Mondelēz International Inc., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-term borrowings	2,688)	71)	420)	2,299)	216)
Current portion of long-term debt	1,295)	2,014)	2,101)	383)	1,746)
Long-term debt, excluding current portion	17,222)	15,664)	16,887)	20,251)	17,550)
Total debt (carrying amount)	21,205)	17,749)	19,408)	22,933)	19,512)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total debt exhibited fluctuations over the five-year period. Initially, an increase was observed, followed by a decline, and then a subsequent rise again. A detailed examination of the components reveals the drivers behind these changes.

Short-Term Borrowings: Short-term borrowings demonstrated significant volatility. A substantial increase occurred between 2021 and 2022, rising from US$216 million to US$2,299 million. This was followed by a considerable decrease to US$420 million in 2023, a further reduction to US$71 million in 2024, and then a sharp increase to US$2,688 million in 2025. This suggests a reliance on short-term financing that varies considerably year to year.
Current Portion of Long-Term Debt: The current portion of long-term debt generally decreased from 2021 to 2024, moving from US$1,746 million to US$2,014 million, with a dip in 2022 to US$383 million. A decrease was then observed in 2025, falling to US$1,295 million. This indicates a shifting pattern in the maturity schedule of the company’s long-term obligations.
Long-Term Debt (Excluding Current Portion): Long-term debt, excluding the current portion, increased from US$17,550 million in 2021 to US$20,251 million in 2022. A subsequent decline was noted in 2023, reaching US$16,887 million, and continued in 2024 to US$15,664 million. However, an increase was observed in 2025, rising to US$17,222 million. This component represents the largest portion of the overall debt structure and shows a moderate degree of fluctuation.
Total Debt: Total debt increased from US$19,512 million in 2021 to US$22,933 million in 2022. A decrease followed in 2023 to US$19,408 million, and continued in 2024 to US$17,749 million, representing the lowest level during the observed period. However, total debt increased significantly in 2025, reaching US$21,205 million. The fluctuations in total debt are largely influenced by the changes in short-term borrowings and long-term debt.

The company’s debt profile demonstrates a dynamic approach to financing, with notable shifts in the utilization of short-term versus long-term debt. The increase in total debt in 2025 warrants further investigation to understand the underlying reasons and potential implications for financial leverage.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Total debt (fair value)	19,553)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average effective interest rate on debt: 2.68%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.50%	2,614)	91)
7.70%	74)	6)
3.66%	9,180)	336)
0.98%	8,092)	79)
4.15%	353)	15)
4.72%	469)	22)
4.80%	423)	20)
Total	21,205)	569)
2.68%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 569 ÷ 21,205 = 2.68%

Mondelēz International Inc. (NASDAQ:MDLZ)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt