Mondelēz International Inc. (NASDAQ:MDLZ)

Gross profit margin

The gross profit margin showed an initial increase from 39.3% in March 2020 to a peak of approximately 40.44% in September 2020 and June 2021. Following this peak, there is a noticeable downward trend reaching a low of 32.55% by June 2025. This decline suggests increasing costs relative to sales or pricing pressures over the longer term, despite some temporary improvements such as the rise from 35.79% in March 2023 to 38.22% in December 2023.

Operating profit margin

Operating profit margin improved from 14.5% in March 2020 to a high of 18.61% in December 2023, reflecting enhanced operational efficiency or cost management during this period. Afterward, it declined to around 11.79% by March 2025, which may indicate rising operating expenses or reduced operational leverage. The margin exhibits significant volatility, with intermediate fluctuations such as the dip to 11.22% in December 2022 before recovering.

Net profit margin

The net profit margin gained steadily from 13.37% in March 2020, reaching a peak of 15.7% in December 2020. Thereafter, it followed a generally declining trend down to 9.81% by June 2025. The margins decreased particularly sharply between September 2022 (12.93%) and December 2022 (10.3%), potentially due to non-operating costs or increased tax burdens. A modest recovery trend is visible from early 2023 but it remains below earlier highs.

Return on equity (ROE)

ROE improved gradually from 12.89% in March 2020 to a peak of 17.5% in December 2023, indicating growing profitability relative to shareholder equity and effective capital use during this interval. This positive trend reversed slightly following the peak, falling to around 13.9% by September 2025. The decline suggests diminishing returns on equity investment, possibly related to changes in net income or equity base.

Return on assets (ROA)

The ROA moved upward from 5.24% in March 2020 to a high of 6.95% in December 2023, demonstrating better asset utilization and profit generation capacity. After reaching this apex, ROA declined to approximately 5.13% by June 2025. This pattern indicates an overall improvement in asset efficiency over the first years, followed by reduced effectiveness or asset base expansion without proportional profit increase in recent periods.

The gross profit and net revenues of the company display notable fluctuations and trends over the examined periods. Gross profit, expressed in millions of US dollars, initially rose from 2,451 in March 2020 to a peak around 3,494 in September 2023, with several fluctuations in between. There are evident quarterly swings, with some quarters showing noticeable declines, such as June 2024, where gross profit dropped to 2,797 from 4,750 the previous quarter, followed by subsequent partial recovery.

Net revenues similarly exhibited growth from 6,707 million US dollars in March 2020 to a high near 9,604 million in December 2024. The revenue figures tend to move in line with gross profit but are generally more stable with less pronounced drops. The pattern suggests periods of strong sales growth, interspersed with moderate declines or plateaus, most notably in mid to late 2024.

The gross profit margin percentage, calculated as gross profit over net revenues, shows a downward trend from its late 2020 peak around 40.4% to lower levels in subsequent years, reaching approximately 32.7% in March 2025. This decline in margin percentage despite some periods of rising gross profit and revenues indicates increasing costs or pricing pressures impacting profitability.

Overall, while revenues and gross profit have seen growth with some volatility, the gross profit margin's consistent decrease in recent periods raises potential concerns about cost management or competitive dynamics affecting earnings quality. The data suggests a mixed performance with opportunities for improving operational efficiency to enhance margin stability.

Operating Income Trends

Over the reported periods, operating income exhibits significant fluctuations without a consistent upward or downward trend. Starting at 856 million USD in the first quarter of 2020, operating income decreased notably to 713 million USD in the second quarter of 2020, followed by a sharp increase to 1,135 million USD by the third quarter of the same year. This pattern of volatility continues throughout the timeline, with peaks such as 1,505 million USD in the first quarter of 2023 and 2,727 million USD in the first quarter of 2024, and troughs as low as 679 million USD in the third quarter of 2022 and 680 million USD in the first quarter of 2025. These fluctuations may suggest variability in either costs, sales mix, or extraordinary items impacting quarterly profitability.

Net Revenues Patterns

Net revenues generally demonstrate a gradual upward trajectory over the time span considered. From an initial 6,707 million USD in the first quarter of 2020, revenues show some quarter-to-quarter variability but tend to increase, peaking at 9,604 million USD in the third quarter of 2024. Although there are periodic slight decreases or plateaus, such as from the fourth quarter of 2023 to the first quarter of 2024 and from the third quarter of 2024 onward, the overall pattern indicates growth in top-line sales. This suggests expansion in market presence, pricing power, or volume increases over time.

Operating Profit Margin Dynamics

The operating profit margin values, available from the first quarter of 2021 onward, indicate a fluctuating yet mostly robust profitability percentage. The margin starts at 14.5% in the first quarter of 2021, rises steadily to a peak of 18.61% in the first quarter of 2024, before somewhat declining to around 11.79% by the first quarter of 2025. The mid-term average appears to hover between 14% and 16%, reflecting a generally stable operational efficiency with some variability likely linked to cost management, pricing strategies, or changes in product mix. The peak margins correspond with quarters where operating income was exceptionally high, affirming periods of enhanced cost control or revenue quality.

Correlation Between Operating Income, Revenues, and Margins

There is observable alignment between spikes in operating income and elevation in operating profit margins, particularly noticeable in early 2023 and 2024. While net revenues continue an ascending trend, operating income and profit margins show more variability, suggesting that factors beyond simple revenue growth—such as cost containment or shifts in expense structure—significantly impact profitability. Additionally, periods of declining margins despite rising revenues imply increased costs or lower-margin sales in some quarters.

Quarterly Variability and Seasonality Considerations

Operating income and margin fluctuations suggest the presence of seasonal or operational variability influencing financial outcomes. Several quarters show sharp increases or decreases in profitability that are not entirely explained by corresponding changes in revenues, pointing to possible seasonal production costs, marketing expenses, or other one-time events. Understanding these patterns can be critical for forecasting and budgeting.

Overall Financial Health Insights

The data reflects an enterprise experiencing growth in revenue base, coupled with oscillating profitability metrics. The increased revenues over time underline expanding business scale or market penetration, while fluctuating operating income and margins highlight opportunities for stabilizing cost structures or improving operational efficiency. The evident spikes in certain quarters merit further investigation to determine underlying causes and to assess potential sustainability of these performance levels.

The financial data reveals several notable trends in the company's performance over the reported quarters. Net revenues have generally trended upward from March 31, 2020, through June 30, 2025, despite some fluctuations. The figures demonstrate consistent seasonal or periodic increases, with revenues peaking notably in key quarters such as December 2023 and March 2025, reaching values above 9,000 million US dollars. However, there are occasional declines, such as those observed in June 2024 and June 2025, indicating potential market or operational challenges during those periods.

Net earnings exhibit higher volatility compared to revenues. After a dip at the start of the observed period, earnings experienced several fluctuations, including substantial increases and sharp decreases. For example, net earnings surged to over 2,000 million US dollars in March 2023 but subsequently declined by the following quarters. This volatility suggests variability in profitability, possibly driven by changes in operating costs, market conditions, or one-time events impacting earnings.

The net profit margin, available only from March 31, 2020, onwards, shows an initial strengthening through 2020 and 2021, with margins rising from approximately 13.37% to over 15% during late 2021. Following this peak, profit margins generally decreased, reaching lows in late 2022 before stabilizing somewhat above 10% in subsequent quarters. This pattern indicates that despite revenue growth, profit efficiency faced downward pressure, potentially due to increased costs or competitive pricing strategies.

Net Revenues

Displayed an overall increasing trend with peaks in late 2023 and early 2025, generally oscillating between 6,500 and 9,600 million US dollars.

Net Earnings

Showed significant volatility with sharp increases and decreases; the highest earnings occurred in early 2023 and early 2025, exceeding 1,700 million US dollars, while some quarters saw earnings below 600 million US dollars.

Net Profit Margin

Peaked at approximately 15.7% in late 2021 before declining to levels near 9.8% in mid-2025, indicating profit efficiency challenges despite revenue growth.

In summary, the company demonstrated robust revenue growth with seasonal variations, accompanied by fluctuating net earnings and declining net profit margins in recent quarters. These patterns suggest that while sales volumes or pricing power improved, cost management or other factors may have eroded profitability margins. Continuous monitoring of cost structures and operational efficiency would be advisable to sustain earnings growth in line with revenue performance.

The analysis of the quarterly financial data indicates several key trends regarding net earnings, shareholders' equity, and return on equity (ROE) over the examined period.

Net Earnings Attributable to Mondelēz International

The net earnings show notable volatility across quarters. Initial values start around the mid-hundreds in 2020, with a peak observed in March 2023 reaching 2,081 million US dollars. However, this peak is followed by a significant decline in subsequent quarters, returning to figures closer to the 400-900 million range. This pattern suggests periods of strong profitability interspersed with downturns, indicating possible fluctuations in operational performance or external impacts affecting earnings. The latest quarters in 2025 depict earnings stabilizing at a moderate level compared to the earlier peak.

Total Shareholders’ Equity

The total shareholders’ equity exhibits a gradual upward trend from approximately 25,674 million US dollars at the beginning of 2020 to a peak slightly above 28,600 million by mid-2023. Post this peak, the equity value shows a mild downward movement, declining to around 26,193 million by mid-2025. Although there is some fluctuation, the overall trend implies growth in the equity base over the medium term, followed by some contraction or share buybacks, dividends, or losses reducing equity in later periods.

Return on Equity (ROE)

The ROE values are available starting from the fourth quarter of 2020. Initially, the ROE displays an increasing trend, growing from 12.89% to highs above 16% in late 2021. Subsequently, the indicator declines to approximately 10.11% in early 2022, indicating a dip in profitability relative to shareholders’ equity. Afterward, ROE recovers and reaches a peak near 17.5% towards the end of 2023, reflecting enhanced efficiency in generating returns for shareholders. In the following quarters, a moderate decline occurs, with ROE values stabilizing between 13.7% and 17.12%, suggesting a normalization of profitability levels.

Overall, the data portrays a company experiencing fluctuating net earnings but maintaining relatively stable and moderately growing shareholders' equity over the long term. The ROE trend aligns with the earnings volatility but demonstrates an ability to achieve strong returns on equity during certain periods. This indicates effective equity utilization despite earnings variability, possibly reflecting strategic initiatives, market conditions, or cost management efforts impacting financial results.

The quarterly financial data reveals several notable trends in the performance and asset base over the observed periods.

Net Earnings

Net earnings attributable to the company display considerable variability without a clear upward or downward long-term trajectory. Initial earnings in early 2020 fluctuated significantly, ranging from 544 million to 1,156 million US dollars. The year 2021 showed somewhat higher values, peaking at 1,258 million in the third quarter, but followed by a decline by year-end. A marked peak is observed in the first quarter of 2023 with earnings reaching 2,081 million US dollars, which is conspicuously higher than previous quarters. Subsequently, earnings declined again, exhibiting further fluctuations through 2024 and into mid-2025, with values oscillating between approximately 400 million and 1,745 million US dollars. Overall, net earnings demonstrate volatility with occasional significant spikes, suggesting episodic gains or one-time impacts rather than consistent growth.

Total Assets

The total asset base remains relatively stable throughout the periods, with incremental growth observed over time. Starting around 63,598 million US dollars in the first quarter of 2020, total assets gradually increased to reach a peak near 77,624 million US dollars in June 2024 before slightly declining in subsequent quarters. Despite some minor fluctuations, the asset base shows a general upward trend reflective of ongoing investment or asset accumulation, which indicates a stable capital structure with moderate expansion.

Return on Assets (ROA)

Return on assets, reported from late 2020 onward, generally fluctuates between roughly 3.8% and 6.9%. There is a moderate cyclical pattern, with ROA rising and falling in successive quarters but remaining mostly within the 5% to 6.5% range. The highest ROA near 6.95% appears in the fourth quarter of 2023, corresponding to a period of increased earnings, while some of the lower values coincide with quarters exhibiting reduced net earnings. This pattern suggests that the company’s efficiency in generating profits from its asset base varies over time but remains within a consistent band, indicative of stable operational performance with temporary downturns and recoveries.

In summary, earnings demonstrate episodic volatility with intermittent peaks and troughs, total assets reflect steady incremental growth with some fluctuations, and ROA maintains a generally stable range highlighting consistent asset utilization. These patterns suggest the company experiences variable profit performance against a backdrop of a broadly stable asset base and reasonably consistent operational efficiency.