Stock Analysis on Net
Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Mondelēz International Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Net earnings
Depreciation and amortization
Stock-based compensation expense
Deferred income tax provision (benefit)
Asset impairments and accelerated depreciation
Gain on acquisition and divestitures
(Gain) loss on equity method investment transactions
Equity method investment net earnings
Distributions from equity method investments
Unrealized (gain) loss on derivative contracts
Gain on marketable securities
Contingent consideration adjustments
Other non-cash items, net
Receivables, net
Inventories, net
Accounts payable
Other current assets
Other current liabilities
Change in assets and liabilities, net of acquisitions and divestitures
Change in pension and postretirement assets and liabilities, net
Adjustments to reconcile net earnings to operating cash flows
Net cash provided by operating activities
Capital expenditures
Acquisitions, net of cash received
Proceeds from divestitures including equity method and marketable security investments
Proceeds from derivative settlements
Payments for derivative settlements
(Contributions to) proceeds from investments
Proceeds from sale of property, plant and equipment and other
Net cash (used in) provided by investing activities
Issuances of commercial paper, maturities greater than 90 days
Repayments of commercial paper, maturities greater than 90 days
Net issuances (repayments) of short-term borrowings
Long-term debt proceeds
Long-term debt repayments
Repurchases of Common Stock
Dividends paid
Other
Net cash used in financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, increase (decrease)
Cash, cash equivalents and restricted cash, balance at beginning of period
Cash, cash equivalents and restricted cash, balance at end of period

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 cash flow statement reveals a complex pattern of cash movements over the five-year period. While operating activities consistently generate positive cash flow, investing and financing activities demonstrate significant variability, impacting the overall cash position.

Operating Activities
Net cash provided by operating activities remained relatively stable, fluctuating between approximately US$3.9 billion and US$4.9 billion annually. A notable adjustment to reconcile net earnings to operating cash flows occurred in 2022, with a positive US$1.182 billion, significantly higher than other years. This was partially offset by a large adjustment in 2023 (-US$254 million) and 2025 (US$2.048 billion). Changes in working capital items, particularly receivables, inventories, and accounts payable, exhibited considerable fluctuation, influencing the operating cash flow.
Investing Activities
Investing activities showed substantial volatility. 2022 experienced a significant cash outflow of US$4.888 billion, largely driven by acquisitions. This was followed by a strong inflow in 2023 (US$2.812 billion) due to proceeds from divestitures. Capital expenditures remained consistently negative, ranging from US$906 million to US$1,387 million annually, indicating ongoing investment in property, plant, and equipment. Proceeds from derivative settlements also contributed to cash flow, though with varying impact each year.
Financing Activities
Financing activities were characterized by significant cash outflows, primarily related to debt management and shareholder returns. Repurchases of common stock and dividend payments consistently consumed substantial cash, totaling over US$4 billion annually. Long-term debt activity involved both proceeds and repayments, with net repayments occurring in most years. Net issuances/repayments of short-term borrowings also fluctuated considerably, with a large inflow in 2022 and outflow in 2023. Overall, net cash used in financing activities ranged from US$456 million to US$7.558 billion.
Key Non-Cash Items
Several non-cash items impacted the overall cash position. Deferred income tax provisions/benefits exhibited significant swings, while unrealized gains/losses on derivative contracts were particularly large in 2022 and 2025. Asset impairments and accelerated depreciation also contributed to adjustments, particularly in 2022 and 2024. Contingent consideration adjustments were also notable in 2023 and 2024.
Cash Balance
Despite the fluctuations in cash flows from various activities, the ending cash balance generally remained positive, increasing from US$1.4 billion in 2025 to US$3.553 billion in 2021. However, there was a decrease in 2022 and 2023 before recovering in 2024 and 2025. The effect of exchange rate changes on cash varied, with a significant positive impact in 2025.

In summary, the company demonstrates a capacity to generate cash from operations, but its overall cash position is heavily influenced by strategic decisions related to acquisitions, divestitures, debt management, and shareholder returns. The volatility in investing and financing activities necessitates careful monitoring and management.