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Mattel reports fourth quarter and 2025 financial results

Mattel reported its fourth quarter and full-year 2025 results, highlighting solid Q4 sales growth and positive consumer demand across all regions, although U.S. December gross billings were below expectations. International performance was strong for the year, with market share gains in key categories.

CEO Ynon Kreiz said 2026 will mark the rollout of Mattel’s new brand-centric strategy focused on expanding its IP-driven toy and entertainment business. Growth is expected from product innovation, major licensing partnerships, two movie releases, expanded digital games and the full acquisition of Mattel163. Strategic investments in 2026 are expected to weigh on short-term earnings but support accelerated top- and bottom-line growth from 2027 onward.

CFO Paul Ruh noted the company is ahead of its cost-savings plan, now targeting $225 million in savings, including $50 million in 2026. Mattel refinanced $600 million in debt, maintained its investment-grade rating and ended the year with over $1.2 billion in cash after repurchasing $600 million in shares. A new $1.5 billion share buyback program is set to run through 2028.

Fourth Quarter 2025

  • Net Sales: $1.77 billion, up 7% reported (5% constant currency), driven by growth in North America and International.
     
  • Gross Margin: 45.9%, down from 50.7%, impacted by higher discounts, inflation, FX and tariff timing effects.
     
  • Operating Income: $141 million (adjusted $160 million), slightly below last year due to lower gross profit.
     

Category performance: Vehicles (+20%) and Action Figures/Building Sets/Games (+16%) led growth, driven by Hot Wheels and theatrical releases. Dolls rose 2%, while Infant, Toddler & Preschool declined 8%.

Full Year 2025

  • Net Sales: $5.35 billion, down 1%, reflecting a 5% decline in North America offset by International growth.
     
  • Gross Margin: 48.7%, down from 50.8%.
     
  • Operating Income: $546 million (adjusted $620 million), down year over year.
     
  • Operating Cash Flow: $593 million.
     

For the year, Vehicles (+11%) and Action Figures/Building Sets/Games (+14%) grew, while Dolls (-7%) and Infant, Toddler & Preschool (-17%) declined.

2026 Outlook

Guidance includes approximately $150 million in partial-year sales from Mattel163. The company plans around $150 million in strategic investments across digital games, AI, innovation, direct-to-consumer capabilities and marketing. These investments are expected to reduce 2026 adjusted operating income but generate higher returns from 2027 onward.

Mattel cautioned that its outlook remains subject to macroeconomic uncertainty, including trade regulations and market volatility.

Find detailed information in the source description. 

Source: https://corporate.mattel.com/news/mattel-reports-fourth-quarter-and-full-year-2025-financial-results 

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