Mattel, Inc. (MAT) is a global leader in the toy and family entertainment industry, known for its iconic brand portfolio and innovative products. The company creates toys, games, and experiences that inspire and entertain children, while also expanding its intellectual property into entertainment, digital, and live experiences. Mattel's offerings include dolls, vehicles, infant and preschool toys, action figures, games, and building sets, catering to a wide range of age groups and interests.
- North America Segment - Sells toys and consumer products across categories like Dolls (e.g., Barbie, Disney Princess), Infant/Toddler/Preschool (e.g., Fisher-Price), Vehicles (e.g., Hot Wheels, Matchbox), and Action Figures/Games in the United States and Canada.
- International Segment - Markets and sells toys and products similar to the North America segment, tailored for regions such as Europe, Latin America, and Asia.
- Dolls
- Barbie - Empowers children with a diverse range of dolls and accessories since 1959.
- American Girl - Offers historical and contemporary 18" dolls, books, and accessories.
- Disney Princess and Disney Frozen - Features characters and stories from Disney's popular franchises.
- Monster High - Focuses on unique, fashion-forward dolls with a spooky theme.
- Polly Pocket - Provides compact, portable playsets and dolls.
- Infant, Toddler, and Preschool
- Fisher-Price - Develops enriching toys for young children, including Little People.
- Thomas & Friends - Offers train-themed toys and content that teach life lessons.
- Power Wheels - Produces ride-on vehicles for toddlers and preschoolers.
- Vehicles
- Hot Wheels - Known for high-performance toy cars and tracks, appealing to kids and collectors.
- Matchbox - Features realistic, adventure-themed vehicles.
- Cars (Disney Pixar) - Brings characters from the Cars movie franchise to life through toys.
- Action Figures, Building Sets, Games, and Other
- Masters of the Universe - Includes action figures and playsets inspired by the fantasy franchise.
- MEGA - Offers building sets for creative play.
- UNO - A globally popular card game.
- Lightyear (Disney Pixar) - Features toys based on the Buzz Lightyear character.
- Jurassic World (NBCUniversal) - Provides dinosaur-themed action figures and playsets.
- WWE - Includes wrestling action figures and accessories.
- Star Wars (Disney's Lucasfilm) - Features toys and collectibles from the Star Wars universe.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ynon Kreiz ExecutiveBoard | Chairman and Chief Executive Officer | Board Member at Warner Music Group Corp.; Member of Academy of Motion Picture Arts & Sciences’ Executive Branch; Board of Advisors at UCLA Anderson School of Management | CEO since 2018, leading Mattel's transformation into an IP-driven, high-performing toy company. Former CEO of Maker Studios and Endemol Group. | View Report → |
Anthony DiSilvestro Executive | Chief Financial Officer | None | CFO since 2020, instrumental in achieving investment-grade rating and driving $400M in cost savings. Former CFO at Campbell Soup Company. | |
Jonathan Anschell Executive | EVP, Chief Legal Officer, and Secretary | None | Joined Mattel in 2021. Former EVP and General Counsel at ViacomCBS Media Networks and CBS Corporation. | |
Roberto Isaias Executive | EVP and Chief Supply Chain Officer | None | Joined Mattel in 2001. Held multiple leadership roles in Latin America and supply chain management. | |
Steve Totzke Executive | President and Chief Commercial Officer | None | Joined Mattel in 2002, became President and CCO in 2022. Has held multiple leadership roles in sales and marketing across regions. | |
Adriana Cisneros Board | Director | CEO of Cisneros Group; Director at AST SpaceMobile, La Wawa, The Electric Factory, Americas Society/Council of the Americas, and Citibank Private Bank Latin American Advisory Board; Trustee at The Paley Center for Media | Director since 2018. Brings expertise in media, real estate, and digital strategy. CEO of Cisneros Group. | |
Dawn Ostroff Board | Director | Director at Paramount Global; Member of NYU Faculty of Arts and Science Board of Overseers; Trustee at The Paley Center for Media | Director since 2024. Former Chief Content & Advertising Business Officer at Spotify. Brings expertise in media, entertainment, and advertising. | |
Diana Ferguson Board | Director | Director at Gartner, Inc. and Sally Beauty Holdings, Inc.; Trustee at Groton School; Board Member at Chicago Botanic Gardens | Director since 2020. Chair of Mattel's Audit Committee. Extensive experience in finance, strategy, and corporate governance. | |
Dr. Judy Olian Board | Director | President of Quinnipiac University; Director at Ares Management Corporation and United Therapeutics Corp.; Advisory Board Member at Catalyst Inc.; Member of AdvanceCT and CT Governor’s Workforce Commission | Director since 2018. Brings expertise in leadership, human resources, and management strategy. | |
Julius Genachowski Board | Director | Chairman of Sonos, Inc.; Director at Mastercard Incorporated; Senior Advisor at The Carlyle Group | Director since 2024. Former FCC Chairman. Brings expertise in technology, media, and corporate governance. | |
Prof. Noreena Hertz Board | Director | Director at Warner Music Group and Workhuman; Visiting Professor at University College London; Member of Catalyst Inc. | Director since 2023. Expert in ESG, globalization, and decision-making. Author of several best-selling books. | |
Roger Lynch Board | Independent Lead Director | CEO of Condé Nast; Director at News Media Alliance, Partnership for New York City, USC Dornsife School of Letters, Arts and Sciences, and Tuck School of Business at Dartmouth | Director since 2018. Elected Independent Lead Director in 2024. Extensive experience in media and technology sectors. | |
Soren Laursen Board | Director | Operating Partner at Credo Partners AS; Board Member at Koble ApS, The Army Painter, Postevand ApS, and Varier Furniture A/S Oslo | Director since 2018. Former interim executive at Mattel. Brings expertise in brand development and global toy industry. |
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Despite the adjusted tax rate projection decreasing significantly from previous estimates, you maintained your adjusted EBITDA and EPS guidance unchanged; can you clarify what offsets are compensating for the lower tax rate, and why EPS guidance hasn't increased accordingly?
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You mentioned that SG&A expenses as a percentage of sales are expected to increase slightly due to investments in digital gaming and information technology; given the modest decline in net sales and the challenging market environment, can you elaborate on the expected returns from these investments and the timeline for them to contribute positively to your profitability?
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With capital expenditures forecasted to rise due to the purchase of a new global design center, how will this impact your free cash flow and capital allocation priorities, particularly regarding share repurchases and debt reduction?
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Given that the toy industry is expected to decline modestly in 2024 and recognizing potential macroeconomic headwinds, what gives you confidence in expecting growth in the fourth quarter and a good holiday season, and what are the risks that could prevent you from achieving this outlook?
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Considering the pressure on certain consumer cohorts seeking value products and potential price mix headwinds, how are you balancing the need to offer a range of price points with maintaining your gross margins, and what steps are you taking to mitigate any potential margin erosion?
Research analysts who have asked questions during MATTEL INC /DE/ earnings calls.
Alexander Perry
Bank of America
4 questions for MAT
Christopher Horvers
JPMorgan Chase & Co.
4 questions for MAT
Stephen Laszczyk
Goldman Sachs
4 questions for MAT
Arpine Kocharyan
UBS
3 questions for MAT
Eric Handler
Roth Capital Partners, LLC
3 questions for MAT
Kylie Cohu
Jefferies Financial Group Inc.
3 questions for MAT
Frederick Wightman
Wolfe Research, LLC
2 questions for MAT
James Hardiman
Citigroup
2 questions for MAT
Linda Bolton-Weiser
D.A. Davidson & Co.
2 questions for MAT
Megan Alexander
Morgan Stanley
2 questions for MAT
Megan Clapp
Morgan Stanley
2 questions for MAT
Andrew Crum
Stifel, Nicolaus & Company, Incorporated
1 question for MAT
Arpine Kocharian
UBS Group AG
1 question for MAT
Jaime Katz
Morningstar
1 question for MAT
James Chartier
Monness, Crespi, Hardt & Co., Inc.
1 question for MAT
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Walmart | Major retail partner | All | Revenue in 2024: $1.17B (21.8% of total) |
Target | Major retail partner | North America | Revenue in 2024: $0.68B (12.6% of total) |
Amazon | Major e-commerce partner | All | Revenue in 2024: $0.51B (9.5% of total) |
Recent press releases and 8-K filings for MAT.
- Mattel reported a 6% decline in global sales to $1.74 billion in Q3 2025, missing Wall Street expectations, primarily due to sluggish retail demand and shifts in retailer ordering patterns in North America.
- The company's adjusted earnings per share of $0.89 fell short of analyst estimates, with net income decreasing to $278.4 million, or $0.88 per share, from $372.4 million, or $1.09 per share, in the previous year.
- The North America segment experienced an 11.7% sales decline, and the adjusted gross margin declined to 50.2% from 53.1% due to inflation and tariff costs.
- Despite these setbacks, CEO Ynon Kreiz reiterated a full-year revenue growth forecast of 1% to 3% for fiscal year 2025, anticipating a strong holiday season.
- Mattel reported a 6% decline in net sales to $1.74 billion and missed analyst expectations for adjusted earnings per share in Q3 2025, primarily due to a 12% sales drop in North America influenced by retailer ordering changes and tariff uncertainties.
- The company's stock price dropped 6.5% to $17.55 in after-hours trading following the earnings release.
- Gross margin declined to 50.0% due to unfavorable foreign exchange rates, inflation, tariff costs, and higher sales adjustments.
- Despite the Q3 challenges, Mattel expressed optimism for a strong fourth quarter, citing a significant increase in U.S. retailer orders and robust consumer demand ahead of the holiday season.
- Mattel's Q3 2025 net sales decreased 6% as reported and 7% in constant currency to $1.74 billion, with adjusted earnings per share (EPS) declining $0.25 to $0.89. This was primarily due to U.S. retailers shifting orders from direct import to domestic shipping, which moved sales into the fourth quarter.
- Despite these shifts, consumer demand (POS) for Mattel's products increased across all regions, including the U.S., indicating healthy underlying demand. Retailer orders in the U.S. have accelerated significantly since the beginning of Q4.
- The company reiterated its full-year 2025 guidance, projecting net sales growth of 1% to 3% in constant currency, adjusted operating income of $700 million to $750 million, and adjusted EPS in the range of $1.54 to $1.66. This guidance anticipates strong top-line growth in the fourth quarter.
- Mattel repurchased $2 million of shares in Q3 2025, bringing the year-to-date total to $412 million, and remains on track to repurchase $600 million for the full year.
- Key strategic developments include being awarded global licensing rights for K Pop Demon Hunters products and renewing the multiyear licensing agreement for the Disney Princess and Frozen franchises, strengthening its position as a partner of choice for entertainment companies.
- Mattel reported Net Sales of $1,736 million in Q3 2025, a 6% decrease as reported, and 7% in constant currency compared to the prior year, primarily due to a 12% decrease in North America.
- Net Income decreased by $94 million to $278 million, and Earnings per Share were $0.88 compared to $1.09 in the prior year's third quarter.
- The company repurchased $202 million of shares in Q3 2025, bringing the year-to-date total to $412 million, and reaffirmed its 2025 share repurchase target of $600 million.
- Mattel reiterated its full-year 2025 guidance, including Net Sales growth of 1% to 3% in constant currency, Adjusted Operating Income of $700 - $750 million, and Adjusted EPS of $1.54 - $1.66.
- Mattel reported Net Sales of $1,736 million for the third quarter of 2025, a 6% decrease as reported and 7% in constant currency compared to the prior year.
- Gross Margin decreased to 50.0% (a 310 basis point decrease), and Adjusted Gross Margin was 50.2% (a 290 basis point decrease) in Q3 2025.
- Net Income for Q3 2025 was $278 million, with Adjusted Earnings per Share at $0.89.
- The company repurchased $202 million of shares during the quarter, bringing the year-to-date total to $412 million, and reaffirmed its 2025 share repurchase target of $600 million.
- Mattel reiterated its full-year 2025 guidance, projecting Net Sales growth of +1% to 3% in constant currency, Adjusted Operating Income between $700 million and $750 million, and Adjusted EPS of $1.54 to $1.66.
- KPIT Technologies has acquired a majority stake in N-Dream AG, the company behind the AirConsole in-car gaming platform, increasing its ownership from 26% to nearly 90%.
- AirConsole's platform, which is used in vehicles from brands like BMW and Volkswagen, features licensed intellectual properties from Mattel, Inc., including UNO™ Car Party!.
- N-Dream will continue to operate as an independent entity within the KPIT Group, with its current leadership remaining in place, and plans to expand its offerings beyond gaming to new in-cabin software experiences.
- Mattel's net sales declined 6% as reported and in constant currency in Q2 2025, while adjusted gross margin increased by 200 basis points to 51.2% and adjusted earnings per share remained flat at $0.19 compared to the prior year.
- The U.S. business was impacted by global trade dynamics and shifts in retailer ordering patterns, but international gross billings increased 9% and POS was up in all regions.
- The company resumed guidance for full year 2025, expecting net sales to grow 1% to 3% in constant currency, adjusted gross margin to be approximately 50%, adjusted operating income between $700 million and $750 million, and adjusted EPS between $1.54 and $1.66.
- Mattel is targeting $600 million in share repurchases for the full year 2025 and has repurchased $210 million year-to-date.
- Strategic initiatives include a collaboration with OpenAI and the formation of Mattel Studios to scale its film and television pipeline, with plans for one to two films per year starting in 2026.
- Mattel entered a strategic partnership with OpenAI to develop AI-powered products and interactive experiences based on brands such as Barbie, Hot Wheels, and Uno.
- First AI-driven product expected later this year, potentially including digital assistants modeled after Mattel characters and interactive versions of classic toys.
- Mattel will retain full control over its intellectual property and is not licensing it to OpenAI under this agreement.
- The collaboration also includes adoption of ChatGPT Enterprise to enhance creativity and innovation, reflecting Mattel’s broader strategy to evolve into a diversified entertainment company; discussions began in late 2024.
- Paul Ruh is appointed as Chief Financial Officer of Mattel, effective May 19, 2025.
- He succeeds CFO Anthony DiSilvestro, who will serve as an advisor through August 15, 2025 following his retirement announcement.
- Ruh brings over 30 years of finance leadership experience from roles at Kenvue, Johnson & Johnson Consumer Health, and PepsiCo.
- Net Sales: Reached $827 million, up 2% as reported (4% in constant currency) driven by strength in North America and International markets .
- Margin & EBITDA Improvement: Adjusted gross margin expanded by 130 bps to 49.6% and adjusted EBITDA increased 7% to $57M .
- Share Repurchase & Liquidity: Executed a $160M share repurchase and ended the quarter with $1.24B in cash .
- Operating Performance: Reported operating loss of $53M with the adjusted loss narrowing to $16M .
- Guidance & Strategic Initiatives: Paused full-year guidance amid volatile macroeconomic and tariff uncertainties, while diversifying the supply chain by relocating 500 toy SKUs from China in 2025 and aiming for U.S. imports from China to drop below 10% by 2027 .