Analysis of Reportable Segments
Mondelēz International Inc. operates in 4 segments: Latin America; Asia, Middle East and Africa (AMEA); Europe; and North America.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Segment Profit Margin
Mondelēz International Inc., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited varied performance across the reporting periods. Overall, fluctuations were observed in each segment, with North America demonstrating the most significant increase and subsequent decline. Latin America showed consistent, albeit moderate, growth, while AMEA and Europe experienced more pronounced volatility.
- Latin America
- The Latin America segment experienced a generally positive trend in profit margin, increasing from 9.33% in 2021 to 11.61% in 2025. Growth was steady, with a notable increase from 2021 to 2022, followed by more incremental gains in subsequent years. This suggests improving operational efficiency or pricing power within the region.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment displayed the most volatile profit margin. A decrease was noted from 16.30% in 2021 to 13.73% in 2022, followed by a recovery to 16.34% in 2024. However, a substantial decline to 12.42% occurred in 2025. This suggests sensitivity to regional economic conditions, currency fluctuations, or increased competitive pressures. The segment’s performance warrants further investigation.
- Europe
- The Europe segment’s profit margin followed a pattern of decline and recovery. It decreased from 18.75% in 2021 to 12.97% in 2022, then recovered to 15.54% in 2024 before falling again to 12.11% in 2025. This pattern mirrors some of the volatility seen in AMEA, potentially indicating similar influencing factors such as macroeconomic conditions or supply chain disruptions.
- North America
- The North America segment exhibited the most substantial changes in profit margin. A consistent increase was observed from 16.51% in 2021 to a peak of 22.84% in 2024. However, a significant decrease to 17.83% occurred in 2025. This suggests a period of strong performance followed by a potential shift in market dynamics, increased costs, or pricing adjustments. The decline in 2025 requires further scrutiny to understand the underlying causes.
In summary, while Latin America demonstrated consistent improvement, the other segments experienced considerable fluctuations. The contrasting performance of North America, with its substantial gains followed by a sharp decline, is particularly noteworthy and merits detailed examination. The volatility in AMEA and Europe suggests a greater susceptibility to external factors impacting profitability.
Segment Profit Margin: Latin America
Mondelēz International Inc.; Latin America; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
The Latin America segment demonstrated a positive trajectory in both operating income and net revenues between 2021 and 2025. Segment operating income increased from US$261 million to US$569 million over the five-year period, while net revenues grew from US$2,797 million to US$4,899 million. This growth is reflected in the segment profit margin, which exhibited an overall upward trend.
- Segment Operating Income
- Segment operating income experienced substantial growth from 2021 to 2023, increasing from US$261 million to US$529 million. Growth continued, albeit at a slower pace, reaching US$569 million in 2025. The largest absolute increase occurred between 2021 and 2022, with an addition of US$127 million.
- Net Revenues
- Net revenues consistently increased throughout the period, rising from US$2,797 million in 2021 to US$4,899 million in 2025. The most significant year-over-year increase in net revenues was observed between 2022 and 2023, with an increase of US$1,377 million. A slight decrease in net revenues was noted between 2023 and 2024, followed by a further, smaller decrease between 2024 and 2025.
- Segment Profit Margin
- The segment profit margin increased from 9.33% in 2021 to 11.61% in 2025. The margin experienced consistent improvement, with a peak of 10.80% in 2024. While the margin increased overall, the rate of increase slowed between 2023 and 2024, and again between 2024 and 2025. This suggests that while revenue growth continued, it was not translating into the same proportional increase in profitability during those years.
The consistent growth in both operating income and net revenues, coupled with the increasing segment profit margin, indicates strengthening performance within the Latin America segment. However, the decelerating rate of margin improvement in the latter years warrants further investigation to understand potential factors impacting profitability despite continued revenue expansion.
Segment Profit Margin: Asia, Middle East and Africa (AMEA)
Mondelēz International Inc.; Asia, Middle East and Africa (AMEA); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
Segment performance within Asia, Middle East and Africa (AMEA) demonstrates fluctuating profitability between 2021 and 2025. While net revenues generally increased over the period, segment operating income exhibited more volatility, impacting the segment profit margin.
- Segment Profit Margin
- The segment profit margin began at 16.30% in 2021, decreased to 13.73% in 2022, and then recovered to 15.73% in 2023. A further increase was observed in 2024, reaching 16.34%. However, 2025 saw a significant decline to 12.42%.
- Net Revenues
- Net revenues increased steadily from US$6,465 million in 2021 to US$7,932 million in 2025. Growth was consistent year-over-year, with the largest absolute increase occurring between 2024 and 2025 (US$636 million). This suggests continued demand for products within the AMEA region.
- Segment Operating Income
- Segment operating income decreased from US$1,054 million in 2021 to US$929 million in 2022, before rising to US$1,113 million in 2023 and US$1,192 million in 2024. A notable decrease to US$985 million was recorded in 2025. The volatility in operating income, despite increasing revenues, contributed to the fluctuations in the segment profit margin.
The decline in segment profit margin in 2025, despite higher net revenues, warrants further investigation. Potential factors could include increased operating costs, pricing pressures, or unfavorable currency exchange rates within the AMEA region. The initial decrease in 2022, followed by recovery in 2023 and 2024, suggests potential responsiveness to market conditions or internal efficiency improvements, but the 2025 result indicates these improvements may not have been sustained.
Segment Profit Margin: Europe
Mondelēz International Inc.; Europe; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
The segment performance for Europe demonstrates fluctuating profitability over the five-year period. Segment operating income and net revenues both exhibit growth, but the segment profit margin experiences considerable variation.
- Segment Profit Margin
- The segment profit margin began at 18.75% in 2021. A significant decrease was observed in 2022, falling to 12.97%. The margin then recovered in subsequent years, reaching 15.38% in 2023 and 15.54% in 2024. However, a decline is again apparent in 2025, with the margin decreasing to 12.11%.
- Net Revenues
- Net revenues for the European segment show a consistent upward trend throughout the period. Revenues increased from US$11,156 million in 2021 to US$15,027 million in 2025, indicating growing sales within the region. The largest year-over-year increase occurred between 2024 and 2025.
- Segment Operating Income
- Segment operating income followed a less consistent pattern. It decreased substantially from US$2,092 million in 2021 to US$1,481 million in 2022, mirroring the decline in profit margin. Operating income then increased to US$1,978 million in 2023 and US$2,068 million in 2024 before decreasing to US$1,820 million in 2025. Despite the 2024 peak, operating income did not reach the 2021 level by the end of the period.
The divergence between revenue growth and profit margin fluctuations suggests potential pressures on costs or pricing within the European segment. While revenue is increasing, the ability to translate those sales into profit appears inconsistent, particularly with the margin declines observed in 2022 and 2025. Further investigation into the cost structure and pricing strategies within the European segment may be warranted.
Segment Profit Margin: North America
Mondelēz International Inc.; North America; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating income | |||||
| Net revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenues
= 100 × ÷ =
The North America segment demonstrated a generally positive trajectory in financial performance from 2021 through 2024, followed by a decline in the most recent reported year. Segment operating income and net revenues both increased consistently during the initial period, contributing to improvements in profitability. However, 2025 witnessed a decrease in both operating income and, to a lesser extent, net revenues.
- Segment Profit Margin
- The segment profit margin exhibited an upward trend from 16.51% in 2021 to a peak of 22.84% in 2024. This indicates increasing efficiency in converting revenue into profit within the North America segment. The margin expansion suggests effective cost management, pricing strategies, or a shift towards higher-margin products during this period. However, in 2025, the segment profit margin decreased to 17.83%, signaling a potential reversal of these positive trends. This decline, despite a relatively small decrease in net revenues, suggests increased cost pressures or pricing challenges.
Net revenues for the North America segment increased from US$8,302 million in 2021 to US$11,078 million in 2023, representing substantial growth. Revenue growth slowed in 2024, reaching US$10,910 million, and experienced a slight decrease to US$10,679 million in 2025. This suggests a potential maturation of the market or increased competitive pressures in the latter years.
- Operating Income Trend
- Segment operating income mirrored the revenue trend, increasing from US$1,371 million in 2021 to US$2,492 million in 2024. The decrease to US$1,904 million in 2025 is noteworthy and warrants further investigation to determine the underlying causes. The decline in operating income, coupled with the decrease in segment profit margin, suggests that the segment faced challenges in maintaining profitability despite relatively stable revenue levels.
The performance of the North America segment between 2021 and 2025 demonstrates a period of strong growth followed by a potential shift in dynamics. The decrease in both segment profit margin and operating income in 2025 indicates a need for careful monitoring and analysis to understand the factors contributing to this change and to develop appropriate strategies to address them.
Segment Capital Expenditures to Depreciation
Mondelēz International Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The relationship between segment capital expenditures and depreciation exhibits varied trends across the reported periods and geographic regions. Generally, the ratios suggest fluctuations in investment relative to the depreciation of existing assets, potentially indicating shifts in growth strategies or asset management practices within each segment.
- Latin America
- The ratio for Latin America decreased notably from 1.57 in 2021 to 0.95 in 2022, suggesting a period where depreciation exceeded capital expenditures. Subsequently, the ratio increased steadily through 2025, reaching 1.47, indicating a return to investment outpacing depreciation. This pattern could reflect initial economic challenges followed by renewed investment in the region.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment demonstrates a consistent upward trend from 1.20 in 2021 to 1.91 in 2024, signifying increasing capital expenditure relative to depreciation. While the ratio decreased slightly to 1.63 in 2025, it remained significantly higher than the 2021 level. This suggests sustained investment and expansion within the AMEA region.
- Europe
- Europe experienced an increase in the ratio from 1.59 in 2021 to 2.00 in 2024, indicating a growing investment phase. The ratio then decreased to 1.59 in 2025, returning to the level observed in 2021. This could be due to the completion of a major investment cycle or a shift in capital allocation priorities.
- North America
- North America shows a gradual increase in the ratio from 1.24 in 2021 to 1.69 in 2023, followed by a slight decline to 1.51 in 2025. This suggests a moderate level of investment relative to depreciation, with a potential stabilization in capital expenditure towards the end of the period. The fluctuations are less pronounced than in other segments.
Overall, the AMEA and Europe segments exhibited the most significant changes in the ratio, indicating potentially more dynamic investment strategies compared to Latin America and North America. The observed patterns suggest that capital expenditure decisions are being made at the segment level, responding to specific regional opportunities and challenges.
Segment Capital Expenditures to Depreciation: Latin America
Mondelēz International Inc.; Latin America; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
The segment capital expenditures to depreciation ratio for Latin America exhibited fluctuations between 2021 and 2025. Initial values decreased before stabilizing and then increasing towards the end of the analyzed period. Capital expenditures and depreciation expense both experienced changes over the five-year timeframe, influencing the observed ratio trend.
- Capital Expenditures
- Capital expenditures in Latin America decreased from US$165 million in 2021 to US$106 million in 2022, representing a significant reduction. Expenditures then rose to US$164 million in 2023 and continued to increase, reaching US$199 million in 2024 and US$215 million in 2025. This indicates a renewed investment phase in the segment following the 2022 decline.
- Depreciation Expense
- Depreciation expense showed a modest increase from US$105 million in 2021 to US$111 million in 2022. A more substantial increase was observed in 2023, reaching US$152 million. Depreciation remained relatively stable in 2024 at US$151 million, before decreasing slightly to US$146 million in 2025. The increase in depreciation expense likely reflects the impact of prior capital expenditure investments.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio began at 1.57 in 2021. It decreased substantially to 0.95 in 2022, coinciding with the decrease in capital expenditures and a slight increase in depreciation. The ratio recovered to 1.08 in 2023, then increased to 1.32 in 2024 and further to 1.47 in 2025. This upward trend in the ratio from 2023 onwards suggests that capital expenditures are growing at a faster rate than depreciation expense, potentially indicating a focus on expanding capacity or upgrading assets within the Latin America segment.
The ratio’s movement suggests a period of reduced investment in 2022, followed by a return to growth and expansion in subsequent years. The increasing ratio towards the end of the period could signify a higher proportion of new assets being added relative to the depreciation of existing assets.
Segment Capital Expenditures to Depreciation: Asia, Middle East and Africa (AMEA)
Mondelēz International Inc.; Asia, Middle East and Africa (AMEA); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
Segment capital expenditures for Asia, Middle East and Africa (AMEA) exhibited an overall increasing trend from 2021 to 2024, followed by a slight decrease in 2025. Depreciation expense within the same segment demonstrated relative stability with a minor increase over the five-year period. Consequently, the segment capital expenditures to depreciation ratio increased significantly during the analyzed timeframe.
- Capital Expenditures
- Capital expenditures in AMEA increased from US$208 million in 2021 to US$309 million in 2024, representing a 48.56% increase over the period. A subsequent decrease to US$278 million was observed in 2025, though remaining above the 2021 level. This suggests a period of substantial investment followed by a moderate recalibration.
- Depreciation Expense
- Depreciation expense remained relatively consistent, fluctuating between US$155 million and US$173 million. An incremental increase from US$155 million in 2023 to US$171 million in 2025 was noted, indicating a gradual accumulation of depreciable assets. The overall change from 2021 to 2025 was approximately 10.98%.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio increased from 1.20 in 2021 to a peak of 1.91 in 2024. This indicates that capital expenditures were growing at a faster rate than depreciation expense, suggesting increased investment in new assets relative to the depreciation of existing assets. The ratio decreased slightly to 1.63 in 2025, coinciding with the reduction in capital expenditures, but still remained considerably higher than the 2021 level. This sustained increase suggests a strategic shift towards asset expansion within the AMEA segment.
The observed trends suggest a period of significant capital investment in the AMEA segment, outpacing the depreciation of existing assets. The slight decrease in capital expenditures in 2025, coupled with a continued rise in depreciation, resulted in a moderation of the capital expenditures to depreciation ratio, though the ratio remained elevated compared to earlier years.
Segment Capital Expenditures to Depreciation: Europe
Mondelēz International Inc.; Europe; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
Segment capital expenditures for Europe decreased from 2021 to 2022, then increased through 2024 before decreasing slightly in 2025. Depreciation expense exhibited a more gradual pattern, declining slightly from 2021 to 2023, then increasing through 2025. The resulting ratio of segment capital expenditures to depreciation demonstrates fluctuations over the five-year period.
- Capital Expenditures
- Capital expenditures began at US$409 million in 2021, decreased to US$335 million in 2022, and then rose to US$399 million in 2023. A significant increase was observed in 2024, reaching US$550 million, followed by a modest decline to US$500 million in 2025. This suggests periods of both investment restraint and expansion within the European segment.
- Depreciation Expense
- Depreciation expense remained relatively stable between 2021 and 2023, at US$257 million, US$242 million, and US$241 million respectively. An upward trend is apparent in 2024 and 2025, with expense increasing to US$275 million and then US$315 million. This increase likely reflects the depreciation of assets acquired during the earlier capital expenditure increases.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation was 1.59 in 2021. It decreased to 1.38 in 2022, coinciding with the decrease in capital expenditures. The ratio then increased to 1.66 in 2023. A substantial increase to 2.00 was recorded in 2024, driven by the significant rise in capital expenditures. Finally, the ratio decreased to 1.59 in 2025, returning to the level observed in 2021. This ratio indicates that, for every dollar of depreciation expense, the segment invested between US$1.38 and US$2.00 in capital assets over the period. The 2024 peak suggests a period of relatively high investment compared to the existing asset base.
Segment Capital Expenditures to Depreciation: North America
Mondelēz International Inc.; North America; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
Segment capital expenditures in North America exhibited an overall increasing trend from 2021 to 2023, followed by a slight decrease in 2024 and a further decrease in 2025. Depreciation expense also generally increased over the period, though at a slower rate than capital expenditures. Consequently, the segment capital expenditures to depreciation ratio demonstrated a clear pattern of increase followed by stabilization and a slight decline.
- Capital Expenditures
- Capital expenditures began at US$183 million in 2021 and rose to US$257 million in 2023, representing a 40.4% increase over the three-year period. A decrease to US$291 million was observed in 2024, followed by a further reduction to US$267 million in 2025. This suggests potential shifts in investment strategy or project completion within the North American segment.
- Depreciation Expense
- Depreciation expense showed a modest increase from US$148 million in 2021 to US$152 million in 2023. It then increased more substantially to US$177 million in 2024 and remained constant at that level through 2025. This increase aligns with the prior increases in capital expenditures, indicating the assets acquired were being depreciated.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio increased from 1.24 in 2021 to 1.69 in 2023, indicating that capital expenditures were growing at a faster rate than depreciation expense. This suggests a period of significant investment in new assets. The ratio then decreased slightly to 1.64 in 2024 and further to 1.51 in 2025. This decrease suggests a moderation in the pace of capital investment relative to the depreciation of existing assets, potentially indicating a shift towards utilizing existing capacity or a change in investment focus.
The observed trends suggest a period of expansionary capital investment in the North American segment between 2021 and 2023, followed by a period of stabilization and a slight reduction in the ratio of capital expenditures to depreciation. Further investigation into the specific nature of the capital projects and the factors driving the recent changes would be beneficial.
Net revenues
Mondelēz International Inc., net revenues by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Net revenues demonstrate varied performance across reportable segments between 2021 and 2025. Overall, total net revenues exhibit a general upward trajectory, though the rate of growth fluctuates. A significant increase is observed between 2021 and 2023, followed by a moderation in growth in subsequent years.
- Latin America
- Net revenues in Latin America increased substantially from 2021 to 2023, growing from US$2,797 million to US$5,006 million. However, this growth plateaued in the following two years, with revenues decreasing slightly to US$4,899 million in 2025. This suggests a potential stabilization or maturity of growth within this region after a period of rapid expansion.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment shows consistent, albeit moderate, growth throughout the five-year period. Net revenues increased from US$6,465 million in 2021 to US$7,932 million in 2025. This represents a steady expansion in the region, indicating sustained demand for products within this segment.
- Europe
- Europe demonstrates the strongest and most consistent growth among the reported segments. Net revenues increased from US$11,156 million in 2021 to US$15,027 million in 2025. This consistent expansion suggests a robust market presence and increasing consumer demand within the European region.
- North America
- North America experienced growth from 2021 to 2023, increasing from US$8,302 million to US$11,078 million. However, revenues declined in 2024 and 2025, reaching US$10,679 million. This suggests a potential shift in market dynamics or increased competition within the North American market.
The total net revenue growth is heavily influenced by the performance of the Europe segment, which contributes significantly to the overall revenue base. While Latin America experienced substantial growth initially, its recent stabilization and North America’s decline warrant further investigation. The consistent growth in AMEA provides a stable contribution to overall revenue.
Segment operating income
Mondelēz International Inc., segment operating income by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment operating income exhibited varied performance across the reporting periods. Overall, total segment operating income demonstrated an initial decline followed by substantial growth, and then a subsequent decrease. A closer examination of individual segments reveals distinct patterns contributing to these overall trends.
- Latin America
- The Latin America segment consistently increased its operating income from 2021 to 2025. Growth was particularly strong between 2021 and 2023, more than doubling from US$261 million to US$529 million. The rate of increase slowed in subsequent years, reaching US$569 million in 2025, indicating continued, albeit moderating, positive momentum.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment experienced a decrease in operating income from 2021 to 2022, declining from US$1,054 million to US$929 million. A recovery followed, with income rising to US$1,192 million in 2024. However, 2025 saw a notable decrease to US$985 million, representing a return to levels below those observed in 2021. This segment demonstrated the most volatility of the four reported.
- Europe
- The Europe segment’s operating income decreased significantly from 2021 to 2022, falling from US$2,092 million to US$1,481 million. A substantial recovery occurred over the next two years, reaching US$2,068 million in 2024. However, operating income decreased again in 2025, settling at US$1,820 million. The segment’s performance suggests sensitivity to external factors, with a clear pattern of decline and recovery.
- North America
- North America exhibited a consistent upward trend in operating income from 2021 to 2024, increasing from US$1,371 million to US$2,492 million. This represents a significant period of growth. However, operating income declined in 2025 to US$1,904 million, although remaining above the 2021 level. This segment contributed substantially to the overall growth observed between 2021 and 2024.
Total segment operating income decreased from US$4,778 million in 2021 to US$4,567 million in 2022. A significant increase followed, reaching US$6,284 million in 2024. The final reporting period, 2025, saw a decrease to US$5,278 million. The 2024 peak was driven by strong performance in North America and Europe, while the 2025 decline was influenced by decreases in AMEA and North America.
Depreciation expense
Mondelēz International Inc., depreciation expense by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Corporate | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Depreciation expense across reportable segments exhibited a generally increasing trend from 2021 to 2025. However, the progression varied significantly by segment. Total depreciation expense increased from US$683 million in 2021 to US$853 million in 2025, representing a cumulative increase of approximately 24.9% over the five-year period.
- Latin America
- Depreciation expense in Latin America initially increased from US$105 million in 2021 to US$152 million in 2023. Subsequently, it experienced a slight decline, decreasing to US$146 million in 2025. This suggests potential stabilization or a slowdown in capital investment requiring depreciation within this region after the initial growth.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment demonstrated relatively stable depreciation expense between 2021 and 2023, fluctuating around US$160-173 million. A moderate increase was observed in 2024 and 2025, reaching US$171 million. This indicates consistent capital expenditure and asset base within the region.
- Europe
- Europe exhibited a consistent increase in depreciation expense throughout the period. Starting at US$257 million in 2021, it rose to US$315 million in 2025. This represents the largest absolute increase among the geographic segments, suggesting significant ongoing investment in depreciable assets within the European market.
- North America
- North America’s depreciation expense remained relatively stable between 2021 and 2022, at US$148 million and US$140 million respectively. It then increased to US$152 million in 2023 and remained constant at US$177 million for 2024 and 2025. This suggests a period of reinvestment in the latter years of the observed timeframe.
- Corporate
- Depreciation expense allocated to the Corporate segment was not reported for 2021. It began at US$37 million in 2022 and increased to US$45 million in 2024, before decreasing slightly to US$44 million in 2025. This segment’s depreciation expense, while smaller in magnitude compared to the geographic segments, shows a general upward trend.
The overall increase in total depreciation expense suggests continued investment in long-term assets. The varying trends across segments highlight differing investment strategies and asset utilization patterns within each region. The substantial growth in Europe warrants further investigation to understand the drivers of increased capital expenditure.
Capital expenditures
Mondelēz International Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Latin America | |||||
| Asia, Middle East and Africa (AMEA) | |||||
| Europe | |||||
| North America | |||||
| Corporate | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Capital expenditures exhibited varied trends across reportable segments between 2021 and 2025. Overall, total capital expenditures demonstrated an initial decrease followed by a period of growth, concluding with a slight decline in the most recent year. A detailed examination of segment-level activity reveals differing patterns of investment.
- Latin America
- Capital expenditures in Latin America experienced volatility during the analyzed period. Following a decrease from $165 million in 2021 to $106 million in 2022, investment rebounded to $164 million in 2023. Further increases were observed in 2024 and 2025, reaching $199 million and $215 million respectively, indicating a renewed focus on capital investment in the region.
- Asia, Middle East and Africa (AMEA)
- The AMEA segment showed a generally increasing trend in capital expenditures. From $208 million in 2021, investment rose to $216 million in 2022 and continued to climb to $249 million in 2023. A significant increase was noted in 2024, reaching $309 million, before moderating slightly to $278 million in 2025. This suggests substantial investment activity in the region, with a peak in 2024.
- Europe
- Europe demonstrated a notable pattern of capital expenditure growth. After reporting $409 million in 2021 and a decrease to $335 million in 2022, investment increased significantly to $399 million in 2023. This upward trend continued with a substantial rise to $550 million in 2024, followed by a slight decrease to $500 million in 2025. The European segment consistently represented a significant portion of total capital expenditures.
- North America
- Capital expenditures in North America exhibited a consistent upward trend throughout the period. Starting at $183 million in 2021, investment increased to $197 million in 2022 and $257 million in 2023. Further growth was observed in 2024, reaching $291 million, before decreasing slightly to $267 million in 2025. This indicates a sustained commitment to capital investment in the North American market.
- Corporate
- Capital expenditures allocated to the Corporate segment were relatively small and exhibited a decreasing trend. Investment began at $52 million in 2022, declining to $43 million in 2023 and $38 million in 2024, before reaching $19 million in 2025. This suggests a reduction in corporate-level capital projects or a reallocation of investment to other segments.
Total capital expenditures decreased from $965 million in 2021 to $906 million in 2022. However, a substantial increase was observed in 2023, reaching $1,112 million, and continued into 2024 with $1,387 million. The final year of the analyzed period, 2025, saw a slight decrease to $1,279 million. The growth in total expenditures from 2022 to 2024 was primarily driven by increases in Europe, AMEA, and North America.