Mondelēz dividend
Mondelēz pays $2.10 per share in 2027, $2.22 in 2028 and $2.34 in 2029. Dividends were covered by real free cash flow, but buybacks left less room.
How much does Mondelēz pay per share?
The dividend path is deliberately slower than its history. The base case pays $2.10 per share in 2027 and $2.22 in 2028, then $2.34 in 2029, reflecting quarterly increases from $0.52 to $0.54 and later rates. The recent quarterly increase and five-year record support gradual growth.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 1.92 | 1.74 | 1.58 | 1.43 | 1.29 |
| − Share buybacks, per share | 1.84 | 1.73 | 1.13 | 1.46 | 1.49 |
| = Paid out more than FCF, per share | 1.27 | 0.87 | 0.08 | 0.73 | 0.55 |
What this means. The company's own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; our figure does.
Does Mondelēz’s cash cover its dividend?
Real free cash flow represented 8.1% of revenue, down from 10.6% in 2021. Dividends paid were $2,487 million, so dividends were covered, but buybacks would leave less room.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,235 | 3,523 | 3,602 | 3,002 | 3,176 |
| − Dividends paid | 2,487 | 2,349 | 2,160 | 1,985 | 1,826 |
| − Share buybacks | 2,385 | 2,334 | 1,547 | 2,017 | 2,110 |
| = Paid out more than the free cash flow | 1,649 | 1,170 | 112 | 1,012 | 780 |
| Paid out, % of real free cash flow | 156.1% | 138.7% | 107.3% | 138.9% | 128.8% |
What could change Mondelēz’s dividend?
The bear case holds at $2.08 before cutting to $1.92, because cash must compete with debt, working capital and ERP investment. The bull case reaches $2.16 and then $2.32, before $2.48, if cash recovery supports faster increases. First-half cash generation was only about $700 million against roughly $1,500 million returned to shareholders, so the bull path requires improvement.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 6,150 (4,800 / 6,510) | 6,335 (5,100 / 7,056) | 6,525 (5,400 / 7,640) |
| Dividends per share | 2.10 (2.08 / 2.16) | 2.22 (1.92 / 2.32) | 2.34 (1.92 / 2.48) |
| Net debt | 19,206 (19,355 / 19,686) | 18,922 (19,380 / 19,302) | 18,571 (19,089 / 18,563) |
What is Mondelēz’s dividend yield today?
Free cash flow offers a second test. It is the cash left after running the business and buying factories and equipment. Operating cash was $4.514 billion; after $1.279 billion of capital spending, free cash flow was $3.235 billion. The 4.0% free-cash-flow yield and 3.3% dividend yield describe the same cash stream at different stages, so they must not be added.