Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Paying user area
Try for free
Mondelēz International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Mondelēz International Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Profitability Ratios (Summary)
Mondelēz International Inc., profitability 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 analyzed period is characterized by a cyclical volatility in profitability, marked by a significant contraction in 2022, a robust recovery peaking in early 2024, and a subsequent sharp decline throughout 2025. The synchronization across all margins and return ratios suggests that the primary drivers of these fluctuations were systemic rather than isolated to a specific level of the income statement.
- Gross Profit Margin
- A downward trend was observed throughout 2022, with the margin falling from 38.54% to 35.92%. This was followed by a consistent recovery during 2023 and a peak of 41.69% in the first quarter of 2024. However, a severe contraction occurred starting in March 2025, where the margin dropped to 32.74% and continued to decline to a low of 28.38% by December 2025, before a marginal recovery to 28.77% in March 2026.
- Operating Profit Margin
- Operating efficiency mirrored the gross margin trajectory. After declining to 11.22% in December 2022, the margin improved steadily to reach a peak of 18.61% in March 2024. This growth was reversed in 2025, with a precipitous drop beginning in March (11.79%) and bottoming out at 9.21% in December 2025, indicating a significant increase in operating costs or a decrease in pricing power during that year.
- Net Profit Margin
- The net profit margin exhibited substantial volatility, decreasing from 14.34% in early 2022 to 8.63% by the end of the year. A recovery phase saw the margin rise to 13.77% by December 2023. While 2024 remained relatively stable, the margin entered a steep decline in 2025, falling from 9.88% in March to a period low of 6.36% in December 2025, before slightly recovering to 6.64% in March 2026.
- Return on Equity (ROE)
- Equity returns showed a V-shaped recovery between 2022 and 2023, falling to 10.11% in December 2022 before ascending to 17.50% by December 2023. ROE remained resilient through 2024, peaking again at 17.12% in December. A sharp deterioration was noted in the final quarter of 2025, where ROE fell to 9.49%, though it rebounded slightly to 10.13% by March 2026.
- Return on Assets (ROA)
- Asset utilization trends aligned closely with the net profit margins. ROA declined to 3.82% in late 2022 and recovered to a high of 6.95% by December 2023. A consistent downward trend was evident throughout 2025, with ROA ending the year at 3.43%, the lowest point in the recorded period, followed by a slight uptick to 3.67% in March 2026.
Overall, the data indicates a period of strong operational performance and margin expansion between 2023 and the first half of 2024, which was subsequently erased by a significant profitability compression throughout 2025. The simultaneous drop in all profitability and return ratios suggests a challenging external environment or internal structural headwinds that intensified toward the end of 2025.
Return on Sales
Return on Investment
Gross Profit Margin
Mondelēz International Inc., gross profit margin 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) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| 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
Gross profit margin = 100
× (Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025)
÷ (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The gross profit margin exhibits significant volatility over the analyzed period, characterized by an initial contraction, a subsequent recovery and peak, followed by a sustained downward trend.
- 2022 Margin Contraction
- A consistent decline in the gross profit margin is observed throughout 2022, decreasing from 38.54% in March to 35.92% by December. This contraction occurred despite net revenues increasing from 7.764 billion USD in March to 8.695 billion USD by year-end.
- 2023 Recovery Phase
- The margin entered a recovery phase in 2023, showing steady quarter-over-quarter growth from 35.79% in March to 38.22% in December. This trend aligns with a gradual increase in net revenues, which reached 9.314 billion USD by the end of the year.
- 2024 Peak and Correction
- The gross profit margin reached its maximum value of 41.69% in March 2024. Following this peak, a gradual correction occurred, with the margin moderating to 39.12% by December 2024, while net revenues continued to grow to a peak of 9.604 billion USD in the fourth quarter.
- 2025-2026 Sustained Compression
- A sharp decline in profitability is evident starting in March 2025, with the margin dropping to 32.74%. This downward trajectory persisted through the remainder of 2025, reaching a period low of 28.38% in December. Although a marginal increase to 28.77% is noted in March 2026, the margin remains substantially lower than the levels maintained between 2022 and 2024.
Analysis of the relationship between revenue and profit indicates that while net revenues generally trended upward—peaking at 10.496 billion USD in September 2025—the cost of sales increased at a disproportionate rate during the 2025-2026 period, leading to the observed margin compression.
Operating Profit Margin
Mondelēz International Inc., operating profit margin 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) | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| 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
Operating profit margin = 100
× (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin exhibits significant volatility over the analyzed period, characterized by a distinct cycle of contraction, recovery, a period of peak performance, and a subsequent sharp decline.
- 2022 to 2023 Profitability Cycle
- A consistent downward trend is observed throughout 2022, with the operating profit margin decreasing from 15.26% in March to a low of 11.22% by December. This contraction was followed by a steady recovery throughout 2023, as margins climbed incrementally each quarter to reach 15.28% by the end of the year.
- Peak Performance Period (2024)
- The first quarter of 2024 marks the highest profitability point in the analyzed timeframe, with the operating profit margin peaking at 18.61%. This coincided with a peak in operating income of 2,727 million US dollars. While the margin moderated in subsequent quarters, it remained relatively strong, fluctuating between 16.40% and 17.41% for the remainder of the year.
- 2025 to 2026 Margin Erosion
- A pronounced decline in operating efficiency is evident starting in March 2025, where the margin dropped sharply to 11.79%. This downward trajectory intensified through the second half of 2025, reaching a period minimum of 9.21% in December. Although the margin stabilized slightly at 9.35% in March 2026, the overall trend indicates a significant erosion of profitability compared to the 2023-2024 levels, despite net revenues reaching their highest recorded levels during this same window.
Net Profit Margin
Mondelēz International Inc., net profit margin 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 earnings attributable to Mondelēz International | |||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| 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
Net profit margin = 100
× (Net earnings attributable to Mondelēz InternationalQ1 2026
+ Net earnings attributable to Mondelēz InternationalQ4 2025
+ Net earnings attributable to Mondelēz InternationalQ3 2025
+ Net earnings attributable to Mondelēz InternationalQ2 2025)
÷ (Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025
+ Net revenuesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of net profit margins reveals a period of significant volatility, characterized by cyclical fluctuations and a pronounced downward trend in the latter stages of the observed timeline. Although net revenues grew steadily from 7,764 million USD in March 2022 to 10,080 million USD by March 2026, the conversion of this revenue into net profit has been inconsistent.
- Initial Margin Contraction (2022)
- A consistent decline in profitability was observed throughout 2022, with the net profit margin falling from 14.34% in the first quarter to a low of 8.63% by the fourth quarter. This indicates a period of margin compression despite revenue remaining relatively stable.
- Recovery and Stabilization Phase (2023–2024)
- The profitability trend reversed in 2023, showing a steady climb from 11.99% in March to 13.77% in December. This recovery phase transitioned into 2024, where margins fluctuated between a low of 10.56% in September and a peak of 12.65% in December, suggesting a period of operational recalibration.
- Significant Profitability Erosion (2025–2026)
- A severe deterioration in net profit margins began in early 2025, starting at 9.88% and descending to a trough of 6.36% by December 2025. This decline is particularly notable as it occurred while net revenues reached their peak of 10,496 million USD in the same quarter, highlighting a stark disconnect between top-line growth and bottom-line efficiency. As of March 2026, the margin remains constrained at 6.64%.
- Net Earnings Volatility
- Net earnings attributable to the company exhibited extreme variance, peaking at 2,081 million USD in March 2023 and 1,745 million USD in December 2024, but dropping as low as 402 million USD in March 2025. The lack of correlation between revenue growth and earnings stability suggests that net income has been heavily impacted by fluctuating operational costs or non-recurring expenses.
Return on Equity (ROE)
Mondelēz International Inc., ROE 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 earnings attributable to Mondelēz International | |||||||||||||||||||||||
| Total Mondelēz International shareholders’ equity | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| 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
ROE = 100
× (Net earnings attributable to Mondelēz InternationalQ1 2026
+ Net earnings attributable to Mondelēz InternationalQ4 2025
+ Net earnings attributable to Mondelēz InternationalQ3 2025
+ Net earnings attributable to Mondelēz InternationalQ2 2025)
÷ Total Mondelēz International shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The Return on Equity (ROE) for the period between March 2022 and March 2026 exhibits significant volatility, fluctuating between a low of 9.49% and a peak of 17.50%. The performance is characterized by distinct cycles of contraction and expansion, primarily driven by variances in quarterly net earnings rather than structural shifts in the equity base.
- Influence of Net Earnings
- Net earnings attributable to the company demonstrate substantial quarterly instability, which serves as the primary catalyst for ROE fluctuations. Significant peaks in ROE, specifically in December 2023 (17.50%) and December 2024 (17.12%), align directly with surges in quarterly net earnings. Conversely, a marked decline in net earnings during the first quarter of 2025 corresponds with a sharp contraction in ROE to its period low of 9.49% in December 2025.
- Shareholders' Equity Dynamics
- Total shareholders' equity remained relatively stable through mid-2023, peaking at 28.65 billion USD in June 2023. Subsequently, a gradual downward trend is observed, with equity declining to 25.75 billion USD by March 2026. While the reduction in the equity base typically exerts upward pressure on ROE, this effect was overshadowed by the more aggressive volatility in net earnings throughout the analyzed period.
- Temporal Patterns and Trends
- The data reveals a cyclical pattern of profitability. An initial downward trend in ROE was observed throughout 2022, reaching a low of 10.11% in December. This was followed by a strong recovery throughout 2023. However, 2025 marked a period of diminished returns, where ROE trended downward from 13.97% in March to 9.49% in December, before showing a slight recovery to 10.13% in March 2026.
Return on Assets (ROA)
Mondelēz International Inc., ROA 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 earnings attributable to Mondelēz International | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||
| 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
ROA = 100
× (Net earnings attributable to Mondelēz InternationalQ1 2026
+ Net earnings attributable to Mondelēz InternationalQ4 2025
+ Net earnings attributable to Mondelēz InternationalQ3 2025
+ Net earnings attributable to Mondelēz InternationalQ2 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The return on assets (ROA) for the period between March 2022 and March 2026 demonstrates a pattern of volatility characterized by distinct cyclical peaks and troughs. This variability is primarily driven by significant fluctuations in quarterly net earnings, while the total asset base remained relatively stable, generally oscillating between 66 billion and 77 billion US dollars.
- Performance Trends 2022-2023
- A contraction is observed throughout 2022, where ROA declined from 6.17% in March to a low of 3.82% in December. This trend reversed in 2023, with a sustained recovery that culminated in a period peak of 6.95% by December 31, 2023, supported by a substantial increase in net earnings during the first quarter of that year.
- Performance Trends 2024
- The first three quarters of 2024 exhibited a downward adjustment and subsequent stabilization, with ROA hovering between 5.53% and 5.29%. A sharp rebound occurred in the final quarter of 2024, with the ratio rising to 6.73%, corresponding with a significant quarterly earnings spike to 1.745 billion US dollars.
- Performance Trends 2025-2026
- A consistent downward trajectory is evident throughout 2025. ROA decreased from 5.22% in March to a multi-year low of 3.43% in December 2025. A slight recovery to 3.67% was recorded by March 31, 2026, though the ratio remained well below the historical averages seen in 2023 and 2024.