Analysis of Solvency Ratios
Quarterly Data
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 (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 solvency profile of the organization exhibits a cyclical pattern characterized by two distinct phases of leverage expansion separated by a period of deleveraging. An initial increase in debt obligations is evident through the end of 2022, followed by a consistent reduction in ratios throughout 2023 and the first quarter of 2024, before a secondary upward trend emerges from early 2025 through mid-2026.
- Debt to Equity Ratios
- The debt to equity ratio, both excluding and including operating lease liabilities, demonstrates significant volatility. From a baseline of 0.70 in March 2022, the ratio peaked at 0.85 (0.87 including leases) by December 2022. A subsequent downward trend led to a minimum of 0.66 (0.68 including leases) by December 2024. However, leverage increased again starting in March 2025, reaching a plateau of approximately 0.81 to 0.82 by mid-2026.
- Debt to Capital Ratios
- Debt to capital metrics remained relatively stable compared to equity-based ratios, fluctuating within a narrow band between 0.40 and 0.47. The peak occurred in December 2022 at 0.46 (0.47 including leases), while the lowest point was reached in March and December 2024 at 0.40. By June 2026, the ratio stabilized at 0.45, suggesting a balanced approach to funding through a mix of debt and equity.
- Debt to Assets Ratios
- The debt to assets ratio reflects the broader solvency trend, moving from 0.29 in early 2022 to a peak of 0.32 in late 2022. A period of asset-backed strengthening occurred through March 2024, where the ratio dropped to a low of 0.25. This was followed by a gradual ascent, returning to 0.30 by June 2026, indicating that debt growth has tracked closely with asset growth in the latter period.
- Financial Leverage
- Financial leverage shows a more pronounced increase in the latter half of the period. After an initial peak of 2.65 in December 2022 and a subsequent dip to 2.48 in September 2023, the leverage ratio climbed steadily to a peak of 2.77 by December 2025. The final recorded value of 2.67 in June 2026 indicates a slight moderation from the peak but remains higher than the 2022 levels.
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Debt Ratios
Debt to Equity
Mondelēz International Inc., debt to equity 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) | ||||||||||||||||||||||||
| Short-term borrowings | 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 | 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 | 16,460) | 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 | 21,450) | 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 | 26,639) | 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 | 0.81 | 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. | 1.20 | 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. | 2.41 | 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. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Debt to equity = Total debt ÷ Total Mondelēz International shareholders’ equity
= 21,450 ÷ 26,639 = 0.81
2 Click competitor name to see calculations.
The solvency profile exhibits cyclical fluctuations in leverage over the analyzed period, characterized by two distinct peaks in the debt-to-equity ratio. The overall trend reflects a period of increased borrowing in 2022, a subsequent phase of deleveraging through 2024, and a return to higher leverage levels starting in 2025.
- Total Debt Trends
- Total debt levels demonstrate significant volatility. An initial upward trajectory was observed from March 2022, peaking at 22,933 million US$ in December 2022. This was followed by a sustained decline, reaching a period low of 17,749 million US$ in December 2024. From March 2025 onward, a renewed upward trend is evident, with debt levels climbing back to 21,450 million US$ by June 2026.
- Shareholders' Equity Trends
- Shareholders' equity remained relatively stable compared to debt, though a gradual downward drift is observable. Equity peaked at 28,647 million US$ in June 2023 before experiencing a slow decline to a low of 25,750 million US$ in March 2026. A slight recovery occurred in the final quarter of the analysis, with equity rising to 26,639 million US$.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio fluctuated between a minimum of 0.66 and a maximum of 0.85. The first peak occurred in December 2022 (0.85), driven by the rapid increase in total debt. A period of improved solvency followed, with the ratio steadily decreasing to its lowest point of 0.66 in December 2024. However, from March 2025, the ratio entered a secondary upward phase, stabilizing between 0.81 and 0.82 through June 2026, indicating an increased reliance on debt relative to equity in the latter part of the period.
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Debt to Equity (including Operating Lease Liability)
Mondelēz International Inc., debt to equity (including operating lease liability) calculation (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).
1 Q2 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Mondelēz International shareholders’ equity
= 22,059 ÷ 26,639 = 0.83
The solvency profile of the organization exhibits a period of moderate volatility in leverage, characterized by a peak in indebtedness during late 2022, a subsequent deleveraging phase through 2024, and a return to higher leverage levels in 2025 and 2026.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, experienced a significant increase during 2022, rising from US$ 20.2 billion in March to a peak of US$ 23.4 billion by December. This trend reversed throughout 2023 and early 2024, reaching a cyclical low of US$ 18.4 billion in December 2024. A secondary upward trend is observed starting in 2025, with debt levels climbing back to US$ 22.1 billion by June 2026.
- Shareholders' Equity Trends
- Equity levels remained relatively stable over the observed period, though a gradual downward trajectory is evident in the latter half of the timeline. After reaching a peak of US$ 28.6 billion in June 2023, shareholders' equity declined to a low of US$ 25.7 billion by March 2026, before showing a slight recovery to US$ 26.6 billion in June 2026.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio fluctuates in alignment with the aforementioned debt and equity movements. The highest leverage was recorded in December 2022 at a ratio of 0.87. A period of solvency improvement followed, culminating in a low of 0.68 in December 2024. However, the ratio ascended again throughout 2025, stabilizing between 0.83 and 0.84 from June 2025 through June 2026.
Overall, the data indicates a cyclical pattern of borrowing and repayment. The organization transitioned from a high-leverage position in 2022 to a more conservative capital structure by late 2024, before returning to a leverage ratio consistent with early 2023 levels by the end of the reporting period.
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Debt to Capital
Mondelēz International Inc., debt to capital 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) | ||||||||||||||||||||||||
| Short-term borrowings | 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 | 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 | 16,460) | 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 | 21,450) | 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 | 26,639) | 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 | 48,089) | 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 | 0.44 | 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. | 0.55 | 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. | 0.71 | 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. | 1.21 | 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 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 21,450 ÷ 48,089 = 0.45
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a managed approach to capital structure, characterized by moderate fluctuations in leverage over the observed period. The relationship between total debt and total capital indicates a stable financial posture, with the debt-to-capital ratio consistently remaining below 0.50.
- Debt to Capital Ratio Trends
- The ratio experienced an initial increase, peaking at 0.46 in December 2022. This was followed by a steady decline throughout 2023, reaching a low of 0.40 by March 2024. From June 2025 through June 2026, the ratio demonstrates a stabilizing trend at 0.45, suggesting a return to a consistent target leverage level.
- Total Debt Dynamics
- Total debt exhibited volatility, rising from 19,704 million USD in March 2022 to a high of 22,933 million USD in December 2022. A subsequent deleveraging phase occurred through 2023, with debt levels falling to 19,408 million USD by December 2023. After reaching a cyclical low of 17,749 million USD in December 2024, debt levels show a gradual upward trajectory, reaching 21,450 million USD by June 2026.
- Total Capital Stability
- Total capital remained relatively consistent, oscillating within a range of 44,681 million USD to 50,430 million USD. The most significant contraction occurred in December 2024, aligning with the period of lowest total debt, which suggests a simultaneous reduction in both liabilities and equity or other capital components during that specific quarter.
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Debt to Capital (including Operating Lease Liability)
Mondelēz International Inc., debt to capital (including operating lease liability) calculation (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).
1 Q2 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 22,059 ÷ 48,698 = 0.45
The solvency profile reflects a period of moderate leverage fluctuation between March 2022 and June 2026. The debt-to-capital ratio, including operating lease liabilities, exhibits a cyclical pattern characterized by an initial peak, a period of deleveraging, and a subsequent gradual increase in leverage.
- Debt to Capital Ratio Trajectory
- The ratio experienced an initial upward trend, peaking at 0.47 in December 2022. This was followed by a consistent decline throughout 2023, reaching a trough of 0.41 by December 2023 and maintaining this level through March 2024. Starting in March 2025, a renewed upward trajectory is observed, with the ratio climbing to 0.46 by September 2025 before settling at 0.45 in June 2026.
- Debt and Capital Base Dynamics
- Total debt demonstrated significant volatility, rising from 20,212 million US$ in March 2022 to a high of 23,447 million US$ in December 2022, then descending to a low of 18,372 million US$ by December 2024. Conversely, total capital remained relatively stable, fluctuating between a minimum of 45,304 million US$ and a maximum of 50,938 million US$. This suggests that the oscillations in the solvency ratio were primarily driven by movements in total debt rather than structural changes in the total capital base.
- Solvency Analysis
- The organization maintained a debt-to-capital ratio consistently below 0.50 throughout the analyzed period. The most significant period of deleveraging occurred between December 2022 and December 2023, where the ratio decreased by 6 percentage points. The recent trend from 2025 onward indicates a gradual increase in the reliance on debt relative to total capital, returning the ratio to levels seen in early 2022.
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Debt to Assets
Mondelēz International Inc., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings | 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 | 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 | 16,460) | 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 | 21,450) | 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 | 71,247) | 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 | 0.29 | 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. | 0.40 | 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. | 0.47 | 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. | 0.72 | 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 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 21,450 ÷ 71,247 = 0.30
2 Click competitor name to see calculations.
The solvency profile exhibits a period of moderate volatility followed by a stabilization phase. The debt-to-assets ratio fluctuated between a minimum of 0.25 and a maximum of 0.32 over the observed period, indicating a controlled approach to leverage relative to the total asset base.
- Total Debt Trends
- Total debt experienced an initial increase, peaking at 22,933 million US dollars in December 2022. This was followed by a steady deleveraging phase that reached a trough of 17,749 million US dollars by December 2024. In the subsequent period from March 2025 through June 2026, debt levels stabilized, oscillating within a narrow range between 20,887 million and 21,450 million US dollars.
- Total Asset Base Fluctuations
- Assets showed a general upward trajectory through early 2024, reaching a peak of 77,624 million US dollars in March 2024. A subsequent contraction occurred, with assets dropping to 68,497 million US dollars by December 2024. Following this decline, the asset base recovered and remained consistent, hovering around 71,000 million US dollars through the end of the period.
- Debt to Assets Ratio Analysis
- The ratio peaked at 0.32 in the latter half of 2022, coinciding with the peak in total debt. A consistent downward trend in the ratio was observed from December 2022 through March 2024, where it reached its lowest point of 0.25. This decline was driven by a combination of reducing total debt and expanding total assets. Since early 2025, the ratio has converged and remained stable at 0.30, suggesting a balanced capitalization strategy in the long term.
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Debt to Assets (including Operating Lease Liability)
Mondelēz International Inc., debt to assets (including operating lease liability) calculation (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).
1 Q2 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 22,059 ÷ 71,247 = 0.31
The solvency profile demonstrates a period of relative stability characterized by a debt-to-assets ratio that fluctuates within a narrow range of 0.25 to 0.33. This indicates a consistent capital structure where total liabilities, including operating lease obligations, maintain a proportional relationship to the total asset base over the analyzed timeframe.
- Total Debt Trajectory
- Total debt, including operating lease liabilities, peaked at 23,447 million US dollars in December 2022. Following this peak, a general downward trend was observed throughout 2023, reaching a cyclical low of 18,372 million US dollars by December 2024. However, from March 2025 through June 2026, debt levels exhibited a gradual increase, returning to a range between 21,622 million and 22,059 million US dollars.
- Asset Base Volatility
- Total assets showed moderate fluctuation, ranging from a low of 66,014 million US dollars in June 2022 to a peak of 77,624 million US dollars in March 2024. Following the early 2024 peak, assets experienced a contraction, stabilizing around the 71 billion US dollar mark throughout 2025 and the first half of 2026.
- Debt-to-Assets Ratio Analysis
- The ratio experienced an initial increase in 2022, reaching 0.33. A subsequent period of deleveraging is evident from March 2023 through March 2024, during which the ratio declined to its lowest point of 0.25. This improvement in the solvency ratio was driven by both a reduction in total debt and a simultaneous expansion of the asset base. In the latter part of the period, specifically from March 2025 to June 2026, the ratio trended upward again, normalizing at approximately 0.31.
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Financial Leverage
Mondelēz International Inc., financial leverage 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) | ||||||||||||||||||||||||
| Total assets | 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 | 26,639) | 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 | 2.67 | 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. | 2.99 | 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. | 5.08 | 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. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Financial leverage = Total assets ÷ Total Mondelēz International shareholders’ equity
= 71,247 ÷ 26,639 = 2.67
2 Click competitor name to see calculations.
The financial leverage of the organization exhibits a general upward trajectory over the observed period, characterized by intermittent peaks and phases of stabilization. The leverage ratio transitioned from a baseline range of 2.40 to 2.55 in 2022 to a higher operational range between 2.60 and 2.77 by 2025 and 2026.
- Asset Base Fluctuations
- Total assets displayed notable volatility, peaking at 77,624 million USD on March 31, 2024. Following this spike, a contraction occurred, with assets settling into a range between 68,497 million USD and 71,487 million USD through 2025 and early 2026. This indicates periodic expansions and subsequent adjustments in the company's asset structure.
- Shareholders' Equity Performance
- Shareholders' equity remained relatively stable but trended slightly downward over the long term. From a high of 28,647 million USD in June 2023, equity declined to a low of 25,750 million USD by March 31, 2026. This gradual decrease in the equity base serves as a primary driver for the increased financial leverage, as the equity buffer diminished relative to the total asset value.
- Financial Leverage Ratio Analysis
- The leverage ratio experienced distinct cycles of increase and correction. After reaching 2.65 in December 2022, the ratio stabilized around 2.50 throughout much of 2023. A significant increase occurred in early 2024, hitting 2.73, which coincided with the peak in total assets. A sustained upward trend continued throughout 2025, reaching a maximum of 2.77 in December 2025, before moderating to 2.67 by June 30, 2026.
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