Mondelēz International Inc. (NASDAQ:MDLZ)

Debt to Equity Ratio

The debt to equity ratio exhibited moderate fluctuations over the analyzed quarters. Starting at 0.72, it generally hovered between 0.66 and 0.81. There was a noticeable peak in the latter half of 2022, reaching up to 0.85, followed by a decline toward the end of 2023 and early 2024, before rising again in 2025. This pattern indicates periodic adjustments in the company's reliance on debt compared to equity.

Debt to Equity Including Operating Lease Liability

This ratio followed a trend closely mirroring the standard debt to equity ratio but consistently remained slightly higher, reflecting the additional consideration of operating lease liabilities. The values ranged from 0.69 to 0.87, peaking in late 2022. The slight increase in this ratio during 2024 and 2025 suggests an incremental inclusion or recognition of lease liabilities in the capital structure.

Debt to Capital Ratio

The debt to capital ratio displayed relative stability, fluctuating in a narrow range between approximately 0.40 and 0.46. It experienced a small increase in the third and fourth quarters of 2022, implying a temporary rise in debt financing relative to overall capital, followed by a modest decrease in early 2024. The consistency suggests a steady approach to balancing debt and equity financing.

Debt to Capital Including Operating Lease Liability

This measure also maintained a stable trend similar to the debt to capital ratio but with slightly higher values, emphasizing the impact of operating lease obligations. Over the period, the ratio oscillated mainly between 0.41 and 0.47. The increase in 2022 and subsequent slight rise in 2025 reaffirm periodic adjustments in lease accounting or debt utilization.

Debt to Assets Ratio

The debt to assets ratio remained in a stable range between 0.25 and 0.32 throughout the periods analyzed. There was a mild downward trend from early 2023 through early 2024, suggesting a slight improvement in asset coverage relative to debt. However, values increased again moderately by 2025, indicating a corresponding rise in debt levels relative to total assets.

Debt to Assets Including Operating Lease Liability

This ratio mirrored the debt to assets ratio with marginally higher values, consistently ranging from 0.25 to 0.33. The pattern reflects the incremental impact of operating lease liabilities on asset financing, following the broader trend of a slight reduction in mid-period ratios and a renewed increase toward the latest quarters.

Financial Leverage Ratio

The financial leverage ratio demonstrated some variability with values spanning from 2.37 to 2.73. After an increase in late 2021 and through 2022, it temporarily plateaued before rising again in 2024 and 2025. This suggests a gradual increase in the extent to which the company's assets are financed by equity, with some periods of elevated leverage corresponding to intensified debt use or changes in equity levels.

Total Debt

The total debt level exhibits some fluctuations over the observed quarters. Initially, debt stood around 19.5 billion USD and saw a slight decrease in mid-2021 before rising again towards the end of 2021 and through 2022, peaking at approximately 22.9 billion USD. Subsequently, debt gradually declined through 2023 and early 2024, reaching a low near 17.7 billion USD by the end of 2024. However, starting from late 2024 into 2025, the total debt increased again, returning to levels exceeding 21 billion USD by the third quarter of 2025.

Total Shareholders' Equity

Shareholders' equity demonstrated a generally stable trend with mild variations across the periods. Equity was around 27 billion USD in early 2021 and experienced small oscillations, peaking near 28.3 billion USD at the end of 2021 and early 2023. A downward trajectory became evident from 2023 onwards, with equity decreasing steadily through 2024 and into 2025, falling to approximately 26.2 billion USD in the latter part of 2025.

Debt to Equity Ratio

The debt to equity ratio indicates the relative leverage of the company and displayed notable fluctuations. Starting near 0.72 in early 2021, it dipped slightly mid-year before climbing markedly towards the end of 2021 and continuing to increase through 2022, reaching a high point of 0.85. During 2023, the ratio declined steadily to around 0.69, reflecting reduced leverage, but then gradually increased again in 2024 and into 2025, surpassing 0.8 by the third quarter of 2025.

Summary of Financial Leverage Trends

The analysis reveals that the company’s leverage has experienced cyclical movements. The peak leverage was observed in late 2022, where both total debt increased and shareholders' equity decreased somewhat, resulting in a high debt to equity ratio. Following this, the company undertook deleveraging measures during 2023, decreasing debt while maintaining relatively stable equity, thus reducing the leverage ratio. However, leverage increased again starting in late 2024, primarily driven by rising debt and declining equity.

Implications

The fluctuations in total debt and equity suggest active financial management adapting to market conditions or strategic initiatives. The periods of increased leverage may indicate capital expenditures, acquisitions, or other investments financed through debt, whereas the subsequent deleveraging phase could reflect debt repayment or improved operational cash flow. The downward trend in shareholders' equity in later periods warrants attention, as it affects the company's capital structure and risk profile.

Debt Levels

Total debt, including operating lease liabilities, shows some fluctuation over the observed periods. Starting at $19,977 million in the first quarter of 2021, the debt experienced an increase reaching a peak of $23,447 million by the end of 2022. Following this, there is a general declining trend into early 2024, with debt levels dropping to $19,568 million in the second quarter of 2024. Subsequently, debt levels rise again towards the end of the dataset, reaching $21,933 million by the third quarter of 2025. This pattern indicates periods of both debt accumulation and reduction, with the highest debt levels observed in late 2022 and upward movement resuming in the later quarters.

Shareholders’ Equity

Shareholders’ equity demonstrates relative stability with minor fluctuations throughout the periods. Beginning at $27,075 million in March 2021, equity generally remains within the $26,000 million to $29,000 million range. There is a slight dip observed around mid-2025 where equity decreases to approximately $25,785 million, the lowest point in the series, before stabilizing around $26,177 million at the end of the dataset. Overall, the equity base remains robust and relatively steady, with no severe declines or sharp increases.

Debt to Equity Ratio

The debt to equity ratio corroborates the interplay between debt and equity trends noted above. Beginning at 0.74 in early 2021, this ratio decreased slightly mid-2021 to 0.71 but then increased significantly to 0.87 by the last quarter of 2022, reflecting the period of rising debt amidst relatively stable equity. Following this peak, the ratio decreased again to 0.69 in the second quarter of 2024, indicating an improved leverage position due to lower debt levels. However, there is an increasing trend thereafter with the ratio rising to 0.84 by the third quarter of 2025, reflecting the renewed increase in debt relative to equity.

Overall Insights

The financial data reveals a cycle where debt levels increase substantially through 2022 while equity remains stable, resulting in higher leverage. The subsequent paydown of debt improves the leverage ratio by mid-2024, suggesting efforts to manage financial risk, before leverage rises again in the final observed periods. Shareholders' equity shows resilience without major volatility, indicating consistent value retention or growth for shareholders. The fluctuating debt to equity ratio highlights varied capital management strategies possibly aligned with business needs or market conditions during the timeframe.

The analysis of the financial data reveals several key trends in the company's debt and capital structure over the observed quarters.

Total Debt

Total debt exhibited moderate fluctuations throughout the period. It started near $19.5 billion in the first quarter of 2021, remaining relatively stable with minor decreases and increases through 2022. A peak was observed in the fourth quarter of 2022 at approximately $22.9 billion, followed by a gradual decline in early 2023. Subsequently, the debt figure experienced some rises and falls, reaching just over $21.3 billion by the third quarter of 2025. Overall, the company's borrowing showed variability but no extreme trend upwards or downwards.

Total Capital

Total capital followed a somewhat consistent pattern with slight growth trends in the initial periods. Beginning at around $46.6 billion in March 2021, total capital increased modestly to peak near $50.4 billion in the first quarter of 2023. Following this peak, total capital experienced a downward adjustment, declining to approximately $44.7 billion in the fourth quarter of 2024 before gradually recovering toward the end of the data set, reaching nearly $47.5 billion by the third quarter of 2025. This indicates some variability possibly influenced by equity changes, reinvestments, or retained earnings impacting capital structure.

Debt to Capital Ratio

The ratio of debt to total capital mostly remained within a narrow band between 0.40 and 0.46, indicating a relatively stable leverage position over the analyzed timeframe. The ratio was around 0.41 to 0.42 during the early quarters of 2021 and 2022, increased to a higher range near 0.45-0.46 toward the end of 2022, reflecting the peak in total debt along with rising capital. Thereafter, the ratio decreased in early 2023 to about 0.41 but showed an upward drift toward the later quarters, ultimately reaching about 0.45 by the third quarter of 2025. This illustrates a modest increase in leverage levels in recent periods, suggesting a potentially more leveraged capital structure compared to earlier periods.

In summary, the company's total debt and capital amounts experienced fluctuations with some seasonal or cyclical movement reflected especially near year-end quarters. The sustained leverage ratio within a moderate range implies controlled borrowing relative to total capital, although a slight inclination towards increased leverage is noted from 2023 onward. This pattern may reflect strategic financing decisions aligned with operational or market conditions during the period under review.

The analysis of the quarterly financial data reveals several notable trends in the company's capital structure and debt levels over the examined periods.

Total Debt (including operating lease liability)

Total debt exhibits fluctuations throughout the periods. Starting at approximately 19.98 billion USD in March 2021, the debt level generally oscillates within a range of roughly 19.5 to 23.4 billion USD. A rise is noticeable towards the end of 2022, peaking around 23.45 billion USD in December 2022 before declining gradually through 2023 and early 2024. Another decline occurs by the fourth quarter of 2024, reaching a low of around 18.4 billion USD in December 2024, but then the debt level rises again in 2025, reaching about 21.9 billion USD by September 2025. This pattern suggests episodic borrowing or repayment cycles likely linked to operational or strategic financing decisions.

Total Capital (including operating lease liability)

Total capital remains relatively stable over time with slight increases and decreases. Beginning near 47.05 billion USD in the first quarter of 2021, the figure peaks at approximately 50.9 billion USD in March 2023. Following this peak, there is a downward trend observed throughout 2023 and into 2024, bottoming around 45.3 billion USD in the second quarter of 2024. The capital then shows a modest recovery towards the end of the period, reaching approximately 48.1 billion USD by September 2025. This stability with some volatility indicates controlled capital management and possible equity or retained earnings adjustments affecting the capital base.

Debt to Capital Ratio (including operating lease liability)

The debt-to-capital ratio demonstrates moderate variability consistent with the movements in total debt and total capital. The ratio begins at 0.42 in early 2021, decreases slightly to 0.41, then increases to a higher level of 0.47 at the end of 2022. Following this peak, the ratio declines back towards 0.41-0.42 through mid-2024, indicating a relative reduction in leverage. However, an upward trend resumes towards the latter part of the observed timeline, rising to approximately 0.46 by September 2025. These fluctuations reflect changes in the company's financial leverage policy and balance sheet composition, with periods of increased leverage potentially linked to credit funding needs and times of deleveraging aimed at risk reduction.

In summary, the data portrays a company actively managing its debt and capital base with varying leverage levels in response to market conditions and internal financial strategy. The modest peaks and troughs in debt and capital alongside the corresponding debt-to-capital ratio indicate a dynamic but controlled approach to financing and capital structuring over the reviewed timeframe.

Total Debt

The total debt exhibits fluctuations over the analyzed periods, with a general range between approximately $17.7 billion and $23 billion. Initially, total debt decreased slightly from $19.5 billion in early 2021 to around $19.2 billion mid-2022. Subsequently, it increased significantly, peaking near $22.9 billion in late 2022. Following this peak, a downward trend is observed, with debt levels declining to about $17.7 billion by late 2024, before rising again towards $21.3 billion by the third quarter of 2025. This volatility suggests periodic adjustments in leverage or financing strategies.

Total Assets

Total assets display a generally increasing trend over the period, starting at approximately $66.3 billion in the first quarter of 2021 and reaching a high of about $77.6 billion by the first quarter of 2024. Despite some intermittent decreases, notably between early 2024 and late 2024, the asset base remains robust, ending at around $71.4 billion by the third quarter of 2025. This growth in assets indicates ongoing investment or accumulation of resources, which might support expansion or operational needs.

Debt to Assets Ratio

The debt to assets ratio remains relatively stable, fluctuating between 0.25 and 0.32 throughout the periods. Beginning at approximately 0.29 in early 2021, the ratio peaks around 0.32 in late 2021 and late 2022, corresponding with increases in total debt relative to assets. A gradual decline is observed starting from late 2022 through early 2024, reaching a lower point near 0.25, which suggests improved leverage or asset growth outpacing debt accumulation. However, by the end of the analyzed timeline, the ratio edges back upward to about 0.30, indicating a moderate increase in leverage relative to assets.

Overall Insights

The data reflects a pattern of managing leverage with fluctuating debt levels amidst generally rising asset values. The company appears to engage in periods of both debt reduction and increase, while maintaining a consistent balance relative to total assets. The leverage profile, as indicated by the debt to assets ratio, suggests prudence with sustained efforts to avoid excessive debt load. The fluctuations in asset values imply active management of asset base, possibly through acquisitions, capital expenditures, or other investments. The interplay between debt and assets over time points to strategic financial management aimed at optimizing capital structure under varying market conditions.

Total Debt (including operating lease liability)

The total debt exhibits fluctuations over the periods analyzed. It initially decreased slightly from approximately $19.98 billion in March 2021 to about $19.50 billion in June 2021, followed by an increase, peaking near $23.45 billion in December 2022. After this peak, total debt generally declined through 2023, reaching around $19.95 billion by December 2023. Subsequently, from early 2024 to the third quarter of 2025, total debt showed variability, ranging between roughly $18.37 billion and $21.93 billion, with no clear consistent upward or downward trend during this later period.

Total Assets

Total assets largely trended upward from March 2021 through early 2024. Starting at about $66.35 billion in March 2021, assets increased to approximately $77.62 billion by March 2024, reflecting an overall growth trend. However, this was followed by a decline through the end of 2024 and into 2025, with total assets falling to around $71.36 billion by the third quarter of 2025. This suggests some contraction or asset optimization after the peak in early 2024.

Debt to Assets Ratio (including operating lease liability)

The debt to assets ratio remained relatively stable, fluctuating around the 0.3 mark throughout the period. It started at 0.30 in March 2021, showed a slight increase to 0.33 during the latter half of 2022, coinciding with the peak in total debt. Following that, the ratio decreased to a low of 0.25 by March 2024, indicating a lower leverage position relative to assets at that time. In the subsequent quarters, the ratio rose again to about 0.31 by the third quarter of 2025, reflecting an increase in relative debt levels or a decrease in assets.

Summary of Trends

The financial data indicates a cyclical pattern of indebtedness with a notable peak in total debt toward the end of 2022, followed by a reduction during 2023. Total assets expanded significantly up to early 2024 before contracting moderately. The debt-to-asset ratio's movement mirror these changes, maintaining around 0.3 on average but reflecting fluctuations aligned with debt and asset dynamics. This suggests prudent but flexible leverage management, responding to changing asset levels and debt obligations over the examined period.

Total Assets

The total assets of the company displayed a generally increasing trend from March 2021 to March 2025. Initial values were around 66,349 million USD in early 2021, growing with some fluctuations toward peaks of approximately 77,624 million USD in early 2024. Following that peak, asset levels declined somewhat before stabilizing near 71,000 million USD by late 2025. This pattern indicates periodic growth interspersed with moderate contractions, but the overall asset base expanded modestly over the five-year period.

Shareholders’ Equity

Shareholders’ equity showed a relatively stable but slightly declining trend through the period. Starting at approximately 27,075 million USD in early 2021, it experienced moderate fluctuations but with an overall downward trajectory, reaching near 26,177 million USD by March 2025. The equity peaked intermittently near 28,228 million USD around early 2023 but gradually decreased after that point. This suggests either return of capital to shareholders, accumulation of losses, or other factors impacting retained earnings.

Financial Leverage

The financial leverage ratio exhibited an upward trend, indicating an increase in the company’s use of debt relative to equity. From a starting point of 2.45 in March 2021, the ratio fluctuated but rose consistently to about 2.73 by late 2025. This rising leverage suggests increased reliance on debt financing or a reduction in equity relative to total assets, which might reflect financial strategy adjustments, capital structure optimization, or responses to market conditions.

Overall Analysis

The combination of moderately increasing total assets, slightly declining shareholders’ equity, and increasing financial leverage suggests the company has been expanding its asset base primarily through increased liabilities rather than equity growth. The stable yet mildly decreasing equity alongside rising leverage raises considerations regarding financial risk exposure and capital management. These trends could warrant closer monitoring of debt servicing capabilities and the impact on shareholder value in future periods.