What the changes say
- Climate change impacts on cocoa and raw materials are newly highlighted risks for Mondelez supply chains.
- Tariff disclosures note higher U.S. import tariffs as of January 2026.
- New regulatory risks include compliance for machine learning, artificial intelligence, and human rights.
What changed since the prior 10-K
New
- NewStrategic and Operational Risks
Promoting and protecting our reputation and brand image is essential to our business success
Failures in addressing well-being, ingredient sustainability, deforestation, or recyclable packaging could damage our brand reputation.
- NewStrategic and Operational Risks
ways that are hard to predict. Failure to offer, effectively promote and deliver products that appeal to consumers or to correctly judge consumer demand for our products will impact our ability to meet our growth targets, and our sales and market share could decrease and our profitability could suffer
Misjudging consumer snacking trends, local preferences, or failing to navigate statutory ingredient and advertising restrictions could hurt sales.
- NewMacroeconomic and Industry Risks
Changes in weather patterns around the globe, including as a result of climate change, expose us to physical and transition risks
Climate change and extreme weather threaten agricultural productivity and increase costs for key raw materials like cocoa, dairy, wheat, and sugar.
- NewMacroeconomic and Industry Risks
direct-to-consumer and electronic business-to-business, may adversely affect our relationships with our large retail and wholesale customers
Direct-to-consumer and electronic B2B sales could strain relationships with large retail customers who push economy brands and reduced inventories.
Dropped
- DroppedStrategic and Operational Risks
Our success depends on our ability to maintain and enhance our brands, expand to new geographies and new distribution platforms such as digital commerce, and evolve our portfolio with new product offerings that meet consumer needs and expectations
- DroppedMacroeconomic and Industry Risks
Climate change might adversely impact our supply chain or our operations
- DroppedMacroeconomic and Industry Risks
cost or availability pressures, demand for our products and our market share could suffer. We have also experienced decreased demand for chocolate during periods when temperatures are warmer
Reworded
- 81% rewrittenStrategic and Operational Risks
We must correctly predict, identify, interpret and meet changes in consumer preferences and demand and offer new and improved products that meet those changes
Added digital tools including artificial intelligence and machine learning as a factor in consumer shopping commerce.
- 68% rewrittenMacroeconomic and Industry Risks
Our retail customers are consolidating, and we must offer an effective value proposition in order to compete against retailer and other economy brands
Added a truncated sentence regarding the growth of alternative online retail channels.
- 62% rewrittenLegal and Regulatory Risks
We face risks related to adequately protecting our valuable intellectual property rights
Refined language regarding the legal steps and monitoring used to protect proprietary trade secrets, recipes, and trademarks.
- 51% rewrittenFinancial Risks
We face risks related to tax matters, including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes
Retained standard tax disclosures with slight structural phrasing adjustments.
- 45% rewrittenStrategic and Operational Risks
We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments
Updated to state that as of January 2026, the U.S. maintains higher tariffs on imported goods from many trading partners.
- 45% rewrittenStrategic and Operational Risks
Our use of information technology and third-party service providers exposes us to cybersecurity risks and other business disruptions
Streamlined IT disruption text by removing specific mentions of mergers, research activities, and tax requirements.
Was: Our use of information technology and third-party service providers exposes us to cybersecurity breaches and other business disruptions
- 40% rewrittenLegal and Regulatory Risks
We face risks related to complying with changes in and inconsistencies among laws and regulations in many countries in which we operate
Added human rights to labor regulations and machine learning and artificial intelligence to privacy and data protection rules.
- 28% rewrittenFinancial Risks
Volatility in the global capital markets, interest rates, inflation rates, our participation in multiemployer pension plans and other factors could increase our costs relating to our employees’ pensions
Updated pension figures for 2025, showing projected benefit obligations of $7.1 billion and plan assets of $7.8 billion.
- 28% rewrittenMacroeconomic and Industry Risks
Our business is subject to an increasing focus on sustainability matters
- 26% rewrittenFinancial Risks
We are subject to currency exchange rate fluctuations
- 23% rewrittenStrategic and Operational Risks
We are subject to risks from operating globally, including potential cost impacts of any tariffs that may be enacted by governments as well as other trade and regulatory uncertainty
- 21% rewrittenStrategic and Operational Risks
The war in Ukraine has impacted and could continue to impact our business operations, financial performance and results of operations
All 26 risk factors
Headings as the filing states them, in filing order.
Strategic and Operational Risks
- 01Commodity and other input prices are volatile and may increase or decrease significantly or availability of commodities may become constrained
- 02We are subject to risks from operating globally, including potential cost impacts of any tariffs that may be enacted by governments as well as other trade and regulatory uncertainty23% rewritten
- 03We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments45% rewritten
- 04The war in Ukraine has impacted and could continue to impact our business operations, financial performance and results of operations21% rewritten
- 05We operate in a highly competitive industry where we face risks related to the execution of our strategy as well as our ability or willingness to respond, timely or otherwise, to channel shifts, pricing and other competitive pressures
- 06Promoting and protecting our reputation and brand image is essential to our business successNew
- 07We must correctly predict, identify, interpret and meet changes in consumer preferences and demand and offer new and improved products that meet those changes81% rewritten
- 08ways that are hard to predict. Failure to offer, effectively promote and deliver products that appeal to consumers or to correctly judge consumer demand for our products will impact our ability to meet our growth targets, and our sales and market share could decrease and our profitability could sufferNew
- 09Our operations in certain emerging markets expose us to political, economic and regulatory risks
- 10Our use of information technology and third-party service providers exposes us to cybersecurity risks and other business disruptions45% rewritten
- 11We are subject to risks from unanticipated business disruptions
- 12We may not successfully identify, complete or manage strategic transactions
Macroeconomic and Industry Risks
- 13Our business is subject to an increasing focus on sustainability matters28% rewritten
- 14Changes in weather patterns around the globe, including as a result of climate change, expose us to physical and transition risksNew
- 15Our retail customers are consolidating, and we must offer an effective value proposition in order to compete against retailer and other economy brands68% rewritten
- 16direct-to-consumer and electronic business-to-business, may adversely affect our relationships with our large retail and wholesale customersNew
- 17We are subject to changes in our relationships with significant customers, suppliers and distributors
- 18We may be unable to hire or retain and develop key personnel or a highly skilled global workforce or effectively manage changes in our workforce and respond to shifts in labor availability
Legal and Regulatory Risks
- 19We face risks related to complying with changes in and inconsistencies among laws and regulations in many countries in which we operate40% rewritten
- 20We may decide or be required to recall products or be subjected to product liability claims or litigation
- 21We face risks related to legal or tax claims, litigation, investigations or other regulatory enforcement actions
- 22We face risks related to adequately protecting our valuable intellectual property rights62% rewritten
Financial Risks
- 23We face risks related to tax matters, including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes51% rewritten
- 24We are subject to currency exchange rate fluctuations26% rewritten
- 25Weak financial performance, downgrades in our credit ratings, illiquid global capital markets and volatile global economic conditions could limit our access to short-term financing, reduce our liquidity and/or increase our borrowing costs
- 26Volatility in the global capital markets, interest rates, inflation rates, our participation in multiemployer pension plans and other factors could increase our costs relating to our employees’ pensions28% rewritten
Other Mondelez International 10-Ks
- FY2024 10-K risk factors25 risks
International footprint drives significant exposure to currency fluctuations, global trade policies, and geopolitical conflicts like the war in Ukraine. Input cost volatility in commodities such as cocoa, dairy, and sugar heavily impacts profit margins. Retailer consolidation increases pricing pressure and competition against private label brands.
Filed Feb 05, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.