Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Mondelēz International Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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 company demonstrates a consistent improvement in asset utilization and operational efficiency throughout the period from March 2022 to March 2026. All monitored investment activity ratios exhibit an overall upward trajectory, indicating an enhanced capacity to generate revenue from the existing asset and equity base.
- Fixed Asset Utilization
- Net fixed asset turnover increased from 3.24 in March 2022 to 3.72 by March 2026. A peak of 3.87 was recorded in September 2023, after which the ratio stabilized within the 3.60 to 3.84 range. A similar trend is observed in the net fixed asset turnover including operating lease right-of-use assets, which rose from 3.03 to 3.48 over the same period. The parallel movement of these two metrics suggests a consistent improvement in the productivity of physical infrastructure and leased assets relative to sales.
- Total Asset Efficiency
- Total asset turnover shows a steady and gradual ascent, rising from 0.43 in March 2022 to 0.55 by March 2026. This consistent growth indicates a marginal but persistent improvement in the company's ability to leverage its entire balance sheet—comprising both current and non-current assets—to drive revenue growth.
- Equity Productivity
- The most significant growth is observed in equity turnover, which increased from 1.04 in March 2022 to 1.53 in March 2026. This sharp upward trend reflects a substantial increase in revenue generated per unit of shareholder equity, suggesting higher operational efficiency and a more effective utilization of equity financing to support business expansion.
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Net Fixed Asset Turnover
Mondelēz International Inc., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Net revenues | 10,080) | 10,496) | 9,744) | 8,984) | 9,313) | 9,604) | 9,204) | 8,343) | 9,290) | 9,314) | 9,029) | 8,507) | 9,166) | 8,695) | 7,763) | 7,274) | 7,764) | ||||||
| Property, plant and equipment, net | 10,567) | 10,667) | 10,333) | 10,313) | 9,767) | 9,481) | 9,696) | 9,488) | 9,574) | 9,694) | 9,142) | 9,308) | 9,131) | 9,020) | 8,632) | 8,753) | 9,015) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 3.72 | 3.61 | 3.64 | 3.60 | 3.73 | 3.84 | 3.73 | 3.79 | 3.77 | 3.72 | 3.87 | 3.67 | 3.60 | 3.49 | 3.53 | 3.41 | 3.24 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | 5.18 | 4.99 | 4.37 | 4.36 | 4.50 | 4.57 | 4.70 | 4.89 | 4.95 | 4.95 | 5.08 | 4.55 | 4.42 | 4.37 | 4.58 | 4.37 | 4.10 | ||||||
| PepsiCo Inc. | 3.20 | 3.14 | 3.18 | 3.19 | 3.24 | 3.28 | 3.38 | 3.40 | 3.43 | 3.38 | 3.69 | 3.68 | 3.63 | 3.56 | 3.67 | 3.61 | 3.67 | ||||||
| Philip Morris International Inc. | 5.02 | 4.84 | 4.93 | 4.86 | 5.10 | 5.18 | 4.93 | 5.02 | 4.99 | 4.68 | 4.98 | 4.74 | 4.72 | 4.73 | 5.65 | 5.33 | 5.26 | ||||||
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Property, plant and equipment, net
= (10,080 + 10,496 + 9,744 + 8,984)
÷ 10,567 = 3.72
2 Click competitor name to see calculations.
The analysis of net fixed asset turnover reveals a general improvement in the efficiency of long-term asset utilization from early 2022 through late 2023, followed by a period of stabilization and slight moderation extending into early 2026.
- Revenue and Asset Correlation
- Net revenues demonstrated a consistent upward trajectory, increasing from 7,764 million USD in March 2022 to 10,080 million USD by March 2026. During this same period, net property, plant, and equipment grew at a more moderate pace, rising from 9,015 million USD to 10,567 million USD. The fact that revenue growth outpaced asset expansion for much of the period contributed to the overall rise in the turnover ratio.
- Efficiency Trends
- The net fixed asset turnover ratio experienced a steady climb during 2022 and 2023, rising from 3.24 to a peak of 3.87 in September 2023. This indicates an increasing ability to generate sales per unit of net fixed assets. Following this peak, the ratio entered a phase of consolidation, fluctuating between 3.60 and 3.84 throughout 2024 and 2025.
- Observations on Asset Utilization
- A notable dip in the turnover ratio to 3.60 in June 2025 coincides with an increase in net property, plant, and equipment to 10,313 million USD. This suggests that recent capital investments have yet to be fully leveraged to drive proportional revenue growth. However, the ratio recovered to 3.72 by March 2026, signaling a return to previous efficiency levels.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Mondelēz International Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 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 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (10,080 + 10,496 + 9,744 + 8,984)
÷ 11,292 = 3.48
The analysis of the net fixed asset turnover ratio from March 2022 through March 2026 indicates a general improvement in the efficiency of asset utilization. Over this period, there is a clear trend where the company successfully increased its revenue generation relative to its investment in property, plant, and equipment (PP&E), including right-of-use assets.
- Net Revenue Trajectory
- Net revenues exhibited a consistent upward trend, growing from 7,764 million USD in March 2022 to 10,080 million USD by March 2026. While seasonal fluctuations are evident—typically with peaks in the fourth quarter of each year—the overall trajectory reflects strong top-line growth.
- Fixed Asset Investment
- Net fixed assets, encompassing property, plant, and equipment as well as operating lease right-of-use assets, grew steadily from 9,668 million USD in March 2022 to 11,292 million USD in March 2026. This gradual increase suggests a disciplined approach to capital expenditure and asset expansion.
- Net Fixed Asset Turnover Ratio Analysis
- The turnover ratio improved from 3.03 in March 2022 to 3.48 in March 2026. A peak efficiency level of 3.63 was reached in September 2023. The fact that the ratio increased despite the expansion of the asset base demonstrates that revenue growth outpaced the growth of fixed assets, thereby enhancing the productivity of the company's long-term investments.
- Efficiency Stability
- Following the peak in late 2023, the ratio entered a period of relative stability, fluctuating within a narrow band between 3.35 and 3.56. This suggests that the company has reached a sustainable level of operational efficiency where new asset additions are being integrated and utilized at a rate consistent with revenue growth.
In summary, the data reflects a positive correlation between strategic asset growth and revenue expansion. The increase in the net fixed asset turnover ratio confirms that the company is generating more revenue per unit of fixed asset investment than it was at the start of the analyzed period, signifying improved operational leverage.
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Total Asset Turnover
Mondelēz International Inc., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Net revenues | 10,080) | 10,496) | 9,744) | 8,984) | 9,313) | 9,604) | 9,204) | 8,343) | 9,290) | 9,314) | 9,029) | 8,507) | 9,166) | 8,695) | 7,763) | 7,274) | 7,764) | ||||||
| Total assets | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.55 | 0.54 | 0.53 | 0.52 | 0.53 | 0.53 | 0.50 | 0.49 | 0.47 | 0.50 | 0.50 | 0.47 | 0.45 | 0.44 | 0.45 | 0.45 | 0.43 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.47 | 0.44 | 0.46 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.44 | 0.43 | ||||||
| PepsiCo Inc. | 0.86 | 0.87 | 0.87 | 0.87 | 0.90 | 0.92 | 0.91 | 0.92 | 0.92 | 0.91 | 0.92 | 0.94 | 0.95 | 0.94 | 0.89 | 0.88 | 0.87 | ||||||
| Philip Morris International Inc. | 0.60 | 0.59 | 0.60 | 0.57 | 0.59 | 0.61 | 0.56 | 0.55 | 0.55 | 0.54 | 0.54 | 0.54 | 0.52 | 0.51 | 0.78 | 0.78 | 0.76 | ||||||
Based on: 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 Q1 2026 Calculation
Total asset turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Total assets
= (10,080 + 10,496 + 9,744 + 8,984)
÷ 71,122 = 0.55
2 Click competitor name to see calculations.
Analysis of the total asset turnover from March 2022 through March 2026 reveals a consistent and positive trend in asset utilization efficiency. The ratio has steadily increased from 0.43 to 0.55, indicating a strengthening ability to generate net revenues from the total asset base over the observed period.
- Net Revenue Trends
- Net revenues exhibit a general upward trajectory, growing from 7,764 million US$ in March 2022 to a peak of 10,496 million US$ in December 2025. Despite some quarterly fluctuations—most notably dips in June 2022 and June 2024—the overall growth pattern suggests an expanding top-line performance.
- Asset Base Dynamics
- Total assets showed a period of expansion, rising from 67,994 million US$ in March 2022 to a peak of 77,624 million US$ in March 2024. Following this peak, a contraction occurred, with assets decreasing to 68,497 million US$ by December 2024, before stabilizing in the 71,000 million US$ range through early 2026.
- Total Asset Turnover Efficiency
- The total asset turnover ratio demonstrates a progressive improvement. The ratio remained relatively stable between 0.43 and 0.45 throughout 2022, before entering a phase of growth in 2023 to reach 0.50. A significant increase in efficiency is observed between December 2023 and December 2024, where the ratio rose from 0.50 to 0.53. This improvement coincided with a reduction in total assets and a simultaneous increase in net revenues, suggesting optimized asset management and higher operational productivity.
- Correlation Analysis
- The divergence between asset levels and revenue growth in the latter half of the period is a primary driver of the improved turnover ratio. While assets were reduced from their March 2024 peak, revenues continued to trend upward, culminating in the highest recorded turnover ratio of 0.55 by March 2026. This indicates that the company has successfully increased its revenue-generating capacity without requiring a proportional increase in its investment base.
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Equity Turnover
Mondelēz International Inc., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Net revenues | 10,080) | 10,496) | 9,744) | 8,984) | 9,313) | 9,604) | 9,204) | 8,343) | 9,290) | 9,314) | 9,029) | 8,507) | 9,166) | 8,695) | 7,763) | 7,274) | 7,764) | ||||||
| Total Mondelēz International shareholders’ equity | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.53 | 1.49 | 1.44 | 1.42 | 1.41 | 1.35 | 1.30 | 1.30 | 1.27 | 1.27 | 1.24 | 1.19 | 1.17 | 1.17 | 1.14 | 1.09 | 1.04 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | 1.47 | 1.49 | 1.53 | 1.65 | 1.79 | 1.89 | 1.75 | 1.80 | 1.74 | 1.76 | 1.71 | 1.70 | 1.72 | 1.78 | 1.86 | 1.80 | 1.62 | ||||||
| PepsiCo Inc. | 4.46 | 4.60 | 4.76 | 4.98 | 4.98 | 5.09 | 4.73 | 4.73 | 4.82 | 4.94 | 4.87 | 5.10 | 5.17 | 5.04 | 4.41 | 4.41 | 4.44 | ||||||
| Philip Morris International Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q1 2026 Calculation
Equity turnover
= (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
÷ Total Mondelēz International shareholders’ equity
= (10,080 + 10,496 + 9,744 + 8,984)
÷ 25,750 = 1.53
2 Click competitor name to see calculations.
The analysis of the equity turnover ratio reveals a consistent and sustained upward trend over the period from March 31, 2022, to March 31, 2026. The ratio increased steadily from 1.04 to 1.53, indicating a progressive improvement in the company's ability to generate net revenues from its shareholders' equity base.
- Revenue Performance
- Net revenues exhibited a general growth trajectory, rising from 7,764 million USD in March 2022 to 10,080 million USD by March 2026. While seasonal fluctuations are evident—particularly with recurring dips in the June quarters—the overall trend remains positive, providing the primary upward pressure on the turnover ratio.
- Equity Base Dynamics
- Total shareholders' equity showed a more volatile and eventually declining pattern. After peaking at 28,647 million USD in June 2023, the equity base entered a gradual decline, reaching 25,750 million USD by March 2026. This reduction in the denominator, occurring alongside rising revenues, accelerated the growth of the equity turnover ratio.
- Equity Turnover Efficiency
- The equity turnover ratio experienced an uninterrupted climb throughout the observed period. The transition from a ratio of 1.04 in early 2022 to 1.53 by early 2026 signifies a significant increase in asset productivity. This trend suggests that the organization is operating with a leaner equity structure relative to its scale of operations, thereby enhancing the efficiency of its long-term investment activity.
In summary, the expansion of the equity turnover ratio is the result of two converging financial trends: the steady growth of top-line revenues and the strategic or organic contraction of the total equity base. This combination has resulted in a more aggressive utilization of equity to drive sales growth over the analyzed timeframe.
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