Mattel (MAT) financial statements
Mattel reported revenue of $5.3B in fiscal 2025, down 0.2% a year over 9 years.
Net income was $398M and the operating margin 10.2%, against 9.5% in 2016.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Mattel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B | $4.9B | $4.5B | $4.5B | $4.6B | $5.5B | $5.4B | $5.4B | $5.4B | $5.3B |
| Cost of revenue | $2.9B | $3.1B | $2.7B | $2.5B | $2.3B | $2.8B | $3.0B | $2.9B | $2.6B | $2.7B |
| Gross profit | $2.5B | $1.8B | $1.8B | $2.0B | $2.2B | $2.6B | $2.5B | $2.6B | $2.7B | $2.6B |
| Research and development | $215M | $225M | $205M | $197M | $189M | $189M | $195M | $199M | $194M | $227M |
| Operating income | $520M | -$336M | -$234M | $37M | $375M | $730M | $676M | $562M | $694M | $546M |
| Interest expense | $95M | $105M | $182M | $201M | $198M | $254M | $133M | $124M | $119M | $119M |
| Pre-tax income | $402M | -$501M | -$415M | -$160M | $178M | $471M | $504M | $465M | $623M | $459M |
| Income tax | $89M | $553M | $116M | $58M | $66M | -$420M | $136M | $269M | $106M | $90M |
| Net income | $313M | -$1.1B | -$533M | -$219M | $124M | $903M | $394M | $214M | $542M | $398M |
| EPS (diluted) | $0.91 | -$3.07 | -$1.55 | -$0.63 | $0.35 | $2.53 | $1.10 | $0.60 | $1.58 | $1.24 |
| Diluted shares | 344M | 344M | 345M | 346M | 349M | 357M | 360M | 357M | 343M | 322M |
| Gross margin | 46.7% | 37.4% | 39.8% | 43.9% | 48.9% | 48.1% | 45.7% | 47.5% | 50.8% | 48.7% |
| Operating margin | 9.5% | -6.9% | -5.2% | 0.8% | 8.2% | 13.4% | 12.4% | 10.3% | 12.9% | 10.2% |
| Net margin | 5.7% | -21.6% | -11.8% | -4.9% | 2.7% | 16.5% | 7.2% | 3.9% | 10.1% | 7.4% |
Balance sheet
Fiscal years, from Mattel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $870M | $1.1B | $594M | $630M | $762M | $731M | $761M | $1.3B | $1.4B | $1.2B |
| Receivables | $1.1B | $1.1B | $970M | $936M | $1.0B | $1.1B | $860M | $1.1B | $1.0B | $1.1B |
| Inventory | $614M | $601M | $543M | $496M | $528M | $777M | $894M | $572M | $502M | $563M |
| Total current assets | $2.9B | $3.1B | $2.3B | $2.2B | $2.5B | $2.9B | $2.7B | $3.1B | $3.1B | $3.1B |
| Property, plant and equipment | $774M | $785M | $658M | $550M | $474M | $456M | $469M | $466M | $516M | $590M |
| Goodwill | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B |
| Total assets | $6.5B | $6.2B | $5.2B | $5.3B | $5.5B | $6.4B | $6.2B | $6.4B | $6.5B | $6.6B |
| Total current liabilities | $1.5B | $1.6B | $1.2B | $1.3B | $1.4B | $1.6B | $1.2B | $1.3B | $1.3B | $1.5B |
| Long-term debt | $2.1B | $2.9B | $2.9B | $2.8B | $2.9B | $2.6B | $2.3B | $2.3B | $2.3B | $2.3B |
| Total liabilities | $4.1B | $5.0B | $4.5B | $4.8B | $4.9B | $4.8B | $4.1B | $4.3B | $4.3B | $4.4B |
| Shareholders' equity | $2.4B | $1.3B | $689M | $509M | $610M | $1.6B | $2.1B | $2.1B | $2.3B | $2.2B |
| Net debt | $1.3B | $2.0B | $2.3B | $2.2B | $2.1B | $1.8B | $1.6B | $1.1B | $946M | $1.1B |
Cash flow
Fiscal years, from Mattel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $595M | -$28M | -$27M | $168M | $286M | $485M | $443M | $870M | $801M | $593M |
| Capital spending | $140M | $129M | $75M | — | — | — | — | — | — | — |
| Free cash flow | $454M | -$157M | -$102M | — | — | — | — | — | — | — |
| Stock-based compensation | $54M | $67M | $49M | $56M | $60M | $60M | $69M | $83M | $79M | $80M |
| Dividends paid | $519M | $312M | $0 | $0 | — | — | — | — | — | — |
| Share buybacks (net) | $0 | — | — | — | — | $0 | $0 | -$203M | -$400M | -$600M |
| Net borrowing | $50M | $989M | -$274M | -$24M | $969,000 | -$392M | -$250M | $0 | $0 | -$8M |
| Free cash flow margin | 8.3% | -3.2% | -2.3% | — | — | — | — | — | — | — |
| Dividends per share | $1.51 | $0.91 | — | — | — | — | — | — | — | — |
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What was Mattel's revenue in 2025?
$5.3B in fiscal 2025, from its 10-K filing.
From Mattel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.