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: 2026-06-30), 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 of Mondelēz International Inc. is characterized by current liabilities consistently exceeding current assets throughout the analyzed period. All three liquidity metrics remained below the 1.0 threshold, indicating a structural operational model that does not rely on a high buffer of liquid assets to cover short-term obligations.
- Current Ratio
- The current ratio fluctuated between a high of 0.77 in March 2024 and a low of 0.54 in March 2026. While the ratio remained relatively stable between 0.60 and 0.69 for much of 2022 and 2023, a gradual downward trend is observed toward the end of the period, suggesting an increase in short-term obligations relative to current assets.
- Quick Ratio
- A general decline in the quick ratio is evident, starting at 0.35 in early 2022 and reaching a low of 0.20 by June 2024. The ratio subsequently stabilized between 0.25 and 0.28. The significant gap between the current ratio and the quick ratio highlights a substantial portion of current assets tied up in inventory.
- Cash Ratio
- The cash ratio experienced a notable contraction from a peak of 0.15 in September 2022 to a low of 0.05 in March 2024. Following this trough, the ratio remained within a narrow band of 0.06 to 0.10. This indicates a minimal reliance on cash and cash equivalents for the immediate settlement of current liabilities.
Overall, the convergence of these ratios suggests a tight liquidity position. The persistent gap between the current and quick ratios underscores the importance of inventory turnover in maintaining the company's short-term financial health. The stability of the cash ratio in the latter half of the period suggests a managed approach to cash reserves despite the overall decline in broader liquidity metrics.
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Current Ratio
Mondelēz International Inc., current ratio calculation (quarterly data)
| 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 | 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 | 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 | 0.60 | 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. | 1.30 | 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. | 0.93 | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 12,938 ÷ 21,593 = 0.60
2 Click competitor name to see calculations.
Analysis of the liquidity position reveals a consistent trend where current liabilities exceed current assets throughout the observed period. The current ratio remains structurally below 1.0, indicating a reliance on operational cash flow or short-term financing to meet immediate obligations.
- Asset and Liability Dynamics
- Current assets experienced significant volatility, peaking at 19,426 million US dollars on March 31, 2024, before stabilizing between 12,730 million and 13,242 million US dollars in subsequent periods. Current liabilities mirrored this trajectory, reaching a maximum of 25,288 million US dollars on March 31, 2024, and generally fluctuating between 19,549 million and 23,501 million US dollars in the later stages of the period.
- Current Ratio Trends
- The current ratio fluctuated within a range of 0.54 to 0.77. A peak was observed on March 31, 2024, at 0.77, representing the strongest relative liquidity position in the series. Conversely, the ratio declined to its lowest point of 0.54 on March 31, 2026, before recovering to 0.60 by June 30, 2026.
- Liquidity Stability and Patterns
- Despite specific peaks and troughs, the current ratio predominantly remained within a narrow band between 0.60 and 0.68. This suggests a consistent working capital management strategy, although the downward pressure observed between December 31, 2024, and March 31, 2026, indicates a period of tightening liquidity relative to short-term obligations.
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Quick Ratio
Mondelēz International Inc., quick ratio calculation (quarterly data)
| 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 | 1,716) | 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 | 4,010) | 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 | 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 | 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 | 0.27 | 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. | 0.80 | 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. | 0.69 | 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. | 0.47 | 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: 2026-06-30), 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 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,726 ÷ 21,593 = 0.27
2 Click competitor name to see calculations.
The liquidity position of the organization, as measured by the quick ratio, demonstrates a general downward trend from March 2022 through the first half of 2024, followed by a period of marginal stabilization. The ratio declined from an initial 0.35 to a trough of 0.20 in June 2024, indicating a reduction in the company's ability to cover immediate short-term obligations using its most liquid assets.
- Total Quick Assets Trend
- Quick assets exhibited moderate volatility with a gradual upward trajectory over the observed period. Assets grew from 4,889 million in March 2022 to a peak of 6,028 million by December 2025. Despite this nominal increase, the growth in quick assets did not keep pace with the expansion of short-term liabilities.
- Current Liabilities Analysis
- A significant increase in current liabilities is observed, which serves as the primary driver for the declining quick ratio. Liabilities rose from 14,103 million in March 2022 to a peak of 25,288 million in March 2024. Although liabilities moderated slightly in subsequent quarters, they remained substantially higher than the 2022 levels, settling between 21,000 million and 23,500 million through 2026.
- Quick Ratio Interpretation
- The quick ratio remained consistently below 1.0 throughout the entire period, fluctuating primarily between 0.20 and 0.35. The most acute pressure on liquidity occurred between March 2024 and June 2024, where the ratio reached its lowest point of 0.20. From July 2024 through June 2026, the ratio stabilized within a narrow range of 0.25 to 0.28, suggesting a calibrated but constrained liquidity strategy.
The disparity between the growth of quick assets and the substantial rise in current liabilities indicates an increased reliance on operational cash flows or inventory liquidation to meet short-term debts. The stabilization of the ratio in the latter half of the period suggests that the organization has reached a new equilibrium in its working capital management.
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Cash Ratio
Mondelēz International Inc., cash ratio calculation (quarterly data)
| 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 | 1,716) | 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 | 1,716) | 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 | 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 | 0.08 | 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. | 0.65 | 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. | 0.31 | 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. | 0.23 | 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: 2026-06-30), 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 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,716 ÷ 21,593 = 0.08
2 Click competitor name to see calculations.
The cash ratio exhibits a general downward trend over the reported period, reflecting a decrease in the capacity to cover short-term liabilities using only the most liquid assets.
- Cash Asset Trends
- Total cash assets demonstrated volatility, fluctuating between a peak of 2,177 million USD in September 2022 and a low of 1,351 million USD in December 2023. Although a temporary increase to 2,125 million USD was recorded in December 2025, the asset levels remained relatively stagnant compared to the growth observed in short-term obligations.
- Current Liabilities Expansion
- A substantial increase in current liabilities is evident, rising from 14,103 million USD in March 2022 to a peak of 25,288 million USD in March 2024. This expansion of current obligations acted as the primary driver for the compression of the liquidity ratio.
- Cash Ratio Performance
- The cash ratio declined from a range of 0.14 to 0.15 in 2022 to a minimum of 0.05 in March 2024. Since reaching this trough, the ratio has fluctuated between 0.06 and 0.10, indicating a sustained shift toward a lower liquidity position relative to current liabilities compared to the 2022 baseline.
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