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.

Mondelēz International Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net earnings	2,466)	4,623)	4,968)	2,726)	4,314)
Depreciation and amortization	1,358)	1,302)	1,215)	1,107)	1,113)
Stock-based compensation expense	114)	147)	146)	120)	121)
Deferred income tax provision (benefit)	16)	257)	(37)	(42)	205)
Asset impairments and accelerated depreciation	85)	267)	128)	233)	128)
Gain on acquisition and divestitures	(13)	(4)	(108)	—)	(8)
(Gain) loss on equity method investment transactions	—)	337)	(465)	22)	(742)
Equity method investment net earnings	(65)	(175)	(160)	(385)	(393)
Distributions from equity method investments	45)	115)	137)	184)	172)
Unrealized (gain) loss on derivative contracts	1,379)	(627)	(171)	338)	(267)
Gain on marketable securities	—)	—)	(593)	—)	—)
Contingent consideration adjustments	(34)	(389)	125)	47)	—)
Other non-cash items, net	137)	26)	38)	71)	147)
Receivables, net	433)	(519)	(628)	(719)	(197)
Inventories, net	(253)	(458)	(193)	(635)	(170)
Accounts payable	(145)	1,682)	264)	715)	702)
Other current assets	(225)	(591)	(120)	(286)	(169)
Other current liabilities	(1,026)	(932)	354)	638)	(502)
Change in assets and liabilities, net of acquisitions and divestitures	(1,216)	(818)	(323)	(287)	(336)
Change in pension and postretirement assets and liabilities, net	242)	(151)	(186)	(226)	(313)
Adjustments to reconcile net earnings to operating cash flows	2,048)	287)	(254)	1,182)	(173)
Net cash provided by operating activities	4,514)	4,910)	4,714)	3,908)	4,141)
Capital expenditures	(1,279)	(1,387)	(1,112)	(906)	(965)
Acquisitions, net of cash received	(15)	(240)	19)	(5,286)	(833)
Proceeds from divestitures including equity method and marketable security investments	127)	2,294)	4,099)	601)	1,539)
Proceeds from derivative settlements	54)	320)	177)	768)	105)
Payments for derivative settlements	(165)	(199)	(81)	(86)	(56)
(Contributions to) proceeds from investments	73)	(278)	(309)	(24)	(30)
Proceeds from sale of property, plant and equipment and other	9)	16)	19)	45)	214)
Net cash (used in) provided by investing activities	(1,196)	526)	2,812)	(4,888)	(26)
Issuances of commercial paper, maturities greater than 90 days	—)	—)	67)	—)	—)
Repayments of commercial paper, maturities greater than 90 days	—)	—)	(67)	—)	—)
Net issuances (repayments) of short-term borrowings	2,609)	(343)	(1,869)	1,914)	194)
Long-term debt proceeds	1,594)	1,671)	277)	4,490)	5,921)
Long-term debt repayments	(2,077)	(2,554)	(2,432)	(3,032)	(6,247)
Repurchases of Common Stock	(2,385)	(2,334)	(1,547)	(2,017)	(2,110)
Dividends paid	(2,487)	(2,349)	(2,160)	(1,985)	(1,826)
Other	(13)	129)	173)	174)	(1)
Net cash used in financing activities	(2,759)	(5,780)	(7,558)	(456)	(4,069)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	236)	(140)	(32)	(169)	(143)
Cash, cash equivalents and restricted cash, increase (decrease)	795)	(484)	(64)	(1,605)	(97)
Cash, cash equivalents and restricted cash, balance at beginning of period	1,400)	1,884)	1,948)	3,553)	3,650)
Cash, cash equivalents and restricted cash, balance at end of period	2,195)	1,400)	1,884)	1,948)	3,553)

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.

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Mondelēz International Inc. (NASDAQ:MDLZ)

Cash Flow Statement