Mattel Inc Financials

MAT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Mattel Inc (MAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Mattel Inc has an operating margin of 10.2%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is down from 12.9% the prior year.

Growth

Mattel Inc's revenue declined 0.6% year-over-year, from $5.4B to $5.3B. This contraction results in a growth score of 32/100.

Leverage

Mattel Inc carries a low D/E ratio of 1.04, meaning only $1.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Mattel Inc's current ratio of 2.15 indicates adequate short-term liquidity, earning a score of 39/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Mattel Inc's ROE of 17.8% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 23.9% the prior year.

Altman Z-Score Grey Zone

2.82

Mattel Inc scores 2.82, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

5/9

Mattel Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.49x

For every $1 of reported earnings, Mattel Inc generates $1.49 in operating cash flow ($593.3M OCF vs $397.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.6x

Mattel Inc earns $4.6 in operating income for every $1 of interest expense ($546.4M vs $118.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.3B

YoY-0.6%

5Y CAGR+3.1%

10Y CAGR-0.6%

Mattel Inc generated $5.3B in revenue in fiscal year 2025. This represents a decrease of 0.6% from the prior year.

EBITDA

$714.4M

YoY-17.1%

5Y CAGR+4.7%

10Y CAGR-1.2%

Mattel Inc's EBITDA was $714.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.1% from the prior year.

Net Income

$397.6M

YoY-26.6%

5Y CAGR+26.3%

10Y CAGR+0.7%

Mattel Inc reported $397.6M in net income in fiscal year 2025. This represents a decrease of 26.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.2B

YoY-10.4%

5Y CAGR+10.3%

10Y CAGR+3.4%

Mattel Inc held $1.2B in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Mattel Inc paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

302M

YoY-8.5%

5Y CAGR-2.8%

10Y CAGR-1.2%

Mattel Inc had 302M shares outstanding in fiscal year 2025. This represents a decrease of 8.5% from the prior year.

Margins & Returns

Gross Margin

48.7%

YoY-2.1pp

5Y CAGR-0.2pp

10Y CAGR-0.5pp

Mattel Inc's gross margin was 48.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.1 percentage points from the prior year.

Operating Margin

10.2%

YoY-2.7pp

5Y CAGR+2.1pp

10Y CAGR+0.7pp

Mattel Inc's operating margin was 10.2% in fiscal year 2025, reflecting core business profitability. This is down 2.7 percentage points from the prior year.

Net Margin

7.4%

YoY-2.6pp

5Y CAGR+4.7pp

10Y CAGR+1.0pp

Mattel Inc's net profit margin was 7.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.6 percentage points from the prior year.

Return on Equity

17.8%

YoY-6.1pp

5Y CAGR-2.5pp

10Y CAGR+3.7pp

Mattel Inc's ROE was 17.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$227.4M

YoY+17.2%

5Y CAGR+3.7%

10Y CAGR+0.4%

Mattel Inc invested $227.4M in research and development in fiscal year 2025. This represents an increase of 17.2% from the prior year.

Share Buybacks

$600.0M

YoY+50.0%

Mattel Inc spent $600.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 50.0% from the prior year.

Capital Expenditures

N/A

MAT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.3B-0.6%	$5.4B-1.1%	$5.4B+0.1%	$5.4B-0.4%	$5.5B+18.9%	$4.6B
Cost of Revenue	$2.7B+3.6%	$2.6B-7.4%	$2.9B-3.2%	$3.0B+4.3%	$2.8B+20.7%	$2.3B
Gross Profit	$2.6B-4.7%	$2.7B+5.8%	$2.6B+4.1%	$2.5B-5.5%	$2.6B+17.1%	$2.2B
R&D Expenses	$227.4M+17.2%	$194.1M-2.3%	$198.6M+1.6%	$195.5M+3.2%	$189.4M-0.1%	$189.5M
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$546.4M-21.3%	$694.3M+23.6%	$561.7M-16.9%	$675.5M-7.4%	$729.6M+94.7%	$374.7M
Interest Expense	$118.7M-0.1%	$118.8M-4.0%	$123.8M-6.8%	$132.8M-47.7%	$253.9M+28.0%	$198.3M
Income Tax	$89.8M-15.0%	$105.6M-60.8%	$269.5M+98.4%	$135.9M+132.3%	-$420.4M-741.3%	$65.5M
Net Income	$397.6M-26.6%	$541.8M+152.8%	$214.4M-45.6%	$393.9M-56.4%	$903.0M+630.7%	$123.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.8B+1.8%	$1.7B+70.4%	$1.0B+23.2%	$826.6M-49.8%	$1.6B-10.7%	$1.8B+70.8%	$1.1B+33.4%	$809.5M
Cost of Revenue	$956.1M+10.2%	$867.7M+73.7%	$499.6M+19.4%	$418.5M-48.4%	$810.9M-6.2%	$864.9M+57.5%	$549.0M+30.5%	$420.6M
Gross Profit	$810.4M-6.7%	$868.3M+67.3%	$519.0M+27.2%	$408.1M-51.2%	$835.5M-14.7%	$979.0M+84.5%	$530.7M+36.5%	$388.9M
R&D Expenses	$76.7M+40.7%	$54.5M+10.4%	$49.4M+5.5%	$46.8M-10.4%	$52.2M+11.4%	$46.8M-1.2%	$47.4M-0.4%	$47.6M
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$141.1M-62.9%	$379.8M+383.9%	$78.5M+248.2%	-$53.0M-133.5%	$158.3M-67.6%	$488.3M+486.9%	$83.2M+334.3%	-$35.5M
Interest Expense	$30.7M+4.3%	$29.4M+0.2%	$29.4M+0.4%	$29.2M-0.4%	$29.4M0.0%	$29.4M-2.0%	$30.0M-0.2%	$30.1M
Income Tax	$17.2M-80.2%	$86.9M+436.0%	$16.2M+153.0%	-$30.6M-381.2%	$10.9M-89.8%	$106.3M+1056.5%	$9.2M+144.2%	-$20.8M
Net Income	$106.2M-61.9%	$278.4M+421.7%	$53.4M+232.3%	-$40.3M-128.6%	$140.9M-62.2%	$372.4M+554.9%	$56.9M+301.1%	-$28.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MAT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.6B+1.5%	$6.5B+1.7%	$6.4B+4.2%	$6.2B-3.4%	$6.4B+15.5%	$5.5B
Current Assets	$3.1B+0.1%	$3.1B+0.1%	$3.1B+14.4%	$2.7B-5.1%	$2.9B+15.1%	$2.5B
Cash & Equivalents	$1.2B-10.4%	$1.4B+10.0%	$1.3B+65.7%	$761.2M+4.1%	$731.4M-4.0%	$762.2M
Inventory	$563.1M+12.2%	$501.7M-12.2%	$571.6M-36.1%	$894.1M+15.0%	$777.2M+47.1%	$528.5M
Accounts Receivable	$1.1B+9.4%	$1.0B-7.3%	$1.1B+25.8%	$860.2M-19.8%	$1.1B+3.7%	$1.0B
Goodwill	$1.4B+0.6%	$1.4B-0.2%	$1.4B+0.4%	$1.4B-0.8%	$1.4B-0.3%	$1.4B
Total Liabilities	$4.4B+3.0%	$4.3B-0.2%	$4.3B+4.0%	$4.1B-14.6%	$4.8B-2.0%	$4.9B
Current Liabilities	$1.5B+10.8%	$1.3B-2.0%	$1.3B+13.0%	$1.2B-25.7%	$1.6B+17.9%	$1.4B
Long-Term Debt	$2.3B-0.1%	$2.3B+0.2%	$2.3B+0.2%	$2.3B-9.5%	$2.6B-9.9%	$2.9B
Total Equity	$2.2B-1.4%	$2.3B+5.3%	$2.1B+4.5%	$2.1B+31.1%	$1.6B+157.1%	$610.1M
Retained Earnings	$4.0B+11.0%	$3.6B+17.7%	$3.1B+7.5%	$2.8B+15.9%	$2.5B+58.1%	$1.6B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$6.6B+0.7%	$6.6B+5.5%	$6.2B+0.7%	$6.2B-5.2%	$6.5B+0.5%	$6.5B+10.3%	$5.9B-2.6%	$6.1B
Current Assets	$3.1B-0.8%	$3.2B+12.7%	$2.8B+0.4%	$2.8B-10.9%	$3.1B-1.7%	$3.2B+22.1%	$2.6B-4.8%	$2.7B
Cash & Equivalents	$1.2B+79.6%	$691.9M-20.5%	$870.5M-30.0%	$1.2B-10.4%	$1.4B+91.8%	$723.5M+0.2%	$722.4M-36.1%	$1.1B
Inventory	$563.1M-31.9%	$826.6M-4.8%	$867.9M+31.8%	$658.4M+31.2%	$501.7M-31.9%	$737.2M-5.1%	$776.9M+16.1%	$669.3M
Accounts Receivable	$1.1B-21.1%	$1.4B+75.4%	$792.5M+25.1%	$633.3M-36.9%	$1.0B-32.1%	$1.5B+76.0%	$839.4M+24.7%	$673.3M
Goodwill	$1.4B0.0%	$1.4B-0.2%	$1.4B+0.5%	$1.4B+0.2%	$1.4B-0.5%	$1.4B+0.4%	$1.4B0.0%	$1.4B
Total Liabilities	$4.4B+1.7%	$4.3B+6.3%	$4.1B0.0%	$4.1B-4.7%	$4.3B+1.9%	$4.2B+6.8%	$3.9B-2.7%	$4.0B
Current Liabilities	$1.5B-26.2%	$2.0B+14.4%	$1.7B+50.5%	$1.1B-12.8%	$1.3B+1.3%	$1.3B+28.4%	$1.0B-8.0%	$1.1B
Long-Term Debt	$2.3B+34.1%	$1.7B0.0%	$1.7B-25.6%	$2.3B0.0%	$2.3B0.0%	$2.3B0.0%	$2.3B0.0%	$2.3B
Total Equity	$2.2B-1.2%	$2.3B+4.1%	$2.2B+2.0%	$2.1B-5.9%	$2.3B-2.1%	$2.3B+17.2%	$2.0B-2.6%	$2.0B
Retained Earnings	$4.0B+2.7%	$3.9B+7.7%	$3.6B+1.5%	$3.6B-1.1%	$3.6B+4.1%	$3.5B+12.0%	$3.1B+1.9%	$3.0B

MAT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$593.3M-25.9%	$800.6M-8.0%	$869.8M+96.4%	$442.8M-8.8%	$485.5M+69.9%	$285.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$154.9M+18.0%	-$189.0M-32.7%	-$142.4M+1.3%	-$144.2M-37.2%	-$105.1M+20.4%	-$132.1M
Financing Cash Flow	-$620.6M-38.1%	-$449.4M-98.3%	-$226.6M+13.1%	-$260.6M+35.2%	-$402.1M-6782.5%	-$5.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$600.0M+50.0%	$400.0M+97.0%	$203.0M	$0	$0	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$796.6M+1006.8%	$72.0M+124.0%	-$300.1M-1309.3%	$24.8M-97.1%	$862.1M+453.3%	$155.8M+161.6%	-$252.9M-812.5%	$35.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$57.4M-33.8%	-$42.9M-84.5%	-$23.3M+25.7%	-$31.3M+16.0%	-$37.3M+52.8%	-$79.0M-78.6%	-$44.3M-55.7%	-$28.4M
Financing Cash Flow	-$194.3M+4.7%	-$203.9M-237.1%	-$60.5M+62.7%	-$161.9M-19.8%	-$135.1M-82.1%	-$74.2M+31.7%	-$108.7M+17.2%	-$131.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$187.5M-7.4%	$202.5M+304.9%	$50.0M-68.8%	$160.0M+21.5%	$131.7M+92.8%	$68.3M-31.7%	$100.0M0.0%	$100.0M

MAT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	48.7%-2.1pp	50.8%+3.3pp	47.5%+1.8pp	45.7%-2.5pp	48.1%-0.8pp	48.9%
Operating Margin	10.2%-2.7pp	12.9%+2.6pp	10.3%-2.1pp	12.4%-0.9pp	13.4%+5.2pp	8.2%
Net Margin	7.4%-2.6pp	10.1%+6.1pp	3.9%-3.3pp	7.2%-9.3pp	16.6%+13.9pp	2.7%
Return on Equity	17.8%-6.1pp	23.9%+14.0pp	10.0%-9.2pp	19.2%-38.4pp	57.6%+37.3pp	20.3%
Return on Assets	6.0%-2.3pp	8.3%+4.9pp	3.3%-3.0pp	6.4%-7.7pp	14.1%+11.9pp	2.2%
Current Ratio	2.15-0.2	2.38+0.1	2.33+0.0	2.30+0.5	1.80-0.0	1.84
Debt-to-Equity	1.04+0.0	1.03-0.1	1.08-0.0	1.13-0.5	1.64-3.0	4.68
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	45.9%-4.1pp	50.0%-0.9pp	50.9%+1.6pp	49.4%-1.4pp	50.7%-2.4pp	53.1%+3.9pp	49.1%+1.1pp	48.0%
Operating Margin	8.0%-13.9pp	21.9%+14.2pp	7.7%+14.1pp	-6.4%-16.0pp	9.6%-16.9pp	26.5%+18.8pp	7.7%+12.1pp	-4.4%
Net Margin	6.0%-10.0pp	16.0%+10.8pp	5.2%+10.1pp	-4.9%-13.4pp	8.6%-11.6pp	20.2%+14.9pp	5.3%+8.8pp	-3.5%
Return on Equity	4.8%-7.5pp	12.3%+9.8pp	2.5%+4.3pp	-1.9%-8.1pp	6.2%-9.9pp	16.1%+13.2pp	2.9%+4.3pp	-1.4%
Return on Assets	1.6%-2.6pp	4.2%+3.4pp	0.9%+1.5pp	-0.7%-2.8pp	2.1%-3.6pp	5.7%+4.8pp	1.0%+1.4pp	-0.5%
Current Ratio	2.15+0.5	1.60-0.0	1.62-0.8	2.43+0.1	2.38-0.1	2.45-0.1	2.58+0.1	2.49
Debt-to-Equity	1.04+0.3	0.77-0.0	0.80-0.3	1.10+0.1	1.03+0.0	1.01-0.2	1.18+0.0	1.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Mattel Inc's annual revenue?

Mattel Inc (MAT) reported $5.3B in total revenue for fiscal year 2025. This represents a -0.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mattel Inc's revenue growing?

Mattel Inc (MAT) revenue declined by 0.6% year-over-year, from $5.4B to $5.3B in fiscal year 2025.

Is Mattel Inc profitable?

Yes, Mattel Inc (MAT) reported a net income of $397.6M in fiscal year 2025, with a net profit margin of 7.4%.

What is Mattel Inc's EBITDA?

Mattel Inc (MAT) had EBITDA of $714.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Mattel Inc have?

As of fiscal year 2025, Mattel Inc (MAT) had $1.2B in cash and equivalents against $2.3B in long-term debt.

What is Mattel Inc's gross margin?

Mattel Inc (MAT) had a gross margin of 48.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Mattel Inc's operating margin?

Mattel Inc (MAT) had an operating margin of 10.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Mattel Inc's net profit margin?

Mattel Inc (MAT) had a net profit margin of 7.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Mattel Inc's return on equity (ROE)?

Mattel Inc (MAT) has a return on equity of 17.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mattel Inc's operating cash flow?

Mattel Inc (MAT) generated $593.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mattel Inc's total assets?

Mattel Inc (MAT) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Mattel Inc spend on research and development?

Mattel Inc (MAT) invested $227.4M in research and development during fiscal year 2025.

Does Mattel Inc buy back shares?

Yes, Mattel Inc (MAT) spent $600.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Mattel Inc have outstanding?

Mattel Inc (MAT) had 302M shares outstanding as of fiscal year 2025.

What is Mattel Inc's current ratio?

Mattel Inc (MAT) had a current ratio of 2.15 as of fiscal year 2025, which is generally considered healthy.

What is Mattel Inc's debt-to-equity ratio?

Mattel Inc (MAT) had a debt-to-equity ratio of 1.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mattel Inc's return on assets (ROA)?

Mattel Inc (MAT) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mattel Inc's Altman Z-Score?

Mattel Inc (MAT) has an Altman Z-Score of 2.82, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Mattel Inc's Piotroski F-Score?

Mattel Inc (MAT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mattel Inc's earnings high quality?

Mattel Inc (MAT) has an earnings quality ratio of 1.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mattel Inc cover its interest payments?

Mattel Inc (MAT) has an interest coverage ratio of 4.6x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Mattel Inc?

Mattel Inc (MAT) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.