Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Mondelēz International Inc., solvency ratios
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).
The solvency position of the company exhibits a mixed trend over the five-year period. While certain leverage ratios remained relatively stable, others demonstrate notable fluctuations, particularly in the later years. Overall, the company maintains a moderate level of debt relative to its equity, capital, and assets, but declining coverage ratios suggest a potential weakening in its ability to meet fixed financial obligations.
- Debt Ratios
- Debt to equity, including operating lease liability, increased from 0.71 in 2021 to 0.88 in 2022 before returning to 0.71 in 2023. It then decreased slightly to 0.69 in 2024 and increased again to 0.85 in 2025. A similar pattern is observed in the debt to equity ratio excluding operating lease liability. Debt to capital ratios, with and without operating lease liability, followed a comparable trend, increasing from 0.41/0.42 in 2021 to 0.46/0.47 in 2022, decreasing to 0.41/0.42 in 2023, and then increasing to 0.45/0.46 in 2025. Debt to assets ratios, both including and excluding operating lease liability, show a slight increase from 0.29/0.30 in 2021 to 0.32/0.33 in 2022, a decrease to 0.27/0.28 in 2023, and a subsequent increase to 0.30/0.31 in 2025.
- Leverage Ratios
- Financial leverage increased from 2.37 in 2021 to 2.65 in 2022, then decreased slightly to 2.52 in 2023 and 2.54 in 2024, before rising to 2.77 in 2025. This indicates a growing proportion of assets financed by debt over the period, particularly in the initial and final years.
- Coverage Ratios
- Interest coverage decreased significantly from 16.08 in 2021 to 9.39 in 2022, improved to 12.83 in 2023 and 12.99 in 2024, but then declined sharply to 6.42 in 2025. Fixed charge coverage mirrored this trend, falling from 10.28 in 2021 to 6.60 in 2022, increasing to 9.42 in 2023 and 9.21 in 2024, and then decreasing substantially to 4.84 in 2025. These declines suggest a diminishing capacity to comfortably cover interest and fixed charges with earnings, potentially increasing financial risk.
In summary, the company’s debt levels have fluctuated, with a general tendency towards increase in the latest year observed. While the debt ratios remain within a moderate range, the substantial decrease in interest and fixed charge coverage ratios in 2025 warrants further investigation and monitoring.
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Debt Ratios
Coverage Ratios
Debt to Equity
Mondelēz International Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Total Mondelēz International shareholders’ equity | 25,838) | 26,932) | 28,332) | 26,883) | 28,269) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.82 | 0.66 | 0.69 | 0.85 | 0.69 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Coca-Cola Co. | 1.41 | 1.79 | 1.62 | 1.62 | 1.86 | |
| PepsiCo Inc. | 2.41 | 2.46 | 2.38 | 2.28 | 2.51 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Debt to Equity, Sector | ||||||
| Food, Beverage & Tobacco | 2.41 | 2.62 | 2.49 | 2.44 | 2.28 | |
| Debt to Equity, Industry | ||||||
| Consumer Staples | 1.05 | 1.11 | 1.16 | 1.08 | 1.07 | |
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
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 21,205 ÷ 25,838 = 0.82
2 Click competitor name to see calculations.
The debt to equity ratio for the analyzed period demonstrates fluctuations, indicating shifts in the company’s capital structure. Initially, the ratio increased before stabilizing and then increasing again towards the end of the period.
- Debt to Equity Ratio Trend
- In 2021, the debt to equity ratio was 0.69. This increased to 0.85 in 2022, representing a notable rise in leverage. The ratio then decreased to 0.69 in 2023, returning to the level observed in 2021. A further decrease was observed in 2024, with the ratio falling to 0.66. Finally, the ratio increased to 0.82 in 2025.
The increase from 2021 to 2022 suggests the company financed a greater proportion of its assets with debt relative to equity. The subsequent decline in 2023 and 2024 indicates a reduction in this leverage, potentially through debt repayment or increased equity. The rise in 2025 suggests a renewed reliance on debt financing or a decrease in equity.
- Total Debt and Equity Relationship
- Total debt peaked at US$22,933 million in 2022, coinciding with the highest debt to equity ratio. While debt decreased in 2023 and 2024, it increased again in 2025. Total shareholders’ equity generally decreased throughout the period, from US$28,269 million in 2021 to US$25,838 million in 2025. This decline in equity, coupled with the increase in debt in the final year, contributed to the higher ratio in 2025.
The observed fluctuations in the debt to equity ratio warrant further investigation into the underlying reasons for these changes, including the company’s investment strategies, financing decisions, and overall financial performance. The trend suggests a dynamic capital structure that is subject to periodic adjustments.
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Debt to Equity (including Operating Lease Liability)
Mondelēz International Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Current operating lease liabilities (included in Other current liabilities) | 164) | 172) | 165) | 166) | 174) | |
| Long-term operating lease liabilities | 599) | 623) | 537) | 514) | 459) | |
| Total debt (including operating lease liability) | 21,968) | 18,544) | 20,110) | 23,613) | 20,145) | |
| Total Mondelēz International shareholders’ equity | 25,838) | 26,932) | 28,332) | 26,883) | 28,269) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.85 | 0.69 | 0.71 | 0.88 | 0.71 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 1.47 | 1.84 | 1.67 | 1.68 | 1.92 | |
| PepsiCo Inc. | 2.60 | 2.65 | 2.54 | 2.42 | 2.64 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 2.51 | 2.73 | 2.59 | 2.53 | 2.36 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 1.16 | 1.23 | 1.28 | 1.20 | 1.19 | |
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 21,968 ÷ 25,838 = 0.85
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, exhibited fluctuations over the five-year period. Total debt decreased from 2022 to 2023, then continued to decrease to 2024, before increasing in 2025. Simultaneously, total shareholders’ equity generally decreased over the period, though not consistently.
- Debt to Equity Ratio - Overall Trend
- The debt to equity ratio began at 0.71 in 2021, increased to 0.88 in 2022, then returned to 0.71 in 2023. A slight decrease to 0.69 was observed in 2024, followed by an increase to 0.85 in 2025. This indicates a generally increasing reliance on debt relative to equity over the period, particularly evident in the final year.
- Debt Levels
- Total debt increased significantly from 2021 to 2022, rising from US$20,145 million to US$23,613 million. Subsequently, debt decreased for two consecutive years, reaching US$18,544 million in 2024. However, debt levels rose again in 2025 to US$21,968 million.
- Equity Levels
- Total shareholders’ equity decreased from US$28,269 million in 2021 to US$26,883 million in 2022. It then experienced a modest increase to US$28,332 million in 2023, before declining to US$26,932 million in 2024 and further to US$25,838 million in 2025. This consistent downward trend in equity contributes to the increasing debt to equity ratio.
The combined effect of fluctuating debt and decreasing equity resulted in the observed changes in the debt to equity ratio. The increase in the ratio in 2025 suggests a potentially higher level of financial risk compared to earlier periods, as the company is financing a greater proportion of its assets with debt.
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Debt to Capital
Mondelēz International Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Total Mondelēz International shareholders’ equity | 25,838) | 26,932) | 28,332) | 26,883) | 28,269) | |
| Total capital | 47,043) | 44,681) | 47,740) | 49,816) | 47,781) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.45 | 0.40 | 0.41 | 0.46 | 0.41 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Coca-Cola Co. | 0.59 | 0.64 | 0.62 | 0.62 | 0.65 | |
| PepsiCo Inc. | 0.71 | 0.71 | 0.70 | 0.69 | 0.72 | |
| Philip Morris International Inc. | 1.26 | 1.35 | 1.31 | 1.26 | 1.57 | |
| Debt to Capital, Sector | ||||||
| Food, Beverage & Tobacco | 0.71 | 0.72 | 0.71 | 0.71 | 0.70 | |
| Debt to Capital, Industry | ||||||
| Consumer Staples | 0.51 | 0.53 | 0.54 | 0.52 | 0.52 | |
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
Debt to capital = Total debt ÷ Total capital
= 21,205 ÷ 47,043 = 0.45
2 Click competitor name to see calculations.
The Debt to Capital ratio for the analyzed period demonstrates a fluctuating, yet relatively stable, pattern. Initial observations indicate an increase in the ratio followed by a period of decline and a subsequent rise again.
- Overall Trend
- The Debt to Capital ratio began at 0.41 in 2021, increased to 0.46 in 2022, then decreased to 0.41 in 2023 and further to 0.40 in 2024. The most recent year, 2025, shows an increase to 0.45. This suggests a moderate increase in financial leverage over the five-year period, with some year-to-year volatility.
- Total Debt
- Total debt increased from US$19,512 million in 2021 to US$22,933 million in 2022. A subsequent decrease was observed, falling to US$19,408 million in 2023 and US$17,749 million in 2024. The latest reporting period, 2025, shows an increase in total debt to US$21,205 million.
- Total Capital
- Total capital exhibited a more subdued pattern of change. It increased from US$47,781 million in 2021 to US$49,816 million in 2022, then decreased to US$47,740 million in 2023 and US$44,681 million in 2024. A slight recovery is noted in 2025, with total capital reaching US$47,043 million.
- Ratio Dynamics
- The interplay between debt and capital levels drives the Debt to Capital ratio. The initial increase in the ratio from 2021 to 2022 is attributable to a larger percentage increase in total debt compared to total capital. The subsequent decline from 2022 to 2024 is primarily due to the decrease in total debt, despite a concurrent decrease in total capital. The 2025 increase in the ratio is driven by a larger increase in total debt relative to total capital.
In conclusion, the Debt to Capital ratio indicates a moderate level of financial leverage, with fluctuations influenced by changes in both debt and capital structures. The recent increase in the ratio in 2025 warrants continued monitoring.
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Debt to Capital (including Operating Lease Liability)
Mondelēz International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Current operating lease liabilities (included in Other current liabilities) | 164) | 172) | 165) | 166) | 174) | |
| Long-term operating lease liabilities | 599) | 623) | 537) | 514) | 459) | |
| Total debt (including operating lease liability) | 21,968) | 18,544) | 20,110) | 23,613) | 20,145) | |
| Total Mondelēz International shareholders’ equity | 25,838) | 26,932) | 28,332) | 26,883) | 28,269) | |
| Total capital (including operating lease liability) | 47,806) | 45,476) | 48,442) | 50,496) | 48,414) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.46 | 0.41 | 0.42 | 0.47 | 0.42 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 0.59 | 0.65 | 0.63 | 0.63 | 0.66 | |
| PepsiCo Inc. | 0.72 | 0.73 | 0.72 | 0.71 | 0.73 | |
| Philip Morris International Inc. | 1.25 | 1.34 | 1.30 | 1.26 | 1.55 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 0.72 | 0.73 | 0.72 | 0.72 | 0.70 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 0.54 | 0.55 | 0.56 | 0.54 | 0.54 | |
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 21,968 ÷ 47,806 = 0.46
2 Click competitor name to see calculations.
The debt to capital ratio, inclusive of operating lease liabilities, exhibits fluctuations over the five-year period. Total debt and total capital both experienced increases between 2021 and 2022, followed by a decrease in total debt in 2023, while total capital remained relatively stable. This pattern continued into 2024 with a further reduction in total debt and a decrease in total capital. The most recent year, 2025, shows an increase in total debt alongside a moderate increase in total capital.
- Debt to Capital Ratio Trend
- The debt to capital ratio increased from 0.42 in 2021 to 0.47 in 2022, indicating a greater proportion of financing derived from debt relative to capital. The ratio then decreased to 0.42 in 2023 and further to 0.41 in 2024, suggesting a reduction in financial leverage. In 2025, the ratio rose again to 0.46, signaling a renewed increase in the reliance on debt financing.
The initial increase in the ratio between 2021 and 2022 suggests the entity may have taken on additional debt, potentially for investment or acquisitions, or experienced a decrease in equity. The subsequent declines in 2023 and 2024 indicate a strengthening of the capital structure through debt reduction or capital increases. The rise in 2025 warrants further investigation to determine the underlying cause, such as new debt issuance or a decrease in equity.
- Total Debt Movement
- Total debt increased significantly from US$20,145 million in 2021 to US$23,613 million in 2022. A subsequent decrease was observed in 2023, falling to US$20,110 million, and continued in 2024 to US$18,544 million. The latest period, 2025, shows an increase to US$21,968 million.
- Total Capital Movement
- Total capital increased modestly from US$48,414 million in 2021 to US$50,496 million in 2022. It remained relatively stable at US$48,442 million in 2023 before decreasing to US$45,476 million in 2024. A slight increase to US$47,806 million was recorded in 2025.
The interplay between debt and capital levels is crucial. While the debt to capital ratio provides a snapshot of leverage, understanding the absolute changes in both debt and capital is essential for a comprehensive assessment of the entity’s financial risk profile.
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Debt to Assets
Mondelēz International Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Total assets | 71,487) | 68,497) | 71,391) | 71,161) | 67,092) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.30 | 0.26 | 0.27 | 0.32 | 0.29 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Coca-Cola Co. | 0.43 | 0.44 | 0.43 | 0.42 | 0.45 | |
| PepsiCo Inc. | 0.46 | 0.45 | 0.44 | 0.42 | 0.44 | |
| Philip Morris International Inc. | 0.71 | 0.74 | 0.73 | 0.70 | 0.67 | |
| Debt to Assets, Sector | ||||||
| Food, Beverage & Tobacco | 0.47 | 0.46 | 0.46 | 0.45 | 0.44 | |
| Debt to Assets, Industry | ||||||
| Consumer Staples | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | |
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
Debt to assets = Total debt ÷ Total assets
= 21,205 ÷ 71,487 = 0.30
2 Click competitor name to see calculations.
The Debt-to-Assets ratio for the analyzed period demonstrates fluctuations, indicating a dynamic relationship between the company’s debt levels and its asset base. Overall, the ratio remains within a relatively narrow range, suggesting a generally consistent approach to financial leverage.
- Overall Trend
- The Debt-to-Assets ratio initially increased from 0.29 in 2021 to 0.32 in 2022, before declining to 0.27 in 2023 and further to 0.26 in 2024. A subsequent increase to 0.30 is observed in 2025. This pattern suggests periods of increased and decreased reliance on debt financing relative to the company’s assets.
- Year-over-Year Changes
- The most significant increase in the ratio occurred between 2021 and 2022, representing a 10.3% rise. Conversely, the largest decrease was observed between 2023 and 2024, with a 7.4% reduction. The change from 2024 to 2025 shows a 15.4% increase.
- Debt and Asset Movements
- The increase in the ratio from 2021 to 2022 coincided with a larger percentage increase in Total Debt (17.5%) compared to Total Assets (6.1%). The subsequent decrease from 2022 to 2023 was driven by a more substantial decrease in Total Debt (15.4%) than in Total Assets (0.3%). The increase in 2025 is attributable to a larger increase in Total Debt (9.2%) than in Total Assets (3.1%).
The observed fluctuations in the Debt-to-Assets ratio warrant further investigation into the underlying factors driving these changes, such as specific financing activities, asset acquisitions or disposals, and overall business strategy. The ratio’s movement in 2025 suggests a renewed emphasis on debt financing.
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Debt to Assets (including Operating Lease Liability)
Mondelēz International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term borrowings | 2,688) | 71) | 420) | 2,299) | 216) | |
| Current portion of long-term debt | 1,295) | 2,014) | 2,101) | 383) | 1,746) | |
| Long-term debt, excluding current portion | 17,222) | 15,664) | 16,887) | 20,251) | 17,550) | |
| Total debt | 21,205) | 17,749) | 19,408) | 22,933) | 19,512) | |
| Current operating lease liabilities (included in Other current liabilities) | 164) | 172) | 165) | 166) | 174) | |
| Long-term operating lease liabilities | 599) | 623) | 537) | 514) | 459) | |
| Total debt (including operating lease liability) | 21,968) | 18,544) | 20,110) | 23,613) | 20,145) | |
| Total assets | 71,487) | 68,497) | 71,391) | 71,161) | 67,092) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.31 | 0.27 | 0.28 | 0.33 | 0.30 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Coca-Cola Co. | 0.45 | 0.45 | 0.44 | 0.44 | 0.47 | |
| PepsiCo Inc. | 0.49 | 0.48 | 0.47 | 0.45 | 0.46 | |
| Philip Morris International Inc. | 0.72 | 0.75 | 0.74 | 0.71 | 0.69 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Food, Beverage & Tobacco | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Staples | 0.34 | 0.34 | 0.34 | 0.33 | 0.33 | |
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 21,968 ÷ 71,487 = 0.31
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liability, exhibited fluctuations over the five-year period. Total debt demonstrated an initial increase followed by a subsequent decline and then a rise again, while total assets generally increased, though with a dip in the latest reported year. These movements impacted the overall debt to assets ratio.
- Debt to Assets Ratio Trend
- The debt to assets ratio began at 0.30 in 2021, increasing to 0.33 in 2022. This indicates a growing proportion of assets financed by debt. A decrease was then observed in 2023, with the ratio falling to 0.28, suggesting a reduction in leverage. The ratio remained relatively stable at 0.27 in 2024 before increasing to 0.31 in 2025, signaling a renewed increase in the proportion of debt financing.
- Total Debt Movement
- Total debt, inclusive of operating lease liabilities, increased from US$20,145 million in 2021 to US$23,613 million in 2022, representing a significant rise in borrowing. This was followed by a decrease to US$20,110 million in 2023 and a further reduction to US$18,544 million in 2024. However, in 2025, total debt increased again, reaching US$21,968 million.
- Total Assets Movement
- Total assets increased from US$67,092 million in 2021 to US$71,161 million in 2022 and continued to rise to US$71,391 million in 2023. A slight decrease was noted in 2024, with total assets falling to US$68,497 million. The final year, 2025, saw an increase in total assets to US$71,487 million.
The interplay between debt and asset movements suggests a dynamic capital structure. While the company initially increased its debt levels, it subsequently reduced them before increasing debt again in the most recent year. The asset base generally expanded, though with a temporary contraction, influencing the overall leverage ratio.
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Financial Leverage
Mondelēz International Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 71,487) | 68,497) | 71,391) | 71,161) | 67,092) | |
| Total Mondelēz International shareholders’ equity | 25,838) | 26,932) | 28,332) | 26,883) | 28,269) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.77 | 2.54 | 2.52 | 2.65 | 2.37 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Coca-Cola Co. | 3.26 | 4.05 | 3.77 | 3.85 | 4.10 | |
| PepsiCo Inc. | 5.26 | 5.51 | 5.43 | 5.38 | 5.76 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Financial Leverage, Sector | ||||||
| Food, Beverage & Tobacco | 5.16 | 5.69 | 5.44 | 5.37 | 5.16 | |
| Financial Leverage, Industry | ||||||
| Consumer Staples | 3.42 | 3.62 | 3.71 | 3.59 | 3.59 | |
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
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 71,487 ÷ 25,838 = 2.77
2 Click competitor name to see calculations.
An examination of the financial information reveals trends in the company’s financial leverage over a five-year period. Total assets exhibited an initial increase from 2021 to 2022, followed by relative stability through 2023, a decrease in 2024, and a subsequent increase in 2025. Total shareholders’ equity demonstrated a decrease in 2022, a recovery in 2023, another decrease in 2024, and a further decline in 2025.
- Financial Leverage
- The financial leverage ratio increased from 2.37 in 2021 to 2.65 in 2022, indicating a greater reliance on debt financing relative to equity. A slight decrease to 2.52 was observed in 2023. The ratio remained relatively stable at 2.54 in 2024 before increasing to 2.77 in 2025. This final increase suggests a renewed trend towards greater financial leverage.
The observed pattern in financial leverage corresponds with the movements in shareholders’ equity. As equity decreased, the leverage ratio generally increased, and vice versa. The increase in total assets in 2025, coupled with the continued decrease in shareholders’ equity, contributed to the highest leverage ratio observed during the period. This suggests the company is financing a greater proportion of its assets with debt.
The consistent leverage ratio above 2.3 throughout the period indicates a moderate to high degree of financial risk. The upward trend in the most recent year warrants continued monitoring to assess the potential implications for the company’s financial stability and future performance.
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Interest Coverage
Mondelēz International Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to Mondelēz International | 2,451) | 4,611) | 4,959) | 2,717) | 4,300) | |
| Add: Net income attributable to noncontrolling interest | 15) | 12) | 9) | 9) | 14) | |
| Add: Income tax expense | 782) | 1,469) | 1,537) | 865) | 1,190) | |
| Add: Interest expense | 599) | 508) | 550) | 428) | 365) | |
| Earnings before interest and tax (EBIT) | 3,847) | 6,600) | 7,055) | 4,019) | 5,869) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 6.42 | 12.99 | 12.83 | 9.39 | 16.08 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Coca-Cola Co. | 10.67 | 8.90 | 9.48 | 14.25 | 8.78 | |
| PepsiCo Inc. | 6.57 | 8.44 | 8.95 | 10.57 | 5.94 | |
| Philip Morris International Inc. | 10.19 | 6.97 | 7.95 | 16.33 | 17.80 | |
| Interest Coverage, Sector | ||||||
| Food, Beverage & Tobacco | 8.76 | 8.53 | 9.23 | 12.81 | 9.56 | |
| Interest Coverage, Industry | ||||||
| Consumer Staples | 11.79 | 10.92 | 11.37 | 15.69 | 11.46 | |
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
Interest coverage = EBIT ÷ Interest expense
= 3,847 ÷ 599 = 6.42
2 Click competitor name to see calculations.
The interest coverage ratio exhibited fluctuations over the five-year period. Initial values were strong, followed by a decline, a subsequent recovery, and then a final decrease. Earnings before interest and tax (EBIT) and interest expense both influenced these changes.
- Overall Trend
- The interest coverage ratio began at 16.08 in 2021, decreased to 9.39 in 2022, then increased to 12.83 in 2023 and 12.99 in 2024. A notable decline occurred in 2025, with the ratio falling to 6.42.
- EBIT Influence
- EBIT demonstrated a decrease from US$5,869 million in 2021 to US$4,019 million in 2022, contributing to the initial drop in the interest coverage ratio. A substantial increase in EBIT to US$7,055 million in 2023 and a subsequent value of US$6,600 million in 2024 supported the ratio’s recovery during those years. However, EBIT decreased significantly to US$3,847 million in 2025, coinciding with the final decline in the interest coverage ratio.
- Interest Expense Influence
- Interest expense increased consistently from US$365 million in 2021 to US$599 million in 2025. This steady rise in interest expense placed downward pressure on the interest coverage ratio throughout the period, particularly evident in 2025 when combined with the lower EBIT.
The combination of fluctuating EBIT and consistently increasing interest expense resulted in a volatile interest coverage ratio. While the company maintained coverage for the majority of the period, the 2025 ratio suggests a reduced ability to meet its interest obligations compared to earlier years.
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Fixed Charge Coverage
Mondelēz International Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings attributable to Mondelēz International | 2,451) | 4,611) | 4,959) | 2,717) | 4,300) | |
| Add: Net income attributable to noncontrolling interest | 15) | 12) | 9) | 9) | 14) | |
| Add: Income tax expense | 782) | 1,469) | 1,537) | 865) | 1,190) | |
| Add: Interest expense | 599) | 508) | 550) | 428) | 365) | |
| Earnings before interest and tax (EBIT) | 3,847) | 6,600) | 7,055) | 4,019) | 5,869) | |
| Add: Operating lease cost | 246) | 234) | 223) | 213) | 228) | |
| Earnings before fixed charges and tax | 4,093) | 6,834) | 7,278) | 4,232) | 6,097) | |
| Interest expense | 599) | 508) | 550) | 428) | 365) | |
| Operating lease cost | 246) | 234) | 223) | 213) | 228) | |
| Fixed charges | 845) | 742) | 773) | 641) | 593) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 4.84 | 9.21 | 9.42 | 6.60 | 10.28 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Coca-Cola Co. | 8.77 | 7.48 | 7.73 | 10.14 | 7.41 | |
| PepsiCo Inc. | 4.77 | 5.99 | 6.43 | 7.28 | 4.85 | |
| Philip Morris International Inc. | 8.68 | 6.14 | 6.92 | 12.59 | 13.43 | |
| Fixed Charge Coverage, Sector | ||||||
| Food, Beverage & Tobacco | 6.86 | 6.78 | 7.29 | 9.14 | 7.60 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Staples | 7.80 | 7.38 | 7.41 | 9.12 | 7.50 | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 4,093 ÷ 845 = 4.84
2 Click competitor name to see calculations.
The company’s fixed charge coverage exhibited fluctuating performance between 2021 and 2025. Initial coverage was strong, but a significant decline occurred in 2022, followed by a recovery and subsequent decrease again in the most recent year presented.
- Earnings Before Fixed Charges and Tax
- Earnings before fixed charges and tax decreased from US$6,097 million in 2021 to US$4,232 million in 2022, representing a substantial reduction. A recovery was observed in 2023, with earnings increasing to US$7,278 million. However, this was followed by a slight decrease to US$6,834 million in 2024 and a more pronounced decline to US$4,093 million in 2025, returning to a level below that of 2022.
- Fixed Charges
- Fixed charges demonstrated a consistent upward trend throughout the period. Increasing from US$593 million in 2021 to US$845 million in 2025, the growth was relatively steady, with incremental increases each year. This suggests a growing burden of obligations requiring fixed payments.
- Fixed Charge Coverage
- The fixed charge coverage ratio began at a strong level of 10.28 in 2021. A considerable decrease was noted in 2022, falling to 6.60. The ratio improved in 2023, reaching 9.42, and remained relatively stable at 9.21 in 2024. However, a significant decline occurred in 2025, with the ratio dropping to 4.84. This final value represents the lowest coverage observed during the analyzed period and warrants further investigation.
The combination of decreasing earnings before fixed charges and tax, alongside consistently increasing fixed charges, contributed to the observed volatility and ultimate decline in fixed charge coverage. While the company maintained adequate coverage for the majority of the period, the 2025 result indicates a reduced ability to meet its fixed obligations from its earnings.
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