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: 2026-09-30), 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).
An analysis of long-term activity ratios indicates a general improvement in asset utilization and capital efficiency over the period from March 2022 through September 2026. The trend across all metrics suggests an increasing ability to generate revenue from the company's invested capital and asset base.
- Fixed Asset Utilization
- Net fixed asset turnover experienced an initial growth phase, rising from 3.24 in March 2022 to a peak of 3.87 in September 2023. Following this peak, the ratio entered a period of relative stability, fluctuating between 3.60 and 3.84 through September 2026. A similar pattern is observed in the net fixed asset turnover including operating lease right-of-use assets, which grew from 3.03 to a peak of 3.63 in September 2023 before stabilizing around 3.51. The consistent gap between these two metrics reflects the impact of right-of-use assets on the overall fixed asset base.
- Overall Asset Efficiency
- Total asset turnover demonstrates a steady and incremental upward trajectory. Starting at 0.43 in March 2022, the ratio climbed consistently to 0.56 by September 2026. This gradual improvement suggests a systemic increase in the efficiency with which the total asset base is being deployed to generate sales, indicating a positive trend in overall operational productivity.
- Equity Efficiency
- Equity turnover exhibited the most significant and consistent growth of all monitored ratios. The ratio increased from 1.04 in March 2022 to 1.50 in September 2026. This sustained upward trend indicates a substantial improvement in the efficiency of equity utilization, suggesting that the company is generating progressively more revenue per unit of shareholder equity.
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Net Fixed Asset Turnover
Mondelēz International Inc., net fixed asset turnover 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) | |||||||||||||||||||||||||
| Net revenues | 9,967) | 9,355) | 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 | 10,620) | 10,649) | 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 | 3.76 | 3.73 | 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. | 5.38 | 5.20 | 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. | 3.30 | 3.25 | 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. | 5.15 | 5.12 | 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: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Property, plant and equipment, net
= (9,967 + 9,355 + 10,080 + 10,496)
÷ 10,620 = 3.76
2 Click competitor name to see calculations.
The analysis of long-term investment activity indicates a general improvement in the efficiency of asset utilization over the observed period. There is a clear positive correlation between the growth of net revenues and the optimization of the fixed asset base, resulting in a strengthened capacity to generate sales from property, plant, and equipment.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio exhibited a consistent upward trajectory during the first two years, rising from 3.24 in March 2022 to a peak of 3.87 by September 2023. Following this peak, the ratio entered a phase of stabilization, fluctuating within a narrow range between 3.60 and 3.84 through September 2026. This pattern suggests that the company successfully enhanced its operational efficiency before reaching a steady state where revenue growth and capital expenditures aligned more closely.
- Revenue Dynamics
- Net revenues demonstrated a robust growth trend, increasing from 7,764 million US$ in March 2022 to 9,967 million US$ by September 2026. While seasonal fluctuations are evident—typically characterized by dips in the second quarter and peaks in the fourth quarter—the long-term trajectory remains positive, providing the necessary top-line growth to drive higher asset turnover.
- Fixed Asset Investment Patterns
- Net property, plant, and equipment grew moderately from 9,015 million US$ in March 2022 to 10,620 million US$ in September 2026. The fact that the turnover ratio increased despite the expansion of the asset base indicates that revenue growth outpaced the growth of fixed investments. This suggests a strategic deployment of capital where new investments in production capacity were rapidly integrated and leveraged to increase sales volume.
- Operational Efficiency Synthesis
- The stabilization of the turnover ratio around 3.70 in the latter half of the period suggests a mature relationship between the company's industrial capacity and its market reach. The transition from a rapid increase in efficiency to a stable plateau indicates that the company has reached an optimal scale of operations relative to its current fixed asset investment strategy.
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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: 2026-09-30), 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 Q3 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (9,967 + 9,355 + 10,080 + 10,496)
÷ 11,358 = 3.51
The analysis of long-term activity ratios indicates a general improvement in asset utilization efficiency over the observed period. While both net revenues and the net fixed asset base grew, the rate of revenue growth outpaced the expansion of fixed assets, leading to an overall increase in the turnover ratio.
- Net Revenue Trends
- Net revenues demonstrated a sustained upward trajectory, rising from 7,764 million US$ in March 2022 to a peak of 10,496 million US$ in December 2025. The data reveals a recurring seasonal pattern, with revenues consistently peaking in the fourth quarter of each fiscal year.
- Fixed Asset Base Evolution
- Property, plant, and equipment, including right-of-use assets, experienced steady growth, increasing from 9,668 million US$ in March 2022 to 11,358 million US$ by September 2026. This gradual increase suggests a strategic expansion of operational capacity and leasehold interests to support increasing revenue volumes.
- Net Fixed Asset Turnover Dynamics
- The net fixed asset turnover ratio showed an initial growth phase, climbing from 3.03 in March 2022 to a peak of 3.63 in September 2023. For the remainder of the period, the ratio stabilized, fluctuating within a narrow band between 3.35 and 3.56. This stabilization indicates that the company reached a new equilibrium where asset investment and revenue generation grew at roughly proportional rates.
In summary, the operational efficiency of the long-term asset base improved significantly between 2022 and 2023 and remained resilient through 2026. The ability to generate higher revenue per unit of net fixed assets suggests optimized use of manufacturing and distribution infrastructure.
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Total Asset Turnover
Mondelēz International Inc., total asset turnover 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) | |||||||||||||||||||||||||
| Net revenues | 9,967) | 9,355) | 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 | 71,776) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.56 | 0.56 | 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 | 0.47 | 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. | 0.88 | 0.86 | 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. | 0.65 | 0.62 | 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: 2026-09-30), 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 Q3 2026 Calculation
Total asset turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Total assets
= (9,967 + 9,355 + 10,080 + 10,496)
÷ 71,776 = 0.56
2 Click competitor name to see calculations.
An analysis of the financial performance from March 31, 2022, to September 30, 2026, reveals a consistent improvement in asset utilization efficiency. The company has successfully increased its revenue generation capacity relative to its asset base, demonstrating a positive trajectory in operational productivity.
- Net Revenue Trends
- A sustained upward trend in net revenues is observed, growing from 7,764 million US$ in the first quarter of 2022 to 9,967 million US$ by the third quarter of 2026. While seasonal fluctuations are evident—typically characterized by dips in the second quarter of each year—the year-over-year growth remains robust, indicating expanding market reach or pricing power.
- Asset Base Management
- Total assets remained relatively stable throughout the period, fluctuating primarily between 66,014 million US$ and 77,624 million US$. A notable peak occurred on March 31, 2024, reaching 77,624 million US$, followed by a correction and stabilization around the 71,000 million US$ mark. This suggests a disciplined approach to capital expenditure and asset management, where growth in revenue is not solely dependent on the expansion of the asset base.
- Total Asset Turnover Evolution
- The total asset turnover ratio exhibits a steady increase, rising from 0.43 in March 2022 to 0.56 by September 2026. This progression indicates that for every dollar of assets held, the company is generating increasingly higher amounts of revenue. The most significant gains in efficiency are observed between late 2023 and late 2024, where the ratio moved from 0.50 to 0.53, and continued its climb through 2025 and 2026.
- Correlation Analysis
- The improvement in the turnover ratio is driven by a divergence between revenue growth and asset growth. While revenues increased by approximately 28% over the analyzed period, total assets increased by only about 5.5%. This divergence confirms that the company has optimized its existing resources to drive top-line growth, resulting in enhanced investment activity efficiency.
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Equity Turnover
Mondelēz International Inc., equity turnover 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) | |||||||||||||||||||||||||
| Net revenues | 9,967) | 9,355) | 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 | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.50 | 1.49 | 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. | 1.37 | 1.39 | 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. | 4.41 | 4.39 | 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: 2026-09-30), 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 Q3 2026 Calculation
Equity turnover
= (Net revenuesQ3 2026
+ Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025)
÷ Total Mondelēz International shareholders’ equity
= (9,967 + 9,355 + 10,080 + 10,496)
÷ 26,608 = 1.50
2 Click competitor name to see calculations.
The equity turnover ratio exhibits a consistent and sustained upward trajectory from March 2022 through September 2026. This trend indicates a progressive increase in the efficiency with which shareholders' equity is utilized to generate net revenue.
- Net Revenue Performance
- Net revenues demonstrate a general growth trend, rising from 7,764 million US$ in March 2022 to a peak of 10,496 million US$ in December 2025, before ending the period at 9,967 million US$ in September 2026. Despite periodic quarterly fluctuations, the overall movement reflects a significant expansion in the company's top-line capacity.
- Shareholders' Equity Dynamics
- Total shareholders' equity remained relatively stable during the initial phase, reaching a peak of 28,647 million US$ in June 2023. Subsequently, a gradual contraction is observed, with equity declining to a low of 25,750 million US$ in March 2026. The period concludes with equity stabilizing at 26,608 million US$ by September 2026.
- Equity Turnover Ratio Interpretation
- The equity turnover ratio increased steadily from 1.04 in March 2022 to 1.50 in September 2026. This improvement is driven by the mathematical convergence of rising net revenues and a reducing equity base. The ratio surpassed the 1.20 mark in September 2023 and breached 1.40 in March 2025, signifying that the company is generating substantially more revenue per unit of equity than at the start of the analyzed period.
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