Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Mondelēz International Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
The liquidity profile exhibits a consistent trend where current liabilities exceed current assets throughout the analyzed period. All three key liquidity metrics remain below the 1.0 threshold, indicating a lean approach to working capital management and a structural reliance on continuous cash flow or short-term financing to meet immediate obligations.
- Current Ratio
- The current ratio demonstrates moderate volatility, generally fluctuating between 0.60 and 0.69. A notable peak occurred in March 2024, reaching 0.77, followed by a downward trend that hit a period low of 0.54 in March 2026. By September 2026, the ratio recovered slightly to 0.62. The persistence of this ratio below 1.0 suggests that the organization operates with a current liability position that outweighs its current assets.
- Quick Ratio
- The quick ratio remains significantly lower than the current ratio, starting at 0.35 in March 2022 and reaching a low of 0.20 in June 2024. A gradual recovery is observed toward the end of the period, closing at 0.29 in September 2026. The substantial gap between the current and quick ratios highlights a heavy reliance on inventory to provide liquidity, as the removal of inventory from the calculation sharply reduces the coverage of current liabilities.
- Cash Ratio
- The cash ratio reflects a limited immediate liquidity position, beginning at 0.14 in March 2022 and declining to a minimum of 0.05 in March 2024. For the remainder of the period, the ratio remains stable within a narrow range of 0.06 to 0.10. This suggests that only a small fraction of current liabilities can be covered by cash and cash equivalents, reinforcing the dependency on inventory turnover and accounts receivable collections.
Overall, the convergence of these ratios indicates a high-efficiency, low-liquidity strategy. The stability of the ratios toward the end of 2026 suggests a return to a baseline operational level after the volatility observed between 2024 and early 2026.
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Current Ratio
Mondelēz International Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 13,788) | 12,938) | 12,745) | 12,951) | 13,147) | 12,750) | 12,730) | 13,242) | 13,201) | 15,170) | 19,426) | 11,703) | 11,515) | 11,622) | 12,671) | 10,091) | 9,910) | 9,210) | 9,619) | ||||||
| Current liabilities | 22,399) | 21,593) | 23,501) | 21,864) | 21,512) | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.62 | 0.60 | 0.54 | 0.59 | 0.61 | 0.64 | 0.61 | 0.68 | 0.63 | 0.68 | 0.77 | 0.62 | 0.61 | 0.65 | 0.68 | 0.60 | 0.69 | 0.68 | 0.68 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 1.38 | 1.30 | 1.36 | 1.46 | 1.21 | 1.21 | 1.10 | 1.03 | 1.06 | 1.08 | 1.04 | 1.13 | 1.14 | 1.14 | 1.15 | 1.15 | 1.13 | 1.13 | 1.18 | ||||||
| PepsiCo Inc. | 0.94 | 0.93 | 0.90 | 0.85 | 0.91 | 0.78 | 0.83 | 0.82 | 0.89 | 0.83 | 0.86 | 0.85 | 0.88 | 0.84 | 0.87 | 0.80 | 0.92 | 0.83 | 0.87 | ||||||
| Philip Morris International Inc. | 1.02 | 0.98 | 0.98 | 0.96 | 0.85 | 0.83 | 0.79 | 0.88 | 0.89 | 0.94 | 0.94 | 0.75 | 0.89 | 0.85 | 0.85 | 0.72 | 0.92 | 0.89 | 0.92 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,788 ÷ 22,399 = 0.62
2 Click competitor name to see calculations.
The company maintains a liquidity position where current liabilities consistently exceed current assets, resulting in a current ratio that remains below 1.00 throughout the entire analyzed period. This pattern indicates a structural deficit in short-term coverage, suggesting a working capital strategy that relies on efficient turnover or external short-term financing to meet immediate obligations.
- Current Ratio Fluctuations
- The current ratio exhibited a range between a low of 0.54 in March 2026 and a peak of 0.77 in March 2024. Following the 2024 peak, the ratio experienced a general decline, reaching its lowest point in early 2026 before recovering slightly to 0.62 by September 2026.
- Current Asset and Liability Trends
- A significant and simultaneous spike in both current assets and current liabilities occurred in March 2024, with assets rising to 19,426 million US$ and liabilities increasing to 25,288 million US$. Outside of this specific event, current assets showed relative stability, oscillating between 9,000 million and 13,000 million US$ for the majority of the period.
- Analysis of Short-Term Obligation Growth
- An upward trajectory in current liabilities is observed over the long term. Obligations grew from 14,103 million US$ in March 2022 to a baseline exceeding 21,000 million US$ from mid-2024 through September 2026. Because the growth in liabilities outpaced the growth in assets over this timeframe, a gradual compression of the current ratio was observed.
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Quick Ratio
Mondelēz International Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 1,628) | 1,716) | 1,524) | 2,125) | 1,367) | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | ||||||
| Trade receivables, less allowance | 4,919) | 4,010) | 4,397) | 3,903) | 4,189) | 3,528) | 4,318) | 3,874) | 3,800) | 3,165) | 3,998) | 3,634) | 3,498) | 2,934) | 3,502) | 3,088) | 2,819) | 2,467) | 2,943) | ||||||
| Total quick assets | 6,547) | 5,726) | 5,921) | 6,028) | 5,556) | 5,032) | 5,879) | 5,225) | 5,317) | 4,564) | 5,374) | 5,444) | 5,108) | 4,416) | 5,419) | 5,011) | 4,996) | 4,391) | 4,889) | ||||||
| Current liabilities | 22,399) | 21,593) | 23,501) | 21,864) | 21,512) | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.29 | 0.27 | 0.25 | 0.28 | 0.26 | 0.25 | 0.28 | 0.27 | 0.25 | 0.20 | 0.21 | 0.29 | 0.27 | 0.25 | 0.29 | 0.30 | 0.35 | 0.32 | 0.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.83 | 0.80 | 0.78 | 0.89 | 0.88 | 0.84 | 0.75 | 0.72 | 0.78 | 0.80 | 0.75 | 0.72 | 0.78 | 0.82 | 0.81 | 0.77 | 0.80 | 0.78 | 0.80 | ||||||
| PepsiCo Inc. | 0.72 | 0.69 | 0.67 | 0.64 | 0.68 | 0.56 | 0.62 | 0.62 | 0.66 | 0.60 | 0.64 | 0.66 | 0.68 | 0.60 | 0.61 | 0.58 | 0.68 | 0.59 | 0.63 | ||||||
| Philip Morris International Inc. | 0.52 | 0.47 | 0.45 | 0.42 | 0.37 | 0.36 | 0.36 | 0.39 | 0.40 | 0.44 | 0.41 | 0.28 | 0.36 | 0.37 | 0.31 | 0.29 | 0.48 | 0.47 | 0.44 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,547 ÷ 22,399 = 0.29
2 Click competitor name to see calculations.
The analysis of liquidity metrics from March 31, 2022, to September 30, 2026, reveals a consistently low quick ratio, indicating that the organization maintains a limited buffer of highly liquid assets relative to its short-term obligations. The ratio remained below 0.35 throughout the entire period, reflecting a systemic reliance on other current assets or operational cash flow to meet immediate liabilities.
- Quick Ratio Trend and Volatility
- A gradual decline in the quick ratio is observed from the start of the period, falling from 0.35 in March 2022 to a cyclical low of 0.20 in June 2024. Following this trough, a modest recovery occurred, with the ratio stabilizing between 0.25 and 0.29 through 2025 and 2026. The persistence of a ratio significantly below 1.0 suggests a liquidity strategy that prioritizes lean liquid asset holdings.
- Current Liabilities Expansion
- The primary driver for the deterioration of the quick ratio was a substantial increase in current liabilities. Liabilities rose from 14,103 million USD in March 2022 to a peak of 25,288 million USD in March 2024. While liabilities retracted slightly following this peak, they remained elevated, ending the period at 22,399 million USD in September 2026, representing a significant increase over the baseline.
- Quick Asset Growth Analysis
- Total quick assets demonstrated a general upward trajectory, increasing from 4,889 million USD in March 2022 to 6,547 million USD by September 2026. Despite this growth in liquid holdings, the pace of asset accumulation failed to keep pace with the growth of current liabilities, which explains the compression of the quick ratio during the 2023-2024 period.
- Correlation of Metrics
- The inverse relationship between the sharp spike in liabilities in early 2024 and the corresponding dip in the quick ratio highlights a period of increased short-term financial pressure. The subsequent stabilization of the ratio to 0.29 by late 2026 was achieved through a combination of continued growth in quick assets and a partial reduction in total current liabilities from their 2024 peak.
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Cash Ratio
Mondelēz International Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 1,628) | 1,716) | 1,524) | 2,125) | 1,367) | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | ||||||
| Total cash assets | 1,628) | 1,716) | 1,524) | 2,125) | 1,367) | 1,504) | 1,561) | 1,351) | 1,517) | 1,399) | 1,376) | 1,810) | 1,610) | 1,482) | 1,917) | 1,923) | 2,177) | 1,924) | 1,946) | ||||||
| Current liabilities | 22,399) | 21,593) | 23,501) | 21,864) | 21,512) | 19,883) | 21,003) | 19,549) | 21,073) | 22,430) | 25,288) | 19,013) | 18,936) | 18,002) | 18,531) | 16,731) | 14,321) | 13,578) | 14,103) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.07 | 0.08 | 0.06 | 0.10 | 0.06 | 0.08 | 0.07 | 0.07 | 0.07 | 0.06 | 0.05 | 0.10 | 0.09 | 0.08 | 0.10 | 0.11 | 0.15 | 0.14 | 0.14 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.69 | 0.65 | 0.62 | 0.74 | 0.70 | 0.65 | 0.58 | 0.58 | 0.64 | 0.65 | 0.60 | 0.58 | 0.63 | 0.65 | 0.61 | 0.59 | 0.62 | 0.57 | 0.55 | ||||||
| PepsiCo Inc. | 0.32 | 0.31 | 0.31 | 0.29 | 0.27 | 0.22 | 0.27 | 0.29 | 0.27 | 0.21 | 0.28 | 0.32 | 0.31 | 0.22 | 0.20 | 0.20 | 0.26 | 0.21 | 0.27 | ||||||
| Philip Morris International Inc. | 0.27 | 0.23 | 0.21 | 0.19 | 0.15 | 0.15 | 0.16 | 0.18 | 0.18 | 0.21 | 0.18 | 0.12 | 0.14 | 0.15 | 0.11 | 0.12 | 0.26 | 0.25 | 0.23 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,628 ÷ 22,399 = 0.07
2 Click competitor name to see calculations.
An analysis of the liquidity position reveals a general contraction in the cash ratio over the period from March 2022 to September 2026. The liquidity profile transitioned from a baseline of 0.14–0.15 in early 2022 to a lower operating range, primarily fluctuating between 0.05 and 0.10 in subsequent years.
- Cash Ratio Performance
- A downward trend is observed beginning in late 2022, with the ratio reaching a period low of 0.05 in March 2024. Although a temporary recovery to 0.10 occurred in December 2025, the ratio failed to return to 2022 levels, ending the analyzed period at 0.07 in September 2026.
- Current Liabilities Expansion
- The compression of the cash ratio is strongly correlated with a substantial increase in current liabilities. These obligations rose from 14.1 billion USD in March 2022 to a peak of 25.3 billion USD in March 2024. Following this peak, liabilities remained elevated, consistently staying above 19 billion USD, which structuralized a higher denominator for the liquidity calculation.
- Cash Asset Volatility
- Total cash assets exhibited fluctuations without a sustained upward trajectory. While peaks were observed in September 2022 (2.177 billion USD) and December 2025 (2.125 billion USD), assets frequently declined toward the 1.3 billion USD range. The stagnation of cash reserves in the face of growing short-term obligations resulted in the observed decline in the overall cash ratio.
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