Mondelez International, Inc. stock research
FY2025 Q3
Mondelez International (MDLZ) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to both the preceding quarter and the same quarter a year earlier, but gross profit declined, resulting in a lower gross margin. The cost of revenue rose more than proportionally to revenue, driving the margin compression.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to both the preceding quarter and the same quarter a year earlier, but gross profit declined, resulting in a lower gross margin. The cost of revenue rose more than proportionally to revenue, driving the margin compression.
- The primary observable driver is the disproportionate increase in cost of revenue relative to revenue, which directly reduced gross profit and weakened gross margin.
- Compared to the preceding quarter, revenue was higher but gross profit was lower, cost of revenue was higher, and gross margin weakened. Versus the same quarter a year earlier, revenue was higher, gross profit was lower, cost of revenue was higher, and gross margin also weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.8%
Gross profit
$2.6B
Revenue
$9.7B
Cost of revenue
$7.1B
Quarter-over-quarter change
-5.9 pts
Year-over-year change
-5.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $9.6B | $3.7B | $5.9B | 38.6% |
| Mar 31, 2025 | $9.3B | $2.4B | $6.9B | 26.1% |
| Jun 30, 2025 | $9.0B | $2.9B | $6.0B | 32.7% |
| Sep 30, 2025 | $9.7B | $2.6B | $7.1B | 26.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-5.9 pts
Year-over-year change
Sep 30, 2024
-5.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver is the disproportionate increase in cost of revenue relative to revenue, which directly reduced gross profit and weakened gross margin.
Compared to the preceding quarter, revenue was higher but gross profit was lower, cost of revenue was higher, and gross margin weakened. Versus the same quarter a year earlier, revenue was higher, gross profit was lower, cost of revenue was higher, and gross margin also weakened.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters to assess whether margin pressure persists.