Mattel designs, manufactures and markets toys and develops entertainment, licensing and digital-game businesses around owned and licensed intellectual property. Its brands include Barbie, Hot Wheels, Fisher-Price and American Girl. It reports North America and International segments.
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A snapshot of what MATTEL INC /DE/ owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001628280-24-011371 | Mar 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001628280-25-007887 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-010716 | Feb 23, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Mattel’s recent growth has not translated into stronger operating economics. After a cost-led recovery in 2024, 2025 sales slipped as promotions and weaker Barbie and preschool billings offset Hot Wheels and movie-linked products. Operating profit and cash generation declined. In the first half of 2026, sales increased, partly benefiting from Mattel163 consolidation and currency, but operating results turned negative; a noncash acquisition gain supported reported net income. Buybacks, seasonal cash usage and investment reduced cash substantially, although the revolver remained undrawn. Management retained conditional full-year guidance in August, excluding potential tariff refunds. Subsequent CEO, CFO and board changes introduce a significant leadership transition, not evidence of an operating recovery. This view separates the three annual periods from later developments and is limited to supplied disclosures through October 22, 2026.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04 · 8-K · 2026-10-12 · 8-K · 2026-10-14 · 8-K · 2026-10-21
Mattel earns revenue from physical toys, licensing its own intellectual property and developing content and digital products. Owned franchises coexist with licensed entertainment properties, creating both opportunities around releases and royalty obligations. Core products are generally manufactured internally; non-core products generally use third parties. Retailers remain important despite direct-to-consumer expansion. Walmart, Target and Amazon represented approximately 42% of 2025 sales, without binding long-term purchase-volume commitments. Holiday concentration requires production before demand is certain. Gross billings measure invoices before discounts and allowances—not GAAP revenue, consumer sell-through or toy-unit volumes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, GAAP sales were $5.348 billion, compared with $5.380 billion in 2024 and $5.441 billion in 2023. Higher gross billings were more than absorbed by additional promotions and other sales adjustments. Hot Wheels and movie-linked action figures grew, while Barbie and infant/preschool products weakened. Gross margin fell to 48.7% from 50.8%; inflation, currency and discounts outweighed savings and other offsets. Operating income declined to $546.4 million from $694.3 million. Net income was $397.6 million and diluted EPS $1.24; buybacks reduced the share denominator, cushioning EPS relative to the earnings decline. The larger 2024 earnings recovery also benefited from favorable tax comparisons, not operating improvement alone.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
The June 30, 2026 Form 10-Q, filed August 6, reported first-half sales of $1.987 billion, up 8%, but a $91.8 million operating loss versus $25.5 million income. Tariffs, inflation, royalties, currency and higher marketing and administrative spending outweighed sales growth and savings. First-half net income of $42.8 million included a $147.9 million noncash gain from remeasuring Mattel’s existing Mattel163 interest. The remaining 50% acquisition closed March 2, changing the consolidation perimeter; a precise organic-growth bridge is unavailable. Second-quarter net loss was $18.2 million. These seasonal interim results should not be annualized.
Sources: 10-Q · 2026-06-30
Operating cash flow declined from $869.8 million in 2023 to $800.6 million in 2024 and $593.3 million in 2025. The strong 2023 comparison included a substantial inventory release. During the first half of 2026, operations used $202.1 million, an improvement over the previous first half but still an outflow. Cash fell to $523.9 million from $1.243 billion at December 2025, reflecting seasonal operating usage, $300 million of repurchases, approximately $125.8 million of capital expenditure and $74.8 million of acquisition payments net of acquired cash. Russia-held cash of $75.5 million faced outbound-transfer limits. Cash flow is not profit, and acquisition cash outflow is not the purchase price.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
June 2026 debt principal remained $2.35 billion, with a $2.334 billion carrying amount. November 2025 issuance of $600 million of 5.0% notes refinanced the same principal of 3.375% notes due April 2026, extending maturity to November 2030 at a higher coupon. The $1.40 billion revolver, maturing July 2029, had no borrowings and approximately $9 million of letters of credit. It is financing capacity, not cash. Mattel reported covenant compliance, but actual ratios and headroom were not disclosed. The February 2026 $1.50 billion repurchase authorization had $1.20 billion remaining at June; authorization is discretionary rather than an obligation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
August guidance retained 3%–6% constant-currency sales growth and $580–$630 million adjusted operating income for 2026, excluding potential tariff refunds. These are forecasts, not achieved results. Remaining risks include retailer concentration, licensed-release timing, digital-game execution, product litigation and tariffs. The prior control weakness was reported remediated at December 2025; June disclosure controls were effective, while a new ERP changed processes. Roger Lynch’s CEO start was set at October 12, and Peter Griffith’s CFO appointment at October 20. EdgePoint gained a board representative October 21 under a conditional cooperation agreement. None of these changes establishes improved earnings or a change-of-control transaction.
Sources: EX-99.1 · 2026-08-04 · 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-12 · 8-K · 2026-10-14 · 8-K · 2026-10-21
USD 5.347623 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.347623 bn | -0.6% |
| 2024 | USD 5.379546 bn | -1.1% |
| 2023 | USD 5.441219 bn | — |
Consolidated revenue after sales adjustments, including discounts and allowances.
Sources: 10-K · 2025-12-31
USD 397.584 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 397.584 m | -26.6% |
| 2024 | USD 541.817 m | 152.8% |
| 2023 | USD 214.352 m | — |
Consolidated net income after income taxes and equity-method investment income.
Sources: 10-K · 2025-12-31
USD 593.255 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 593.255 m | -25.9% |
| 2024 | USD 800.566 m | — |
GAAP operating cash flow; includes content-asset spending and supplier-finance payment activity.
Sources: 10-K · 2025-12-31
USD 869.791 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 869.791 m | — |
GAAP operating cash flow; includes content-asset spending.
Sources: 10-K · 2025-12-31
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