Revenue growth decelerated to 4.1% in Q2 2026 from 8.2% in Q1, while gross margin recovered to 42.6% from a 2025 average of 28.5%, but operating margin volatility (7.3% to 20.8%) suggests inconsistent operating leverage.
Mondelez International, Inc. (MDLZ) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 39.67B | 38.54B | 36.44B | 36.02B | 31.5B | 28.72B | 26.58B | 25.87B | 25.94B | 25.9B | 25.92B | 29.64B | 34.24B | 35.3B | 35.02B | 35.81B | 31.49B | 38.75B | 40.49B | 36.13B | 33.26B | 34.11B | 32.17B | 30.5B | 29.25B | 29.23B | 22.92B | 23.43B | 24.14B |
| Revenue Growth % | 6.93% | 5.75% | 1.18% | 14.35% | 9.67% | 8.05% | 2.76% | -0.27% | 0.16% | -0.1% | -12.53% | -13.46% | -2.99% | 0.81% | -2.22% | 13.72% | -18.75% | -4.29% | 12.06% | 8.65% | -2.51% | 6.05% | 5.48% | 4.27% | 0.05% | 27.54% | -2.17% | -2.94% | - |
| Cost of Goods Sold | 27.32B | 27.6B | 22.18B | 22.25B | 20.18B | 17.47B | 16.14B | 15.53B | 15.59B | 15.86B | 15.82B | 18.12B | 21.65B | 22.19B | 21.94B | 22.71B | 19.62B | 24.82B | 27.16B | 24.06B | 21.34B | 21.84B | 20.28B | 18.53B | 17.46B | 17.57B | 13.96B | 14.62B | 15.59B |
| COGS % of Revenue | - | 71.62% | 60.88% | 61.78% | 64.08% | 60.81% | 60.7% | 60.04% | 60.09% | 61.25% | 61.02% | 61.16% | 63.21% | 62.86% | 62.66% | 63.42% | 62.3% | 64.04% | 67.08% | 66.58% | 64.18% | 64.04% | 63.05% | 60.76% | 59.71% | 60.09% | 60.9% | 62.38% | 64.56% |
| Gross Profit | 12.36B | 10.94B | 14.26B | 13.76B | 11.31B | 11.25B | 10.45B | 10.34B | 10.35B | 10.03B | 10.1B | 11.51B | 12.6B | 13.11B | 13.08B | 13.1B | 11.87B | 13.94B | 13.33B | 12.08B | 11.91B | 12.27B | 11.89B | 11.97B | 11.79B | 11.67B | 8.96B | 8.81B | 8.55B |
| Gross Margin % | 31.15% | 28.38% | 39.12% | 38.22% | 35.92% | 39.19% | 39.3% | 39.96% | 39.91% | 38.75% | 38.98% | 38.84% | 36.79% | 37.14% | 37.34% | 36.58% | 37.7% | 35.96% | 32.92% | 33.42% | 35.82% | 35.96% | 36.95% | 39.24% | 40.29% | 39.91% | 39.1% | 37.62% | 35.44% |
| Gross Profit Growth % | - | -23.3% | 3.58% | 21.68% | 0.52% | 7.74% | 1.05% | -0.14% | 3.17% | -0.69% | -12.23% | -8.61% | -3.91% | 0.26% | -0.18% | 10.34% | -14.8% | 4.55% | 10.36% | 1.39% | -2.9% | 3.21% | -0.67% | 1.54% | 1% | 30.18% | 1.68% | 3.05% | - |
| Operating Expenses | 7.83B | 7.32B | 7.91B | 8.26B | 7.78B | 6.6B | 6.59B | 6.49B | 7.04B | 6.57B | 7.55B | 2.62B | 9.36B | 9.14B | 9.44B | 9.6B | 9.38B | 8.75B | 9.75B | 8.11B | 7.76B | 7.52B | 7.28B | 6.11B | 5.82B | 6.78B | 4.95B | 5.24B | 5.02B |
| OpEx % of Revenue | - | 18.98% | 21.71% | 22.94% | 24.7% | 22.98% | 24.8% | 25.1% | 27.14% | 25.38% | 29.12% | 8.82% | 27.32% | 25.89% | 26.96% | 26.81% | 29.78% | 22.58% | 24.08% | 22.45% | 23.33% | 22.04% | 22.62% | 20.02% | 19.91% | 23.21% | 21.6% | 22.35% | 20.79% |
| Selling, General & Admin | 7.65B | 7.17B | 7.44B | 8B | 7.38B | 6.26B | 6.1B | 6.14B | 6.47B | 5.94B | 6.55B | 7.58B | 8.46B | 8.68B | 9.18B | 9.38B | 9.14B | 8.78B | 8.61B | 7.67B | 7.12B | 7.14B | 6.66B | 6.14B | 5.64B | 5.75B | 4.59B | 0 | 0 |
| SG&A % of Revenue | - | 18.61% | 20.41% | 22.22% | 23.44% | 21.81% | 22.94% | 23.72% | 24.96% | 22.93% | 25.25% | 25.57% | 24.7% | 24.59% | 26.21% | 26.2% | 29.03% | 22.67% | 21.27% | 21.23% | 21.41% | 20.92% | 20.7% | 20.12% | 19.3% | 19.66% | 20.02% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 347M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 1.21% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 142M | 473M | 260M | 394M | -9M | 495M | 358M | 565M | 634M | 1B | -4.96B | 898M | 460M | 263M | 220M | 236M | -32M | 1.14B | 438M | 638M | 381M | 617M | -29M | 180M | 1.04B | 363M | 5.24B | 5.02B |
| Operating Income | 4.53B | 3.62B | 6.34B | 5.5B | 3.53B | 4.65B | 3.85B | 3.84B | 3.31B | 3.46B | 2.55B | 8.9B | 3.24B | 3.97B | 3.64B | 3.5B | 2.5B | 5.18B | 3.58B | 3.97B | 4.15B | 4.75B | 4.61B | 5.86B | 5.96B | 4.88B | 4.01B | 3.58B | 3.54B |
| Operating Margin % | 11.42% | 9.39% | 17.41% | 15.28% | 11.22% | 16.2% | 14.5% | 14.86% | 12.77% | 13.37% | 9.85% | 30.02% | 9.47% | 11.25% | 10.39% | 9.77% | 7.93% | 13.37% | 8.83% | 10.98% | 12.49% | 13.92% | 14.34% | 19.21% | 20.38% | 16.71% | 17.5% | 15.28% | 14.64% |
| Operating Income Growth % | - | -42.95% | 15.32% | 55.69% | -24.05% | 20.76% | 0.26% | 16.03% | -4.33% | 35.55% | -71.29% | 174.43% | -18.36% | 9.18% | 3.97% | 40.14% | -51.84% | 44.94% | -9.83% | -4.53% | -12.53% | 2.97% | -21.3% | -1.69% | 22.05% | 21.73% | 12.1% | 1.24% | - |
| EBITDA | 5.92B | 4.98B | 7.65B | 6.72B | 4.64B | 5.77B | 4.97B | 4.89B | 4.12B | 4.28B | 3.38B | 9.79B | 4.3B | 5.05B | 4.98B | 4.98B | 3.94B | 6.11B | 4.56B | 4.85B | 5.04B | 5.63B | 5.49B | 6.67B | 6.68B | 6.53B | 5.05B | 3.58B | 3.54B |
| EBITDA Margin % | 14.91% | 12.92% | 20.98% | 18.65% | 14.74% | 20.08% | 18.69% | 18.9% | 15.9% | 16.52% | 13.03% | 33.04% | 12.56% | 14.3% | 14.23% | 13.92% | 12.5% | 15.78% | 11.27% | 13.43% | 15.17% | 16.5% | 17.07% | 21.88% | 22.83% | 22.32% | 22.01% | 15.28% | 14.64% |
| EBITDA Growth % | -0.47% | -34.9% | 13.85% | 44.73% | -19.51% | 16.04% | 1.62% | 18.6% | -3.62% | 26.68% | -65.51% | 127.64% | -14.8% | 1.32% | -0.02% | 26.6% | -35.62% | 34.02% | -5.98% | -3.83% | -10.36% | 2.5% | -17.71% | -0.06% | 2.31% | 29.33% | 40.99% | 1.24% | - |
| D&A (Non-Cash Add-back) | 1.39B | 1.36B | 1.3B | 1.22B | 1.11B | 1.11B | 1.12B | 1.05B | 811M | 816M | 823M | 894M | 1.06B | 1.08B | 1.34B | 1.49B | 1.44B | 931M | 986M | 886M | 891M | 879M | 879M | 813M | 716M | 1.64B | 1.03B | 0 | 0 |
| EBIT | 4.79B | 3.3B | 6.77B | 6.43B | 3.66B | 4.73B | 3.81B | 3.93B | 3.3B | 3.52B | 1.97B | 8.49B | 3.33B | 3.41B | 2.95B | 3.26B | 2.27B | 5.21B | 3.61B | 3.97B | 4.15B | 4.75B | 4.61B | 5.86B | 5.96B | 4.88B | 4.01B | 3.58B | 3.54B |
| Net Interest Income | -533M | -282M | -180M | -309M | -294M | -310M | -423M | -484M | -462M | -396M | -515M | -609M | -778M | -1.02B | -1.18B | -1.38B | -1.54B | -1.26B | -1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 70M | 317M | 328M | 241M | 134M | 55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 603M | 599M | 508M | 550M | 428M | 365M | 423M | 484M | 462M | 396M | 515M | 609M | 778M | 1.02B | 1.18B | 1.38B | 1.54B | 1.26B | 1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25M | -372M | -253M | 1B | 57M | 851M | 940M | 103M | 792M | 46M | -795M | -1.01B | -688M | -1.58B | -1.86B | -1.62B | -1.77B | -1.24B | -1.24B | -604M | -510M | -636M | -669M | -669M | -851M | -1.44B | -597M | -1.83B | -1.9B |
| Pretax Income | 4.5B | 3.25B | 6.09B | 6.5B | 3.59B | 5.5B | 4.79B | 3.95B | 4.1B | 3.51B | 1.76B | 7.88B | 2.55B | 2.39B | 1.77B | 1.88B | 726M | 3.95B | 2.34B | 3.36B | 3.64B | 4.11B | 3.94B | 5.19B | 5.11B | 3.45B | 3.42B | 1.75B | 1.63B |
| Pretax Margin % | 11.35% | 8.43% | 16.72% | 18.06% | 11.4% | 19.16% | 18.03% | 15.25% | 15.82% | 13.55% | 6.79% | 26.6% | 7.46% | 6.78% | 5.07% | 5.25% | 2.31% | 10.18% | 5.77% | 9.3% | 10.96% | 12.06% | 12.26% | 17.02% | 17.47% | 11.79% | 14.9% | 7.48% | 6.76% |
| Income Tax | 990M | 782M | 1.47B | 1.54B | 865M | 1.19B | 1.22B | 2M | 773M | 666M | 114M | 593M | 353M | 60M | 168M | 116M | 54M | 1.14B | 658M | 1B | 816M | 1.21B | 1.27B | 1.81B | 1.81B | 1.56B | 1.41B | 0 | 0 |
| Effective Tax Rate % | 21.98% | 24.08% | 24.11% | 23.63% | 24.09% | 21.62% | 25.54% | 0.05% | 18.84% | 18.99% | 6.48% | 7.52% | 13.82% | 2.51% | 9.47% | 6.17% | 7.44% | 28.79% | 28.17% | 29.8% | 22.39% | 29.39% | 32.31% | 34.91% | 35.48% | 45.4% | 41.41% | 0% | 0% |
| Net Income | 3.52B | 2.45B | 4.61B | 4.96B | 2.72B | 4.3B | 3.56B | 3.93B | 3.32B | 2.83B | 1.64B | 7.27B | 2.18B | 3.92B | 3.07B | 3.55B | 4.11B | 3.02B | 2.88B | 2.59B | 3.06B | 2.63B | 2.67B | 3.48B | 3.39B | 1.88B | 2B | 1.75B | 1.63B |
| Net Margin % | 8.86% | 6.36% | 12.65% | 13.77% | 8.63% | 14.97% | 13.37% | 15.19% | 12.79% | 10.92% | 6.31% | 24.52% | 6.38% | 11.09% | 8.76% | 9.92% | 13.06% | 7.8% | 7.12% | 7.17% | 9.2% | 7.72% | 8.28% | 11.4% | 11.6% | 6.44% | 8.73% | 7.48% | 6.76% |
| Net Income Growth % | -3.43% | -46.84% | -7.02% | 82.52% | -36.81% | 20.96% | -9.52% | 18.45% | 17.29% | 72.97% | -77.5% | 232.74% | -44.21% | 27.65% | -13.7% | -13.61% | 36.18% | 4.75% | 11.35% | -15.36% | 16.26% | -1.24% | -23.33% | 2.42% | 80.34% | -5.95% | 14.15% | 7.41% | - |
| Net Income (Continuing) | 3.51B | 2.47B | 4.62B | 4.97B | 2.73B | 4.31B | 3.57B | 3.94B | 3.33B | 2.84B | 1.65B | 7.29B | 2.2B | 2.33B | 1.61B | 1.76B | 672M | 2.81B | 1.68B | 2.36B | 2.83B | 2.9B | 2.67B | 3.38B | 3.3B | 1.88B | 2B | 1.75B | 1.63B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6B | 1.49B | 1.81B | 3.47B | 218M | 1.22B | 230M | 232M | -272M | -4M | 97M | 97M | 0 | 0 | 0 | 0 |
| Minority Interest | 53M | 53M | 26M | 34M | 37M | 54M | 76M | 76M | 76M | 80M | 54M | 88M | 103M | 159M | 140M | 111M | 108M | 96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.72 | 1.89 | 3.42 | 3.62 | 1.96 | 3.04 | 2.47 | 2.65 | 2.28 | 1.91 | 1.05 | 4.44 | 1.28 | 2.19 | 1.69 | 1.99 | 2.39 | 2.03 | 1.90 | 1.62 | 1.85 | 1.55 | 1.55 | 2.01 | 1.96 | 1.17 | 1.36 | 1.20 | 1.12 |
| EPS Growth % | -0.73% | -44.74% | -5.52% | 84.69% | -35.53% | 23.08% | -6.79% | 16.23% | 19.37% | 81.9% | -76.35% | 246.88% | -41.55% | 29.59% | -15.08% | -16.74% | 17.73% | 6.84% | 17.28% | -12.43% | 19.35% | 0% | -22.89% | 2.55% | 67.52% | -13.97% | 13.33% | 7.14% | - |
| EPS (Basic) | - | 1.89 | 3.44 | 3.64 | 1.97 | 3.06 | 2.48 | 2.68 | 2.30 | 1.93 | 1.07 | 4.49 | 1.29 | 2.21 | 1.70 | 2.00 | 2.40 | 2.04 | 1.92 | 1.64 | 1.86 | 1.56 | 1.56 | 2.01 | 1.96 | 1.17 | 1.36 | 1.20 | 1.12 |
| Diluted Shares Outstanding | 1.29B | 1.3B | 1.35B | 1.37B | 1.39B | 1.41B | 1.44B | 1.46B | 1.49B | 1.53B | 1.57B | 1.64B | 1.71B | 1.79B | 1.79B | 1.77B | 1.72B | 1.49B | 1.51B | 1.59B | 1.65B | 1.7B | 1.72B | 1.73B | 1.73B | 1.61B | 1.47B | 1.46B | 1.46B |
| Basic Shares Outstanding | 1.29B | 1.29B | 1.34B | 1.36B | 1.38B | 1.4B | 1.43B | 1.45B | 1.47B | 1.51B | 1.56B | 1.62B | 1.69B | 1.77B | 1.78B | 1.76B | 1.72B | 1.48B | 1.5B | 1.57B | 1.65B | 1.69B | 1.71B | 1.73B | 1.73B | 1.61B | 1.47B | 1.46B | 1.46B |
| Dividend Payout Ratio | - | 101.47% | 50.94% | 43.56% | 73.06% | 42.47% | 47.2% | 39.25% | 40.97% | 42.36% | 66.91% | 13.87% | 44.14% | 24.09% | 67.1% | 57.48% | 52.87% | 56.67% | 57.66% | 63.24% | 51.05% | 54.6% | 48.03% | 31.33% | 27.58% | 11.96% | 50.42% | - | - |
Quick answers to the most common questions about buying MDLZ stock.
For fiscal year 2025, Mondelez International, Inc. (MDLZ) reported total revenue of $38.54B. This represents a 59.6% increase compared to $24.14B in 1998.
Mondelez International, Inc. (MDLZ) is profitable, generating $2.45B in net income for the fiscal year ending 2025 with a net profit margin of 6.4%.
Mondelez International, Inc. (MDLZ) reported an operating income of $3.62B, resulting in an operating profit margin of 9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Mondelez International, Inc. (MDLZ) generated $10.94B in gross profit for the year, representing a gross profit margin of 28.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cocoa cost pressure and FX volatility
Metrics are mathematically derived from official filings.
Revenue Growth: A Tale of Two Quarters
Revenue growth accelerated to 4.1% in Q2 2026 from 8.2% in Q1, but the 2025 average was 5.8%, suggesting a decelerating trend. According to the latest quarterly data, growth remains positive but uneven.
The 4.1% growth in Q2 2026 is a slowdown from the 8.2% in Q1 2026, and the 2025 quarters showed a range from 0.2% to 9.3%. This volatility may reflect pricing actions and volume fluctuations, particularly in emerging markets. The company's ability to sustain growth will depend on its pricing power and consumer demand, especially given the recent cocoa price surge.
Gross Margin Volatility: Cocoa's Impact
Gross margin swung from 51.1% in Q1 2024 to 26.1% in Q1 2025, then recovered to 42.6% in Q2 2026. As reported in financial statements, this volatility suggests significant input cost pressure, particularly from cocoa.
The gross margin in Q2 2026 at 42.6% is well above the 2025 average of ~28.5%, but still below the 2024 Q1 peak. This indicates that while the company has been able to pass through some price increases, the sustainability of this margin recovery is uncertain given the historic cocoa prices. Investors should monitor whether the company can maintain this margin level or if further cost pressures will erode it.
Operating Leverage: Inconsistent Scaling
Operating income grew 58% in Q2 2026 versus Q2 2025, but SG&A as a percentage of revenue remained stable at ~21%. Based on the data, operating leverage appears inconsistent, with operating margin fluctuating between 7.3% and 20.8%.
The operating margin in Q2 2026 at 20.8% is a significant improvement from the 13.0% in Q2 2025, but this is partly due to a lower cost base. SG&A expenses have been relatively flat, suggesting that the company is not achieving significant economies of scale. The volatility in operating margin may indicate that the company's cost structure is not well-aligned with revenue fluctuations, possibly due to fixed distribution costs.
Earnings Quality: Non-Operating Items Distort
Net income in Q4 2024 was $1.7B on operating income of $1.6B, implying a net margin of 18.2% versus operating margin of 16.8%. This suggests non-operating gains, possibly from equity method investments, boosted earnings.
The gap between net income and operating income in Q4 2024 indicates that non-operating items, such as gains from equity method investments (e.g., JDE Peet's, Keurig Dr Pepper), are contributing to net income. This can inflate EPS and may not be sustainable. Additionally, stock-based compensation has been relatively small, but the tax rate appears to fluctuate, as seen in the varying net margins. Investors should adjust for these items to assess core profitability.
Cost Structure: COGS Dominates, SG&A Stable
COGS as a percentage of revenue averaged 71.5% in 2025, while SG&A averaged 19.5%. According to the quarterly data, COGS is the primary cost driver, reflecting high raw material exposure.
The high COGS ratio indicates that Mondelez is heavily exposed to commodity prices, particularly cocoa, sugar, and wheat. The stability of SG&A suggests that the company is managing its overhead well, but the volatility in COGS is the main source of margin fluctuation. Management's ability to control input costs through hedging and pricing will be critical to maintaining profitability.
Q1 2024: A Margin Anomaly
Q1 2024 stands out with a gross margin of 51.1% and operating margin of 29.4%, far above any other quarter. This appears to be an outlier, possibly due to one-time gains or accounting adjustments.
The Q1 2024 margins are significantly higher than the surrounding quarters, suggesting a non-recurring event such as a favorable settlement or a change in accounting estimates. This distortion makes it difficult to assess the underlying trend. Investors should treat this quarter as an anomaly and focus on the more recent quarters, which show a more consistent margin range of 26-33% for gross margin.
Margin Recovery: Sustainable or Temporary?
The Q2 2026 gross margin of 42.6% is a sharp rebound from the 2025 average of 28.5%, but with cocoa prices at historic highs, this recovery may be short-lived. Short-sellers would argue that the company's pricing power is limited.
The recent margin improvement could be due to successful price increases, but the sustainability is questionable given the ongoing cocoa cost pressure. If the company cannot pass through further price increases without losing volume, margins could compress again. Additionally, the company's significant international exposure (>74% outside the US) exposes it to FX volatility, which could further pressure margins. The market may be overestimating the durability of this margin recovery.