# MATTEL INC /DE/ (MAT) Informational only - not investment advice. CIK: 0000063276 SIC: 3942 Dolls & Stuffed Toys SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 39](/major-group/39/) > [SIC 3942 Dolls & Stuffed Toys](/industry/3942/) Latest 10-K filed: 2026-02-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=63276 Filing source: https://www.sec.gov/Archives/edgar/data/63276/000162828026010716/mat-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-23 · accession 0001628280-26-010716 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063276.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 5,347,623,000 USD | 2025 | verified | | Net income | 397,584,000 USD | 2025 | verified | | Assets | 6,640,382,000 USD | 2025 | verified | | Net margin | 7.43% | 2025 | computed | | Operating margin | 10.22% | 2025 | computed | | Revenue YoY | -0.59% | 2025 | computed | | ROE | 17.80% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MAT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 7.4% | 3.6% | 80 | 16 | | Operating margin | 10.2% | 6.9% | 73 | 16 | | Revenue growth | -0.6% | -0.3% | 47 | 16 | | ROE | 17.8% | 7.9% | 79 | 15 | | ROA | 6.0% | 3.0% | 60 | 16 | | Liabilities / equity | 1.97 | 0.84 | 64 | 15 | | Current ratio | 2.15 | 2.23 | 47 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 39 SIC Major Group 39, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 5347623000 | USD | 2025 | 2026-02-23 | | Net income | 397584000 | USD | 2025 | 2026-02-23 | | Assets | 6640382000 | USD | 2025 | 2026-02-23 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063276.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 5,453,150,000 | 4,881,493,000 | 4,514,810,000 | 4,504,571,000 | 4,588,433,000 | 5,457,741,000 | 5,434,687,000 | 5,441,219,000 | 5,379,546,000 | 5,347,623,000 | | Net income | | | | | 312,908,000 | -1,054,579,000 | -533,299,000 | -218,750,000 | 123,579,000 | 902,987,000 | 393,913,000 | 214,352,000 | 541,817,000 | 397,584,000 | | Operating income | | | | | 519,975,000 | -335,698,000 | -234,349,000 | 37,102,000 | 374,736,000 | 729,562,000 | 675,515,000 | 561,659,000 | 694,282,000 | 546,424,000 | | Gross profit | | | | | 2,546,691,000 | 1,824,571,000 | 1,798,683,000 | 1,977,341,000 | 2,243,103,000 | 2,626,662,000 | 2,481,352,000 | 2,583,716,000 | 2,734,068,000 | 2,605,657,000 | | Diluted EPS | | | | | 0.91 | -3.07 | -1.55 | -0.63 | 0.35 | 2.53 | 1.10 | 0.60 | 1.58 | 1.24 | | Operating cash flow | | | | | 594,509,000 | -27,614,000 | -27,317,000 | 168,436,000 | 285,696,000 | 485,463,000 | 442,842,000 | 869,791,000 | 800,566,000 | 593,255,000 | | Share buybacks | 66,733,000 | 492,740,000 | 177,162,000 | 0.00 | 0.00 | | | | | 0.00 | 0.00 | 203,016,000 | 400,000,000 | 600,000,000 | | Assets | | | | | 6,493,794,000 | 6,228,147,000 | 5,238,225,000 | 5,325,226,000 | 5,534,890,000 | 6,393,894,000 | 6,177,661,000 | 6,435,822,000 | 6,544,084,000 | 6,640,382,000 | | Stockholders' equity | | | | | 2,408,267,000 | 1,257,197,000 | 688,989,000 | 508,564,000 | 610,144,000 | 1,568,849,000 | 2,056,269,000 | 2,149,213,000 | 2,264,125,000 | 2,233,048,000 | | Cash and cash equivalents | | | | | 869,531,000 | 1,079,221,000 | 594,481,000 | 630,028,000 | 762,181,000 | 731,362,000 | 761,235,000 | 1,261,363,000 | 1,387,908,000 | 1,242,927,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | 5.74% | -21.60% | -11.81% | -4.86% | 2.69% | 16.55% | 7.25% | 3.94% | 10.07% | 7.43% | | Operating margin | | | | | 9.54% | -6.88% | -5.19% | 0.82% | 8.17% | 13.37% | 12.43% | 10.32% | 12.91% | 10.22% | | Return on equity | | | | | 12.99% | -83.88% | -77.40% | -43.01% | 20.25% | 57.56% | 19.16% | 9.97% | 23.93% | 17.80% | | Return on assets | | | | | 4.82% | -16.93% | -10.18% | -4.11% | 2.23% | 14.12% | 6.38% | 3.33% | 8.28% | 5.99% | | Liabilities / equity | | | | | 1.70 | 3.95 | 6.60 | 9.47 | 8.07 | 3.08 | 2.00 | 1.99 | 1.89 | 1.97 | | Current ratio | | | | | 1.95 | 1.91 | 1.88 | 1.76 | 1.84 | 1.80 | 2.30 | 2.33 | 2.38 | 2.15 | ## As-reported value updates 10 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/MAT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063276.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.80 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.30 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.08 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 27,187,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,918,788,000 | | 0.41 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,620,688,000 | 147,318,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 809,508,000 | -28,281,000 | -0.08 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -28,281,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,079,728,000 | | 0.17 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 56,860,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,843,904,000 | | 1.09 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,646,405,000 | 140,862,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 826,629,000 | -40,319,000 | -0.12 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -40,319,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,018,562,000 | | 0.16 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 53,352,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,735,972,000 | | 0.88 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,766,460,000 | 106,194,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 862,171,000 | 61,030,000 | 0.20 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 61,030,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,125,326,000 | | -0.06 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MAT's latest 10-K: [/company/MAT/business/](/company/MAT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MAT's latest 10-K: [/company/MAT/risk-factors/](/company/MAT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/63276/000162828026054347/mat-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. In the discussion that follows, "Mattel" refers to Mattel, Inc. and/or one or more of its subsidiaries. The following discussion should be read in conjunction with the consolidated financial statements and the related notes that appear in Part I, Item 1 "Financial Statements" of this Quarterly Report on Form 10-Q. Mattel's business is seasonal with consumers making a large percentage of all toy purchases during the traditional holiday season; therefore, results of operations are most comparable to corresponding periods. The following discussion includes currency exchange rate impact, a non-GAAP financial measure within the meaning of Regulation G promulgated by the SEC ("Regulation G"), to supplement the financial results as reported in accordance with GAAP. The currency exchange rate impact reflects the portion (expressed as a percentage) of changes in Mattel's reported results that are attributable to fluctuations in currency exchange rates. Mattel uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. Management believes that the disclosure of this non-GAAP financial measure provides useful supplemental information to investors to allow them to better evaluate ongoing business performance and certain components of Mattel's results. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. The following discussion also includes the use of gross billings, a key performance indicator. Gross billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business. Changes in gross billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and not associated with categories, brands, or individual products. Amounts shown in millions or billions within this Item 2 may not sum due to rounding. Overview Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. Mattel's mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play, and its purpose is to empower generations to explore the wonder of childhood and reach their full potential. Mattel is focused on the following brand-centric strategy to grow its intellectual property ("IP") driven play and family entertainment business: •Grow its toy brands with more breakthrough innovation and adult fans and collectors, as well as evolved demand creation; •Expand its direct-to-consumer and commercial reach through first party data, retail development, and new channels; •Broaden content offering in film, television, and short-form content, accelerate licensing in consumer products, location-based entertainment, and publishing, and expand with new business models; •Scale digital play through mobile games self-publishing, Mattel163 mobile games studio, licensing, and creator platforms; and •Optimize operations and leverage artificial intelligence across its systems and supply chain. Mattel is the owner of a portfolio of iconic brands and partners with global entertainment companies to license other IP. Mattel's portfolio of owned and partner brands and products are organized into the following categories: Dolls—including owned brands such as Barbie, American Girl, Monster High, and Polly Pocket, and partner brands such as Disney Princess, Disney Frozen, and KPop Demon Hunters (Netflix). Mattel's Dolls portfolio is driven by the flagship Barbie brand and a collection of complementary brands offered globally. Empowering girls since 1959, Barbie has inspired the limitless potential in every girl, sparking imaginations and shaping futures through play. Monster High, a character-driven franchise, engages fans of all ages, encouraging them to be their authentic selves and celebrate what makes them unique. American Girl, with an extensive portfolio of dolls and accessories, content, and lifestyle products, is best known for imparting valuable life lessons that instill confidence through its inspiring dolls and books, featuring characters from past and present. 32 Vehicles—including owned brands such as Hot Wheels (including Hot Wheels Monster Trucks and Hot Wheels RC) and Matchbox, and partner brands such as Cars (Disney Pixar). Hot Wheels has continued to push the limits of performance and design since 1968, and ignites and nurtures the challenger spirit in kids, adults, and collectors. From die-cast vehicles to tracks, playsets, and accessories, the Mattel Vehicles portfolio has broad appeal that engages and excites fans of all ages. Infant, Toddler, and Preschool—including brands such as Fisher-Price (including Little People) and Thomas & Friends, is organized into three subcategories: Fisher-Price, Preschool Entertainment, and Baby Gear and Power Wheels. The first subcategory is Fisher-Price, the power brand, which includes core Infant and Toddler product lines. As a leader in play and child development, Fisher-Price is dedicated to giving families the best possible start to life by making the most fun, enriching products for infants, toddlers, and preschoolers. The second subcategory is Preschool Entertainment, which includes owned IP such as Thomas & Friends and partner entertainment brands. Thomas & Friends is an award-winning preschool train brand franchise that lays the tracks to inspire, entertain, and develop young train fans through toys, content, live events, and other consumer products. The third subcategory is Baby Gear and Power Wheels, in which Mattel has strategically out-licensed or exited certain product lines. Action Figures, Building Sets, Games, and Other—including owned brands such as Masters of the Universe, Mattel Brick Shop, MEGA, UNO, and partner brands such as Jurassic World (NBCUniversal), Minecraft (Microsoft), WWE, Toy Story (Disney Pixar), and Star Wars (Disney's Lucasfilm). Mattel's Action Figures portfolio is comprised of product lines associated with licensed entertainment franchises, such as Jurassic World and WWE, as well as product lines from Mattel-owned IP, such as Masters of the Universe. Introduced in 2025 as a new challenger brand in Building Sets, Mattel Brick Shop is designed to introduce differentiated building experiences through innovative features, materials, and techniques intended to expand traditional building play. Within Games, UNO is the classic matching card game that is easy to learn and fast fun for everyone, while the rest of the portfolio includes beloved heritage games such as Pictionary, Skip-Bo, Phase 10, and Blokus. Games also includes digital games, including games developed and published by Mattel163, Mattel’s wholly owned mobile games studio. Other includes Plush, which contains products associated with movie releases from licensed entertainment franchises such as Minecraft, as well as Mattel-owned IP. Recent Developments Mattel's net sales in the second quarter of 2026 increased 10% compared to the second quarter of 2025. Gross margin declined to 48.2% in the second quarter of 2026 compared to 50.9% in the second quarter of 2025, due to the gross incremental cost of tariffs, inflation, higher royalties, and the unfavorable impact of foreign exchange. Gross margin benefited from Mattel163's contribution and other factors, including mitigating actions to offset tariffs and realized savings from the Optimizing for Profitable Growth program (the "OPG program"). Mattel continued to execute on its capital allocation priorities, including making strategic investments in organic growth initiatives and repurchasing shares of its common stock, while maintaining a strong balance sheet. During the second quarter of 2026, Mattel's share repurchases totaled approximately $100 million. Global trade policy continues to evolve and the ultimate impact of recent developments with respect to U.S. tariffs is unclear. In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the United States were unauthorized and subsequently a refund process was implemented, which was appealed and is subject to ongoing litigation, as well as refund process developments. Following the U.S. Supreme Court's decision on IEEPA tariffs, the U.S. presidential administration (the "Administration") imposed temporary global tariffs on imports under Section 122 of the Trade Act of 1974 ("Section 122"), which expired on July 24, 2026. These Section 122 tariffs are currently subject to legal challenge and in May 2026, the CIT issued a ruling that the Section 122 tariffs are unauthorized by the statute, although this ruling is currently stayed pending appeal. Accordingly, the ultimate availability, timing, and amount of potential tariff refunds remain uncertain. During the three months ended June 30, 2026, Mattel received certain refunds under the IEEPA tariff refund process, which were not material. As of June 30, 2026, Mattel had not recognized a receivable related to additional tariff refunds because they were not realized or realizable. However, it is reasonably possible that the impact of tariff refunds could be material. In July 2026, the Administration imposed additional tariffs under Section 301 of the Trade Act of 1974. These Section 301 tariffs are currently subject to legal challenge. There remains substantial uncertainty regarding the duration of various existing and newly announced or intended tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, suspended, or invalidated, and the impacts of such actions on Mattel's business. Mattel continues to monitor and evaluate these developments and assess their potential impact on Mattel's business, financial condition, and results of operations. Mattel is operating in an uncertain geopolitical and macro-economic environment with significant volatility that may impact consumer demand. To the extent the geopolitical or macro-economic environment worsens, including due to further developments in the Middle East or regulatory actions impacting global trade, it may have a material effect on Mattel's results 33 of operations and financial condition. Refer to Part I, Item 1A "Risk Factors" in the 2025 Annual Report on Form 10-K for further discussion regarding potential impacts on Mattel's business. Results of Operations—Second Quarter Consolidated Results The following table presents Mattel's consolidated results for the second quarter of 2026 and 2025: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/63276/000162828026010716/mat-20251231.htm Complete FY 2025 MD&A: /company/MAT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-23 Report date: 2025-12-31 Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and the related notes. See Item 8 "Financial Statements and Supplementary Data." Amounts shown in millions or billions within this Item 7 may not sum due to rounding. Mattel has omitted discussion of 2023 results where it would be redundant to the discussion previously included in Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations," of Mattel's Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion includes currency exchange rate impact, a non-GAAP financial measure within the meaning of Regulation G promulgated by the SEC ("Regulation G"), to supplement the financial results as reported in accordance with generally accepted accounting principles in the United States ("GAAP"). The currency exchange rate impact reflects the portion (expressed as a percentage) of changes in Mattel's reported results that are attributable to fluctuations in currency exchange rates. Mattel uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. Management believes that the disclosure of this non-GAAP financial measure provides useful supplemental information to investors to allow them to better evaluate ongoing business performance and certain components of Mattel's results. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. The following discussion also includes the use of gross billings, a key performance indicator. Gross billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business. Changes in gross billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and not associated with categories, brands, or individual products. Overview Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. Mattel's mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play, and its purpose is to empower generations to explore the wonder of childhood and reach their full potential. Mattel is focused on the following new brand-centric strategy to grow its IP driven play and family entertainment business: •Grow its toy brands with more breakthrough innovation and adult fans and collectors, as well as evolved demand creation; •Expand its direct-to-consumer and commercial reach through first party data, retail development, and new channels; •Broaden content offering in film, television, and short-form content, accelerate licensing in consumer products, location-based entertainment, and publishing, and expand with new business models; •Scale digital play through mobile games self-publishing, Mattel163 mobile games studio, licensing, and creator platforms; and •Optimize operations and leverage AI across its systems and supply chain. Recent Developments 2025 was marked by uncertainty in U.S. trade dynamics that affected retailer ordering patterns for much of the year. Although U.S. retailers had delayed orders during the second and third quarters of 2025, there was a significant acceleration in orders in the fourth quarter. Despite overall growth in the fourth quarter, growth was less than anticipated in the United States and Mattel's full year results were below expectations. Full year net sales decreased 1%, as compared to the prior year. Gross margin was 48.7% in 2025, as compared to 50.8% in 2024, and net income per diluted common share was $1.24 in 2025, as compared to $1.58 in 2024. 30 Global trade policy continues to evolve and the ultimate impact of recent developments with respect to U.S. tariffs is unclear. On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and are subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on Mattel's business. Mattel continues to monitor and evaluate these developments and assess their potential impact on Mattel’s business, financial condition, and results of operations. Mattel is tracking ahead of its multi-year savings target related to the Optimizing for Profitable Growth program ("OPG program"), and in the fourth quarter of 2025 Mattel increased its targeted annual gross cost savings from $200 million to $225 million. Mattel ended the year with cash and equivalents of $1.24 billion, as compared to $1.39 billion at the end of 2024, after $600.0 million of share repurchases during the year, which exhausted the remaining share repurchase authorization under the program announced on February 5, 2024. On February 9, 2026, the Board of Directors authorized a new $1.50 billion share repurchase program. Additionally, in November 2025, Mattel issued $600.0 million of senior notes and used the proceeds of the offering plus cash on hand to repay $600.0 million of senior notes that were scheduled to mature in April 2026. On February 10, 2026, Mattel announced it had entered into a definitive agreement to acquire the remaining 50% ownership interest in Mattel163 Limited ("Mattel163"), a mobile games studio, for approximately $159 million, subject to customary closing adjustments. The completion of the transaction is subject to the satisfaction of customary closing conditions. Upon closing, Mattel will own 100% of Mattel163 and will begin consolidating its future financial results in Mattel's consolidated financial statements. Mattel is operating in a macro-economic environment that may impact consumer demand. To the extent the macro-economic environment worsens, it may have a material effect on Mattel's results of operations and financial condition. Refer to Part I, Item 1A "Risk Factors" for further discussion regarding potential impacts on Mattel's business. Results of Operations Consolidated Results The following table presents Mattel's consolidated results for 2025 and 2024: [[GREPCENT_TABLE]] [["","For the Year Ended","","Year/Year Change"],["","December 31, 2025","","December 31, 2024"],["","Amount","","% of Net Sales","","Amount","","% of Net Sales","","%","","Basis Points of Net Sales"],["","(In millions, except percentage and basis point information)"],["Net sales","$","5,347.6","","","","","$","5,379.5","","","","","-1","%"],["Cost of sales","2,742.0","","","51.3","%","","2,645.5","","","49.2","%","","4","%","","210"],["Gross profit","2,605.7","","","48.7","%","","2,734.1","","","50.8","%","","-5","%","","(210)"],["Advertising and promotion expenses","522.0","","","9.8","%","","507.3","","","9.4","%","","3","%","","40"],["Other selling and administrative expenses","1,537.2","","","28.7","%","","1,532.5","","","28.5","%","","\u2014","%","","20"],["Operating income","546.4","","","10.2","%","","694.3","","","12.9","%","","-21","%","","(270)"],["Interest expense","118.7","","","2.2","%","","118.8","","","2.2","%","","\u2014","%","","\u2014"],["Interest (income)","(45.0)","","","-0.8","%","","(51.5)","","","-1.0","%","","-13","%","","20"],["Other non-operating expense, net","13.3","","","","","4.5"],["Income before income taxes","459.5","","","8.6","%","","622.5","","","11.6","%","","-26","%","","(300)"],["Provision for income taxes","89.8","","","","","105.6"],["(Income) from equity method investments","(27.9)","","","","","(24.9)"],["Net income","$","397.6","","","7.4","%","","$","541.8","","","10.1","%","","-27","%","","(270)"]] [[/GREPCENT_TABLE]] Sales 31 Net sales in 2025 were $5.35 billion, a decrease of $31.9 million, or 1%, as compared to $5.38 billion in 2024. The decrease in net sales was primarily due to an increase in sales adjustments of $77.7 million, partially offset by an increase in gross billings of $45.8 million. Gross billings represent amounts invoiced to a customer and do not include the impact of sales adjustments, such as trade discounts and other allowances. Changes in gross billings are discussed below because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and are not associated with categories, brands, or individual products. The following tables provide a summary of Mattel's consolidated gross billings by categories, along with supplemental information by brand, for 2025 and 2024: [[GREPCENT_TABLE]] [["","For the Year Ended","","% Change as Reported","","Currency Exchange Rate Impact"],["","December 31, 2025","","December 31, 2024"],["","(In millions, except percentage information)"],["Gross Billings by Categories"],["Dolls","$","2,056.1","","","$","2,200.5","","","-7","%","","1","%"],["Infant, Toddler, and Preschool","786.3","","","951.3","","","-17","%","","1","%"],["Vehicles","1,994.6","","","1,791.2","","","11","%","","1","%"],["Action Figures, Building Sets, Games, and Other","1,242.1","","","1,090.4","","","14","%","","1","%"],["Gross Billings","$","6,079.1","","","$","6,033.3","","","1","%","","1","%"],["Supplemental Gross Billings Disclosure"],["Gross Billings by Top 3 Power Brands"],["Barbie","$","1,204.1","","","$","1,350.1","","","-11","%","","1","%"],["Hot Wheels","1,749.7","","","1,575.0","","","11","%","","1","%"],["Fisher-Price","622.3","","","700.8","","","-11","%","","1","%"],["Other","2,503.0","","","2,407.4","","","4","%","","1","%"],["Gross Billings","$","6,079.1","","","$","6,033.3","","","1","%","","1","%"]] [[/GREPCENT_TABLE]] Gross billings were $6.08 billion in 2025, an increase of $45.8 million, or 1%, as compared to $6.03 billion in 2024, with a favorable impact from changes in currency exchange rates of one percentage point. The increase in gross billings was due to higher billings of Vehicles and Action Figures, Building Sets, Games, and Other products, partially offset by lower billings of Infant, Toddler, and Preschool and Dolls products. Dolls gross billings decreased 7%, primarily due to lower billings of Barbie products. Infant, Toddler, and Preschool gross billings decreased 17%, of which 8% was due to lower billings of Fisher-Price products, 5% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 4% was due to lower billings of Preschool Entertainment products. Vehicles gross billings increased 11%, primarily due to higher billings of Hot Wheels products. Action Figures, Building Sets, Games, and Other gross billings increased 14%, of which 18% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connecti [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/MAT/mda/fy2025/ All MD&A years: /company/MAT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/MAT/mda/fy2024/): filed 2025-02-26; accession 0001628280-25-007887 (https://www.sec.gov/Archives/edgar/data/63276/000162828025007887/mat-20241231.htm) - [FY 2023 MD&A](/company/MAT/mda/fy2023/): filed 2024-03-15; accession 0001628280-24-011371 (https://www.sec.gov/Archives/edgar/data/63276/000162828024011371/mat-20231231.htm) - [FY 2022 MD&A](/company/MAT/mda/fy2022/): filed 2023-02-22; accession 0001628280-23-004416 (https://www.sec.gov/Archives/edgar/data/63276/000162828023004416/mat-20221231.htm) - [FY 2021 MD&A](/company/MAT/mda/fy2021/): filed 2022-02-28; accession 0001628280-22-004260 (https://www.sec.gov/Archives/edgar/data/63276/000162828022004260/mat-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3942 Dolls & Stuffed Toys) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MAT.md · JSON record: /company/MAT.json · verified financials: /company/MAT/financials.json / /company/MAT/financials.csv · machine TOC for the whole site: /llms.txt