Mondelēz International Inc. (NASDAQ:MDLZ)

Mondelēz International Inc., solvency ratios (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
Debt Ratios
Debt to equity	0.82	0.81	0.82	0.82	0.81	0.80	0.76	0.66	0.71	0.71	0.67	0.69	0.70	0.74	0.79	0.85	0.81	0.70	0.70
Debt to equity (including operating lease liability)	0.84	0.83	0.84	0.84	0.84	0.82	0.78	0.68	0.73	0.73	0.69	0.70	0.72	0.76	0.80	0.87	0.83	0.72	0.72
Debt to capital	0.45	0.45	0.45	0.45	0.45	0.44	0.43	0.40	0.42	0.42	0.40	0.41	0.41	0.43	0.44	0.46	0.45	0.41	0.41
Debt to capital (including operating lease liability)	0.46	0.45	0.46	0.46	0.46	0.45	0.44	0.41	0.42	0.42	0.41	0.41	0.42	0.43	0.45	0.47	0.45	0.42	0.42
Debt to assets	0.30	0.30	0.30	0.30	0.30	0.29	0.28	0.26	0.27	0.27	0.25	0.27	0.28	0.29	0.31	0.32	0.32	0.29	0.29
Debt to assets (including operating lease liability)	0.31	0.31	0.30	0.31	0.31	0.30	0.29	0.27	0.28	0.28	0.25	0.28	0.29	0.30	0.31	0.33	0.33	0.30	0.30
Financial leverage	2.70	2.67	2.76	2.77	2.73	2.71	2.67	2.54	2.59	2.64	2.73	2.52	2.48	2.51	2.58	2.65	2.55	2.40	2.41

An analysis of solvency ratios reveals a period of volatility between 2022 and 2024, followed by a gradual increase in leverage and debt dependencies through 2026.

Debt to Equity Trends: The debt to equity ratio experienced significant fluctuations, rising from 0.70 in early 2022 to a peak of 0.85 by December 2022. This was followed by a corrective decline to a low of 0.66 by December 2023. From 2024 onward, a consistent upward trend is evident, with the ratio stabilizing between 0.81 and 0.82 throughout 2025 and 2026. The inclusion of operating lease liabilities consistently increases these ratios by approximately 0.02 to 0.03 points, indicating a marginal but steady impact of lease obligations on the solvency profile.
Capital and Asset Proportions: Debt to capital ratios remained the most stable of the analyzed metrics, fluctuating within a narrow range of 0.40 to 0.46. Debt to assets followed a pattern similar to the debt to equity ratio, peaking at 0.32 in late 2022 and hitting a minimum of 0.25 in March 2024 before returning to a steady state of 0.30 by September 2026. The consistency in the debt to capital ratio suggests a controlled approach to the overall capital structure despite shifts in equity and asset values.
Financial Leverage: Financial leverage demonstrates a long-term upward trajectory. Starting at 2.41 in March 2022, the ratio reached a peak of 2.77 in December 2025. Although short-term decreases were observed in 2023, the overall movement indicates an increased reliance on debt to amplify asset holdings over the recorded period, concluding at 2.70 in September 2026.

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Mondelēz International Inc., debt to equity 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)

Total Mondelēz International shareholders’ equity	26,608)	26,639)	25,750)	25,838)	26,177)	26,193)	25,785)	26,932)	27,854)	27,689)	28,482)	28,332)	28,535)	28,647)	28,228)	26,883)	26,641)	27,511)	28,161)
Solvency Ratio
Debt to equity¹	0.82	0.81	0.82	0.82	0.81	0.80	0.76	0.66	0.71	0.71	0.67	0.69	0.70	0.74	0.79	0.85	0.81	0.70	0.70
Benchmarks
Debt to Equity, Competitors²
Coca-Cola Co.	1.11	1.20	1.30	1.41	1.52	1.73	1.87	1.79	1.74	1.69	1.61	1.62	1.53	1.60	1.68	1.62	1.74	1.82	1.68
PepsiCo Inc.	2.33	2.41	2.47	2.41	2.62	2.79	2.64	2.46	2.31	2.31	2.41	2.38	2.38	2.47	2.45	2.28	2.07	2.12	2.20
Philip Morris International Inc.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2026 Calculation
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 21,743 ÷ 26,608 = 0.82

² Click competitor name to see calculations.

The solvency profile exhibits a cyclical pattern characterized by fluctuations in total debt levels against a relatively stable equity base. The debt-to-equity ratio shifted from a baseline of 0.70 in early 2022 to a peak of 0.85 by the end of 2022, followed by a period of deleveraging and a subsequent rise in leverage through 2026.

Total Debt Dynamics: A period of debt accumulation is observed through the end of 2022, with total debt increasing from 19,704 million USD to a peak of 22,933 million USD. This was followed by a consistent reduction in liabilities throughout 2023 and 2024, reaching a low of 17,749 million USD in December 2024. From March 2025 through September 2026, a renewed upward trend is evident, with total debt climbing to 21,743 million USD.
Shareholders' Equity Stability: Equity levels remained comparatively stable, fluctuating within a range of approximately 25,750 million USD to 28,647 million USD. A peak in equity was recorded in June 2023, while the lowest equity levels were observed between December 2024 and March 2026. The relative stability of the equity base indicates that the primary drivers of solvency ratio changes were movements in total debt rather than significant shifts in shareholder capital.
Debt to Equity Ratio Analysis: The debt-to-equity ratio mirrored the volatility of the total debt. The ratio increased to 0.85 in December 2022, coinciding with the peak in total debt. A subsequent downward trajectory saw the ratio reach a minimum of 0.66 in December 2024. However, starting in March 2025, the ratio began a steady ascent, climbing from 0.76 to 0.82 by September 2026, reflecting an increase in the proportion of debt used to finance assets relative to equity.

The data indicates a transition from a period of aggressive debt reduction in 2023 and 2024 to a period of increased leverage starting in 2025. By the end of the analyzed period, the solvency position returned to levels similar to those observed in late 2022, with a debt-to-equity ratio of 0.82.

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Mondelēz International Inc., debt to equity (including operating lease liability) 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)
Long-term operating lease liabilities	591)	609)	598)	599)	611)	618)	617)	623)	621)	492)	504)	537)	466)	492)	508)	514)	523)	489)	508)
Total debt (including operating lease liability)	22,334)	22,059)	21,622)	21,804)	21,933)	21,505)	20,155)	18,372)	20,425)	20,245)	19,568)	19,945)	20,452)	21,718)	22,710)	23,447)	22,187)	19,701)	20,212)

Total Mondelēz International shareholders’ equity	26,608)	26,639)	25,750)	25,838)	26,177)	26,193)	25,785)	26,932)	27,854)	27,689)	28,482)	28,332)	28,535)	28,647)	28,228)	26,883)	26,641)	27,511)	28,161)
Solvency Ratio
Debt to equity (including operating lease liability)¹	0.84	0.83	0.84	0.84	0.84	0.82	0.78	0.68	0.73	0.73	0.69	0.70	0.72	0.76	0.80	0.87	0.83	0.72	0.72

¹ Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 22,334 ÷ 26,608 = 0.84

The solvency profile of Mondelēz International Inc. exhibits a cyclical pattern of leverage and deleveraging over the period from March 2022 to September 2026. The relationship between total debt and shareholders' equity shifted through three distinct phases: an initial increase in leverage, a period of balance sheet optimization, and a subsequent return to higher debt levels.

Total Debt Dynamics: Total debt, including operating lease liabilities, demonstrated significant volatility. An upward trajectory was observed throughout 2022, peaking at 23,447 million USD by December 31, 2022. This was followed by a consistent decline over the next twenty quarters, reaching a low of 18,372 million USD in December 2024. However, debt levels rose again through 2025, stabilizing between 21,622 million USD and 22,334 million USD in the final quarters of the analyzed period.
Shareholders' Equity Stability: Equity remained relatively stable, fluctuating within a narrow range between 25,750 million USD and 28,647 million USD. While equity peaked in June 2023, a gradual softening trend is evident from March 2024 onwards, with values settling around 26,600 million USD by September 2026. The relative stability of equity means that changes in the solvency ratio were primarily driven by fluctuations in total debt.
Debt to Equity Ratio Trends: The debt to equity ratio mirrored the volatility of the total debt. The ratio rose from 0.72 in early 2022 to a peak of 0.87 by December 2022. A deleveraging phase ensued, with the ratio steadily decreasing to a minimum of 0.68 by December 2024. Starting in March 2025, the ratio climbed again, remaining consistently high at 0.83 to 0.84 through September 2026, indicating a strategic shift back toward higher financial leverage.

Overall, the data indicates a period of volatility in the capital structure. The company successfully reduced its leverage through 2023 and 2024, but the subsequent increase in the debt to equity ratio through 2025 and 2026 suggests a renewed reliance on debt financing relative to equity.

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Mondelēz International Inc., debt to capital 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)
Total Mondelēz International shareholders’ equity	26,608)	26,639)	25,750)	25,838)	26,177)	26,193)	25,785)	26,932)	27,854)	27,689)	28,482)	28,332)	28,535)	28,647)	28,228)	26,883)	26,641)	27,511)	28,161)
Total capital	48,351)	48,089)	46,774)	47,043)	47,499)	47,080)	45,323)	44,681)	47,658)	47,442)	47,546)	47,740)	48,521)	49,873)	50,430)	49,816)	48,305)	46,723)	47,865)
Solvency Ratio
Debt to capital¹	0.45	0.45	0.45	0.45	0.45	0.44	0.43	0.40	0.42	0.42	0.40	0.41	0.41	0.43	0.44	0.46	0.45	0.41	0.41
Benchmarks
Debt to Capital, Competitors²
Coca-Cola Co.	0.53	0.55	0.57	0.59	0.60	0.63	0.65	0.64	0.64	0.63	0.62	0.62	0.60	0.62	0.63	0.62	0.63	0.65	0.63
PepsiCo Inc.	0.70	0.71	0.71	0.71	0.72	0.74	0.73	0.71	0.70	0.70	0.71	0.70	0.70	0.71	0.71	0.69	0.67	0.68	0.69
Philip Morris International Inc.	1.20	1.21	1.22	1.26	1.28	1.30	1.28	1.35	1.25	1.25	1.26	1.31	1.25	1.25	1.23	1.26	1.51	1.48	1.52

¹ Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,743 ÷ 48,351 = 0.45

² Click competitor name to see calculations.

The solvency profile of the organization exhibits a cyclical pattern in leverage over the observed period, with the debt to capital ratio fluctuating between a minimum of 0.40 and a maximum of 0.46. The overall trend indicates a controlled approach to capital structure, as the ratio consistently remains within a narrow range, suggesting a stable balance between borrowed funds and total capital.

Leverage Expansion and Peak: An upward trend in leverage is observed through the end of 2022, where the debt to capital ratio rose from 0.41 in March 2022 to a peak of 0.46 in December 2022. This increase was driven by total debt rising from 19,704 million USD to 22,933 million USD during the same timeframe.
Deleveraging Phase: Following the December 2022 peak, a sustained period of deleveraging occurred throughout 2023 and into early 2024. The ratio declined steadily from 0.44 in March 2023 to 0.40 by March 2024, reflecting a reduction in total debt to 19,064 million USD.
Minimum Leverage Point: The lowest point of leverage was reached in December 2024, where total debt fell to 17,749 million USD, resulting in a debt to capital ratio of 0.40. This period represents the most conservative solvency position within the analyzed timeframe.
Stabilization and Re-leverage: From March 2025 through September 2026, the ratio experienced a moderate increase and subsequent stabilization. The debt to capital ratio climbed to 0.45 by September 2025 and remained constant at this level through the end of the period, coinciding with total debt stabilizing between 21,205 million USD and 21,743 million USD.

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Mondelēz International Inc., debt to capital (including operating lease liability) 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)
Long-term operating lease liabilities	591)	609)	598)	599)	611)	618)	617)	623)	621)	492)	504)	537)	466)	492)	508)	514)	523)	489)	508)
Total debt (including operating lease liability)	22,334)	22,059)	21,622)	21,804)	21,933)	21,505)	20,155)	18,372)	20,425)	20,245)	19,568)	19,945)	20,452)	21,718)	22,710)	23,447)	22,187)	19,701)	20,212)
Total Mondelēz International shareholders’ equity	26,608)	26,639)	25,750)	25,838)	26,177)	26,193)	25,785)	26,932)	27,854)	27,689)	28,482)	28,332)	28,535)	28,647)	28,228)	26,883)	26,641)	27,511)	28,161)
Total capital (including operating lease liability)	48,942)	48,698)	47,372)	47,642)	48,110)	47,698)	45,940)	45,304)	48,279)	47,934)	48,050)	48,277)	48,987)	50,365)	50,938)	50,330)	48,828)	47,212)	48,373)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.46	0.45	0.46	0.46	0.46	0.45	0.44	0.41	0.42	0.42	0.41	0.41	0.42	0.43	0.45	0.47	0.45	0.42	0.42

¹ Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 22,334 ÷ 48,942 = 0.46

The analysis of the solvency ratios reveals a period of fluctuation in the debt-to-capital structure, characterized by a cyclical pattern of leverage expansion and contraction between March 2022 and September 2026. The debt to capital ratio, which includes operating lease liabilities, remained within a range of 0.41 to 0.47, indicating a relatively stable overall capital structure despite short-term adjustments in total debt.

Debt to Capital Ratio Trends: A peak in leverage occurred in December 2022, where the ratio reached its highest point of 0.47. This was followed by a consistent deleveraging trend throughout 2023 and the first quarter of 2024, with the ratio bottoming out at 0.41. Starting in March 2025, a gradual upward trend emerged, with the ratio climbing steadily to 0.46 by September 2026, suggesting a strategic increase in debt relative to the total capital base during the latter part of the observed period.
Total Debt Dynamics: Total debt exhibited significant volatility, peaking at 23,447 million US dollars in December 2022 and reaching a period low of 18,372 million US dollars in December 2024. The subsequent increase in debt through 2025 and 2026, reaching 22,334 million US dollars by September 2026, serves as the primary driver for the increase in the solvency ratio during the final six quarters of the analysis.
Capital Base Stability: Total capital remained comparatively stable throughout the period, fluctuating between a high of 50,938 million US dollars in March 2023 and a low of 45,304 million US dollars in December 2024. The relative stability of the total capital base implies that changes in the debt-to-capital ratio were primarily influenced by shifts in total debt levels rather than significant expansions or contractions of the overall capital structure.

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Mondelēz International Inc., debt to assets 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)

Total assets	71,776)	71,247)	71,122)	71,487)	71,358)	71,020)	68,927)	68,497)	72,191)	73,096)	77,624)	71,391)	70,860)	72,025)	72,786)	71,161)	68,036)	66,014)	67,994)
Solvency Ratio
Debt to assets¹	0.30	0.30	0.30	0.30	0.30	0.29	0.28	0.26	0.27	0.27	0.25	0.27	0.28	0.29	0.31	0.32	0.32	0.29	0.29
Benchmarks
Debt to Assets, Competitors²
Coca-Cola Co.	0.39	0.40	0.42	0.43	0.45	0.47	0.48	0.44	0.44	0.43	0.43	0.43	0.41	0.42	0.44	0.42	0.43	0.45	0.44
PepsiCo Inc.	0.46	0.47	0.48	0.46	0.48	0.49	0.48	0.45	0.45	0.45	0.46	0.44	0.45	0.45	0.45	0.42	0.42	0.42	0.43
Philip Morris International Inc.	0.71	0.72	0.75	0.71	0.75	0.75	0.76	0.74	0.74	0.75	0.77	0.73	0.76	0.77	0.76	0.70	0.67	0.68	0.70

¹ Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 21,743 ÷ 71,776 = 0.30

² Click competitor name to see calculations.

The solvency profile of the organization exhibits a period of fluctuation in leverage followed by a phase of stabilization. The debt-to-assets ratio remained within a relatively narrow band, ranging from a minimum of 0.25 to a maximum of 0.32, indicating a consistent approach to maintaining the balance between borrowed capital and total asset holdings.

Leverage Expansion and Peak: An upward trend in leverage was observed through the first nine months of 2022. Total debt increased from 19,704 million USD in March 2022 to a peak of 22,933 million USD by December 2022. This period coincided with the highest recorded debt-to-assets ratio of 0.32, reflecting a higher reliance on debt financing relative to the asset base during this timeframe.
Deleveraging Phase: Beginning in early 2023, a sustained deleveraging trend emerged. Total debt declined steadily from 22,202 million USD in March 2023 to a low of 17,749 million USD by December 2024. This reduction in liabilities, coupled with a peak in total assets of 77,624 million USD in March 2024, resulted in the lowest debt-to-assets ratio of 0.25 during the observed period.
Stabilization and Long-term Convergence: From early 2025 through September 2026, the solvency metrics entered a stabilization phase. Total debt saw a gradual increase, returning to the 21,000 million USD range, while total assets remained steady around 71,000 million USD. Consequently, the debt-to-assets ratio converged and held steady at 0.30 for the final five quarters of the period, suggesting a strategic target for capital structure optimization.

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Mondelēz International Inc., debt to assets (including operating lease liability) 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)
Short-term borrowings	3,653)	2,327)	2,881)	2,688)	2,645)	1,664)	1,914)	71)	1,484)	838)	259)	420)	1,221)	2,178)	2,461)	2,299)	1,753)	605)	606)
Current portion of long-term debt	1,739)	2,663)	2,675)	1,295)	1,543)	1,107)	1,828)	2,014)	1,821)	2,774)	2,024)	2,101)	2,354)	901)	1,185)	383)	100)	746)	754)
Long-term debt, excluding current portion	16,351)	16,460)	15,468)	17,222)	17,134)	18,116)	15,796)	15,664)	16,499)	16,141)	16,781)	16,887)	16,411)	18,147)	18,556)	20,251)	19,811)	17,861)	18,344)
Total debt	21,743)	21,450)	21,024)	21,205)	21,322)	20,887)	19,538)	17,749)	19,804)	19,753)	19,064)	19,408)	19,986)	21,226)	22,202)	22,933)	21,664)	19,212)	19,704)
Long-term operating lease liabilities	591)	609)	598)	599)	611)	618)	617)	623)	621)	492)	504)	537)	466)	492)	508)	514)	523)	489)	508)
Total debt (including operating lease liability)	22,334)	22,059)	21,622)	21,804)	21,933)	21,505)	20,155)	18,372)	20,425)	20,245)	19,568)	19,945)	20,452)	21,718)	22,710)	23,447)	22,187)	19,701)	20,212)

Total assets	71,776)	71,247)	71,122)	71,487)	71,358)	71,020)	68,927)	68,497)	72,191)	73,096)	77,624)	71,391)	70,860)	72,025)	72,786)	71,161)	68,036)	66,014)	67,994)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.31	0.31	0.30	0.31	0.31	0.30	0.29	0.27	0.28	0.28	0.25	0.28	0.29	0.30	0.31	0.33	0.33	0.30	0.30

¹ Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 22,334 ÷ 71,776 = 0.31

The solvency profile of the organization demonstrates a consistent and conservative approach to leverage over the analyzed period from March 2022 to September 2026. The debt-to-assets ratio remains well below 0.35, indicating that a minority of the asset base is financed through debt and operating lease liabilities.

Debt to Assets Ratio Trends: The ratio exhibited a period of moderate increase in 2022, peaking at 0.33 by December 31, 2022. A subsequent downward trend occurred throughout 2023 and early 2024, reaching a period low of 0.25 on March 31, 2024. Following this trough, the ratio gradually stabilized and shifted upward, returning to a range of 0.30 to 0.31 by the end of the observation period in September 2026.
Total Debt Volatility: Total debt, including operating lease liabilities, fluctuated between a high of 23,447 million USD in December 2022 and a low of 18,372 million USD in December 2024. A notable cycle of deleveraging was observed between December 2022 and March 2024, followed by a gradual increase in total debt obligations, which reached 22,334 million USD by September 2026.
Total Asset Base Stability: Total assets remained relatively stable, generally oscillating between 66,014 million USD and 77,624 million USD. A significant expansion of the asset base was noted in March 2024, coinciding with the lowest recorded debt-to-assets ratio. For the remainder of the period from 2024 through 2026, total assets plateaued, maintaining a consistent level around 71,000 million USD.
Solvency Synthesis: The interaction between debt levels and asset growth suggests a disciplined management of the balance sheet. The period of lowest leverage in early 2024 was driven by a simultaneous peak in total assets and a reduction in total debt. The subsequent return to a 0.31 ratio indicates a normalization of the capital structure rather than an aggressive increase in financial risk.

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Mondelēz International Inc., financial leverage 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)
Total assets	71,776)	71,247)	71,122)	71,487)	71,358)	71,020)	68,927)	68,497)	72,191)	73,096)	77,624)	71,391)	70,860)	72,025)	72,786)	71,161)	68,036)	66,014)	67,994)
Total Mondelēz International shareholders’ equity	26,608)	26,639)	25,750)	25,838)	26,177)	26,193)	25,785)	26,932)	27,854)	27,689)	28,482)	28,332)	28,535)	28,647)	28,228)	26,883)	26,641)	27,511)	28,161)
Solvency Ratio
Financial leverage¹	2.70	2.67	2.76	2.77	2.73	2.71	2.67	2.54	2.59	2.64	2.73	2.52	2.48	2.51	2.58	2.65	2.55	2.40	2.41
Benchmarks
Financial Leverage, Competitors²
Coca-Cola Co.	2.89	2.99	3.10	3.26	3.39	3.65	3.88	4.05	4.01	3.91	3.76	3.77	3.71	3.78	3.86	3.85	4.05	4.05	3.79
PepsiCo Inc.	5.02	5.08	5.17	5.26	5.50	5.72	5.53	5.51	5.17	5.12	5.25	5.43	5.31	5.42	5.46	5.38	4.98	5.02	5.11
Philip Morris International Inc.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2026 Calculation
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 71,776 ÷ 26,608 = 2.70

² Click competitor name to see calculations.

The financial leverage of the entity exhibits a cyclical yet generally upward trajectory from March 2022 through September 2026. The leverage ratio transitioned from a baseline of 2.41 to a peak of 2.77 in December 2025, indicating an increase in the proportion of assets funded by liabilities relative to shareholders' equity over the analyzed period.

Total Asset Volatility: Total assets demonstrated significant fluctuations, reaching a maximum value of 77,624 million US dollars in March 2024. Following this peak, the asset base underwent a period of contraction, stabilizing between 68,497 million and 71,776 million US dollars from December 2024 through September 2026.
Shareholders' Equity Trends: A gradual erosion of the equity base is observable. Shareholders' equity peaked at 28,647 million US dollars in June 2023 before entering a general decline, reaching a minimum of 25,750 million US dollars in March 2026. This contraction in equity serves as a primary driver for the increase in the financial leverage ratio.
Financial Leverage Correlation: The financial leverage ratio fluctuated between 2.40 and 2.77. Two distinct peaks occurred in March 2024 (2.73) and December 2025 (2.77). The increase in leverage during these periods corresponds with either expansions in total assets or reductions in shareholders' equity. The latter half of the analyzed period shows a sustained higher level of leverage compared to the initial 2022 levels, suggesting a structural shift toward a more leveraged capital position.

In summary, the trend indicates a heightened reliance on external financing or a reduction in retained equity, resulting in a higher risk profile regarding solvency. While the asset base remained relatively stable in the final two years, the decreasing equity trend consistently pushed the financial leverage ratio upward, ending the period at 2.70 in September 2026.

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