Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Mondelēz International Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings	2,688)	71)	420)	2,299)	216)
Current portion of long-term debt	1,295)	2,014)	2,101)	383)	1,746)
Accounts payable	10,139)	9,433)	8,321)	7,562)	6,730)
Accrued marketing	2,787)	2,558)	2,683)	2,370)	2,097)
Accrued employment costs	1,000)	928)	1,158)	949)	822)
Other current liabilities	3,955)	4,545)	4,330)	3,168)	2,397)
Current liabilities	21,864)	19,549)	19,013)	16,731)	14,008)
Long-term debt, excluding current portion	17,222)	15,664)	16,887)	20,251)	17,550)
Long-term operating lease liabilities	599)	623)	537)	514)	459)
Deferred income taxes	3,530)	3,425)	3,292)	3,437)	3,444)
Accrued pension costs	422)	391)	437)	403)	681)
Accrued postretirement health care costs	74)	98)	124)	217)	301)
Other liabilities	1,885)	1,789)	2,735)	2,688)	2,326)
Noncurrent liabilities	23,732)	21,990)	24,012)	27,510)	24,761)
Total liabilities	45,596)	41,539)	43,025)	44,241)	38,769)
Common stock, no par value	—)	—)	—)	—)	—)
Additional paid-in capital	32,322)	32,276)	32,216)	32,143)	32,097)
Retained earnings	36,413)	36,476)	34,236)	31,481)	30,806)
Accumulated other comprehensive losses	(11,364)	(12,471)	(10,946)	(10,947)	(10,624)
Treasury stock, at cost	(31,533)	(29,349)	(27,174)	(25,794)	(24,010)
Total Mondelēz International shareholders’ equity	25,838)	26,932)	28,332)	26,883)	28,269)
Noncontrolling interest	53)	26)	34)	37)	54)
Total equity	25,891)	26,958)	28,366)	26,920)	28,323)
Total liabilities and equity	71,487)	68,497)	71,391)	71,161)	67,092)

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).

The company’s liabilities and stockholders’ equity exhibited fluctuating trends between 2021 and 2025. Total liabilities generally increased over the period, though with some intermediate declines, while total equity experienced a more pronounced decrease, particularly towards the end of the observed timeframe. A detailed examination of specific liability and equity components reveals nuanced shifts in the company’s financial structure.

Current Liabilities: Current liabilities demonstrated a consistent upward trend, increasing from US$14,008 million in 2021 to US$21,864 million in 2025. This growth was primarily driven by increases in accounts payable, which rose significantly from US$6,730 million to US$10,139 million. Other current liabilities also contributed to this increase, nearly doubling over the five-year period. Short-term borrowings experienced substantial volatility, peaking in 2022 before decreasing significantly and then rising again in 2025.
Noncurrent Liabilities: Noncurrent liabilities showed initial growth from US$24,761 million in 2021 to US$27,510 million in 2022, followed by a decline to US$21,990 million in 2024 before increasing to US$23,732 million in 2025. Long-term debt, excluding the current portion, contributed significantly to these fluctuations, decreasing from US$20,251 million in 2022 to US$15,664 million in 2024. Deferred income taxes remained relatively stable throughout the period, while accrued pension and postretirement health care costs generally decreased.
Total Liabilities: Total liabilities increased from US$38,769 million in 2021 to US$45,596 million in 2025, reflecting the combined trends of current and noncurrent liabilities. While there was a dip in 2024, the overall trajectory indicates a growing reliance on debt financing. The largest single component of total liabilities remained long-term debt.
Stockholders’ Equity: Total stockholders’ equity experienced a notable decline, decreasing from US$28,323 million in 2021 to US$25,891 million in 2025. This decrease was largely attributable to increases in treasury stock, which grew substantially from a cost of US$24,010 million to US$31,533 million. Accumulated other comprehensive losses also contributed to the decline, becoming more negative over time. Additional paid-in capital and retained earnings remained relatively stable, with retained earnings showing a slight increase before a decrease in 2025.
Total Liabilities and Equity: Total liabilities and equity increased from US$67,092 million in 2021 to US$71,487 million in 2025. The increase was primarily driven by the growth in total liabilities, offsetting the decline in total equity. This suggests a shift in the company’s capital structure towards greater reliance on debt.

In summary, the company’s financial position evolved over the five-year period with a growing proportion of financing coming from liabilities and a corresponding decrease in stockholders’ equity. The significant increase in accounts payable and treasury stock, coupled with the fluctuating levels of long-term debt, warrant further investigation to understand the underlying drivers and potential implications for the company’s financial health.

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Mondelēz International Inc. (NASDAQ:MDLZ)

Balance Sheet: Liabilities and Stockholders’ Equity