted in the final year, with current assets falling by US$291 million and adjusted current assets decreasing by US$70 million between 2024 and 2025.

Relationship Between Metrics

The difference between current assets and adjusted current assets remained relatively consistent throughout the period, generally ranging between US$86 million and US$114 million. This suggests that the adjustments applied to current assets are systematic and do not represent substantial revisions to the underlying asset values.

The increases in both current and adjusted current assets from 2022 through 2024 may warrant further investigation to determine the underlying drivers, such as changes in inventory levels, accounts receivable, or cash holdings. The slight decline in 2025 could indicate a normalization after the period of growth or a shift in working capital management strategies.

Total assets for the period exhibited a generally stable pattern with some fluctuation. Initial growth was followed by a decline and subsequent recovery. Adjusted total assets mirrored this trend, remaining consistently close to the reported total assets throughout the observed timeframe.

Overall Trend

Total assets increased from US$67,092 million in 2021 to US$71,161 million in 2022, representing a growth of approximately 6.1%. A slight increase followed in 2023, reaching US$71,391 million. However, a decrease was noted in 2024, with total assets falling to US$68,497 million. The final year, 2025, saw a recovery, with total assets reaching US$71,487 million.

Adjusted Total Assets Trend

Adjusted total assets followed a similar trajectory to total assets. An increase from US$66,637 million in 2021 to US$70,792 million in 2022 was observed, followed by a further increase to US$71,099 million in 2023. A decline to US$68,238 million occurred in 2024, with a subsequent rise to US$71,221 million in 2025.

Relationship Between Total and Adjusted Assets

The difference between total assets and adjusted total assets remained relatively small across all years. The largest discrepancy was observed in 2021, at US$455 million, while the smallest was in 2025, at US$266 million. This suggests that the adjustments made to total assets represent a consistent, but not substantial, portion of the overall asset base.

The fluctuations in both total and adjusted assets warrant further investigation to determine the underlying causes. The decline in 2024, followed by the recovery in 2025, is a notable pattern that should be examined in the context of broader business and economic conditions.

Total liabilities exhibited an initial increase followed by a period of fluctuation and a final increase over the five-year period. Adjusted total liabilities mirrored this pattern, though with differing magnitudes of change. A detailed examination of the trends reveals specific observations regarding the company’s financial obligations.

Overall Trend in Total Liabilities

Total liabilities increased from US$38,769 million in 2021 to US$44,241 million in 2022, representing a significant rise. This was followed by a decrease to US$43,025 million in 2023 and a further decrease to US$41,539 million in 2024. However, total liabilities then increased again in 2025, reaching US$45,596 million. This suggests potential volatility in the company’s overall debt structure and other obligations.

Overall Trend in Adjusted Total Liabilities

Adjusted total liabilities followed a similar trajectory to total liabilities. An increase was observed from US$35,114 million in 2021 to US$40,640 million in 2022. Subsequent years saw a decline to US$39,542 million in 2023 and US$37,926 million in 2024. Like total liabilities, adjusted total liabilities increased in 2025, closing at US$41,942 million. The adjustments consistently result in a lower reported liability figure than the total.

Difference Between Total and Adjusted Liabilities

The difference between total liabilities and adjusted total liabilities remained relatively consistent throughout the period. In 2021, the difference was US$3,655 million. This difference fluctuated slightly over the subsequent years, ranging from US$3,600 million to US$3,654 million, indicating that the adjustments applied are consistently impacting the reported liability position by a similar amount annually. This suggests the adjustments relate to items that are regularly occurring and predictable.

Year-over-Year Changes

The largest year-over-year increase in total liabilities occurred between 2021 and 2022 (US$5,472 million). The largest decrease occurred between 2024 and 2025 (US$3,996 million). For adjusted total liabilities, the largest increase was also between 2021 and 2022 (US$5,526 million), and the largest decrease was between 2023 and 2024 (US$1,616 million). The magnitude of the changes in adjusted liabilities is generally smaller than those in total liabilities.

The fluctuations in both total and adjusted liabilities warrant further investigation to understand the underlying drivers, such as changes in debt levels, deferred revenue, or other obligations. The consistent application of adjustments suggests a deliberate accounting practice impacting the reported financial position.

Total shareholders’ equity exhibited volatility over the five-year period. Reported equity decreased from $28,269 million in 2021 to $26,883 million in 2022, then increased to $28,332 million in 2023. A subsequent decline was observed in 2024, with equity falling to $26,932 million, and continued downward in 2025, reaching $25,838 million.

Equity Trend Comparison

Adjusted total equity generally mirrored the trend of reported shareholders’ equity. It decreased from $31,523 million in 2021 to $30,152 million in 2022, increased to $31,557 million in 2023, decreased to $30,312 million in 2024, and further decreased to $29,279 million in 2025. The adjusted equity values consistently exceeded the reported shareholders’ equity values throughout the period.

The difference between reported and adjusted equity remained relatively stable, fluctuating between approximately $3,200 million and $3,700 million. This suggests the adjustments applied consistently impacted equity by a similar magnitude each year. The consistent application of these adjustments warrants further investigation to understand their nature and impact on the overall financial position.

Percentage Change Analysis (Adjusted Equity)

From 2021 to 2022, adjusted equity decreased by approximately 4.6%. From 2022 to 2023, it increased by approximately 4.7%. From 2023 to 2024, adjusted equity decreased by approximately 3.6%. Finally, from 2024 to 2025, it decreased by approximately 3.3%. The percentage changes indicate a decelerating rate of decline in the latter two years.

Overall, the trend in both reported and adjusted equity suggests a period of instability. While fluctuations occurred, a general downward trend is apparent, particularly in the most recent year presented. Further analysis is needed to determine the underlying causes of these changes and their potential implications.

Over the five-year period ending December 31, 2025, both reported and adjusted financial figures demonstrate fluctuating trends. Total reported debt increased from 2021 to 2022, then decreased through 2024 before rising again in 2025. Shareholders’ equity exhibited a similar pattern of initial decline, followed by recovery, and then a final decrease. Total reported capital mirrored these movements, peaking in 2022 and declining in 2024 before a modest increase in 2025. The adjusted figures generally follow the same directional trends as their reported counterparts, though the magnitudes of change differ.

Debt Trends

Total reported debt increased by approximately 17.5% from $19,512 million in 2021 to $22,933 million in 2022. A subsequent decrease of roughly 15.4% brought the figure down to $19,408 million in 2023. This downward trend continued with a further reduction to $17,749 million in 2024, before an increase to $21,205 million in 2025. Adjusted total debt followed a similar trajectory, with a peak in 2022 at $23,613 million and a subsequent decline to $18,544 million in 2024, concluding with a rise to $21,968 million in 2025. The adjusted debt figures are consistently higher than the reported debt figures throughout the period.

Equity Trends

Total Mondelēz International shareholders’ equity decreased from $28,269 million in 2021 to $26,883 million in 2022, representing a decline of approximately 5.2%. Equity then recovered to $28,332 million in 2023, only to fall again to $26,932 million in 2024. A further decrease was observed in 2025, with equity reaching $25,838 million. Adjusted total equity exhibited a similar pattern, starting at $31,523 million in 2021, declining to $30,152 million in 2022, recovering to $31,557 million in 2023, and then decreasing to $30,312 million in 2024, concluding at $29,279 million in 2025. The adjusted equity figures are consistently higher than the reported equity figures.

Capital Trends

Total reported capital increased from $47,781 million in 2021 to $49,816 million in 2022, a rise of approximately 4.3%. It then decreased to $47,740 million in 2023 and further to $44,681 million in 2024, before increasing slightly to $47,043 million in 2025. Adjusted total capital mirrored this trend, peaking at $53,765 million in 2022, declining to $48,856 million in 2024, and then increasing to $51,247 million in 2025. The adjusted capital figures are consistently higher than the reported capital figures throughout the period, reflecting the adjustments made to debt and equity.

The adjustments to both debt and equity consistently result in higher total capital figures compared to the reported values. The magnitude of these adjustments remains relatively stable over the observed period. The fluctuations in reported and adjusted figures suggest a dynamic capital structure, potentially influenced by financing activities, profitability, and shareholder distributions.

Net earnings attributable to Mondelēz International exhibited volatility between 2021 and 2025. Reported net earnings began at US$4,300 million in 2021, decreased significantly to US$2,717 million in 2022, then increased to US$4,959 million in 2023. A slight decline to US$4,611 million occurred in 2024, followed by a substantial decrease to US$2,451 million in 2025.

Adjusted net earnings followed a similar, though less pronounced, pattern. Starting at US$4,462 million in 2021, adjusted net earnings decreased to US$2,304 million in 2022, increased to US$4,961 million in 2023, decreased to US$3,290 million in 2024, and finally increased to US$3,569 million in 2025.

Relationship between Reported and Adjusted Net Earnings

The difference between reported and adjusted net earnings remained relatively consistent across the observed period, generally ranging between US$150 million and US$260 million. This suggests that the adjustments made to arrive at adjusted net earnings are consistently applied and do not represent large, fluctuating items. The adjustments appear to add back to reported earnings each year.

Trend Analysis - Net Earnings

A significant decrease in net earnings is observed between 2021 and 2022, followed by a recovery in 2023. The subsequent decline in both 2024 and 2025 warrants further investigation to determine the underlying causes. The 2025 value represents the lowest reported net earnings over the five-year period.

Trend Analysis - Adjusted Net Earnings

Adjusted net earnings demonstrate a similar pattern of decline in 2022, recovery in 2023, and subsequent decrease in 2024. However, the decrease in 2024 is more moderate than the decrease in reported net earnings, and adjusted net earnings increased in 2025. This suggests that the adjustments made in 2025 had a more positive impact on the bottom line than in 2024.

Overall, the financial performance, as indicated by net earnings, experienced considerable fluctuation during the period. While adjusted net earnings provide a modified view, the underlying trend of volatility remains consistent. Further analysis is recommended to understand the specific factors driving these changes.