Analysis of Geographic Areas
Mondelēz International Inc. operates in 2 regions: United States and Other.
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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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Area Asset Turnover
Mondelēz International Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other |
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).
Asset turnover ratios for the geographic areas presented demonstrate differing performance trends over the five-year period. The United States exhibits more volatility, while the 'Other' area displays relative stability.
- United States
- The asset turnover ratio for the United States decreased from 3.86 in 2021 to 3.03 in 2022, representing a substantial decline. A recovery was then observed in 2023, with the ratio increasing to 4.30. This upward trend continued into 2024, reaching 4.04, followed by a further increase to 4.36 in 2025. The ratio in 2025 is the highest observed in the period, exceeding the 2021 value. This suggests improving efficiency in asset utilization within the United States.
- Other
- The asset turnover ratio for the 'Other' area remained relatively consistent between 2021 and 2023, fluctuating between 2.36 and 2.62. A slight increase was noted in 2024, reaching 2.68, but this was followed by a decrease to 2.55 in 2025. While some variation exists, the 'Other' area’s ratio remains within a narrow range throughout the period, indicating a stable level of asset utilization.
- Comparative Analysis
- Throughout the period, the United States consistently demonstrates a higher asset turnover ratio than the 'Other' area. This indicates that, generally, assets in the United States are generating more revenue relative to the 'Other' area. The more pronounced fluctuations in the United States ratio suggest a greater sensitivity to changes in sales or asset levels compared to the 'Other' area.
Overall, the asset turnover performance suggests a strengthening position in the United States, while the 'Other' area maintains a steady, though comparatively lower, level of asset utilization.
Area Asset Turnover: United States
Mondelēz International Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
The financial performance of the United States geographic area reveals fluctuations in revenue and asset levels between 2021 and 2025. These movements impact the area asset turnover ratio, indicating changes in the efficiency with which assets are used to generate sales.
- Net Revenues
- Net revenues in the United States demonstrated an initial increase from US$7,146 million in 2021 to US$8,315 million in 2022. This growth continued into 2023, reaching US$9,581 million. However, revenues experienced a slight decline in 2024 to US$9,469 million, followed by a further decrease to US$9,343 million in 2025. This suggests a potential stabilization or modest contraction in sales within the area towards the end of the analyzed period.
- Long-Lived Assets
- Long-lived assets exhibited an increase from US$1,851 million in 2021 to US$2,740 million in 2022. A subsequent decrease was observed in 2023, with asset levels falling to US$2,226 million. This trend continued with a slight increase to US$2,346 million in 2024, before decreasing again to US$2,142 million in 2025. The fluctuations in long-lived assets may reflect investment cycles, asset disposals, or changes in depreciation schedules.
- Area Asset Turnover
- The area asset turnover ratio, a measure of asset efficiency, began at 3.86 in 2021. It decreased to 3.03 in 2022, coinciding with the increase in long-lived assets and the revenue increase. A substantial increase to 4.30 was then recorded in 2023, likely driven by the significant revenue growth and a decrease in long-lived assets. The ratio moderated slightly to 4.04 in 2024, and then increased to 4.36 in 2025. The overall trend indicates a generally efficient use of assets, with a peak in efficiency in 2023 and 2025. The ratio’s sensitivity to changes in both revenue and asset levels is apparent.
In summary, the United States area experienced revenue growth initially, followed by a stabilization and slight decline. Asset levels fluctuated over the period, and the asset turnover ratio demonstrated a generally positive trend, indicating effective asset utilization, particularly in 2023 and 2025.
Area Asset Turnover: Other
Mondelēz International Inc.; Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Net revenues ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the 'Other' geographic area demonstrates a generally positive trend over the observed period, though with some fluctuation. Net revenues consistently increased from 2021 to 2025, while long-lived assets also increased, though at a slower pace. This relationship is reflected in the area asset turnover ratio.
- Net Revenues
- Net revenues experienced consistent growth, increasing from US$21,574 million in 2021 to US$29,194 million in 2025. This represents a cumulative increase of approximately 35.3% over the five-year period. The growth rate appears relatively stable year-over-year.
- Long-Lived Assets
- Long-lived assets also increased over the period, rising from US$8,800 million in 2021 to US$11,427 million in 2025. This represents a cumulative increase of approximately 29.8%. The increase was most pronounced between 2022 and 2023, with a smaller increase in subsequent years.
- Area Asset Turnover
- The area asset turnover ratio, a measure of how efficiently assets are used to generate revenue, initially decreased from 2.45 in 2021 to 2.36 in 2022. However, the ratio then increased to 2.62 in 2023 and further to 2.68 in 2024, before slightly decreasing to 2.55 in 2025. This suggests an improvement in asset utilization efficiency between 2022 and 2024, followed by a minor reduction in efficiency in the most recent year. Despite the 2025 decrease, the ratio remains above the 2021 level.
The observed increases in both net revenues and long-lived assets indicate overall business expansion within this geographic area. The fluctuations in the area asset turnover ratio suggest that while asset utilization generally improved, the rate of improvement varied, and the most recent year shows a slight decline. Further investigation may be warranted to understand the drivers behind the 2025 decrease in asset turnover.
Net revenues
Mondelēz International Inc., net revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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 revenues demonstrate a clear pattern of growth between 2021 and 2025, although the rate of growth varies across geographic areas. Total net revenues increased consistently over the five-year period, from US$28.720 billion in 2021 to US$38.537 billion in 2025.
- United States
- Net revenues from the United States exhibited substantial growth from 2021 to 2023, increasing from US$7.146 billion to US$9.581 billion. However, growth plateaued in 2024 and experienced a slight decline in 2025, falling to US$9.343 billion. This suggests a potential saturation of the market or increased competitive pressures within the United States during the latter part of the analyzed period.
- Other
- The ‘Other’ geographic segment consistently drove the majority of net revenue growth. Revenues increased steadily from US$21.574 billion in 2021 to US$29.194 billion in 2025. The growth rate in this segment appears to be more consistent than that of the United States, indicating strong performance in international markets.
- Total Revenue Composition
- In 2021, the United States contributed approximately 24.9% of total net revenues, while ‘Other’ accounted for approximately 75.1%. By 2025, the United States’ contribution decreased to roughly 24.2% of total net revenues, with ‘Other’ increasing to approximately 75.8%. This shift highlights a growing reliance on international markets for overall revenue generation.
- Growth Rates
- From 2021 to 2022, total net revenues increased by 9.7%. The growth rate accelerated to 14.3% between 2022 and 2023. However, growth slowed to 0.7% between 2023 and 2024, and further to 5.9% between 2024 and 2025. This deceleration in overall growth warrants further investigation to identify contributing factors.
The observed trends suggest a strategic shift towards international markets, coupled with a potential stabilization or slight contraction in the United States market. Continued monitoring of these geographic trends is recommended to inform future business strategies.
Long-lived assets
Mondelēz International Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Total |
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).
Long-lived assets exhibited a shifting geographic distribution over the five-year period. Total long-lived assets increased from US$10.651 billion in 2021 to US$13.569 billion in 2025, though not consistently. The composition between the United States and ‘Other’ regions changed significantly during this time.
- United States
- Long-lived assets in the United States demonstrated considerable volatility. Beginning at US$1.851 billion in 2021, the value increased substantially to US$2.740 billion in 2022. However, this was followed by a decline to US$2.226 billion in 2023, a slight increase to US$2.346 billion in 2024, and a further decrease to US$2.142 billion in 2025. This suggests potential divestitures, impairments, or reduced capital expenditure within the United States during the latter part of the period.
- Other Regions
- Long-lived assets categorized as ‘Other’ consistently represented the majority of the total and generally increased over the period. Starting at US$8.800 billion in 2021, the value rose to US$9.818 billion in 2022 and continued to US$10.080 billion in 2023. While experiencing a marginal decrease to US$10.076 billion in 2024, it concluded at US$11.427 billion in 2025. This indicates a sustained investment and growth in long-lived assets outside of the United States.
- Total Assets & Composition
- Total long-lived assets increased from 2021 to 2025, but the rate of increase slowed and experienced a slight dip in 2023. The proportion of assets located in the United States decreased over the period. In 2021, the United States accounted for approximately 17.4% of total long-lived assets, while by 2025, this proportion had fallen to approximately 15.8%. Conversely, the ‘Other’ regions increased their share of total assets from 82.6% in 2021 to 84.2% in 2025. This shift suggests a strategic focus on expanding and investing in markets outside of the United States.
The fluctuations in the United States segment warrant further investigation to understand the underlying drivers. The consistent growth in ‘Other’ regions suggests a deliberate allocation of capital towards international markets.