Mondelez International, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$38.5B
Gross margin	28.4%
Operating income	$3.5B
Net income	$2.5B
Diluted EPS	$1.89
Cash & equivalents	— not reported
Total assets	$71.5B
Long-term debt	$17.2B

Key takeaway

Mondelez reported $38.5 billion in revenue but operating income of only $3.5 billion, a relatively thin 9.2% operating margin versus the 28.4% gross margin.

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Beneath the surface

The gap between gross margin (28.4%) and operating margin (~9.2%) suggests heavy SG&A, advertising ($1.655 billion) and other operating costs are compressing profitability well below the headline gross margin picture.

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