Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- 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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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).
Net earnings exhibited volatility over the five-year period. A decrease from US$4,314 million in 2021 to US$2,726 million in 2022 was followed by a recovery to US$4,968 million in 2023. Net earnings then declined to US$4,623 million in 2024 before falling significantly to US$2,466 million in 2025.
Comprehensive earnings mirrored the trend in net earnings, demonstrating a similar pattern of decline, recovery, and subsequent decrease. Comprehensive earnings decreased from US$4,364 million in 2021 to US$2,389 million in 2022, increased to US$4,964 million in 2023, decreased to US$3,088 million in 2024, and then decreased to US$3,597 million in 2025.
- Currency Translation Adjustment
- The currency translation adjustment fluctuated considerably. A loss of US$458 million in 2021 grew to a larger loss of US$725 million in 2022. This was followed by a gain of US$229 million in 2023, but then a substantial loss of US$1,453 million in 2024, and a significant gain of US$861 million in 2025. This suggests substantial exposure to foreign currency exchange rate movements.
- Pension and Other Benefit Plans
- The impact of pension and other benefit plans on comprehensive income was variable. Gains were recorded in 2021 and 2022 (US$495 million and US$274 million, respectively), followed by losses in 2023 (US$218 million) and 2024 (US$79 million), and then a gain in 2025 (US$267 million). These fluctuations indicate changes in plan performance or actuarial assumptions.
- Derivative Cash Flow Hedges
- The derivative cash flow hedges had a minimal overall impact on comprehensive income, with relatively small gains or losses each year. The values remained consistently below US$150 million in absolute value throughout the period.
- Other Comprehensive Earnings (Losses)
- Other comprehensive earnings (losses) exhibited significant volatility. A modest gain of US$50 million in 2021 turned into a substantial loss of US$337 million in 2022. A small loss of US$4 million was recorded in 2023, followed by a large loss of US$1,535 million in 2024, and a significant gain of US$1,131 million in 2025. This item appears to be a major driver of the fluctuations in comprehensive income.
Comprehensive earnings attributable to the company closely followed the trend of total comprehensive earnings, with minor adjustments due to noncontrolling interests. The impact of noncontrolling interests remained relatively small, with fluctuations between US$2 million and US$39 million.