Stock Analysis on Net

Mondelēz International Inc. (NASDAQ:MDLZ)

Cash Flow Statement 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net earnings 407 1,748 856 603 1,416 950 988 941 2,089 584 533 748 861 1,005 1,262 1,079 968 1,159 1,122 545 743
Depreciation and amortization 324 331 335 317 319 313 309 290 303 288 271 273 275 276 273 280 284 303 285 272 256
Stock-based compensation expense 18 35 43 38 31 37 34 37 38 32 32 32 24 33 25 38 25 29 34 35 28
Deferred income tax provision (benefit) (96) 90 (38) (65) 270 (46) (92) (98) 199 (83) 73 38 (70) 46 67 58 34 33 7 (84) (26)
Asset impairments and accelerated depreciation 4 57 188 16 6 33 51 26 18 55 15 8 155 (75) 51 109 43 (5) 42 99
Gain on acquisition (4) (108) 1 (9)
(Gain) loss on equity method investment transactions (332) 4 665 (1) 23 (487) 3 6 8 5 3 (250) (502) 7 (452) (345) (121) (71)
Equity method investment net earnings (16) (35) (61) (48) (31) (44) (10) (71) (35) (85) (85) (98) (117) (103) (105) (107) (78) (110) (84) (106) (121)
Distributions from equity method investments 44 33 1 81 1 34 102 15 48 14 107 14 64 20 74 26 27 28 165
Unrealized (gain) loss on derivative contracts 689 (731) 709 529 (1,134) 88 (30) (162) (67) 118 83 150 (13)
Gain on marketable securities 194 (787)
Contingent consideration adjustments (12) (78) (311) 71 54
Other non-cash items, net 56 (67) (21) 76 38 34 (24) 3 25 56 19 13 38 (178) (47) 18 87 203 71 28 126
Receivables, net (379) (249) (618) 743 (395) 59 (597) 500 (590) (94) (398) 290 (517) 220 (459) 536 (494) 318 (587) 938 (610)
Inventories, net (300) 252 (194) (500) (16) 291 (56) (196) (232) 110 (379) (285) (81) 172 (53) (252) (37) 290 (81) (185) (48)
Accounts payable 222 731 593 (61) 419 246 80 (278) 216 383 149 (214) 397 282 238 (101) 283 307 54 (131) 206
Other current assets 196 (304) 119 (76) (330) (12) 22 7 (137) (143) (1) (38) (104) 90 (69) (50) (140) (143) (2) 155 (217)
Other current liabilities (58) 60 (290) (747) 45 (283) 447 (327) 517 217 234 (51) 230 (271) (176) (55) (252) 268 (153) (71)
Change in assets and liabilities, net of acquisitions and divestitures (319) 490 (390) (641) (277) 301 (104) (294) (226) 473 (395) (298) (75) 493 (343) (43) (443) 520 (348) 624 (740)
Change in pension and postretirement assets and liabilities, net (7) (45) (42) (4) (60) (66) (32) (39) (49) (64) (51) (52) (59) (94) (69) (73) (77) (57) (54) (46) (76)
Adjustments to reconcile net earnings to operating cash flows 685 (289) 449 219 (92) 614 189 (91) (966) 808 16 88 270 416 (334) (202) (53) 490 (365) 729 (459)
Net cash provided by operating activities 1,092 1,459 1,305 822 1,324 1,564 1,177 850 1,123 1,392 549 836 1,131 1,421 928 877 915 1,649 757 1,274 284
Capital expenditures (277) (405) (316) (367) (299) (332) (285) (272) (223) (285) (236) (218) (167) (326) (229) (194) (216) (233) (185) (231) (214)
Acquisitions, net of cash received (15) (240) 18 1 (1,308) (2,576) 16 (1,418) (343) (490) 6 (1) (1,141)
Proceeds from divestitures 4 2,290 4 1,372 767 926 1,034 (3) 9 529 66 41 500 998 1,132 778 394 185
Proceeds from derivative settlements 14 129 77 43 71 12 89 15 61
Payments for derivative settlements (49) (36) (82) (32) (54) (22) (5)
(Contributions to) proceeds from investments 22 (29) (43) (14) (192) 29 55 (147) (246)
Proceeds from sales of property, plant and equipment and other 1 (5) 19 2 (1) (90) 96 14 118 392 115 78 153 55 9 16 (48) 88 (4) (26)
Net cash (used in) provided by investing activities (251) 1,696 (323) (401) (446) 1,026 536 614 636 (1,478) (2,411) 442 (1,441) (132) 326 470 (690) 857 680 (982) (55)
Issuances of commercial paper, maturities greater than 90 days 67 520 157
Repayments of commercial paper, maturities greater than 90 days (67) (55) (465) (157) (497)
Net issuances (repayments) of short-term borrowings 1,841 (1,408) 651 580 (166) (799) (884) (342) 156 544 1,151 2 217 (13) 170 (610) 647 (115) (2,110) (2,368) 2,477
Long-term debt proceeds 969 155 547 88 189 2,499 1,991 3,543 5 2,373 1,226 3,454 2,533
Long-term debt repayments (453) (37) (1,948) (35) (534) (345) (31) (1,020) (1,036) (27) (676) (23) (2,306) (349) (2,522) (23) (3,353) (1,682) (766) (760) (670)
Repurchases of Common Stock (1,522) (1,147) (113) (506) (568) (888) (63) (197) (399) (179) (332) (755) (751) (286) (326) (452) (1,046) (670) (720)
Dividends paid (623) (627) (571) (573) (578) (579) (526) (526) (529) (528) (480) (486) (491) (489) (441) (443) (453) (451) (408) (410) (409)
Other 53 (3) 58 (2) 76 39 36 47 51 31 57 26 60 39 (167) 76 51 27 (19) 6 117
Net cash provided by (used in) financing activities (704) (3,222) (954) (381) (1,223) (2,484) (1,535) (1,782) (1,757) (159) 2,219 (1,236) (1,280) (1,098) 257 (1,447) (1,781) (1,720) (314) (636) 455
Effect of exchange rate changes on cash, cash equivalents and restricted cash 88 (106) 74 (31) (77) 101 (54) (68) (11) (2) (97) (60) (10) (46) (72) 10 (35) 74 36 23 (60)
Cash, cash equivalents and restricted cash, increase (decrease) 225 (173) 102 9 (422) 207 124 (386) (9) (247) 260 (18) (1,600) 145 1,439 (90) (1,591) 860 1,159 (321) 624

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Earnings
The net earnings exhibit volatility over the observed periods. Starting from 743 million USD in March 2020, earnings fluctuate with notable peaks in March 2023 (2089 million USD) and December 2024 (1748 million USD), interspersed with declines such as in March 2025 (407 million USD). This indicates irregular performance possibly affected by external market or internal factors.
Depreciation and Amortization
Depreciation and amortization expenses have a relatively stable upward trend, moving from 256 million USD in March 2020 to a high of 335 million USD in September 2024, before slightly receding. The modest incremental increases suggest steady asset base management and capital expenditure.
Stock-based Compensation Expense
The stock-based compensation expense remains relatively consistent with small fluctuations between 18 and 43 million USD. This suggests stable employee compensation policies through equity instruments.
Deferred Income Tax Provision (Benefit)
This item displays significant volatility, alternating between positive and negative values, suggesting the company is experiencing varying tax rates, tax credits, or adjustments that may be due to changes in earnings or tax legislation.
Asset Impairments and Accelerated Depreciation
Asset impairments show irregular spikes, with a notable peak of 188 million USD in September 2024. These fluctuations point to one-off charges or revaluations of assets impacting earnings.
Equity Method Related Items
The gain/loss on equity method investment transactions and equity method net earnings fluctuate considerably, indicating variable returns from equity investments. The distribution from equity method investments shows occasional large inflows, especially in March 2022 (107 million USD) and March 2023 (102 million USD), representing active income from these investments.
Unrealized Gain/Loss on Derivative Contracts
This line item is marked by significant volatility and large swings in value, reaching extremes such as -1134 million USD in March 2024 and 709 million USD in September 2024. The wide variation suggests substantial derivative activities with high sensitivity to market factors.
Change in Working Capital Components
Accounts receivable, inventories, and accounts payable demonstrate inconsistent and sometimes contradictory movements. For example, receivables swing between negative and positive changes, with substantial negative adjustments such as -610 million USD in March 2020 and -618 million USD in September 2024. Inventories also vary widely. Accounts payable shows similar irregularity, indicating fluctuations in supplier payments and receivables management. These changes contribute to unpredictable working capital impact on cash flows.
Net Cash Provided by Operating Activities
Operating cash flow remains generally positive, with notable highs in December 2020 (1649 million USD), December 2023 (1564 million USD), and December 2024 (1459 million USD). However, some quarterly dips occur, such as June 2020 (1274 million USD) versus March 2021 (915 million USD), illustrating operational cash flow sensitivity to business cycles and potential seasonal effects.
Capital Expenditures
Capital expenditures show an increasing trend, rising from 214 million USD in March 2020 to peaks surpassing 400 million USD in late 2024. This consistent increase indicates continuous investment in property, plant, and equipment, suggesting expansion or modernization of assets.
Acquisitions and Divestitures
Acquisitions are irregular but occasionally significant, for instance -2576 million USD in September 2022, indicating active strategic investment periods. Divestitures similarly fluctuate with large proceeds notably in March 2025 (2290 million USD), reflecting restructuring or portfolio management activities.
Net Cash Provided by (Used in) Investing Activities
This category reflects heightened volatility with swings from positive to deeply negative values. Significant investing outflows like -2411 million USD in September 2022 contrast with inflows such as 1696 million USD in December 2024, highlighting active asset acquisitions and disposals.
Financing Activities
Financing cash flows are predominantly negative with large repayments and repurchases, such as repurchases of common stock reaching -1522 million USD in March 2025 and dividends consistently paid around 400 to 600 million USD per quarter. There are also periods of increased debt proceeds and repayments indicating active capital structure management.
Effect of Exchange Rate Changes
Exchange rate effects on cash fluctuate mildly but generally contribute modestly to fluctuations in cash balances, with occasional outcomes in the range of approximately ±100 million USD.
Cash, Cash Equivalents, and Restricted Cash
Cash balances show wide fluctuations corresponding to the volatile cash flows from operating, investing, and financing activities. Sharp decreases, such as -1600 million USD in March 2022, contrast with increases like 124 million USD in September 2023, suggesting active liquidity management against variable cash needs.