Mondelez International, Inc.MDLZ
Mondelez International, Inc. Segments Disclosure
Note 18. Segment Reporting
We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages.
We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions.
Our operations and management structure are organized into four operating segments which are also our reportable segments:
•Latin America
•AMEA
•Europe
•North America
Our Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM.
Our segment net revenue, significant segment expenses and operating income by reportable segment were as follows:
| For The Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
Net revenues | $ | 4,899 | $ | 7,932 | $ | 15,027 | $ | 10,679 | $ | 38,537 | |||||||||||||||||||
| Segment cost of sales | (3,315) | (5,322) | (10,835) | (6,784) | (26,256) | ||||||||||||||||||||||||
Segment selling, general and administrative expenses (1) | (1,015) | (1,625) | (2,372) | (1,991) | (7,003) | ||||||||||||||||||||||||
| Segment operating income | $ | 569 | $ | 985 | $ | 1,820 | $ | 1,904 | 5,278 | ||||||||||||||||||||
Mark-to-market losses from derivatives | (1,341) | ||||||||||||||||||||||||||||
| General corporate expenses | (260) | ||||||||||||||||||||||||||||
| Amortization of intangible assets | (142) | ||||||||||||||||||||||||||||
| Gain on divestiture | 13 | ||||||||||||||||||||||||||||
| Operating income | $ | 3,548 | |||||||||||||||||||||||||||
| For The Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
Net revenues | $ | 4,926 | $ | 7,296 | $ | 13,309 | $ | 10,910 | $ | 36,441 | |||||||||||||||||||
| Segment cost of sales | (3,230) | (4,382) | (8,631) | (6,491) | (22,734) | ||||||||||||||||||||||||
Segment selling, general and administrative expenses (1) | (1,164) | (1,722) | (2,610) | (1,927) | (7,423) | ||||||||||||||||||||||||
| Segment operating income | $ | 532 | $ | 1,192 | $ | 2,068 | $ | 2,492 | 6,284 | ||||||||||||||||||||
Mark-to-market gains from derivatives | 543 | ||||||||||||||||||||||||||||
| General corporate expenses | (330) | ||||||||||||||||||||||||||||
| Amortization of intangible assets | (153) | ||||||||||||||||||||||||||||
| Gain on acquisition | 4 | ||||||||||||||||||||||||||||
| Acquisition-related costs | (3) | ||||||||||||||||||||||||||||
| Operating income | $ | 6,345 | |||||||||||||||||||||||||||
| For The Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
Net revenues | $ | 5,006 | $ | 7,075 | $ | 12,857 | $ | 11,078 | $ | 36,016 | |||||||||||||||||||
| Segment cost of sales | (3,284) | (4,320) | (8,359) | (6,474) | (22,437) | ||||||||||||||||||||||||
Segment selling, general and administrative expenses (1) | (1,193) | (1,642) | (2,520) | (2,512) | (7,867) | ||||||||||||||||||||||||
| Segment operating income | $ | 529 | $ | 1,113 | $ | 1,978 | $ | 2,092 | 5,712 | ||||||||||||||||||||
Mark-to-market gains from derivatives | 189 | ||||||||||||||||||||||||||||
| General corporate expenses | (356) | ||||||||||||||||||||||||||||
| Amortization of intangible assets | (151) | ||||||||||||||||||||||||||||
Gain on divestiture | 108 | ||||||||||||||||||||||||||||
| Operating income | $ | 5,502 | |||||||||||||||||||||||||||
(1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses.
Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were:
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
Depreciation expense (2): | |||||||||||||||||
| Latin America | $ | 146 | $ | 151 | $ | 152 | |||||||||||
| AMEA | 171 | 162 | 155 | ||||||||||||||
| Europe | 315 | 275 | 241 | ||||||||||||||
| North America | 177 | 177 | 152 | ||||||||||||||
Corporate | 44 | 45 | 41 | ||||||||||||||
| Total depreciation expense | $ | 853 | $ | 810 | $ | 741 | |||||||||||
(2)Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statement of cash flows for total depreciation and amortization expenses.
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Latin America | $ | 215 | $ | 199 | $ | 164 | |||||||||||
| AMEA | 278 | 309 | 249 | ||||||||||||||
| Europe | 500 | 550 | 399 | ||||||||||||||
| North America | 267 | 291 | 257 | ||||||||||||||
Corporate | 19 | 38 | 43 | ||||||||||||||
| Total capital expenditures | $ | 1,279 | $ | 1,387 | $ | 1,112 | |||||||||||
Geographic data for net revenues (recognized in the countries where products are sold from) and long-lived assets, excluding deferred taxes, goodwill, intangible assets and equity method investments, were:
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net revenues: | |||||||||||||||||
| United States | $ | 9,343 | $ | 9,469 | $ | 9,581 | |||||||||||
| Other | 29,194 | 26,972 | 26,435 | ||||||||||||||
| Total net revenues | $ | 38,537 | $ | 36,441 | $ | 36,016 | |||||||||||
| As of December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Long-lived assets: | |||||||||||||||||
| United States | $ | 2,142 | $ | 2,346 | $ | 2,226 | |||||||||||
Mexico | 1,300 | 1,076 | 1,331 | ||||||||||||||
| Other | 10,127 | 9,000 | 8,749 | ||||||||||||||
| Total long-lived assets | $ | 13,569 | $ | 12,422 | $ | 12,306 | |||||||||||
Disaggregation of Net Revenue
Net revenues by product category, reflecting our current segment structure for all periods presented, were:
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Biscuits & Baked Snacks | $ | 1,155 | $ | 2,935 | $ | 4,970 | $ | 9,331 | $ | 18,391 | |||||||||||||||||||
| Chocolate | 1,414 | 3,047 | 7,799 | 436 | 12,696 | ||||||||||||||||||||||||
| Gum & Candy | 1,507 | 989 | 652 | 912 | 4,060 | ||||||||||||||||||||||||
| Beverages | 344 | 517 | 145 | — | 1,006 | ||||||||||||||||||||||||
| Cheese & Grocery | 479 | 444 | 1,461 | — | 2,384 | ||||||||||||||||||||||||
| Total net revenues | $ | 4,899 | $ | 7,932 | $ | 15,027 | $ | 10,679 | $ | 38,537 | |||||||||||||||||||
For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Biscuits & Baked Snacks | $ | 1,199 | $ | 2,573 | $ | 4,425 | $ | 9,605 | $ | 17,802 | |||||||||||||||||||
| Chocolate | 1,276 | 2,831 | 6,773 | 368 | 11,248 | ||||||||||||||||||||||||
| Gum & Candy | 1,512 | 947 | 644 | 937 | 4,040 | ||||||||||||||||||||||||
| Beverages | 454 | 525 | 117 | — | 1,096 | ||||||||||||||||||||||||
| Cheese & Grocery | 485 | 420 | 1,350 | — | 2,255 | ||||||||||||||||||||||||
| Total net revenues | $ | 4,926 | $ | 7,296 | $ | 13,309 | $ | 10,910 | $ | 36,441 | |||||||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Latin America | AMEA | Europe | North America | Total | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Biscuits & Baked Snacks | $ | 1,193 | $ | 2,488 | $ | 4,429 | $ | 9,519 | $ | 17,629 | |||||||||||||||||||
| Chocolate | 1,357 | 2,690 | 6,225 | 347 | 10,619 | ||||||||||||||||||||||||
| Gum & Candy | 1,509 | 893 | 812 | 1,212 | 4,426 | ||||||||||||||||||||||||
| Beverages | 457 | 593 | 135 | — | 1,185 | ||||||||||||||||||||||||
| Cheese & Grocery | 490 | 411 | 1,256 | — | 2,157 | ||||||||||||||||||||||||
| Total net revenues | $ | 5,006 | $ | 7,075 | $ | 12,857 | $ | 11,078 | $ | 36,016 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.