MATTEL INC /DE/ (MAT) Company Report

Mattel is transforming into an IP company managing brands, extending beyond toys into entertainment, with 2026 shaping up as a pivotal year for its entertainment strategy.
The company reported positive Black Friday results and positive year-to-date and quarter-to-date Point of Sale (POS), reiterating its unchanged full-year guidance for 2025.
Hot Wheels is on track for its eighth consecutive record high, while Barbie and Fisher-Price are expected to show improving trends in Q4 2025 and beyond. The adult collector segment, representing about 25% of the toy industry, is a significant growth driver for Mattel.
Mattel plans to release two major movies in 2026 (Masters of the Universe and Matchbox) and launch two self-published mobile games with low investment and significant upside potential, aiming for at least two new games annually thereafter.
The company anticipates continued gross margin enhancement in 2026, mitigating tariff impacts (estimated at $100 million for 2025) through efficiencies, favorable mix from accretive entertainment businesses, and scale. Mattel has bought back $1.2 billion in shares, representing about 20% of shares outstanding.

4 days ago

Transcript

Mattel Discusses 2025 Performance, 2026 Outlook, and Strategic Transformation

MAT

Guidance Update

New Projects/Investments

Share Buyback

Mattel's full-year guidance remains unchanged for 2025, with positive Point of Sale (POS) year-to-date and quarter-to-date.
The company is transforming into an IP-driven brand management company, expanding into entertainment, digital gaming, and film/TV, with 2026 shaping up to be a pivotal year for its entertainment strategy.
Key growth drivers include the continued strength of Hot Wheels, improving trends for Barbie and Fisher-Price, and a fast-growing adult collector segment.
Mattel plans to release two movies (Masters of the Universe, Matchbox) and two self-published mobile games in 2026, with mobile games requiring a low investment of $5 million to $10 million per game for potentially significant upside.
Gross margins in Q3 2025 were impacted by Forex, inflation, tariffs, and sales adjustments, but the company is driving efficiencies through its "optimizing for profitable growth" program, targeting $200 million by 2026.

4 days ago

Transcript

Mattel Discusses IP-Driven Transformation, Strong Holiday Performance, and 2026 Growth Initiatives

MAT

New Projects/Investments

Guidance Update

Share Buyback

Mattel is transforming into an IP-driven brand management company, expanding beyond toys into entertainment, digital gaming, and film/TV, with 2026 anticipated to be a pivotal year for its entertainment strategy.
The company reported positive Black Friday and Cyber Monday results, with year-to-date and quarter-to-date POS being positive for Mattel, and reiterated its full-year guidance. Hot Wheels is on track for its eighth consecutive record high year, and Barbie and Fisher-Price are showing improving trends for Q4 and beyond.
For 2026, Mattel plans to release two movies (Masters of the Universe, Matchbox) and two self-published mobile games, with a goal of two movies annually thereafter. The adult collector segment is also highlighted as a significant growth driver, representing about 25% of the toy industry.
Gross margins in Q3 were impacted by Forex, inflation, tariffs, and sales adjustments, with Q4 expected to be below 50% due to tariffs. Mattel is implementing an "optimizing for profitable growth" program, targeting $200 million by 2026, and expects the growing entertainment business to be accretive to gross margins.
The company has bought back $1.2 billion in shares since resuming buybacks, representing about 20% of shares outstanding, as part of its capital allocation strategy.

4 days ago

Transcript

Mattel, Inc. Issues 5.000% Senior Notes due 2030

MAT

Debt Issuance

Mattel, Inc. issued $600,000,000 aggregate principal amount of 5.000% Senior Notes due 2030 on November 17, 2025.
The Notes will mature on November 17, 2030, and pay interest semi-annually on May 17 and November 17, with the first interest payment scheduled for May 17, 2026.
The Notes are senior unsecured obligations, ranking pari passu with existing and future senior indebtedness, senior to any future subordinated indebtedness, structurally subordinated to liabilities of subsidiaries, and effectively subordinated to secured indebtedness.
The issuance price for the Notes was 99.707% of the principal amount.

Nov 17, 2025, 9:11 PM

8-K

Mattel, Inc. Prices Senior Notes Offering

MAT

Debt Issuance

Mattel, Inc. announced the pricing of an underwritten public offering of $600,000,000 aggregate principal amount of 5.000% Senior Notes due 2030.
The offering is expected to close on or about November 17, 2025, with the Notes maturing on November 17, 2030.
The company intends to use the net proceeds, along with cash on hand, to redeem all of its outstanding 3.375% Senior Notes due 2026.

Nov 6, 2025, 9:21 PM

8-K

Mattel Reports Q3 2025 Sales and Profit Decline

MAT

Earnings

Guidance Update

Demand Weakening

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.

Oct 21, 2025, 9:58 PM

Bloomberg

Mattel Reports Q3 2025 Results

MAT

Earnings

Demand Weakening

Guidance Update

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.

Oct 21, 2025, 9:54 PM

Bloomberg

Mattel Reports Q3 2025 Results, Reiterates Full-Year Guidance

MAT

Earnings

Guidance Update

Share Buyback

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.

Oct 21, 2025, 9:00 PM

Transcript

Mattel Reports Q3 2025 Financial Results

MAT

Earnings

Guidance Update

Share Buyback

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.

Oct 21, 2025, 8:10 PM

8-K

Mattel Reports Third Quarter 2025 Financial Results

MAT

Earnings

Guidance Update

Share Buyback

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.