10-K 0001628280-26-005345 (2026-02-04) vs 10-K 0001103982-25-000030 (2025-02-05)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 11,715 |
20.1% |
| MD&A | Item 7 | 12,147 |
45.8% |
| Legal Proceedings | Item 3, via Note 11 – Commitments and Contingencies | 780 |
9.0% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 4,831 |
39.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 241 words changed in this paragraph; it is 41% similar to last year's version.
We use non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of business performance and as a factor in determining incentive compensation. We believe that the presentation of these non-GAAP financial measures, when considered together used in connection with results reported in accordance with U.S. GAAP, provide additional information to facilitate comparisons of our U.S. GAAP financial measures historical operating results and the reconciliations to the corresponding U.S. GAAP financial measures, provides enable a more complete comprehensive understanding of trends in our underlying operating results. We also believe that presenting these measures allows investors to view our performance using the factors same measures that management and trends affecting our Board of Directors use in evaluating our business than could be obtained absent these disclosures. Because performance and trends. However, non-GAAP financial measures vary among companies, the should be considered in addition to, and not as substitutes for, financial information prepared in accordance with U.S. GAAP. In addition, our non-GAAP financial measures presented in this report may not be the same as or comparable to similarly titled similar non-GAAP measures used presented by other companies. Our use of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for any U.S. GAAP financial measures. A limitation of these non-GAAP financial measures is they exclude items that have an impact on our U.S. GAAP reported results. The best way this limitation can be addressed is by evaluating our non-GAAP financial measures in combination with our U.S. GAAP reported results results. We have provided the reconciliations between the GAAP and carefully evaluating the tables that reconcile U.S. GAAP reported figures to the non-GAAP financial measures along with a discussion of our underlying GAAP results throughout our Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-K, which can be found above under Consolidated Results of Operations. 10-K.
Source: Item 7, 10-K 0001628280-26-005345 vs Item 7, 10-K 0001103982-25-000030
Risk Factors 197 words changed in this paragraph; it is 42% similar to last year's version.
Changes in tax laws in the U.S. or in other countries where we have significant operations, including rate changes or corporate tax provisions that could disallow or tax perceived base erosion or profit shifting payments or subject us to new types of tax, could materially affect our effective tax rate and our deferred tax assets and liabilities. As of January On July 4th, 2025, the change in U.S. presidential administration and control of U.S. Congress may produce changes to U.S. tax legislation. In addition, aspects of U.S. tax laws may lead foreign jurisdictions to respond by enacting additional tax legislation that is unfavorable to us. As of December 31, 2024, numerous countries have now United States enacted the Organization of Economic Cooperation One Big Beautiful Bill Act (“OBBBA”). The legislation implemented many new U.S. domestic and Development’s model rules on a global minimum tax, with international tax provisions. Although the earliest effective date being for taxable years beginning after December 31, 2023. Important details of these minimum tax regimes are still being considered. Based on the U.S. Treasury provided some clarifying guidance available thus far, we do not expect this legislation to have a material impact on our consolidated financial statements, but we during 2025, it is expected they will continue to evaluate it as issue additional guidance in 2026. In addition, many U.S. states have not yet updated their laws to take into account the new federal legislation. It is possible that OBBBA, or interpretations under it, could change and clarification becomes available. could have an adverse effect on us, and such effect could be material.
Source: Item 1A, 10-K 0001628280-26-005345 vs Item 1A, 10-K 0001103982-25-000030
Accounting Policies 177 words changed in this paragraph; it is 35% similar to last year's version.
We review long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis. Changes in depreciation, generally accelerated depreciation, are determined and recorded when estimates of the remaining useful lives or residual values of long-term assets change. We amortize definite-life intangible assets over their estimated useful lives and evaluate them for impairment as we do other long-lived assets. We review for impairment when conditions exist that indicate the carrying amount of the assets may not be fully recoverable. In those circumstances, we perform undiscounted operating cash flow analyses for asset groups group assets and liabilities at the lowest level for which such that the identifiable cash flows relating to the group are separately identifiable largely independent of the cash flows of other assets and liabilities. The carrying values of the assets or asset groups are compared with the related estimated undiscounted future cash flows to determine if an impairment exists. Any If the asset or asset group is impaired, the related impairment loss charge is calculated measured as the excess amount by which the carrying value of the asset’s carrying value over asset (or asset group) exceeds its estimated fair value. Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001628280-26-005345 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001103982-25-000030
Legal Proceedings 132 words changed in this paragraph; it is 60% similar to last year's version.
As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. On January 28, 2021, the European Commission announced it had taken the next procedural step in its investigation and opened formal proceedings. As previously disclosed, we have cooperated with the investigation. In the fourth quarter of 2022, we had accrued (in accordance with U.S. GAAP), on a pre-tax basis, a liability of €300 million ($321 million) within other current liabilities in the consolidated balance sheet and selling, general and administrative expenses in the consolidated statement of earnings as an estimate of the possible cost to resolve this matter. During the fourth quarter of 2023, we adjusted our accrual to a liability of €340 million ($375 million). In the second quarter of 2024, we reached a negotiated resolution in this matter and adjusted our accrual from matter. At that time, we had accrued on a pre-tax basis, a liability of €340 million to €337.5 million ($376 million), on a pre-tax basis. million). Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union.
Source: Item 3, via Note 11 – Commitments and Contingencies, 10-K 0001628280-26-005345 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001103982-25-000030
Every change, by type
Sentences and paragraphs of MDLZ's Risk Factors and MD&A, 10-K 2026-02-04 against 10-K 2025-02-05.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
ways that are hard to predict. Failure to offer, effectively promote and deliver products that appeal to consumers or to correctly judge consumer demand for our products will impact our ability to meet our growth targets, and our sales and market share could decrease and our profitability could suffer.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedRisk Factors
With respect to acquisitions and joint ventures in particular, we are also exposed to potential risks based on our ability to conform standards, controls, policies and procedures, and business cultures; consolidate and streamline
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedRisk Factors
same negative impacts, as well as expose us to government enforcement actions, fines and private litigation. Even if we achieve our goals, targets and objectives, we may not realize all of the benefits that we expected at the time they were established.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedRisk Factors
Changes in weather patterns around the globe, including as a result of climate change, expose us to physical and transition risks.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedRisk Factors
direct-to-consumer and electronic business-to-business, may adversely affect our relationships with our large retail and wholesale customers.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedRisk Factors
We must address changes in, and that affect, our workforce and satisfy the legal requirements associated with how we manage and compensate our employees. This includes our management of employees represented by labor unions or workers’ councils, who represent approximately 56% of our 79,000 employees outside the United States
Read it in 10-K 2026-02-04 at sec.gov ↗
RemovedRisk Factors
All of these factors could result in increased costs or decreased revenues and could materially and adversely affect our product sales, financial condition, results of operations, cash flows, stock price, and our relationships with customers, suppliers and employees in the short- or long-term.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
or long-term adverse impacts to our results. The ultimate impact of these disruptions also depends on events beyond our knowledge or control, including the scope and duration of the war and actions taken by parties other than us to respond to them. Any of these disruptions could have a negative impact on our business operations, financial performance, results of operations and stock price, and this impact could be material. Additionally, the war in Ukraine, or related developments in Russia, Europe or elsewhere, may also materially adversely affect our operating results and financial position in a manner that is not currently known to us or that we do not currently consider to be a significant risk.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
During 2024, we continued to operate under our strategy to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking. If our strategy is not effective, we fail to achieve our goals and objectives or identify or prioritize the areas most important to achieving our goals, or we fail to effectively operate under our strategy in a way that minimizes disruptions to our business, it could materially and adversely affect our financial condition, results of operations, cash flows and stock price.
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RemovedRisk Factors
reputation and brand health could materially and adversely affect our company and product brands as well as our product sales, financial condition, results of operations, cash flows and stock price.
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RemovedRisk Factors
any future incident, and the cost and operational expense of implementing, maintaining and enhancing protective measures to guard against increasingly complex and sophisticated cyber threats could increase significantly. Moreover, as cyberattacks increase in frequency and magnitude around the world, we may be unable to obtain cybersecurity insurance in the amounts and on terms we view as appropriate and favorable for our operations.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
We regularly evaluate a variety of potential strategic transactions globally, including acquisitions, divestitures, joint ventures, equity method investments and other strategic alliances that could further our strategic business objectives, and acquisitions and joint ventures are an important part of our strategy to increase our exposure to fast-growing snacking segments, fill geographic white spaces and expand into adjacent categories. For example, in 2024 we sold our remaining equity investment in JDE Peet’s N.V. and acquired Evirth (Shanghai) Industrial Co., Ltd. In 2023, we completed the sale of our developed market gum business in the United States, Canada and Europe and sold our remaining equity investment in Keurig Dr Pepper Inc., and in 2022 we acquired Chipita Global S.A.,
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
be costly, difficult and time consuming and is subject to evolving reporting standards, including recent legislation in California related to reporting greenhouse gas emissions and climate-related financial risk, the SEC’s climate-related reporting requirements, and similar proposals by other international regulatory bodies such as the Corporate Sustainability Reporting Directive in the European Union, especially to the extent these standards are not harmonized or consistent.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
cost or availability pressures, demand for our products and our market share could suffer. We have also experienced decreased demand for chocolate during periods when temperatures are warmer.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
assess the health implications of consumption of certain ingredients or substances present in certain of our products or packaging materials have resulted in and could continue to result in our being subject to new taxes and regulations or lawsuits that can adversely affect our business.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
We consider our intellectual property rights, particularly and most notably our trademarks, but also our patents, copyrights, registered designs, proprietary trade secrets, recipes, technology, know-how and licensing agreements, to be a significant and valuable part of our business. We attempt to protect our intellectual property rights by taking
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedRisk Factors
A significant increase in our pension benefit obligations, future funding requirements or net periodic benefit costs could curtail our ability to invest in the business and adversely affect our financial condition, results of operations, cash flows and stock price.
Read it in 10-K 2025-02-05 at sec.gov ↗
RewordedRisk Factors
Weak economic conditions, recessions, inflation, new or increased tariffs, food regulation, taxes, tariffs and/or trade barriers, equity market volatility or other factors, such as global or local pandemics, geopolitical tensions, public boycotts, uncertainty regarding the availability of certain governmental subsidies available to our consumers (such as the Supplemental Nutrition Assistance Program in the U.S.), severe or unusual weather events, and our response to political and social issues or catastrophic events, may affect consumer preferences and demand in ways that are hard to predict.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
Our information security program includes capabilities designed to detect, evaluate and mitigate cyber risks against our systems or arising from third-party service providers. providers; however, we may not be able to fully prevent or mitigate cyber threats, particularly to externally-hosted technology and business services that are beyond our control.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
For example, if we partially or completely withdraw from a multiemployer pension plan, we may be required to pay a partial or complete withdrawal liability, such as the withdrawal liability we are paying in connection with our complete withdrawal from the Bakery and Confectionery Union and Industry International Pension Fund in 2018. liability.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
Due to the constantly evolving and complex nature of cyber threat actors, we cannot predict the form and impact of any future incident, and the cost and operational expense of implementing, maintaining and enhancing protective measures to guard against increasingly complex and sophisticated cyber threats could increase significantly.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
For example, consumers have increasingly focused on well-being, including by reducing sodium their consumption of sodium, processed foods and foods with added sugar consumption or sugar, using weight-loss drugs to reduce consumption overall or change consumption patterns, as well as and examining the source and authenticity of ingredients in the foods they consume.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
At the same time, stakeholders We may be unable to satisfy all stakeholders, as they and regulators have increasingly also expressed or pursued opposing views, legislation and investment expectations with respect to sustainability initiatives, including through the enactment or proposal pursuit of “Anti-ESG” legislation or policies. policies or challenging such initiatives.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
Moreover, even if a product liability, consumer fraud or other claim, litigation or investigation has no merit, is not pursued or is unsuccessful, the negative publicity surrounding assertions against our products or products, processes or conduct could materially and adversely affect our reputation, brands, product sales, product inventory, financial condition, results of operations, cash flows and stock price, and we could incur significant expense responding to such a claim, litigation or investigation.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
Factors that are hard to predict or are beyond our control, like weather, natural disasters, water and energy availability, supply and commodity shortages, animal or crop diseases, port congestions or delays, transport capacity constraints, terrorism, political unrest or armed hostilities (including the ongoing war in Ukraine and conflicts in the Middle East), hostilities, cybersecurity incidents, labor shortages, demonstrations and protests, strikes or work stoppages, new or increased tariffs and/or trade barriers, operational and/or financial instability of our key suppliers and other vendors or service providers, government shutdowns or health pandemics, including any potential impact of climate change on these factors, could damage or disrupt our operations or those of our suppliers, their suppliers, our external manufacturing partners, distributors or other business partners.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
Our brands may also be associated with or appear alongside harmful content including outputs from generative artificial intelligence models, before these platforms or our own social media monitoring can detect this risk to our brand. models.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
During 2024, 2025, price volatility and higher aggregate costs were driven by a confluence of factors: soaring commodity prices (especially for cocoa beans), disrupted international supply chains, labor market challenges, soaring commodity prices (especially for cocoa beans) challenges and increased transportation and labor costs.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
For instance, our financial condition, results of operations and cash flows could be negatively affected by the regulatory and economic impact of changes in the corporate tax policies of the United States and other countries; tariff policies and trade relations among the United States and other countries, including China, Mexico, Canada and the European Union; and changes recent regulatory initiatives within the European Union. Union, including the EU Deforestation Regulation and the Corporate Sustainability Due Diligence Directive.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedRisk Factors
In addition to the effects of ongoing macroeconomic volatility and uncertainty, including current and potential trade and tariff policies actions affecting the countries where we operate and resulting global impacts on our business and operations discussed in Item 7 of this Form 10-K and in the risk factors below, additional or unforeseen effects from these policies actions may give rise to or amplify many of these risks discussed below.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
In many markets, including the United States, a portion of our products, including significant inputs, are imported from other jurisdictions. As of January 2026, the U.S. maintains higher tariffs on imported goods (finished products and inputs) from many trading partners as compared to prior years. Some of these tariffs have increased our costs for finished products, as well as some ingredients and packaging used to produce and distribute our products. In some cases, U.S. tariff policy has also resulted in retaliatory measures on U.S. goods entering foreign markets. For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions. However, the current trade environment continues to evolve rapidly and there can be no assurance that such products and materials will continue to be exempt. The implementation of additional protectionist trade measures, and any further retaliatory actions taken in response, could result in increased costs and pricing pressures, disrupt consumer spending patterns, and impact market stability and consumer confidence, any or all of which could adversely affect our operating results.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
On August 24, 2025, Keurig Dr Pepper Inc. (Nasdaq: "KDP") and JDEP entered into a definitive agreement under which KDP would acquire JDEP. As a result of that definitive agreement, we became entitled to a cash payment of €145 million ($169 million) from JAB Holding Company (“JAB”) that we received in 2025.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Mondelez Canada Inc. - Trusteed Hourly Retirement Plan and Retirement Plan Settlement
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc. Trusteed Hourly Retirement Plan and Mondelez Canada Inc. Retirement Plan. On September 11, 2025, the obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $54 million as a component of our net periodic pension cost in the third quarter of 2025.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
On July 4, 2025, the OBBBA was signed into U.S. law. While we continue to monitor supplemental guidance released by the government, there was no material impact to our financial statements for the year ended December 31, 2025.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
We also present Adjusted Operating Income margin, which is subject to the same adjustments as Adjusted Operating Income. We also evaluate growth in our Adjusted Operating Income on a constant currency basis. We believe these measures provide improved comparability of underlying operating results.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
(1)Includes impacts recorded in operating income and interest expense and other, net in the consolidated statements of earnings.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Restructuring charges – Includes restructuring charges incurred under the Simplify to Grow Program as well as other subsequent restructuring actions starting in the fourth quarter of 2025. The Simplify to Grow program comprised charges such as severance, asset write-downs and other costs of implementing that program, partially offset by gains on sales of assets disposed of in connection with the program. We completed the Simplify to Grow Program in the fourth quarter of 2024. Following the completion of the program, any adjustments to the liabilities for previously recorded charges continue to be reflected within this item. Beginning in the fourth quarter of 2025, we started implementing new restructuring actions to reduce our cost structure and streamline our operations. The charges associated with these actions primarily relate to severance and other implementation costs.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Intangible asset impairment charges – Reflects non-cash impairments of certain of our brands in connection with our indefinite-life intangible asset impairment testing.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains/(losses) on divestitures. Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement or sales of equity method investments. Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses. For 2024, operating results from divestitures (which are not reflected in the table above) also include the operating results from the company’s JDE Peet’s equity method investment earnings which was sold in the fourth quarter of 2024.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from the full or partial buy-out of our pension plans, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans. We exclude these charges from our non-GAAP results because those amounts do not reflect our ongoing pension obligations.
Read it in 10-K 2026-02-04 at sec.gov ↗
AddedMD&A
Resolution of tax matters – Consists of the reversals and settlements of unusual and significant indirect tax matters. Due to the unique nature of these resolutions, we believe it to be infrequent and therefore exclude it from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods.
Read it in 10-K 2026-02-04 at sec.gov ↗
RemovedMD&A
During 2022, we completed the following acquisitions to strategically complement and expand our existing portfolio:
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•Clif Bar & Company (“Clif Bar”), a leading U.S. maker of nutritious energy bars with organic ingredients
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•Chipita Global S.A. ("Chipita"), a high-growth leader in the central and Eastern European croissant and baked snacks category
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
Additionally in the fourth quarter of 2022, we announced an agreement to sell the developed market gum business. On October 1, 2023, we completed the sale of our developed market gum business to Perfetti Van Melle Group, excluding the Portugal business which we retained pending regulatory approval. After obtaining the regulatory approval, we completed the sale of the Portugal business to Perfetti Van Melle Group on October 23, 2023.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
We seek to achieve profitable, long-term growth and manage our business to attain this goal using our key operating metrics: Organic Net Revenue, Adjusted Operating Income and Adjusted EPS. We use these non-GAAP financial metrics and related computations, particularly growth in profit dollars, to evaluate and manage our business and to plan and make near- and long-term operating and strategic decisions. As such, we believe these metrics are useful to investors as they provide supplemental information in addition to our U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial results. We believe it is useful to provide investors with the same financial information that we use internally to make comparisons of our historical operating results, identify trends in our underlying operating results and evaluate our business. We believe our non-GAAP financial measures should always be considered in relation to our GAAP results. Refer to Non-GAAP Financial Measures for the definitions of our non-GAAP financial measures and Consolidated Results of Operations for the respective reconciliations.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•Net revenues were approximately $36.4 billion in 2024 and $36.0 billion in 2023, an increase of 1.2% in 2024 and an increase of 14.4% in 2023.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
•Diluted EPS attributable to Mondelēz International decreased 5.5% to $3.42 in 2024 and increased 84.7% to $3.62 in 2023.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
–Adjusted EPS increased in 2023, driven by operating gains, impact from acquisitions, lower interest expense, fewer shares outstanding, dividend income from marketable securities and higher equity method investment earnings, partially offset by unfavorable currency translation, higher taxes and lower benefit plan non-service income.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
(1)Includes impacts recorded in operating income, benefit plan non-service income and interest expense and other, net. Mark-to-market gains/(losses) above also include our equity method investment-related derivative contract mark-to-market gains/(losses) (refer to Note 10, Financial Instruments) that are recorded in the gain on equity method investment transactions on our consolidated statement of earnings.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
(3)(Loss)/gain on equity method investment transactions includes impairments and is recorded outside pre-tax operating results on the consolidated statement of earnings. See footnote (1) as mark-to-market gains/(losses) on our equity method-investment-related derivative contracts are presented in the table above within mark-to-market gains/(losses) from derivatives. In addition, the amount shown in 2024 is inclusive of the gain on economic hedges related to sales proceeds from our JDEP transaction, which was recorded in Interest and other expense, net.
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RemovedMD&A
(4)Refer to Note 10, Financial Instruments, and the Non-GAAP Financial Measures section for more information on the unrealized gains/losses on commodity and forecasted currency transaction derivatives.
Read it in 10-K 2025-02-05 at sec.gov ↗
RemovedMD&A
(5)Refer to Note 2, Acquisitions and Divestitures, for more information on the November 1, 2024 acquisition of Evirth, October 1, 2023 sale of the developed market gum business, November 1, 2022 acquisition of Ricolino, August 1, 2022 acquisition of Clif Bar and the January 3, 2022 acquisition of Chipita.
Read it in 10-K 2025-02-05 at sec.gov ↗
RewordedMD&A
For the Years Ended December 31, 2025 2024 2023 $ Change % Change (in millions) Operating Income $ 3,548 $ 6,345 $ 5,502 $ 843 15.3% Simplify to Grow Program (2) (2,797) (44.1)% Restructuring charges (3) 149 131 18 (152) Intangible asset impairment charges (3) 33 153 26 127 (120) Mark-to-market gains losses/(gains) from derivatives (4) 1,341 (543) (189) (354) Acquisition integration costs and (315) 246 (561) contingent consideration adjustments (5) Inventory step-up (5) 3 — 3 1,884 Acquisition-related costs (5) 3 — 3 Gain on acquisition and divestitures (5) (4) (108) 104 items (10) (313) 303 Divestiture-related costs (5) 1 83 (82) Operating results from divestitures (5) — (194) 194 items (17) (2) (15) Operating results from short-term distributor agreements — (2) (3) 1 2 European Commission legal matter (6) — (3) 43 (46) 3 Incremental costs due to war in Ukraine (7) 1 3 (1) 4 (2) ERP System Implementation costs (8) 163 78 — 78 85 Remeasurement of net monetary position (9) 34 31 98 (67) 3 Resolution of tax matters (16) — (16) Adjusted Operating Income (1) $ 5,899 5,074 $ 5,634 5,896 $ 265 4.7% (822) (13.9)% Currency-related items 191 (94) — 191 (94) Adjusted Operating Income (constant currency) (1) $ 6,090 4,980 $ 5,634 5,896 $ 456 8.1% (916) (15.5)%
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
For the Years Ended December 31, 2025 2024 2023 $ Change % Change Diluted EPS attributable to Mondelēz International $ 1.89 $ 3.42 $ 3.62 $ (0.20) (5.5)% Simplify to Grow Program (2) (1.53) (44.7)% Restructuring charges — 0.09 0.08 0.01 (0.09) Intangible asset impairment charges (2) 0.02 0.08 0.01 0.07 (0.06) Mark-to-market gains losses/(gains) from derivatives (2) 0.83 (0.32) (0.12) (0.20) Acquisition integration costs and 1.15 Acquisition-related items 0.01 (0.17) 0.14 (0.31) contingent consideration adjustments (2) 0.18 Divestiture-related costs (2) — 0.04 (0.04) Operating results from divestitures (2) (3) (0.07) (0.17) 0.10 Gain on divestitures (2) items — (0.08) 0.08 European Commission legal matter (2) — 0.01 (0.01) ERP System Implementation costs (2) 0.10 0.04 — 0.04 0.06 Remeasurement of net monetary position (2) 0.03 0.02 0.07 (0.05) Impact from pension 0.01 Pension participation changes (2) 0.20 0.01 0.01 0.19 Resolution of tax matters (0.02) — (0.02) Initial impacts from enacted tax law changes (4) 0.01 0.02 0.06 (0.04) (0.01) Gain on marketable securities (5) (0.02) — (0.34) 0.34 Loss/(gain) (0.02) (Gain)/loss on equity method investment transactions (6) (0.13) 0.24 (0.25) 0.49 (0.37) Adjusted EPS (1) $ 3.36 2.92 $ 3.08 3.35 $ 0.28 9.1% (0.43) (12.8)% Currency-related items 0.12 (0.06) — 0.12 (0.06) Adjusted EPS (constant currency) (1) $ 3.48 2.86 $ 3.08 3.35 $ 0.40 13.0% (0.49) (14.6)%
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
GAAP financial measure) excluding excluding, when they occur, the impacts of the Simplify to Grow Program (5); of: restructuring charges; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture (2) or acquisition gains or losses, divestiture-related costs (6), items; acquisition-related costs (7), and acquisition integration costs and contingent consideration adjustments (8); inventory step-up charges (9); the operating results of divestitures (2); items; operating results from short-term distributor agreements related to the sale of a business (3); business; remeasurement of net monetary position (10); of highly inflationary countries; mark-to-market impacts from commodity, forecasted commodity and foreign currency and equity method investment transaction derivative contracts (11); impact from economically hedging forecasted transactions; resolution of tax matters (12); 2017 malware incident net recoveries; matters; incremental costs due to the war in Ukraine (13); impact from Ukraine; the European Commission legal matter (14); the impact from matter; pension participation changes (15); changes; and operating costs from the ERP System Implementation program (16). program.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Simplify to Grow Program were $(36) million, intangible Intangible asset impairment charges were $(40) $(5) million, mark-to-market gains losses from derivatives were $107 $(261) million, acquisition integration costs and contingent consideration adjustments acquisition-related items were $89 $22 million, operating results from divestitures were zero, ERP Systems System Implementation costs were $(19) $(39) million, remeasurement of net monetary position were zero, impact from pension participation changes were $(3) $(87) million, resolution of tax matters were $10 million, initial impacts from enacted tax law changes were $24 $13 million, gain on marketable securities were $(21) million and loss gain on equity method investment transactions were $4 million. zero.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Unfavorable Favorable currency translation rate changes reflected the strength of the U.S. dollar relative to most currencies across the region, including region relative to the Turkish lira, U.S. dollar, primarily the euro, Russian ruble ruble, British pound sterling, Polish zloty and Ukrainian hryvnya, Swedish krona, partially offset by the strength of the U.S. dollar relative to a few currencies relative to currencies, primarily the U.S. dollar, including the British pound sterling, Polish zloty and euro. Turkish lira,.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Latin America $ 569 $ 532 $ 529 $ 388 AMEA 985 1,192 1,113 929 Europe 1,820 2,068 1,978 1,481 North America 1,904 2,492 2,092 1,769 Unrealized gains/(losses) on hedging activities Mark-to-market (losses)/gains from derivatives (1,341) 543 189 (326) (mark-to-market impacts) General corporate expenses (260) (330) (356) (245) Amortization of intangible assets (142) (153) (151) (132) Gain on acquisition and divestitures 13 4 108 — Acquisition-related costs — (3) — (330) Operating income $ 3,548 $ 6,345 $ 5,502 $ 3,534
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
The reduction in net cash provided by by/(used in) investing activities was largely driven by lapping prior year proceeds from the developed market gum divestiture JDEP share sale combined with lower proceeds from net payments for derivative settlements in the current year JDEP share sale as compared to net proceeds from derivative settlements in the prior year KDP and JDEP share sales, higher capital expenditures and cash consideration paid for the Evirth acquisition. year.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
GAAP financial measure) from continuing operations excluding excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition as well as gains or losses on debt extinguishment and related expenses; gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; mark-to-market unrealized gains or losses and realized gains or losses from marketable securities (17); transactions; initial impacts from enacted tax law changes (18); changes; and gains or losses on equity method investment transactions (19). transactions.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Net The net revenue increase of 14.4% 5.8% was driven by our underlying Organic Net Revenue growth of 14.7%, 4.3%, the impact of acquisitions an acquisition and the impact of favorable currency-related items, partially offset by lapping prior-year net revenue from a short-term distributor agreement, partially offset by unfavorable currency translation and agreement related to the impact sale of divestitures. our developed market gum business.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Our reduction During the first quarter of 2023, our ownership in ownership KDP fell to below 5% eliminated our significant influence over KDP, of the outstanding shares, resulting in a change in the accounting for our KDP investment, from equity method investment accounting to accounting for equity interests with readily determinable fair values in the first quarter of 2023. as we no longer retained significant influence.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
These favorable items were mostly partially offset by higher raw material costs, unfavorable currency-related items, materials, unfavorable volume/mix, higher advertising and consumer promotion costs, higher costs incurred for the Simplify to Grow Program, costs incurred for the ERP Systems System Implementation program and intangible asset impairment charges incurred in 2024. higher other selling, general and administrative expenses.
Read it in 10-K 2026-02-04 at sec.gov ↗
RewordedMD&A
Unfavorable currency translation impacts were due to the strength of the U.S. dollar relative to most currencies in the region, including the Nigerian naira, Egyptian pound, Chinese yuan, Indian rupee, Vietnam Australian dollar, Egyptian pound and Vietnamese dong, Philippine peso partially offset by the strength of a few currencies relative to the U.S. dollar, including the Malaysian ringgit and Japanese yen. South African rand.
Read it in 10-K 2026-02-04 at sec.gov ↗
Quiet changesMD&A
It is possible that we may not be able to increase prices sufficiently to fully cover the incremental costs of cocoa prices in this environment and/or our hedging strategies may not protect us from increases in cocoa costs, which could result in a significant adverse impact on our profitability.
Read it in 10-K 2026-02-04 at sec.gov ↗
