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: 2026-06-30), 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 overall upward trend in asset utilization efficiency is observed across the analyzed period. The company demonstrates a consistent improvement in its ability to generate revenue from its investment base, characterized by steady growth in total asset and equity turnover, complemented by a general increase in fixed asset productivity.
- Net Fixed Asset Turnover
- The ratio exhibits a positive trajectory, rising from 3.24 in March 2022 to a peak of 3.87 in September 2023. While the metric experienced some fluctuation between 2024 and 2026, it remained significantly higher than the initial 2022 levels, ending at 3.73 in June 2026. This suggests an enhanced efficiency in utilizing fixed assets to drive sales.
- Net Fixed Asset Turnover (Including Operating Leases)
- A similar pattern is observed when incorporating right-of-use assets, with the ratio increasing from 3.03 in March 2022 to 3.49 by June 2026. The lower values compared to the standard net fixed asset turnover reflect the additional asset base attributed to operating leases, yet the parallel growth trend confirms a systemic improvement in operational efficiency.
- Total Asset Turnover
- Total asset turnover shows a remarkably consistent and linear progression, growing from 0.43 in March 2022 to 0.56 in June 2026. This steady increase indicates a disciplined expansion of the asset base relative to revenue growth, reflecting improved overall productivity of all resources employed in the business.
- Equity Turnover
- The equity turnover ratio demonstrates the most pronounced growth among the measured metrics, climbing from 1.04 in March 2022 to 1.49 in June 2026. This upward trend indicates that the company is generating substantially more revenue for every unit of shareholder equity, suggesting high efficiency in the utilization of owner-supplied capital.
In summary, the convergence of increasing turnover ratios suggests a period of strengthening operational leverage. The synchronization between the growth in total asset turnover and equity turnover highlights a successful strategy in scaling revenue without a disproportionate increase in the investment base.
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Net Fixed Asset Turnover
Mondelēz International Inc., net fixed asset turnover 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) | ||||||||||||||||||||||||
| Net revenues | 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 | 10,649) | 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 | 3.73 | 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. | 5.20 | 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. | 3.25 | 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. | 5.12 | 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: 2026-06-30), 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
Net fixed asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Property, plant and equipment, net
= (9,355 + 10,080 + 10,496 + 9,744)
÷ 10,649 = 3.73
2 Click competitor name to see calculations.
The analysis of long-term investment activity reveals a general improvement in asset utilization efficiency over the observed period, characterized by a steady increase in the net fixed asset turnover ratio before reaching a period of relative stability.
- Net Fixed Asset Turnover Trend
- A consistent upward trajectory is observed from March 31, 2022, where the ratio stood at 3.24, peaking at 3.87 by September 30, 2023. Following this peak, the ratio entered a consolidation phase, fluctuating within a narrow range between 3.60 and 3.84. The period concludes with a ratio of 3.73 as of June 30, 2026, indicating that the organization has maintained a higher level of efficiency in generating revenue from its fixed assets compared to the baseline period.
- Revenue Growth and Seasonality
- Net revenues exhibit a strong long-term growth trend, rising from 7,764 million USD in early 2022 to a peak of 10,496 million USD by December 31, 2025. Recurring seasonal patterns are evident, with typical dips occurring in the second quarter of each year, followed by recoveries and peaks toward the end of the calendar year. This revenue expansion served as the primary driver for the initial improvement in the turnover ratio.
- Fixed Asset Investment Patterns
- Property, plant, and equipment, net, showed moderate and controlled growth, increasing from 9,015 million USD to 10,649 million USD over the duration of the analysis. The growth in the asset base was more gradual than the growth in net revenues during the 2022–2023 window, which explains the rise in the turnover ratio. In later periods, the increase in fixed assets more closely tracked revenue growth, resulting in the stabilization of the efficiency ratio.
- Operational Efficiency Insight
- The transition from a turnover ratio of 3.24 to a stabilized range around 3.70 suggests an optimization of the company's productive capacity. The data indicates that the organization successfully increased its output and sales without requiring a proportional increase in capital expenditures, thereby maximizing the productivity of its existing industrial footprint.
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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: 2026-06-30), 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
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= (9,355 + 10,080 + 10,496 + 9,744)
÷ 11,381 = 3.49
An analysis of the investment activity ratios reveals a general improvement in asset utilization efficiency over the observed period, characterized by an initial growth phase followed by a period of relative stabilization.
- Net Fixed Asset Turnover Trend
- The net fixed asset turnover ratio exhibited a consistent upward trajectory from March 31, 2022, when it stood at 3.03, reaching a peak of 3.63 by September 30, 2023. This indicates an increase in the company's ability to generate revenue relative to its investment in property, plant, and equipment, including right-of-use assets. Following this peak, the ratio entered a stabilization phase, fluctuating within a narrow range between 3.35 and 3.56 through June 30, 2026.
- Revenue and Asset Correlation
- Net revenues showed a general long-term increase, rising from 7,764 million USD in the first quarter of 2022 to 9,355 million USD by the second quarter of 2026, with significant seasonal peaks occurring in December of each year. Simultaneously, net property, plant, and equipment grew from 9,668 million USD to 11,381 million USD. The fact that the turnover ratio remained higher than its initial 2022 levels suggests that revenue growth outpaced the expansion of the fixed asset base for a significant portion of the period.
- Operational Efficiency Insights
- The period between March 2023 and December 2024 demonstrates a high level of operational efficiency, as the ratio consistently remained above 3.40 despite an increasing asset base. This suggests optimized capacity utilization. The slight decline observed between December 2023 (3.47) and June 2025 (3.35) coincides with a period of asset growth that temporarily exceeded revenue growth, though the ratio recovered to 3.49 by June 30, 2026.
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Total Asset Turnover
Mondelēz International Inc., total asset turnover 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) | ||||||||||||||||||||||||
| Net revenues | 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 | 71,247) | 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 | 0.55 | 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. | 0.46 | 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. | 0.86 | 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. | 0.62 | 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: 2026-06-30), 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
Total asset turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Total assets
= (9,355 + 10,080 + 10,496 + 9,744)
÷ 71,247 = 0.56
2 Click competitor name to see calculations.
The analysis of asset utilization from March 31, 2022, to June 30, 2026, reveals a consistent upward trend in operational efficiency. The Total Asset Turnover ratio increased from 0.43 to 0.56 over the observed period, indicating a progressive improvement in the company's ability to generate revenue from its asset base.
- Revenue Growth Patterns
- Net revenues exhibited a general growth trajectory, rising from 7,764 million USD in the first quarter of 2022 to a peak of 10,496 million USD by December 31, 2025. Despite some quarterly fluctuations, the overall trend reflects a significant expansion in top-line performance, which served as the primary driver for the improving turnover ratio.
- Asset Base Stability
- Total assets remained relatively stable, generally fluctuating between 66,014 million USD and 77,624 million USD. A notable increase in assets was observed in March 2024, reaching 77,624 million USD, which resulted in a temporary contraction of the turnover ratio to 0.47. However, subsequent reductions in the asset base toward the end of 2024, combined with steady revenue, accelerated the recovery and growth of the efficiency ratio.
- Total Asset Turnover Evolution
- The turnover ratio moved through three distinct phases: a period of stability between 0.43 and 0.45 during 2022, a growth phase reaching 0.50 by the end of 2023, and a sustained optimization phase from 2024 through mid-2026. The final reading of 0.56 represents the highest level of asset productivity within the analyzed timeframe, suggesting a more lean and effective deployment of capital.
In summary, the steady rise in the Total Asset Turnover ratio demonstrates a positive correlation between increasing net revenues and a disciplined management of total assets. The company successfully leveraged its investment base to enhance sales velocity, resulting in a more efficient conversion of assets into revenue over the four-year period.
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Equity Turnover
Mondelēz International Inc., equity turnover 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) | ||||||||||||||||||||||||
| Net revenues | 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 | 26,639) | 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 | 1.49 | 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. | 1.39 | 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. | 4.39 | 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: 2026-06-30), 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
Equity turnover
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ Total Mondelēz International shareholders’ equity
= (9,355 + 10,080 + 10,496 + 9,744)
÷ 26,639 = 1.49
2 Click competitor name to see calculations.
An analysis of the financial performance between March 31, 2022, and June 30, 2026, reveals a consistent improvement in asset utilization efficiency, specifically regarding the relationship between equity and revenue generation.
- Net Revenue Trends
- Net revenues exhibit a general upward trajectory over the analyzed period. Starting at 7,764 million US$ in March 2022, revenues reached a peak of 10,496 million US$ by December 31, 2025. While quarterly fluctuations are present—typically with higher values recorded in the December quarters—the long-term trend indicates sustained growth in top-line performance.
- Shareholders' Equity Dynamics
- Total shareholders' equity remained relatively stable with a slight downward bias over the long term. Equity levels fluctuated around the 28,000 million US$ mark in 2022 and 2023, before trending lower to 25,838 million US$ by September 30, 2025. This contraction in the equity base occurs concurrently with the increase in revenue, contributing to a higher turnover ratio.
- Equity Turnover Efficiency
- The equity turnover ratio demonstrates a steady and uninterrupted increase for the majority of the period. The ratio rose from 1.04 in March 2022 to a peak of 1.53 in March 2026. This progression indicates that the company is generating significantly more revenue per unit of equity invested. The growth in this ratio is the result of the dual effect of increasing net revenues and a marginally decreasing equity base, reflecting an optimization of the capital structure relative to sales volume.
The data indicates a strong trend of improving operational efficiency. The consistent rise in the equity turnover ratio suggests that the company has successfully scaled its revenue streams without requiring a proportional increase in shareholders' equity, thereby enhancing the productivity of its long-term investment base.
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