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Spin Master (TOY) investor relations material
Spin Master Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue was $734.7M, down 17% year-over-year, mainly due to lower Toy sales amid macroeconomic and tariff impacts, but market share grew in key categories and Digital Games delivered strong growth.
Net income for Q3 was $106.8M, with adjusted net income at $115.2M; adjusted EBITDA was $195.5M (margin 26.6%).
Entertainment delivered new PAW Patrol specials and greenlit its first original IP film, while Digital Games saw growth in Toca Boca and Picnic from improved monetization and partnerships.
Strategy focuses on monetizing core brands, developing new IP, expanding into adjacent categories, and maintaining innovation and executional discipline.
The company repurchased 482,362 shares for $7.9M and declared a quarterly dividend of C$0.12 per share.
Financial highlights
Toy gross product sales declined 19.5%–20% in Q3, with entertainment revenue down 11.6% and digital games revenue up 36.6%.
Revenue fell 17% year-over-year, mainly from toy declines, partially offset by strong digital games growth and $10M in partnership revenue.
Adjusted EBITDA was $195.5M, margin 26.6%, down from 31.3% year-over-year.
Free cash flow was $21.6M in Q3, down from $44.7M; operating cash flow was strong, aided by improved working capital.
Gross margin improved to 56.0% in Q3, up 300bps year-over-year.
Outlook and guidance
No formal guidance reinstated due to tariff uncertainty, but Q4 is expected to show year-over-year improvement versus Q3.
Management expects continued macroeconomic and tariff-related headwinds, but is optimistic about the holiday season and new content launches.
Adjusted SG&A anticipated to be $60M less than original plan; CapEx expected to be $40M below budget.
Tariff mitigation strategies include shifting production, pricing adjustments, and supply chain optimization.
Retailer inventories are lean, setting up a healthier industry environment for 2026.
Mitigation strategy for tariff-driven toy decline?
How will new acquisition boost Digital Games?
What are key investment areas for future returns?
M&D's 2026 growth strategy?
Future Digital Games monetization strategy?
2026 tariff impact on sales and profitability?
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Next Spin Master earnings date
Q4 202526 Feb, 2026
Next Spin Master earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Spin Master Corp. engages in the creation, design, manufacture, and marketing of children's toys, games, and entertainment products. Its products include action figures and collectibles, role play toys, radio-controlled vehicles to its portfolio of boys brands; and dolls/fashion accessories and developmental plush products for its girls brands. The company was founded by Ronnen Harary, Anton Rabie, Ben Varadi, and Johnny Vacanti on January 6, 1994 and is headquartered in Toronto, Canada.
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