Cash conversion efficiency remains volatile, with free cash flow margins plummeting to 1.5% in 2026Q1 from 19.0% in 2025Q4, highlighting a significant disconnect between reported earnings and actual cash generation.
| 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 |
|---|
| Cash from Operations | 3.89B | 4.51B | 4.91B | 4.71B | 3.91B | 4.14B | 3.96B | 3.96B | 3.95B | 2.59B | 2.84B | 3.73B | 3.56B | 6.41B | 3.92B | 4.52B | 3.75B | 5.08B | 4.14B | 3.57B | 3.72B | 3.46B | 4.01B | 4.12B | 3.72B | 3.33B | 3.25B | 1.75B | 1.63B |
| Operating CF Margin % | - | 11.71% | 13.47% | 13.09% | 12.41% | 14.42% | 14.91% | 15.33% | 15.22% | 10.01% | 10.95% | 12.58% | 10.4% | 18.16% | 11.2% | 12.62% | 11.9% | 13.12% | 10.23% | 9.88% | 11.19% | 10.15% | 12.46% | 13.51% | 12.72% | 11.38% | 14.2% | 7.48% | 6.76% |
| Operating CF Growth % | -100.53% | -8.07% | 4.16% | 20.62% | -5.63% | 4.47% | -0.03% | 0.43% | 52.26% | -8.63% | -23.87% | 4.66% | -44.43% | 63.4% | -13.21% | 20.6% | -26.28% | 22.77% | 15.96% | -4.01% | 7.39% | -13.57% | -2.69% | 10.73% | 11.78% | 2.27% | 85.62% | 7.41% | - |
| Net Income | 2.61B | 2.47B | 4.61B | 4.97B | 2.73B | 4.31B | 3.57B | 3.88B | 3.4B | 2.94B | 1.67B | 7.29B | 2.2B | 3.94B | 3.06B | 3.55B | 4.14B | 3.03B | 2.88B | 2.59B | 3.06B | 2.9B | 2.67B | 3.48B | 3.39B | 1.88B | 2B | 1.75B | 1.63B |
| Depreciation & Amortization | 1.38B | 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 |
| Stock-Based Compensation | 95M | 114M | 147M | 146M | 120M | 121M | 126M | 135M | 128M | 137M | 140M | 136M | 141M | 128M | 162M | 181M | 174M | 164M | 178M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -54M | 16M | 257M | -37M | -42M | 205M | -70M | -626M | 195M | 111M | -141M | -30M | -186M | -64M | 410M | -351M | 251M | 38M | -262M | -436M | -168M | -408M | 41M | 244M | 278M | 414M | 245M | 0 | 0 |
| Other Non-Cash Items | 1.63B | 1.53B | -438M | -1.09B | 518M | -963M | -600M | -28M | -484M | -414M | 553M | -5.19B | -79M | 271M | 67M | -273M | -1.21B | 292M | -1M | 194M | 292M | -34M | 400M | -158M | -139M | -13M | -43M | 0 | 0 |
| Working Capital Changes | -1.78B | -974M | -969M | -509M | -513M | -649M | -177M | -448M | -97M | -993M | -206M | 623M | 426M | 1.06B | -1.12B | -69M | -1.05B | 631M | 356M | 337M | -355M | -150M | 23M | -256M | -529M | -597M | 17M | 0 | 0 |
| Change in Receivables | 84M | 433M | -519M | -628M | -719M | -868M | -356M | -315M | 257M | -647M | -85M | 224M | 233M | 512M | -1.55B | 0 | -899M | 445M | 0 | -268M | -200M | 65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 361M | -253M | -458M | -193M | -635M | -170M | -24M | 31M | -204M | -18M | 62M | -49M | -188M | -116M | -129M | -556M | -359M | 299M | -130M | -191M | -149M | -42M | -65M | 197M | -220M | -107M | 175M | 0 | 0 |
| Change in Payables | -687M | -145M | 1.68B | 264M | 715M | 702M | 436M | 4M | 236M | 5M | 409M | 659M | 387M | 793M | 505M | 300M | 83M | 126M | 0 | 148M | 256M | 74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.37B | -1.2B | 526M | 2.81B | -4.89B | -26M | 500M | -960M | -1.22B | -301M | -1.03B | 2.65B | -1.64B | -1.48B | -1.69B | -1.73B | -7.46B | -1.24B | -1.32B | -8.42B | -116M | 525M | -1.06B | -1.05B | -1.05B | -1.22B | -16.14B | -860M | -841M |
| Capital Expenditures | -1.31B | -1.28B | -1.39B | -1.11B | -906M | -965M | -863M | -925M | -1.09B | -1.01B | -1.22B | -1.51B | -1.64B | -1.62B | -1.61B | -1.77B | -1.66B | -1.33B | -1.37B | -1.24B | -1.17B | -1.17B | -1.01B | -1.08B | -1.18B | -1.1B | -16.43B | -860M | -841M |
| CapEx % of Revenue | 3.34% | 3.32% | 3.81% | 3.09% | 2.88% | 3.36% | 3.25% | 3.58% | 4.22% | 3.92% | 4.72% | 5.11% | 4.79% | 4.59% | 4.6% | 4.95% | 5.27% | 3.43% | 3.38% | 3.43% | 3.52% | 3.43% | 3.13% | 3.56% | 4.05% | 3.77% | 71.68% | 3.67% | 3.48% |
| Acquisitions | 142M | 0 | -224M | 38M | -4.68B | 706M | 1.35B | -117M | -527M | 604M | 57M | 4.65B | -7M | -59M | 200M | 0 | -5.81B | 41M | -2M | -7.22B | 946M | 0 | -137M | -98M | -122M | -194M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -280M | 10M | 2.42B | 3.79B | -3.98B | 233M | 10M | 82M | 398M | 109M | 138M | -484M | 7M | 198M | -277M | 43M | 8M | 50M | 49M | 46M | 107M | 1.7B | 87M | 134M | 254M | 73M | 292M | 0 | 0 |
| Cash from Financing | -2.66B | -2.76B | -5.78B | -7.56B | -456M | -4.07B | -2.21B | -2.79B | -2.33B | -3.36B | -1.86B | -5.88B | -2.69B | -6.64B | 204M | -3.17B | 4.19B | -3.13B | -2.06B | 5.12B | -3.72B | -3.95B | -3.22B | -2.79B | -2.62B | -2.13B | 12.98B | 0 | 0 |
| Debt Issued (Net) | 270M | 2.13B | -1.23B | -4.02B | 3.37B | -132M | 722M | -78M | 839M | -1.22B | -37M | -1.38B | -218M | -3.59B | 2.28B | -1.64B | 6.43B | -1.41B | 311M | 10.52B | -912M | -1.33B | -645M | -1.38B | -1.51B | -10.33B | 14.18B | 0 | 0 |
| Equity Issued (Net) | -863M | -2.38B | -2.33B | -1.55B | -2.02B | -2.11B | -1.39B | -1.48B | -2.02B | -2.17B | -2.6B | -3.62B | -1.7B | -2.9B | 0 | 0 | 0 | 0 | -777M | -3.71B | -1.25B | -1.18B | -688M | -372M | -170M | 8.43B | 0 | 0 | 0 |
| Dividends Paid | -2.51B | -2.49B | -2.35B | -2.16B | -1.99B | -1.83B | -1.68B | -1.54B | -1.36B | -1.2B | -1.09B | -1.01B | -964M | -943M | -2.06B | -2.04B | -2.17B | -1.71B | -1.66B | -1.64B | -1.56B | -1.44B | -1.28B | -1.09B | -936M | -225M | -1.01B | 0 | 0 |
| Share Repurchases | -863M | -2.38B | -2.33B | -1.55B | -2.02B | -2.11B | -1.39B | -1.48B | -2.02B | -2.17B | -2.6B | -3.62B | -1.7B | -2.9B | 0 | 0 | 0 | 0 | -777M | -3.71B | -1.25B | -1.18B | -688M | -372M | -170M | 0 | 0 | 0 | 0 |
| Other Financing | 442M | -13M | 129M | 173M | 174M | -1M | 131M | 313M | 211M | 1.23B | 1.87B | 126M | 194M | 787M | -16M | 511M | -72M | -10M | 72M | -56M | 8M | 265M | -605M | 52M | 0 | 0 | -187M | 0 | 0 |
| Net Change in Cash | -64M | 725M | -484M | -64M | -1.6B | -97M | 2.32B | 228M | 339M | -980M | -129M | 239M | -991M | -1.81B | 2.5B | -507M | 380M | 857M | 677M | 328M | -77M | 34M | -232M | 299M | 53M | -29M | 96M | 893M | 791M |
| Free Cash Flow | 2.58B | 3.23B | 3.52B | 3.6B | 3B | 3.18B | 3.1B | 3.04B | 2.85B | 1.58B | 1.61B | 2.21B | 1.92B | 4.79B | 2.31B | 2.75B | 2.09B | 3.75B | 2.77B | 2.33B | 2.55B | 2.29B | 3B | 3.03B | 2.54B | 2.23B | -13.18B | 893M | 791M |
| FCF Margin % | 6.55% | 8.39% | 9.67% | 10% | 9.53% | 11.06% | 11.67% | 11.75% | 11% | 6.1% | 6.23% | 7.47% | 5.61% | 13.56% | 6.61% | 7.68% | 6.63% | 9.69% | 6.85% | 6.45% | 7.67% | 6.72% | 9.33% | 9.95% | 8.67% | 7.62% | -57.48% | 3.81% | 3.28% |
| FCF Growth % | -22.28% | -8.17% | -2.19% | 19.99% | -5.48% | 2.42% | 2.01% | 6.55% | 80.68% | -2.17% | -27.1% | 15.31% | -59.9% | 107% | -15.86% | 31.72% | -44.41% | 35.33% | 19.06% | -8.66% | 11.25% | -23.62% | -1.05% | 19.64% | 13.88% | 116.9% | -1575.48% | 12.9% | - |
| FCF per Share | 1.99 | 2.49 | 2.62 | 2.63 | 2.17 | 2.25 | 2.15 | 2.09 | 1.92 | 1.03 | 1.03 | 1.35 | 1.12 | 2.68 | 1.29 | 1.55 | 1.21 | 2.53 | 1.83 | 1.46 | 1.54 | 1.35 | 1.75 | 1.75 | 1.46 | 1.38 | -8.96 | 0.61 | 0.54 |
| FCF Conversion (FCF/Net Income) | 0.99x | 1.84x | 1.06x | 0.95x | 1.44x | 0.96x | 1.12x | 1.01x | 1.19x | 0.92x | 1.74x | 0.51x | 1.63x | 1.64x | 1.28x | 1.27x | 0.91x | 1.68x | 1.44x | 1.38x | 1.22x | 1.32x | 1.50x | 1.18x | 1.10x | 1.77x | 1.63x | 1.00x | 1.00x |
| Interest Paid | 0 | 0 | 554M | 568M | 551M | 426M | 413M | 486M | 491M | 398M | 630M | 747M | 827M | 1.15B | 2.41B | 2.03B | 1.59B | 1.31B | 968M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.47B | 1.61B | 1.1B | 1.56B | 1.26B | 981M | 864M | 848M | 527M | 745M | 1.24B | 760M | 1.06B | 932M | 2.23B | 1.02B | 964M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity-driven margin compression
According to recent financial disclosures, Mondelez's operating cash flow to net income ratio fluctuated significantly, reaching a low of 0.48 in 2025Q2, which suggests that reported earnings are increasingly decoupled from the actual cash generation capabilities of the core snacking business operations.
The wide variance in the OCF/NI ratio indicates that non-cash charges and working capital swings are heavily distorting the company's bottom line. Investors should monitor whether this divergence reflects structural inefficiencies in converting accounting profits into tangible liquidity.
As reported in quarterly filings, the company's free cash flow margin plummeted to 1.5% in 2026Q1 from a peak of 19.0% in 2025Q4, highlighting a volatile trajectory that raises questions regarding the sustainability of current dividend and share repurchase programs.
This sharp contraction in FCF margin suggests that the company is struggling to maintain cash productivity amidst rising input costs and operational overhead. The inability to consistently generate high-margin free cash flow may limit the firm's flexibility to navigate future commodity price shocks.
Based on the provided cash flow statements, Mondelez experienced a significant working capital outflow of $1.1 billion in 2026Q1, a stark reversal from the $928 million inflow observed in 2025Q4, indicating erratic inventory management and collection cycles across global markets.
Such dramatic swings in working capital suggest that the company's supply chain and distribution network are facing substantial friction. This volatility appears to be a primary driver of the recent deterioration in operating cash flow, warranting further investigation into inventory turnover efficiency.
As evidenced by the company's financial statements, Mondelez continued to prioritize shareholder returns with $644 million in dividends paid during 2026Q1, even as free cash flow dropped to $155 million, suggesting a reliance on balance sheet liquidity to sustain payouts to investors.
The decision to maintain high dividend levels despite a significant contraction in free cash flow may indicate a commitment to shareholder yield that could eventually strain the company's financial position. Analysts should evaluate whether this capital allocation strategy remains prudent if cash generation does not recover.
Quick answers to the most common questions about buying MDLZ stock.
Mondelez International, Inc. (MDLZ) generated $4.51B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mondelez International, Inc. (MDLZ) generated $3.23B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mondelez International, Inc. (MDLZ) spent $1.28B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Mondelez International, Inc. (MDLZ) returned $2.49B to shareholders via cash dividends and spent $2.38B on share repurchases. This shows the company's commitment to returning capital to its equity investors.