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Mondelez International, Inc. Q2 FY2023 results: revenue $8.5 billion, up 17.0% on the year

Mondelez International, Inc. (MDLZ) reported revenue of $8.5 billion for Q2 FY2023, the quarter ended 30 June 2023, up 17.0% on the same quarter a year earlier. Net income was $944 million, up 26.4% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 27 July 2023.

Revenue$8.5 billionup 17.0%
Net income$944 millionup 26.4%
Diluted EPS$0.69
QuarterQ2 FY2023ended 30 June 2023

The quarter, against the one before and a year earlier

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Revenue8,507n/an/an/a
Cost of revenue5,153n/an/an/a
Gross profit3,354n/an/an/a
Gross margin39.4%n/an/a
Selling, general and administrative1,869n/an/an/a
Operating income1,425n/an/an/a
Operating margin16.8%n/an/a
Interest expense145n/an/an/a
Pre-tax income1,161n/an/an/a
Income tax268n/an/an/a
Effective tax rate23.1%n/an/a
Net income944n/an/an/a
Net margin11.1%n/an/a
Diluted EPS$0.69n/an/an/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow850n/an/an/a
Capital expenditure272n/an/an/a
Free cash flow578n/an/an/a
Free cash flow margin6.8%n/an/a
Depreciation and amortisation290n/an/an/a
Share-based compensation37.0n/an/an/a
Buybacks197n/an/an/a
Dividends paid526n/an/an/a
Dividend per share$0.39n/an/an/a
Diluted shares, weighted1,371mn/an/an/a
Shares outstanding at period end1,360mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2023Quarter beforeA year earlierChange on the year
Total assets72,025n/an/an/a
Cash and equivalents1,553n/an/an/a
Receivables2,934n/an/an/a
Inventory3,825n/an/an/a
Goodwill23,670n/an/an/a
Long-term debt including finance leases18,147n/an/an/a
Operating lease liabilities492n/an/an/a
Shareholders' equity28,647n/an/an/a

Quarterly results, the last 12 quarters

Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026
Revenue8,5079,0299,3149,2908,3439,2049,6049,3138,9849,74410,49610,080
Cost of revenue5,1535,5355,8444,5405,5466,2055,8936,8836,0477,1327,5407,277
Gross profit3,3543,4943,4704,7502,7972,9993,7112,4302,9372,6122,9562,803
Gross margin39%39%37%51%34%33%39%26%33%27%28%28%
SG&A1,8692,0192,2591,9381,8911,6301,9801,7111,7251,7951,9421,916
Operating income1,4251,3791,1932,7278541,1531,6116801,172744952808
Operating margin17%15%13%29%10%13%17%7%13%8%9%8%
Interest expense145134118122130129127137151157154148
Pre-tax income1,1611,3311,1632,6828501,1321,597545855695919775
Tax rate23%27%22%24%35%29%14%28%27%20%28%29%
Net income9449849501,4126018531,745402641743665560
Net margin11%11%10%15%7%9%18%4%7%8%6%6%
Diluted EPS$0.69$0.72$0.69$1.04$0.45$0.63$1.30$0.31$0.49$0.57$0.52$0.44
Operating cash flow8501,1771,5641,3248221,3051,4591,0923087172,397467
Capital expenditure272285332299367316405277305299398312
Free cash flow5788921,2321,0254559891,0548153.04181,999155
Buybacks19763.08885685061131,1471,5221312404920.0
Dividends paid526526579578573571627623610609645644
Shares outstanding1,360m1,361m1,346m1,341m1,336m1,337m1,294m1,295m1,294m1,290m1,282m1,284m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2023, filed 27 July 2023, accession 0001103982-23-000043: the filing on EDGAR. All of Mondelez International, Inc.'s filings: EDGAR company page.

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