Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Mondelēz International Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Net revenues demonstrate a consistent upward trajectory over the five-year period, increasing from $28.72 billion in 2021 to $38.54 billion in 2025. However, the rate of growth appears to decelerate from 2023 to 2025. Cost of sales has also increased substantially, rising from $17.47 billion in 2021 to $27.60 billion in 2025, outpacing revenue growth in the latter years. This resulted in a fluctuation of gross profit, peaking in 2024 at $14.26 billion before declining to $10.94 billion in 2025.
Operating income exhibits volatility throughout the period. While it increased from $3.53 billion in 2022 to $6.35 billion in 2024, it experienced a significant decrease to $3.55 billion in 2025. Several factors contribute to this fluctuation, including changes in selling, general and administrative expenses, asset impairment, and benefit plan expenses. Interest expense consistently increased over the period, from $365 million in 2021 to $599 million in 2025, impacting overall profitability.
- Profitability Analysis
- Gross profit margin decreased from 39.0% in 2021 to 28.7% in 2025, indicating increasing pressure on production costs or pricing. Operating margin peaked at 17.4% in 2024, but fell to 9.2% in 2025. Net profit margin followed a similar pattern, declining from 15.0% in 2021 to 6.4% in 2025. These trends suggest a weakening profitability profile towards the end of the analyzed period.
- Expense Management
- Selling, general and administrative expenses increased from $6.26 billion in 2021 to $7.17 billion in 2025, but the rate of increase slowed in the later years. Asset impairment and exit costs were relatively consistent, with a notable spike in 2024. Benefit plan non-service income shifted from a positive impact to a negative impact in 2025, contributing to the decline in operating income.
- Non-Operating Items
- Other income, net, generally increased over the period, providing a positive offset to interest expense. A significant gain on marketable securities was recorded in 2023. However, the impact of these non-operating items was not sufficient to fully mitigate the negative effects of rising interest expense and declining gross profit margin. Gain (loss) on equity method investment transactions was volatile, with a large gain in 2021 and a loss in 2024.
Net earnings attributable to Mondelēz International mirrored the trends in operating income, increasing to $4.96 billion in 2023 and $4.61 billion in 2024 before decreasing to $2.45 billion in 2025. The decline in net earnings in 2025 is attributable to the combined effects of lower gross profit, increased cost of sales, higher interest expense, and a significant negative impact from benefit plan non-service income.
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