Revenue growth remains negative at -0.6% YoY, yet gross margin improved to 48.2% in Q2 2026, reflecting pricing power and cost controls, though operating margin of 1.0% is well below the 21.9% peak in Q3 2025.
Mattel, Inc. (MAT) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.49B | 5.35B | 5.38B | 5.44B | 5.43B | 5.46B | 4.59B | 4.5B | 4.51B | 4.88B | 5.45B | 5.7B | 6.02B | 6.48B | 6.42B | 6.27B | 5.86B | 5.43B | 5.92B | 5.97B | 5.65B | 5.18B | 5.1B | 4.96B | 4.89B | 4.69B | 4.57B | 4.6B | 4.7B | 5.46B | 4.54B |
| Revenue Growth % | 2.9% | -0.59% | -1.13% | 0.12% | -0.42% | 18.95% | 1.86% | -0.23% | -7.51% | -10.48% | -4.37% | -5.33% | -7.11% | 1% | 2.47% | 7% | 7.83% | -8.23% | -0.87% | 5.66% | 9.1% | 1.49% | 2.88% | 1.53% | 4.21% | 2.68% | -0.65% | -2.19% | -13.88% | 20.29% | 3.79% |
| Cost of Goods Sold | 2.89B | 2.73B | 2.65B | 2.86B | 2.95B | 2.83B | 2.35B | 2.53B | 2.72B | 3.06B | 2.91B | 2.9B | 3.02B | 3.01B | 3.01B | 3.12B | 2.9B | 2.72B | 3.23B | 3.19B | 3.04B | 2.81B | 2.69B | 2.53B | 2.52B | 2.54B | 2.57B | 2.17B | 2.17B | 2.47B | 2.13B |
| COGS % of Revenue | - | 51.13% | 49.18% | 52.52% | 54.34% | 51.87% | 51.11% | 56.1% | 60.16% | 62.62% | 53.3% | 50.79% | 50.18% | 46.35% | 46.9% | 49.8% | 49.54% | 50.01% | 54.64% | 53.48% | 53.77% | 54.18% | 52.76% | 51.02% | 51.67% | 54.16% | 56.34% | 47.16% | 46.28% | 45.26% | 47.06% |
| Gross Profit | 2.6B | 2.61B | 2.73B | 2.58B | 2.48B | 2.63B | 2.24B | 1.98B | 1.8B | 1.82B | 2.55B | 2.81B | 3B | 3.48B | 3.41B | 3.15B | 2.95B | 2.71B | 2.68B | 2.78B | 2.61B | 2.37B | 2.41B | 2.43B | 2.36B | 2.15B | 1.99B | 2.43B | 2.52B | 2.99B | 2.4B |
| Gross Margin % | 47.41% | 48.87% | 50.82% | 47.48% | 45.66% | 48.13% | 48.89% | 43.9% | 39.84% | 37.38% | 46.7% | 49.21% | 49.82% | 53.65% | 53.1% | 50.2% | 50.46% | 49.99% | 45.36% | 46.52% | 46.23% | 45.82% | 47.24% | 48.98% | 48.33% | 45.84% | 43.66% | 52.84% | 53.72% | 54.74% | 52.94% |
| Gross Profit Growth % | - | -4.41% | 5.82% | 4.13% | -5.53% | 17.1% | 13.44% | 9.93% | -1.42% | -28.36% | -9.25% | -6.49% | -13.74% | 2.04% | 8.37% | 6.46% | 8.85% | 1.13% | -3.34% | 6.34% | 10.07% | -1.57% | -0.77% | 2.9% | 9.87% | 7.81% | -17.91% | -3.81% | -15.48% | 24.38% | 7.3% |
| Operating Expenses | 2.14B | 1.99B | 2.04B | 2.02B | 1.81B | 1.9B | 1.87B | 1.94B | 2.03B | 2.16B | 2.03B | 2.27B | 2.35B | 2.31B | 2.39B | 2.1B | 2.05B | 1.98B | 2.14B | 2.05B | 1.88B | 1.71B | 1.68B | 1.64B | 1.63B | 1.57B | 1.62B | 1.8B | 1.86B | 2.51B | 1.73B |
| OpEx % of Revenue | - | 37.28% | 37.92% | 37.16% | 33.23% | 34.76% | 40.72% | 43.07% | 45.03% | 44.25% | 37.17% | 39.73% | 38.97% | 35.63% | 37.19% | 33.59% | 35.06% | 36.52% | 36.2% | 34.29% | 33.33% | 32.99% | 32.92% | 33.14% | 33.31% | 33.48% | 35.54% | 39.14% | 39.66% | 46.07% | 38.2% |
| Selling, General & Admin | 2.08B | 1.99B | 2.04B | 2.02B | 1.81B | 1.9B | 1.87B | 1.94B | 2.03B | 2.16B | 2.03B | 2.27B | 2.35B | 2.31B | 2.39B | 2.1B | 2.05B | 1.98B | 2.14B | 2.05B | 1.88B | 1.71B | 1.68B | 1.64B | 1.6B | 1.51B | 1.56B | 1.55B | 1.65B | 1.86B | 1.55B |
| SG&A % of Revenue | - | 37.28% | 37.92% | 37.16% | 33.23% | 34.76% | 40.72% | 43.07% | 45.03% | 44.25% | 37.17% | 39.73% | 38.97% | 35.63% | 37.19% | 33.59% | 35.06% | 36.52% | 36.2% | 34.29% | 33.33% | 32.99% | 32.92% | 33.04% | 32.81% | 32.16% | 34.17% | 33.78% | 35.1% | 34.08% | 34.2% |
| Research & Development | 114.47M | 0 | 194.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 3.61% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | -194.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.77M | 24.6M | 61.82M | 62.46M | 246.01M | 214.35M | 654M | 181.3M |
| Operating Income | 466.62M | 620M | 694.28M | 561.66M | 675.51M | 729.56M | 374.74M | 37.1M | -234.35M | -335.7M | 519.98M | 540.92M | 653.71M | 1.17B | 1.02B | 1.04B | 901.9M | 731.17M | 541.79M | 730.08M | 728.82M | 664.53M | 730.82M | 785.71M | 733.54M | 579.32M | 370.62M | 629.55M | 660.86M | 472.9M | 668.5M |
| Operating Margin % | 8.5% | 11.59% | 12.91% | 10.32% | 12.43% | 13.37% | 8.17% | 0.82% | -5.19% | -6.88% | 9.54% | 9.49% | 10.85% | 18.01% | 15.9% | 16.61% | 15.4% | 13.46% | 9.16% | 12.23% | 12.9% | 12.83% | 14.32% | 15.84% | 15.02% | 12.36% | 8.12% | 13.7% | 14.07% | 8.67% | 14.74% |
| Operating Income Growth % | - | -10.7% | 23.61% | -16.85% | -7.41% | 94.69% | 910.02% | 115.83% | 30.19% | -164.56% | -3.87% | -17.25% | -44.04% | 14.41% | -1.93% | 15.43% | 23.35% | 34.95% | -25.79% | 0.17% | 9.67% | -9.07% | -6.99% | 7.11% | 26.62% | 56.31% | -41.13% | -4.74% | 39.75% | -29.26% | 8.77% |
| EBITDA | 597.13M | 788M | 940.23M | 790.84M | 913.73M | 961.24M | 568.19M | 281.62M | 37.58M | -60.93M | 782.32M | 806.35M | 902.41M | 1.36B | 1.2B | 1.2B | 1.07B | 901M | 713.89M | 902.16M | 901.08M | 839.52M | 913.29M | 969.53M | 925.47M | 841.83M | 627.01M | 875.56M | 875.21M | 1.13B | 849.8M |
| EBITDA Margin % | 10.88% | 14.74% | 17.48% | 14.53% | 16.81% | 17.61% | 12.38% | 6.25% | 0.83% | -1.25% | 14.35% | 14.14% | 14.98% | 21.04% | 18.62% | 19.19% | 18.23% | 16.59% | 12.06% | 15.11% | 15.95% | 16.21% | 17.9% | 19.55% | 18.94% | 17.96% | 13.73% | 19.05% | 18.63% | 20.66% | 18.74% |
| EBITDA Growth % | -34.65% | -16.19% | 18.89% | -13.45% | -4.94% | 69.18% | 101.76% | 649.33% | 161.68% | -107.79% | -2.98% | -10.65% | -33.86% | 14.16% | -0.59% | 12.61% | 18.5% | 26.21% | -20.87% | 0.12% | 7.33% | -8.08% | -5.8% | 4.76% | 9.94% | 34.26% | -28.39% | 0.04% | -22.33% | 32.61% | 8.31% |
| D&A (Non-Cash Add-back) | 127.61M | 168M | 245.95M | 229.18M | 238.22M | 231.68M | 193.45M | 244.52M | 271.93M | 274.77M | 262.34M | 265.43M | 248.7M | 196.39M | 174.28M | 161.3M | 165.81M | 169.83M | 172.09M | 172.08M | 172.26M | 174.99M | 182.48M | 183.82M | 191.93M | 262.51M | 256.39M | 246.01M | 214.35M | 654M | 181.3M |
| EBIT | 622.2M | 606.1M | 741.28M | 589.19M | 637.15M | 724.7M | 375.99M | 41.39M | -232.99M | -396.03M | 497.16M | 549.18M | 666.18M | 1.18B | 1.03B | 1.05B | 911.66M | 731.89M | 569.91M | 730.08M | 728.82M | 664.53M | 730.82M | 790.48M | 758.14M | 595.02M | 386.52M | 629.55M | 660.86M | 472.9M | 668.5M |
| Net Interest Income | -102.6M | -73.7M | -67.3M | -98.55M | -123.42M | -250.43M | -194.39M | -194.88M | -175.42M | -97.44M | -85.97M | -78.04M | -71.89M | -72.95M | -81.99M | -67.24M | -56.41M | -63.76M | -56.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 20.4M | 45M | 51.48M | 25.24M | 9.4M | 3.5M | 3.94M | 6.17M | 6.46M | 7.78M | 9.14M | 7.23M | 7.38M | 5.55M | 6.84M | 8.09M | 8.43M | 8.08M | 25.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 123M | 118.7M | 118.77M | 123.79M | 132.82M | 253.94M | 198.33M | 201.04M | 181.89M | 105.21M | 95.12M | 85.27M | 79.27M | 78.5M | 88.83M | 75.33M | 64.84M | 71.84M | 81.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 32.68M | -132.6M | -46.84M | -77.83M | -145.75M | -246.96M | -185.61M | -197.53M | -182.75M | -165.55M | -117.93M | -77.01M | -66.8M | -68.97M | -75.97M | -70.43M | -55.08M | -71.12M | -53.83M | -26.68M | -45.06M | -12.48M | -34.56M | -44.86M | -112.04M | -149.31M | -145.2M | -459.38M | -201.41M | -471.7M | -131.8M |
| Pretax Income | 499.2M | 487.4M | 647.44M | 483.83M | 529.76M | 482.61M | 189.13M | -160.43M | -417.1M | -501.25M | 402.04M | 463.92M | 586.91M | 1.1B | 945.04M | 970.67M | 846.83M | 660.05M | 487.96M | 703.4M | 683.76M | 652.05M | 696.25M | 740.85M | 621.5M | 430.01M | 225.42M | 170.16M | 459.45M | 1.2M | 536.7M |
| Pretax Margin % | 9.09% | 9.11% | 12.04% | 8.89% | 9.75% | 8.84% | 4.12% | -3.56% | -9.24% | -10.27% | 7.37% | 8.14% | 9.74% | 16.95% | 14.72% | 15.49% | 14.46% | 12.15% | 8.25% | 11.78% | 12.1% | 12.59% | 13.64% | 14.94% | 12.72% | 9.17% | 4.94% | 3.7% | 9.78% | 0.02% | 11.83% |
| Income Tax | 71.85M | 89.8M | 105.63M | 269.48M | 135.85M | -420.38M | 65.55M | 58.32M | 116.2M | 553.33M | 89.13M | 94.5M | 88.04M | 195.18M | 168.58M | 202.16M | 161.96M | 131.34M | 108.33M | 103.41M | 90.83M | 235.03M | 123.53M | 203.22M | 166.46M | 119.09M | 55.25M | 61.78M | 131.19M | 179.3M | 164.5M |
| Effective Tax Rate % | 14.39% | 18.42% | 16.31% | 55.7% | 25.64% | -87.11% | 34.66% | -36.36% | -27.86% | -110.39% | 22.17% | 20.37% | 15% | 17.76% | 17.84% | 20.83% | 19.13% | 19.9% | 22.2% | 14.7% | 13.28% | 36.04% | 17.74% | 27.43% | 26.78% | 27.69% | 24.51% | 36.3% | 28.55% | 14941.67% | 30.65% |
| Net Income | 427.37M | 397.6M | 541.82M | 214.35M | 393.91M | 902.99M | 123.58M | -218.75M | -533.3M | -1.05B | 312.91M | 369.42M | 498.87M | 903.94M | 776.46M | 768.51M | 684.86M | 528.7M | 379.64M | 599.99M | 592.93M | 417.02M | 572.72M | 537.63M | 230.1M | 298.92M | -430.97M | -82.37M | 206.05M | -182.7M | 372.2M |
| Net Margin % | 7.78% | 7.44% | 10.07% | 3.94% | 7.25% | 16.55% | 2.69% | -4.86% | -11.81% | -21.6% | 5.74% | 6.48% | 8.28% | 13.94% | 12.09% | 12.26% | 11.69% | 9.74% | 6.41% | 10.05% | 10.49% | 8.05% | 11.22% | 10.84% | 4.71% | 6.38% | -9.44% | -1.79% | 4.39% | -3.35% | 8.21% |
| Net Income Growth % | -18.79% | -26.62% | 152.77% | -45.58% | -56.38% | 630.7% | 156.49% | 58.98% | 49.43% | -437.03% | -15.3% | -25.95% | -44.81% | 16.42% | 1.04% | 12.21% | 29.54% | 39.27% | -36.73% | 1.19% | 42.18% | -27.19% | 6.53% | 133.65% | -23.02% | 169.36% | -423.19% | -139.98% | 212.78% | -149.09% | 10.15% |
| Net Income (Continuing) | 427.37M | 397.6M | 541.82M | 214.35M | 393.91M | 902.99M | 123.58M | -218.75M | -533.3M | -1.05B | 312.91M | 369.42M | 498.87M | 903.94M | 776.46M | 768.51M | 684.86M | 528.7M | 379.64M | 599.99M | 592.93M | 417.02M | 572.72M | 537.63M | 455.04M | 310.92M | 170.18M | 108.39M | 328.25M | -178.1M | 372.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.25M | 0 | -601.15M | -190.76M | -122.2M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.48 | 1.24 | 1.58 | 0.60 | 1.10 | 2.53 | 0.35 | -0.62 | -1.54 | -3.07 | 0.92 | 1.08 | 1.45 | 2.58 | 2.22 | 2.18 | 1.86 | 1.45 | 1.05 | 1.54 | 1.53 | 1.01 | 1.35 | 1.22 | 0.52 | 0.68 | -1.01 | -0.21 | 0.47 | -0.52 | 1.23 |
| EPS Growth % | -12.99% | -21.52% | 163.33% | -45.45% | -56.52% | 622.86% | 156.45% | 59.74% | 49.84% | -433.7% | -14.81% | -25.52% | -43.8% | 16.22% | 1.83% | 17.2% | 28.28% | 38.1% | -31.82% | 0.65% | 51.49% | -25.19% | 10.66% | 134.62% | -23.53% | 167.33% | -380.95% | -144.68% | 190.38% | -142.28% | 10.81% |
| EPS (Basic) | - | 1.25 | 1.59 | 0.61 | 1.11 | 2.58 | 0.36 | -0.62 | -1.54 | -3.07 | 0.93 | 1.08 | 1.46 | 2.61 | 2.25 | 2.20 | 1.88 | 1.45 | 1.05 | 1.56 | 1.55 | 1.02 | 1.37 | 1.23 | 0.52 | 0.69 | -1.01 | -0.20 | 0.51 | -0.52 | 1.26 |
| Diluted Shares Outstanding | 288.9M | 318.2M | 343.34M | 357.11M | 359.61M | 357.25M | 349.12M | 346.13M | 345M | 343.6M | 344.2M | 339.7M | 340.8M | 347.5M | 346.2M | 348.4M | 364.6M | 361.5M | 363.2M | 390.61M | 386.42M | 411.04M | 423.09M | 442.23M | 441.29M | 436.17M | 426.7M | 425.28M | 388.42M | 371.54M | 296.59M |
| Basic Shares Outstanding | 288.9M | 318.2M | 340.44M | 353.59M | 353.8M | 350M | 347.46M | 346.13M | 344.06M | 343.56M | 341.5M | 339.2M | 339M | 343.4M | 341.7M | 344.7M | 360.6M | 360.1M | 360.8M | 384.45M | 382.92M | 407.4M | 419.24M | 437.02M | 435.79M | 430.98M | 426.7M | 414.19M | 388.42M | 371.54M | 289.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 165.71% | 139.43% | 103.19% | 54.69% | 54.53% | 41.18% | 42.53% | 51.32% | 70.82% | 45.39% | 42.09% | 48.07% | 32.63% | 31.87% | 9.5% | 7.23% | - | - | 47.56% | - | 17.87% |
Quick answers to the most common questions about buying MAT stock.
For fiscal year 2025, Mattel, Inc. (MAT) reported total revenue of $5.35B. This represents a 17.9% increase compared to $4.54B in 1996.
Mattel, Inc. (MAT) is profitable, generating $397.6M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Mattel, Inc. (MAT) reported an operating income of $620.0M, resulting in an operating profit margin of 11.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Mattel, Inc. (MAT) generated $2.61B in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth remains negative
Metrics are mathematically derived from official filings.
Top-Line Stagnation Amidst EPS Beat
Revenue growth remains slightly negative at -0.6% YoY despite a Q2 2026 EPS beat, suggesting margin expansion rather than top-line acceleration is driving earnings, per recent SEC filings.
The latest quarter shows a 10.5% YoY revenue increase, but this follows several quarters of declines, resulting in a mixed trajectory. The Q2 2026 beat appears driven by cost discipline rather than demand strength, as revenue growth is still negative on a trailing basis. Investors should monitor whether the maintained guidance and CEO commentary on continued Q3 growth can translate into sustained top-line improvement.
Gross Margin Resilience Amid Input Pressures
Gross margin improved to 48.2% in Q2 2026 from 50.9% a year earlier, reflecting pricing power in owned IP like Barbie and Hot Wheels, though still below the 53.1% peak in Q3 2024.
The gross margin has been volatile, ranging from 44.1% to 53.1% over the past ten quarters, indicating sensitivity to product mix and input costs. The recent uptick suggests successful mitigation of resin and freight costs, but the structural high variable cost base remains a risk. Compared to Hasbro's 70.3% gross margin, Mattel's lower margin reflects its manufacturing-heavy model, though owned IP provides some pricing power.
Operating Leverage Emerging from Cost Controls
Operating margin swung from -9.8% in Q1 2026 to 1.0% in Q2 2026, indicating that SG&A efficiency is improving, though still below the 21.9% peak in Q3 2025.
The significant improvement in operating income relative to gross profit suggests that SG&A expenses are being managed tightly, with Q2 2026 SG&A at $531.2M versus $440.5M in Q2 2025, a 20.6% increase that outpaced revenue growth. This implies that the company is investing in marketing to support brand momentum, but the operating leverage is not yet consistent. The negative operating income in Q1 2026 highlights the seasonality and fixed cost burden.
Earnings Quality Clouded by One-Time Items
Net income swung from -$18.2M in Q2 2026 to $61.0M in Q1 2026, with EPS of -$0.06 versus $0.20, suggesting volatility that may be influenced by non-operating items and tax effects.
The reported net income in Q1 2026 includes a positive swing that appears inconsistent with the operating loss, indicating potential one-time gains or tax benefits. Stock-based compensation has been consistently around $13-22M per quarter, which is a recurring expense but not a cash outflow. The negative EPS in Q2 2026 despite a positive operating income suggests significant below-the-line items, warranting further investigation into the quality of earnings.
Cost Discipline Offsets Soft Demand
COGS as a percentage of revenue declined to 51.8% in Q2 2026 from 49.1% a year earlier, while SG&A rose 20.6% YoY, indicating that cost controls are mixed across the P&L.
The gross margin improvement is partly due to lower input costs, but SG&A growth is a concern as it outpaces revenue growth, suggesting increased marketing spend to defend market share. R&D expenses are minimal, appearing only in certain quarters, which may indicate a shift toward licensing rather than internal development. The company's ability to maintain cost discipline while investing in growth will be key to margin sustainability.
Q3 2025 Peak Marks Operational High
Q3 2025 delivered the highest operating margin at 21.9% and net income of $278.4M, driven by strong demand and cost efficiencies, but subsequent quarters show a decline, indicating a potential peak.
The Q3 2025 quarter stands out as the inflection point, with revenue of $1.7B and gross margin of 50.0%, leading to record operating income. This was likely supported by the Barbie movie halo effect and successful product launches. However, the following quarters show a clear deceleration, with Q4 2025 and Q2 2026 margins falling to 9.1% and 1.0%, respectively, suggesting that the peak may have been cyclical rather than structural.
Sustainability of Margin Expansion Questioned
Despite the Q2 2026 EPS beat, revenue growth remains negative, and the margin improvement may be temporary, as evidenced by the volatile gross margins and rising SG&A, per financial statements.
Short-sellers could argue that the earnings beat is driven by cost cuts and one-time items, not sustainable demand. The gross margin is still below the 53.1% peak, and SG&A growth suggests increased promotional activity. Additionally, the negative revenue growth indicates that the company is losing market share or facing soft demand, which could lead to future markdowns and margin compression. The reliance on owned IP is a strength, but the lack of top-line growth is a red flag.