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.
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Mondelēz International Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Mondelēz International Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The financial information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Net earnings demonstrate considerable volatility, peaking in March 2023 and experiencing a significant decline thereafter. Operating cash flow generally remains positive throughout the period, though it exhibits quarterly variations. Investing and financing activities show substantial shifts, influenced by debt management, stock repurchases, and acquisitions.
- Net Earnings and Operating Cash Flow
- Net earnings increased from $968 million in March 2021 to $1,262 million in September 2021, before decreasing to $1,005 million by December 2021. A substantial increase to $2,089 million was observed in March 2023, followed by a decline to $669 million by December 2025. Net cash provided by operating activities generally tracked net earnings, remaining positive throughout the period, ranging from a low of $549 million in September 2022 to a high of $2,397 million in December 2025. The significant increase in operating cash flow in late 2025 appears disproportionate to the net earnings for the same period.
- Investing Activities
- Investing activities were highly variable. A significant outflow of $690 million was recorded in March 2021, followed by an inflow of $470 million in June 2021. Large outflows were observed in March 2022 ($1,441 million) and September 2022 ($2,411 million), largely driven by acquisitions. Proceeds from divestitures provided substantial inflows in June 2021 ($998 million) and December 2023 ($1,372 million). Capital expenditures remained consistently negative, ranging from -$194 million to -$405 million per quarter.
- Financing Activities
- Financing activities were characterized by significant debt activity and stock repurchases. Net cash used in financing activities was substantial in several quarters, particularly in March 2021 ($1,781 million) and December 2023 ($2,484 million). Long-term debt proceeds and repayments fluctuated considerably, indicating active debt management. Repurchases of common stock consistently represented a significant cash outflow, peaking at $1,522 million in March 2025. Dividend payments also constituted a consistent, substantial cash outflow, ranging from $441 million to $645 million per quarter.
- Non-Cash Adjustments and Working Capital
- Adjustments to reconcile net earnings to operating cash flows were substantial and varied, with a particularly large adjustment in December 2022 ($808 million) and December 2025 ($1,728 million). Changes in receivables, inventories, and payables exhibited considerable quarterly fluctuations, impacting overall cash flow. Specifically, a large decrease in other current liabilities was observed in March 2024 and June 2024, while a large increase occurred in September 2025. Unrealized gains and losses on derivative contracts also contributed to volatility in adjustments.
Overall, the company demonstrates a complex cash flow pattern, influenced by operational performance, strategic acquisitions and divestitures, debt management, and shareholder returns. The significant fluctuations in net earnings and the corresponding impact on operating cash flow warrant further investigation. The large adjustments to reconcile net earnings to operating cash flow, along with the volatility in working capital accounts, suggest a need for detailed analysis of underlying business activities.