Mondelez International (MDLZ) Q4 FY2025 earnings: revenue $10.5 billion, up 9.3% on the year

Mondelez International, Inc. (MDLZ) reported revenue of $10.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.3% on the same quarter a year earlier. Net income was $665 million, down 61.9% on the year, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.

Revenue

$10.5 billion

+9.3% on the year · +7.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

9.1%

16.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$665 million

-61.9% on the year · -10.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.51

-60.8% on the year · -10.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new.

Full-year net revenue rose 5.8%: FY2025 net revenues were $38,537 million, up 5.8 percent, with Organic Net Revenue up 4.3 percent, the Evirth acquisition and favorable currency items.
Diluted EPS fell 44.7% to $1.89: FY2025 diluted EPS was $1.89, down 44.7 percent, mainly from unfavorable year-over-year mark-to-market impacts on commodity and currency derivatives.
Adjusted EPS fell 14.6% constant currency: FY2025 Adjusted EPS was $2.92, down 14.6 percent in constant currency, on operating declines, higher interest and other expense and higher taxes.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	10,496	9,744	9,604	+7.7%	+9.3%
Cost of revenue	7,540	7,132	5,893	+5.7%	+27.9%
Gross profit	2,956	2,612	3,711	+13.2%	-20.3%
Gross margin	28.2%	26.8%	38.6%
Selling, general and administrative	1,942	1,795	1,980	+8.2%	-1.9%
Operating income	952	744	1,611	+28.0%	-40.9%
Operating margin	9.1%	7.6%	16.8%
Interest expense	154	157	127	-1.9%	+21.3%
Pre-tax income	919	695	1,597	+32.2%	-42.5%
Income tax	261	137	216	+90.5%	+20.8%
Effective tax rate	28.4%	19.7%	13.5%
Net income	665	743	1,745	-10.5%	-61.9%
Net margin	6.3%	7.6%	18.2%
Diluted EPS	$0.51	$0.57	$1.30	-10.5%	-60.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,397	717	1,459	+234.3%	+64.3%
Capital expenditure	398	299	405	+33.1%	-1.7%
Free cash flow	1,999	418	1,054	+378.2%	+89.7%
Free cash flow margin	19.0%	4.3%	11.0%
Cash from investing	-266	-339	1,696
Cash from financing	-1,413	-484	-3,222
Depreciation and amortisation	352	250	331	+40.8%	+6.3%
Share-based compensation	30.0	19.0	35.0	+57.9%	-14.3%
Buybacks	492	240	1,147	+105.0%	-57.1%
Dividends paid	645	609	627	+5.9%	+2.9%
Dividend per share	n/a	$0.50	n/a
Diluted shares, weighted	1,292m	1,296m	1,340m	-0.3%	-3.6%
Shares outstanding at period end	1,282m	1,290m	1,294m	-0.7%	-0.9%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	25,838	26,177	26,932	-1.3%	-4.1%
Non-controlling interest	53.0	52.0	26.0	+1.9%	+103.8%
Debt	21,205	21,322	17,749	-0.5%	+19.5%
Operating lease liabilities	599	611	623	-2.0%	-3.9%
Finance lease liabilities	286	n/a	183		+56.3%
Other liabilities	23,506	23,196	22,984	+1.3%	+2.3%
Total liabilities and equity	71,487	71,358	68,497	+0.2%	+4.4%
Goodwill	24,336	24,250	23,017	+0.4%	+5.7%
Intangible assets	19,628	19,611	18,848	+0.1%	+4.1%
Cash and equivalents	2,195	1,466	1,400	+49.7%	+56.8%
Receivables	3,903	4,189	3,874	-6.8%	+0.7%
Inventory	4,419	5,098	3,827	-13.3%	+15.5%
Other assets	17,006	16,744	17,531	+1.6%	-3.0%
Total assets	71,487	71,358	68,497	+0.2%	+4.4%

Questions

What was Mondelez International's revenue in Q4 FY2025?

Mondelez International (MDLZ) reported revenue of $10.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 9.3% on the same quarter a year earlier.

How much did Mondelez International earn in Q4 FY2025?

Net income for Q4 FY2025 was $665 million, down 61.9% on the year, and diluted earnings per share $0.51.

When did Mondelez International report Q4 FY2025 results?

Mondelez International filed its 10-K for the year that ended with the quarter on 4 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	7,658	7,764	7,274	7,763	8,695	9,166	8,507	9,029	9,314	9,290	8,343	9,204	9,604	9,313	8,984	9,744	10,496	10,080	9,355	9,967
Cost of revenue	4,825	4,781	4,633	5,150	5,620	5,720	5,153	5,535	5,844	4,540	5,546	6,205	5,893	6,883	6,047	7,132	7,540	7,277	5,369	6,043
Gross profit	2,833	2,983	2,641	2,613	3,075	3,446	3,354	3,494	3,470	4,750	2,797	2,999	3,711	2,430	2,937	2,612	2,956	2,803	3,986	3,924
Gross margin	37%	38%	36%	34%	35%	38%	39%	39%	37%	51%	34%	33%	39%	26%	33%	27%	28%	28%	43%	39%
SG&A	1,670	1,693	1,676	1,884	2,131	1,855	1,869	2,019	2,259	1,938	1,891	1,630	1,980	1,711	1,725	1,795	1,942	1,916	2,001	2,012
Operating income	1,204	1,094	927	679	834	1,505	1,425	1,379	1,193	2,727	854	1,153	1,611	680	1,172	744	952	808	1,946	1,758
Operating margin	16%	14%	13%	9%	10%	16%	17%	15%	13%	29%	10%	13%	17%	7%	13%	8%	9%	8%	21%	18%
Interest expense	90.0	91.0	89.0	114	134	153	145	134	118	122	130	129	127	137	151	157	154	148	144	147
Pre-tax income	1,143	959	859	638	772	2,225	1,161	1,331	1,163	2,682	850	1,132	1,597	545	855	695	919	775	1,899	1,721
Tax rate	21%	22%	23%	29%	35%	30%	23%	27%	22%	24%	35%	29%	14%	28%	27%	20%	28%	29%	19%	25%
Net income	1,003	855	747	532	583	2,081	944	984	950	1,412	601	853	1,745	402	641	743	665	560	1,548	1,305
Net margin	13%	11%	10%	7%	7%	23%	11%	11%	10%	15%	7%	9%	18%	4%	7%	8%	6%	6%	17%	13%
Diluted EPS	$0.71	$0.61	$0.54	$0.39	$0.42	$1.52	$0.69	$0.72	$0.70	$1.04	$0.45	$0.63	$1.30	$0.31	$0.49	$0.57	$0.51	$0.44	$1.20	$1.02
Operating cash flow	1,421	1,131	836	549	1,392	1,123	850	1,177	1,564	1,324	822	1,305	1,459	1,092	308	717	2,397	467	855	1,284
Capital expenditure	326	167	218	236	285	223	272	285	332	299	367	316	405	277	305	299	398	312	342	293
Free cash flow	1,095	964	618	313	1,107	900	578	892	1,232	1,025	455	989	1,054	815	3.0	418	1,999	155	513	991
Buybacks	286	751	755	332	179	399	197	63.0	888	568	506	113	1,147	1,522	131	240	492	0.0	212	633
Dividends paid	489	491	486	480	528	529	526	526	579	578	573	571	627	623	610	609	645	644	643	640
Shares outstanding	1,388m	1,384m	1,371m	1,366m	1,363m	1,362m	1,360m	1,361m	1,346m	1,341m	1,336m	1,337m	1,294m	1,295m	1,294m	1,290m	1,282m	1,284m	1,276m	1,266m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 4 February 2026: the filing.