Operating margins have experienced a sharp decline to 8.0% in 2026Q1 from 29.4% in 2024Q1, indicating that the company is struggling to scale profitability despite an 8.2% revenue growth rate.
| 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 | 39.3B | 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 % | 7.79% | 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 | 28B | 27.74B | 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 | - | 71.99% | 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 | 11.31B | 10.79B | 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 % | 28.77% | 28.01% | 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 % | - | -24.3% | 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 | 7.61B | 7.17B | 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 | - | 18.61% | 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 | 7.38B | 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 | 0 | 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 | 3.7B | 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 % | 9.42% | 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 | 4.85B | 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 % | 12.34% | 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 % | -13.43% | -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) | 1.03B | 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 | 3.75B | 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 | -277M | -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 | 98M | 0 | 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 | 375M | 282M | 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 | -241M | -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 | 3.46B | 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 % | 8.81% | 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 | 856M | 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 % | 24.73% | 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 | 2.61B | 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 % | 6.65% | 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 % | -27.44% | -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) | 2.61B | 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 | 54M | 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) | 2.02 | 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 % | -25.65% | -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% | - | - |
Commodity-driven margin compression
As reported in recent financial filings, Mondelez achieved a revenue growth rate of 8.2% in 2026Q1, reflecting a recovery from the stagnant 0.2% growth observed in 2025Q1, though the durability of this top-line expansion remains subject to ongoing global pricing and volume fluctuations.
The recent acceleration in revenue suggests that the company is successfully navigating complex pricing environments, yet the inconsistency across the ten-quarter period warrants caution. Investors should monitor whether this growth is driven by sustainable volume gains or if it remains overly reliant on aggressive price increases that may eventually hit an elasticity ceiling.
Based on the provided income statement data, Mondelez's gross margin has experienced significant volatility, dropping from a peak of 51.1% in 2024Q1 to a recent level of 27.8% in 2026Q1, indicating substantial pressure from rising input costs and shifting product mix.
The sharp contraction in gross margins suggests that the company's ability to pass through commodity inflation, particularly in cocoa and sugar, has been severely tested. This trend implies that the firm's historical pricing power may be weakening, necessitating a closer look at whether current cost structures are permanently impaired.
According to the latest quarterly figures, operating margins have compressed to 8.0% in 2026Q1, a stark decline from the 29.4% margin recorded in 2024Q1, which highlights a failure to scale operating income in proportion to the company's gross profit generation.
The inability to maintain operating leverage suggests that SG&A expenses are becoming increasingly sticky, potentially due to higher marketing or distribution costs required to defend market share. This trend may indicate that the company is struggling to achieve the necessary operational efficiencies to offset its current cost structure.
As evidenced by the erratic EPS fluctuations, such as the 85.7% growth in 2024Q4 followed by a 60.8% decline in 2025Q4, the quality of reported net income appears heavily influenced by non-operating items and periodic restructuring charges rather than consistent core business performance.
The significant variance in quarterly EPS suggests that investors should look past headline figures to understand the underlying operational health. The presence of stock-based compensation and potential non-recurring items warrants further investigation to determine the true cash-generating capability of the core snacking business.
While management emphasizes brand strength, the recent margin compression to 27.8% in 2026Q1 suggests that the market's assumption of infinite pricing power for core brands like Oreo may be fundamentally flawed in the face of rising consumer sensitivity to price hikes.
Short-term revenue growth may be masking a long-term risk where consumers increasingly trade down to private-label alternatives. If the company cannot stabilize its margins, the current valuation may be at risk of a downward re-rating as the market adjusts to a lower-margin reality.
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 $10.79B in gross profit for the year, representing a gross profit margin of 28.0%. This demonstrates the company's core pricing power and production efficiency.