Let $(R,\mathfrak{m})$ be a local Noetherian ring with an ideal $I$ and $M$ and $N$ be finitely-generated modules over $R$. Then $\text{depth}_I (M \oplus N) = \min\{\text{depth}_I M,\text{depth}_I N \}$.
Proof: First, $\le$ is given for free since a sequence $(x_1,\dots,x_r)$ is $M\oplus N$-regular implies $(x_1,\dots,x_r)$ is both $M$ and $N$ regular (as the nonzerodivisors on $M \oplus N$ are nonzerodivisors on both $M$ and $N$), and we may use maximality of depth.
Then suppose $<$ is true, and now note it suffices to consider the depth $0$ case (i.e., $\text{depth}_I(M\oplus N) = 0$ implies $\text{depth}_I(N) =0$ or $\text{depth}_I(M) = 0$) by modding out by $(x_1,\dots,x_r)$ a maximal $M\oplus N$-regular sequence. But if $M\oplus N$ is depth $0$, $I$ consists entirely of zerodivisors on $M\oplus N$ and thus is contained in one of the associated primes of $M\oplus N$ by prime avoidance. But then since $\text{Ass}(M\oplus N) = \text{Ass}(M) \cup \text{Ass}(N)$, we have $I$ is in an associated prime of either $M$ or $N$, and thus consists of only zerodivisors on either $M$ or $N$, so one of them must have depth $0$.
I'm a little worried about the validity of only considering the depth $0$ case.