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: 2026-03-31), 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 demonstrates a consistent trend of contraction over the observed period, with all primary liquidity ratios remaining well below the 1.0 threshold. This indicates a systemic reliance on operational cash flow or revolving credit facilities to meet short-term obligations, as current assets are insufficient to cover current liabilities.
- Current Ratio
- The current ratio exhibited moderate volatility, starting at 0.68 in March 2022 and reaching a peak of 0.77 in March 2024. Following this peak, a sustained downward trend is observed, culminating in a period low of 0.54 by March 2026. The persistent sub-1.0 value confirms that current liabilities exceed current assets throughout the entire timeframe.
- Quick Ratio
- A general downward trajectory is evident in the quick ratio, which declined from 0.35 in early 2022 to a trough of 0.20 in June 2024, before stabilizing near 0.25 by March 2026. The significant margin between the current ratio and the quick ratio suggests that a substantial portion of the company's current assets is tied up in inventory.
- Cash Ratio
- The cash ratio shows a marked decline from a high of 0.15 in September 2022 to a lower range between 0.05 and 0.10 in the final years of the period. A minimum value of 0.05 was recorded in March 2024. This indicates very limited immediate cash availability to cover short-term debt, reflecting a highly lean cash management strategy.
In summary, the data reveals a tightening liquidity position. The simultaneous decline across all three metrics indicates an increasing disparity between short-term assets and liabilities, with a growing reliance on less liquid assets and operational efficiency to maintain solvency.
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Current Ratio
Mondelēz International Inc., current ratio calculation (quarterly data)
| 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 | 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 | 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 | 0.54 | 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. | 1.36 | 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. | 0.90 | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 12,745 ÷ 23,501 = 0.54
2 Click competitor name to see calculations.
The liquidity position of the entity exhibits a persistent state where current liabilities exceed current assets, with the current ratio remaining consistently below the 1.0 threshold across all reported quarters. This suggests a structural reliance on operational cash flow and short-term financing to meet immediate obligations rather than relying on liquid asset reserves.
- Current Ratio Volatility
- The current ratio fluctuated between a peak of 0.77 on March 31, 2024, and a minimum of 0.54 on March 31, 2026. A period of relative stability was observed throughout 2022 and 2023, during which the ratio generally ranged between 0.60 and 0.69.
- Asset and Liability Dynamics
- Current liabilities demonstrated a significant upward trajectory, increasing from 14,103 million USD in March 2022 to 23,501 million USD by March 2026. While current assets experienced a substantial spike to 19,426 million USD in the first quarter of 2024, this increase was temporary, with assets subsequently normalizing to a range between 12,700 and 13,200 million USD.
- Long-term Liquidity Trend
- A gradual deterioration in the liquidity ratio is evident in the latter half of the analyzed period. Following the maximum value reached in early 2024, the current ratio declined steadily to 0.54 by March 2026, reflecting a widening gap between short-term obligations and the available current asset base.
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Quick Ratio
Mondelēz International Inc., quick ratio calculation (quarterly data)
| 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 | 1,524) | 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 | 4,397) | 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 | 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 | 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 | 0.25 | 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. | 0.78 | 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. | 0.67 | 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. | 0.45 | 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: 2026-03-31), 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 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,921 ÷ 23,501 = 0.25
2 Click competitor name to see calculations.
The liquidity profile exhibits a sustained period of low quick ratios, indicating that the company maintains significantly fewer liquid assets than current liabilities. Throughout the period from March 2022 to March 2026, the quick ratio remained consistently below 0.40, suggesting an operational strategy that minimizes the holding of idle liquid assets or a heavy reliance on inventory turnover and external financing to meet short-term obligations.
- Total Quick Assets Performance
- Quick assets exhibited moderate volatility, fluctuating between a minimum of 4,391 million USD in June 2022 and a peak of 6,028 million USD in December 2025. While a general upward trajectory in the absolute value of liquid assets is observed toward the latter half of the period, this growth was insufficient to maintain a stable liquidity ratio in the face of rising liabilities.
- Current Liabilities Expansion
- A significant upward trend in current liabilities is evident, increasing from 14,103 million USD in March 2022 to a peak of 25,288 million USD in March 2024. This substantial increase in short-term obligations represents the primary driver behind the compression of the quick ratio, particularly during the 2023-2024 window.
- Quick Ratio Correlation and Volatility
- The quick ratio reached its maximum value of 0.35 in March and September 2022 before entering a general decline. A critical low of 0.20 was recorded in June 2024, coinciding with the period of elevated current liabilities. Although a partial recovery to 0.28 was noted by December 2024, the ratio remained unstable, ultimately closing at 0.25 in March 2026. The persistent gap between liquid assets and current liabilities underscores a consistent liquidity constraint throughout the observed timeframe.
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Cash Ratio
Mondelēz International Inc., cash ratio calculation (quarterly data)
| 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 | 1,524) | 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 | 1,524) | 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 | 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 | 0.06 | 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. | 0.62 | 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. | 0.31 | 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. | 0.21 | 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: 2026-03-31), 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 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,524 ÷ 23,501 = 0.06
2 Click competitor name to see calculations.
The liquidity profile demonstrates a sustained contraction in the cash ratio over the analyzed period, indicating a reduced capacity to cover short-term obligations using only the most liquid assets. This trend is characterized by a gradual decline followed by a sharp drop and a subsequent period of stabilization at lower levels.
- Cash Ratio Trend Analysis
- The cash ratio remained relatively stable between 0.11 and 0.15 throughout 2022. However, a downward trajectory emerged in 2023, culminating in a significant drop to 0.05 by March 31, 2024. While intermittent recoveries occurred—most notably reaching 0.10 in December 2025—the ratio consistently remained below its 2022 levels, ending at 0.06 in March 2026.
- Analysis of Current Liabilities
- A primary driver of the declining cash ratio was the substantial growth in current liabilities. Obligations increased from 14,103 million US$ in March 2022 to a peak of 25,288 million US$ in March 2024. Although liabilities fluctuated in the following quarters, they remained elevated, finishing at 23,501 million US$ in March 2026, representing a significant increase over the base period.
- Cash Asset Performance
- Total cash assets did not grow proportionally to the increase in liabilities. Assets fluctuated within a range of 1,351 million US$ to 2,177 million US$ for the majority of the period. A temporary spike to 2,125 million US$ was observed in December 2025, which briefly improved the cash ratio to 0.10, but this gain was not sustained into the first quarter of 2026, where assets returned to 1,524 million US$.
- Liquidity Correlation
- The inverse relationship between rising short-term debt and stagnant cash reserves resulted in a narrowed liquidity margin. The most acute pressure on the cash ratio occurred in the first quarter of 2024, where the simultaneous peak in current liabilities and a relative low in cash assets led to the lowest recorded ratio of 0.05.
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