Mondelēz International Inc. (NASDAQ:MDLZ)

Net revenues exhibited a generally increasing trend over the observed period, with fluctuations occurring throughout the quarters. Initial revenues around US$7.2 billion in March 2021 grew to approximately US$10.5 billion by December 2025. However, this growth wasn't linear, with dips observed in June 2021 and June 2024. The most significant revenue increase occurred between December 2021 and December 2022, followed by a more moderate increase through 2024, and a slight decline in the first half of 2025.

Cost of sales demonstrated a consistent upward trajectory, mirroring the increase in net revenues. The cost of sales rose from US$4.3 billion in March 2021 to US$7.5 billion in December 2025. Notably, the rate of increase in cost of sales appeared to accelerate in the latter half of the period, potentially impacting gross profit margins.

Gross Profit and Margin

Gross profit initially fluctuated around US$2.8-3.0 billion before experiencing substantial growth, peaking at US$3.45 billion in March 2023. However, gross profit declined significantly in the latter quarters of 2024 and the first half of 2025, falling to US$2.96 billion by June 2025. This suggests potential pressure on pricing or increased production costs. The gross profit margin, while initially stable around 41-42%, decreased to approximately 31-32% by the end of the period, indicating a diminishing ability to control production costs relative to revenue.

Selling, general and administrative (SG&A) expenses also increased over time, though at a slower pace than net revenues and cost of sales. SG&A expenses rose from US$1.6 billion in March 2021 to US$1.9 billion in December 2025. This suggests some degree of operating leverage, but the increasing SG&A expenses still represent a significant portion of revenue.

Operating Income and Margin

Operating income exhibited volatility, with a peak of US$2.73 billion in March 2023. However, it generally trended downwards from that peak, reaching US$952 million by December 2025. The operating margin followed a similar pattern, declining from a high of approximately 36% in March 2023 to around 10% by December 2025. This decline is likely attributable to the combined effects of increasing cost of sales and SG&A expenses, coupled with fluctuations in gross profit.

Asset impairments and exit costs were present in several quarters, introducing variability to the operating income. These costs were particularly notable in March 2021, June 2021, and September 2024. Benefit plan non-service income (expense) showed minor fluctuations, generally contributing positively to operating income, but with a significant negative impact in June 2025. Interest and other expense, net, remained relatively stable, increasing slightly over the period.

Net Earnings and Margin

Net earnings mirrored the trends observed in operating income, peaking at US$2.08 billion in March 2023 and declining to US$665 million by December 2025. The net profit margin experienced a corresponding decrease, falling from approximately 29% in March 2023 to around 6% in December 2025. Gains and losses on marketable securities and equity method investments introduced additional fluctuations to net earnings, particularly in March 2023 and December 2025. Net earnings attributable to the company followed a similar pattern to net earnings.

Income tax provision fluctuated, generally decreasing as earnings increased and increasing as earnings decreased. Overall, the observed trends suggest a period of initial growth followed by increasing cost pressures and declining profitability in the later quarters of the analyzed period.