Mondelez International

Liquidity and leverage remain acceptable for a large-cap staples issuer.

As of September 30, 2025, total debt was about 21.3 billion dollars, cash around 1.37 billion, and net debt about 20.0 billion; debt-to-capitalization was roughly 0.45. The company expects 2025 FCF of 3+ billion dollars in a stressed year and continues to run an investment-grade profile with staggered maturities and ample committed credit lines (including new 364-day and 5-year facilities executed in Q1 2025).

Leverage ticked up in 2025 due to working capital, hedging and capital returns. We see no solvency risk, but near-term cocoa volatility reduces cushion. Evidence: 2025 Q1 and Q3 10-Qs for debt, cash and facilities; 2024 10-K for maturity ladder.