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Mattel (MAT) investor relations material
Mattel Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Net sales for Q3 2025 were $1.74B, down 6% year-over-year, with international growth offsetting US declines due to retailer order shifts and industry-wide changes.
Adjusted gross margin declined to 50.2% (down 290 bps), with net income at $278M (down 25%) and adjusted EPS at $0.89 (down $0.25).
Orders from US retailers accelerated at the start of Q4, supporting a positive holiday outlook and strong POS growth in all regions.
New product launches, expanded digital gaming, and major licensing agreements (Disney Princess/Frozen, K-Pop Demon Hunters) were announced.
Share repurchases totaled $412M YTD, with a $600M full-year target, and cost savings of $65M YTD under the OPG program.
Financial highlights
Q3 net sales: $1.74B (-6% YoY); gross margin: 50.0% (down 310 bps); adjusted gross margin: 50.2% (down 290 bps).
Adjusted operating income: $387M (down $117M); adjusted EBITDA: $466M (down $118M); net income: $278M (down 25%).
Vehicles category grew 6–8%, challenger categories up 9–11%, while Dolls declined 11–12% and Infant/Toddler/Preschool dropped 26–31%.
International gross billings rose 2–5% in constant currency; North America declined 10–12%.
Free cash flow (TTM): $488M, down from $688M prior year; cash balance: ~$692M; total debt: $2.34B.
Outlook and guidance
Full-year 2025 guidance reiterated: net sales growth of 1–3% in constant currency, adjusted gross margin ~50%, adjusted operating income $700–$750M, adjusted EPS $1.54–$1.66, and free cash flow ~$500M.
$600M share repurchase target for 2025 maintained.
Guidance assumes current trends continue and is subject to market volatility, regulatory actions, and macroeconomic risks.
OPG cost savings program targets $200M annual gross savings by 2026, with 60% to cost of sales.
Liquidity expected to be sufficient for the next twelve months and long-term obligations.
Impact of increased cash usage on 2025 FCF target?
North America sales recovery outlook for Q4?
Strategy to reverse Dolls/Infant category declines?
When will retailer ordering patterns normalize?
When does Barbie return to sustainable growth?
Update on self-published digital games strategy
Quantify Q4 sales growth from retailer restocking
Detail Fisher-Price new products/distribution
Detail 'Optimizing for Profitable Growth' savings areas
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Q4 20253 Feb, 2026
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Frequently asked questions
The Company Behind Barbie
Mattel, Inc. is an American toy company with global operations, most known for its iconic Barbie dolls. These dolls have become some of the most popular children's toys of all time, seeing continuous success since their introduction during the late 1950s. Besides Barbie, the company also produces a variety of other toys and games. Mattel is headquartered in El Segundo, California, and its shares are listed on the Nasdaq.
The Story of Barbie and Mattel
The story of Barbie begins with Ruth Handler, who co-founded Mattel, Inc. with her husband, Elliot, and their business partner, Harold "Matt" Matson, in 1945. The inspiration for Barbie came to Ruth in the late 1950s when she noticed her daughter, Barbara, playing with paper dolls and imagining them in adult roles during a time when most children's dolls were representations of infants. Ruth envisioned a doll that could project an adult or teenage girl's future self, offering an opportunity for play in which children could envision themselves in adult roles.
While on a trip to Europe in 1956, Ruth encountered a German doll named Bild Lilli, which was unlike any doll she had seen in the United States. Bild Lilli was based on a popular comic strip character and was marketed as an adult novelty item, but Ruth saw potential in adapting a similar concept for children. She bought three of them: one for her daughter and two for study back home.
Ruth's idea faced skepticism within Mattel, as well as from bankers who doubted its market potential. However, she persisted, and with the help of engineer Jack Ryan, Mattel developed the Barbie doll, named after Ruth's daughter, Barbara. Barbie made her debut at the American International Toy Fair in New York on March 9, 1959 (considered Barbie's official birthday). The first Barbie doll wore a black-and-white striped swimsuit and had her hair in a ponytail. She was marketed as a "Teen-age Fashion Model," and her clothing was created by Mattel fashion designer Charlotte Johnson. The initial reception was lukewarm, but Barbie's popularity soared after Mattel launched a television advertising campaign, a novel strategy for toy marketing at the time.
Expanding the Barbie Line
Barbie's success led to an expansive product line, including a variety of dolls with different identities, professions, and backgrounds, as well as an extensive range of accessories, playsets, and vehicles Over the decades, Barbie has become a cultural icon, and Mattel has continuously updated the dolls and launched a massive amount of different models.
Not Just Barbie
Besides Barbie, which is the main IP and what Mattel is most known for, the company also owns and produces other toys. One of the most recognizable lines of toys is Hot Wheels, small collectible cars that can be raced around purpose-built tracks. The company also owns the popular Uno card game, operates a number of subsidiaries, and has licensing agreements with Disney and World Wrestling Entertainment.
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