MATTEL INC /DE/
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
MAT$15.35+2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001628280-25-036429
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001628280-25-047161
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 176 previous paragraphs and 171 current paragraphs.
77 unchanged; 56 reworded; 35 added; 42 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
Results of Operations—Third Quarter
Current report
Vehicles gross billings increased 8%, primarily due to higher billings of Hot Wheels products.
Current report
Interest income was $9.0 million in the third quarter of 2025, relatively flat as compared to $9.8 million in the third quarter of 2024.
Current report
Net sales for the North America segment in the third quarter of 2025 were $978.1 million, a decrease of $130.2 million, or 12%, as compared to $1.11 billion in the third quarter of 2024. The decrease in net sales was primarily due to a decrease in gross billings of $124.4 million.
Current report
Vehicles gross billings decreased 4%, primarily due to lower billings of Hot Wheels products.
Current report
Sales adjustments increased to $81.8 million in the third quarter of 2025 from $76.0 million in the third quarter of 2024. Sales adjustments as a percentage of net sales increased to 8.4% in the third quarter of 2025 from 6.9% in the third quarter of 2024, primarily due to increased promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Current report
Cost of sales decreased by $47.3 million, or 9%, to $487.5 million in the third quarter of 2025 from $534.8 million in the third quarter of 2024, primarily due to a decrease in product and other costs of $48.2 million.
Current report
Gross margin decreased to 50.2% in the third quarter of 2025 from 51.7% in the third quarter of 2024. The decrease in gross margin was primarily due to tariff costs of 180 basis points, cost inflation of 110 basis points, and higher sales adjustments of 70 basis points, partially offset by incremental realized savings from the OPG program of 90 basis points, and other factors of 120 basis points.
Current report
Vehicles gross billings increased 20%, primarily due to higher billings of Hot Wheels products.
Current report
Sales adjustments increased to $149.0 million in the third quarter of 2025 from $131.2 million in the third quarter of 2024. Sales adjustments as a percentage of net sales increased to 19.7% in the third quarter of 2025, as compared to 17.8% in the third quarter of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to increased promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Current report
Results of Operations—First Nine Months
Current report
Net sales in the first nine months of 2025 were $3.58 billion, a decrease of $152.0 million, or 4%, as compared to $3.73 billion in the first nine months of 2024. The decrease in net sales was due to a decrease in gross billings of $110.0 million and an increase in sales adjustments of $42.0 million.
Current report
Gross billings were $4.04 billion in the first nine months of 2025, a decrease of $110.0 million, or 3%, as compared to $4.15 billion in the first nine months of 2024. The decrease in gross billings was primarily due to lower billings of Dolls and Infant, Toddler, and Preschool products, partially offset by higher billings of Action Figures, Building Sets, Games, and Other and Vehicles products.
Current report
Infant, Toddler, and Preschool gross billings decreased 21%, of which 12% was due to lower billings of Fisher-Price products, 5% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 4% was due to lower billings of Preschool Entertainment products.
Current report
Vehicles gross billings increased 8%, primarily due to higher billings of Hot Wheels products.
Current report
Interest expense was $88.0 million in the first nine months of 2025, relatively flat as compared to $89.4 million in the first nine months of 2024.
Current report
Interest income was $37.3 million in the first nine months of 2025, relatively flat as compared to $39.5 million in the first nine months of 2024.
Current report
Provision for Income Taxes
Current report
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the North America segment for the first nine months of 2025 and 2024:
Current report
Net sales for the North America segment in the first nine months of 2025 were $1.98 billion, a decrease of $212.3 million, or 10%, as compared to $2.19 billion in the first nine months of 2024. The decrease in net sales was primarily due to a decrease in gross billings of $204.2 million.
Current report
Dolls gross billings decreased 12%, primarily due to lower billings of Barbie products.
Current report
Infant, Toddler, and Preschool gross billings decreased 27%, of which 14% was due to lower billings of Fisher-Price products, 7% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 5% was due to lower billings of Preschool Entertainment products.
Current report
Vehicles gross billings decreased 1%, primarily due to lower billings of Hot Wheels products.
Current report
Sales adjustments increased to $153.1 million in the first nine months of 2025 from $145.0 million in the first nine months of 2024. Sales adjustments as a percentage of net sales increased to 7.7% for the first nine months of 2025, as compared to 6.6% for the first nine months of 2024, primarily due to increased promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Current report
Cost of sales decreased by $102.2 million, or 9%, to $1.01 billion in the first nine months of 2025 from $1.11 billion in the first nine months of 2024, primarily due to a decrease in product and other costs of $101.0 million.
Current report
Gross margin in the first nine months of 2025 decreased to 49.0% from 49.3% in the first nine months of 2024, primarily due to cost inflation of 100 basis points, tariff costs of 100 basis points, and higher sales adjustments of 50 basis points, partially offset by incremental realized savings from the OPG program of 100 basis points, lower inventory management costs of 50 basis points, due to lower close-out sales and inventory obsolescence, and other factors of 70 basis points.
Current report
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the International segment for the first nine months of 2025 and 2024:
Current report
Net sales for the International segment in the first nine months of 2025 were $1.60 billion, an increase of $60.3 million, or 4%, as compared to $1.54 billion in the first nine months of 2024. The increase in net sales was due to an increase in gross billings of $94.2 million, partially offset by an increase in sales adjustments of $33.9 million.
Current report
Gross billings for the International segment were $1.91 billion in the first nine months of 2025, an increase of $94.2 million, or 5%, as compared to $1.81 billion in the first nine months of 2024. The increase in gross billings was due to higher billings of Vehicles and Action Figures, Building Sets, Games, and Other products, partially offset by lower billings of Dolls and Infant, Toddler, and Preschool products.
Current report
Infant, Toddler, and Preschool gross billings decreased 12%, of which 8% was due to lower billings of Fisher-Price products, 2% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 2% was due to lower billings of Preschool Entertainment products.
Current report
Sales adjustments increased to $307.1 million in the first nine months of 2025 from $273.2 million in the first nine months of 2024. Sales adjustments as a percentage of net sales increased to 19.2% for the first nine months of 2025, as compared to 17.7% for the first nine months of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to increased promotional activities.
Current report
Cost of sales increased by $8.8 million, or 1%, to $796.4 million in the first nine months of 2025 from $787.5 million in the first nine months of 2024, primarily due to an increase in royalty expense of $12.9 million.
Current report
Gross margin increased to 50.3% in the first nine months of 2025 from 48.9% in the first nine months of 2024, primarily due to incremental realized savings from the OPG program of 90 basis points, lower inventory management costs of 70 basis points, due to lower close-out sales and inventory obsolescence, and other factors of 140 basis points, partially offset by cost inflation of 110 basis points and higher sales adjustments of 50 basis points.
Current report
Cash flows used for investing activities were $97.5 million in the first nine months of 2025, as compared to $151.7 million in the first nine months of 2024. The decrease in cash flows used for investing activities was primarily due to a decrease in purchases of other property, plant, and equipment of $33.7 million, which included the purchase of an office building for $58.8 million in July 2024.
Current report
Accounts payable and accrued liabilities increased $44.9 million to $1.32 billion at September 30, 2025 from $1.28 billion at December 31, 2024, primarily due to an increase in accounts payable of $93.9 million, an increase in interest payable of $27.0 million, an increase in other accrued liabilities of $22.7 million, and an increase in derivative liabilities of $19.7 million, partially offset by lower accrued incentive compensation of $95.7 million, including the timing of incentive compensation payments and lower accrued advertising of $46.1 million. Accounts payable and accrued liabilities increased $80.2 million to $1.32 billion at September 30, 2025 from $1.24 billion at September 30, 2024, primarily due to an increase in accounts payable of $53.6 million, other accrued liabilities of $33.9 million, and derivative liabilities of $12.8 million, partially offset by lower accrued incentive compensation of $42.2 million.
Removed paragraphs (42)
Previous report
On July 4, 2025, H.R.1- the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA contains significant provisions, including the permanent extension or restoration of certain expiring corporate income tax provisions, originally introduced by the Tax Cuts and Jobs Act of 2017, and incremental modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective for the tax year beginning after December 31, 2024, and others effective for tax years beginning after December 31, 2025. Mattel is currently evaluating the provisions of the OBBBA to determine the impact on its consolidated financial statements. The effects of the OBBBA will be recorded in the third quarter of 2025, as a change in tax law is accounted for in the period of enactment.
Previous report
Results of Operations—Second Quarter
Previous report
Gross billings were $1.15 billion in the second quarter of 2025, a decrease of $50.9 million, or 4%, as compared to $1.20 billion in the second quarter of 2024. The decrease in gross billings was primarily due to lower billings of Dolls and Infant, Toddler, and Preschool products, partially offset by higher billings of Vehicles and Action Figures, Building Sets, Games, and Other products.
Previous report
Dolls gross billings decreased 19%, of which 16% was due to lower billings of Barbie products and 2% was due to lower billings of Monster High products.
Previous report
Vehicles gross billings increased 10%, primarily due to higher billings of Hot Wheels products.
Previous report
Interest income was $12.4 million in the second quarter of 2025, flat as compared to $12.4 million in the second quarter of 2024.
Previous report
Net sales for the North America segment in the second quarter of 2025 were $510.8 million, a decrease of $95.7 million, or 16%, as compared to $606.5 million in the second quarter of 2024. The decrease in net sales was primarily due to a decrease in gross billings of $99.3 million.
Previous report
Vehicles gross billings increased 5%, of which 2% was due to higher billings of Hot Wheels products and 1% was due to higher billings of Cars (Disney Pixar) products.
Previous report
Action Figures, Building Sets, Games, and Other gross billings decreased 2%, of which 11% was due to lower billings of Building Sets products and 4% was due to lower billings of Games products, partially offset by higher billings of Action Figures products of 14%, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025.
Previous report
Sales adjustments decreased to $36.7 million in the second quarter of 2025 from $40.4 million in the second quarter of 2024. Sales adjustments as a percentage of net sales were relatively consistent at 7.2% in the second quarter of 2025, as compared to 6.7% in the second quarter of 2024.
Previous report
Cost of sales decreased by $54.1 million, or 17%, to $265.7 million in the second quarter of 2025 from $319.8 million in the second quarter of 2024, primarily due to a decrease in product and other costs of $49.1 million.
Previous report
Sales adjustments increased to $95.2 million in the second quarter of 2025 from $81.2 million in the second quarter of 2024. Sales adjustments as a percentage of net sales increased to 18.7% in the second quarter of 2025, as compared to 17.2% in the second quarter of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to higher promotional activities.
Previous report
Cost of sales were relatively consistent at $245.0 million in the second quarter of 2025, as compared to $247.9 million in the second quarter of 2024.
Previous report
Gross margin increased to 51.7% in the second quarter of 2025 from 47.6% in the second quarter of 2024. The increase in gross margin was primarily due to favorable changes in foreign currency exchange rates of 190 basis points, favorable mix and other factors of 150 basis points, incremental realized savings from the OPG program of 110 basis points, and lower inventory management costs of 90 basis points, including lower close-out sales and inventory obsolescence, partially offset by cost inflation of 130 basis points.
Previous report
Results of Operations—First Half
Previous report
N/M - not meaningful
Previous report
Net sales in the first half of 2025 were $1.85 billion, a decrease of $44.0 million, or 2%, as compared to $1.89 billion in the first half of 2024. The decrease in net sales was due to a decrease in gross billings of $25.6 million and an increase in sales adjustments of $18.4 million.
Previous report
Dolls gross billings decreased 11%, primarily due to lower billings of Barbie products.
Previous report
Infant, Toddler, and Preschool gross billings decreased 17%, of which 10% was due to lower billings of Fisher-Price products and 7% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Previous report
Vehicles gross billings increased 7%, primarily due to higher billings of Hot Wheels products.
Previous report
Action Figures, Building Sets, Games, and Other gross billings increased 15%, of which 23% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 8%.
Previous report
Gross margin increased to 50.2% in the first half of 2025 from 48.7% in the first half of 2024. The increase in gross margin was primarily due to incremental realized savings from the OPG program of 120 basis points, lower inventory management costs of 90 basis points, driven by lower close-out sales and inventory obsolescence, and favorable mix and other factors of 40 basis points, partially offset by cost inflation of 100 basis points.
Previous report
Interest expense was $58.6 million in the first half of 2025, relatively flat as compared to $60.0 million in the first half of 2024.
Previous report
Interest income was $28.3 million in the first half of 2025, relatively flat as compared to $29.7 million in the first half of 2024.
Previous report
Benefit from Income Taxes
Previous report
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the North America segment for the first half of 2025 and 2024:
Previous report
Net sales for the North America segment in the first half of 2025 were $1.00 billion, a decrease of $82.1 million, or 8%, as compared to $1.08 billion in the first half of 2024. The decrease in net sales was primarily due to a decrease in gross billings of $79.8 million.
Previous report
Gross billings for the North America segment were $1.07 billion in the first half of 2025, a decrease of $79.8 million, or 7%, as compared to $1.15 billion in the first half of 2024. The decrease in gross billings was primarily due to lower billings of Dolls and Infant, Toddler, and Preschool products, partially offset by higher billings of Action Figures, Building Sets, Games, and Other and Vehicles products.
Previous report
Dolls gross billings decreased 14%, primarily due to lower billings of Barbie products.
Previous report
Infant, Toddler, and Preschool gross billings decreased 22%, of which 11% was due to lower billings of Fisher-Price products and 11% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Previous report
Vehicles gross billings increased 2%, of which 1% was due to higher billings of Cars (Disney Pixar) products and 1% was due to higher billings of Hot Wheels products.
Previous report
Sales adjustments increased to $71.3 million in the first half of 2025 from $69.0 million in the first half of 2024. Sales adjustments as a percentage of net sales increased to 7.1% for the first half of 2025, as compared to 6.4% for the first half of 2024, primarily due to higher promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Previous report
Cost of sales decreased by $54.9 million, or 10%, to $522.0 million in the first half of 2025 from $576.9 million in the first half of 2024, primarily due to a decrease in product and other costs of $52.7 million.
Previous report
Gross margin in the first half of 2025 increased to 47.9% from 46.8% in the first half of 2024, primarily due to incremental realized savings from the OPG program of 120 basis points, lower inventory management costs of 80 basis points, including lower close-out sales and inventory obsolescence, partially offset by cost inflation of 80 basis points and unfavorable mix and other factors of 10 basis points.
Previous report
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the International segment for the first half of 2025 and 2024:
Previous report
Net sales for the International segment in the first half of 2025 were $843.0 million, an increase of $38.1 million, or 5%, as compared to $805.0 million in the first half 2024, with an unfavorable impact from changes in currency exchange rates of two percentage points. The increase in net sales was due to an increase in gross billings of $54.1 million, partially offset by an increase in sales adjustments of $16.1 million.
Previous report
Dolls gross billings decreased 7%, primarily due to lower billings of Barbie products.
Previous report
Infant, Toddler, and Preschool gross billings decreased 10%, of which 7% was due to lower billings of Fisher-Price products and 3% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Previous report
Vehicles gross billings increased 12%, primarily due to higher billings of Hot Wheels products.
Previous report
Sales adjustments increased to $158.1 million in the first half of 2025 from $142.0 million in the first half of 2024. Sales adjustments as a percentage of net sales increased to 18.8% for the first half of 2025, as compared to 17.6% for the first half of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to higher promotional activities.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (56)
Previous wording
During the second quarter of 2025, Mattel continued executing its multi-year strategy to grow its IP-driven toy business and expand its entertainment offering, achieving strong international growth and expanding gross margin, while the U.S. business was impacted by global trade dynamics and timing shifts, particularly delays in retailer ordering patterns in light of tariff uncertainty.
Current wording
During the third quarter of 2025, Mattel’s U.S. business continued to be challenged by industry-wide shifts in retailer ordering patterns, which impacted Mattel’s net sales. Notwithstanding the impact of the current trade dynamics, the fundamentals of Mattel’s business remained strong and Mattel continued to advance its strategy to grow its IP-driven toy business and expand its entertainment offering.
Previous wording
Mattel's net sales in the second quarter of 2025 decreased 6% compared to the second quarter of 2024. Gross margin expanded to 50.9% in the second quarter of 2025, as compared to 49.2% in the second quarter of 2024, with savings from the OPG program, lower inventory management costs, favorable mix and other favorability due to supply chain efficiencies, partially offset by cost inflation. Net income per common share was $0.16 for the second quarter of 2025, as compared to $0.17 in the second quarter of 2024. Additionally, Mattel ended the second quarter with a cash balance of $870.5 million, as compared to $722.4 million in the second quarter of 2024 after $410.0 million of share repurchases during the trailing twelve months.
Current wording
Mattel's net sales in the third quarter of 2025 decreased 6%, as compared to the third quarter of 2024. Gross margin was 50.0% in the third quarter of 2025, as compared to 53.1% in the third quarter of 2024, with unfavorable impacts from foreign currency exchange rates, inflation, tariff costs, and higher sales adjustments, partially offset by cost savings from the OPG program. Net income per diluted common share was $0.88 in the third quarter of 2025, as compared to $1.09 in the third quarter of 2024. Additionally, Mattel ended the third quarter of 2025 with cash and equivalents of $691.9 million, as compared to $723.5 million at the end of the third quarter of 2024, after $544.2 million of share repurchases during the twelve months ending September 30, 2025.
Previous wording
U.S. global trade policy continues to evolve with significant tariffs imposed or proposed on imports from China, Vietnam, Mexico, and other countries. There is substantial uncertainty about the duration of existing tariffs, potential changes or pauses to such tariffs, tariff levels, and whether additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on Mattel's business. Mattel continues to monitor and evaluate these developments and assess their potential impact on Mattel’s business and operations.
Current wording
Global trade policy continues to evolve with significant U.S. tariffs imposed or proposed on imports from China, Vietnam, Mexico, and other countries. There is substantial uncertainty about the duration of existing tariffs, potential changes or pauses to such tariffs, tariff levels, and whether additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on Mattel's business. Mattel continues to monitor and evaluate these developments and assess their potential impact on Mattel’s business and operations.
Previous wording
Mattel is operating in an uncertain macro-economic environment with significant volatility that may impact consumer demand. To the extent the macro-economic environment worsens, it may have a material effect on Mattel's results of operations and financial condition. Refer to Part I, Item 1A "Risk Factors" in the 2024 Annual Report and Part II, Item 1A "Risk Factors" in the Quarterly Report on Form 10-Q for the three months ended March 31, 2025 for further discussion regarding potential impacts on Mattel's business.
Current wording
Mattel is operating in an uncertain macro-economic environment with significant volatility that may impact consumer demand. To the extent the macro-economic environment worsens, it may have a material effect on Mattel's results of operations and financial condition. Refer to Part I, Item 1A "Risk Factors" in the 2024 Annual Report on Form 10-K and Part II, Item 1A "Risk Factors" in the Quarterly Report on Form 10-Q for the three months ended March 31, 2025 for further discussion regarding potential impacts on Mattel's business.
Previous wording
The following table presents Mattel's consolidated results for the second quarter of 2025 and 2024:
Current wording
The following table presents Mattel's consolidated results for the third quarter of 2025 and 2024:
Previous wording
Net sales in the second quarter of 2025 were $1.02 billion, a decrease of $61.2 million, or 6%, as compared to $1.08 billion in the second quarter of 2024. The decrease in net sales was due to a decrease in gross billings of $50.9 million and an increase in sales adjustments of $10.3 million.
Current wording
Net sales in the third quarter of 2025 were $1.74 billion, a decrease of $107.9 million, or 6%, as compared to $1.84 billion in the third quarter of 2024. The decrease in net sales was due to a decrease in gross billings of $84.3 million and an increase in sales adjustments of $23.6 million.
Previous wording
Gross billings represent amounts invoiced to a customer and do not include the impact of sales adjustments, such as trade discounts and other allowances. Changes in gross billings are discussed below because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and are not associated with categories, brands, or individual products. The following tables provide a summary of Mattel's consolidated gross billings by categories, along with supplemental information by brand, for the second quarter of 2025 and 2024:
Current wording
Gross billings represent amounts invoiced to a customer and do not include the impact of sales adjustments, such as trade discounts and other allowances. Changes in gross billings are discussed below because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and are not associated with categories, brands, or individual products. The following tables provide a summary of Mattel's consolidated gross billings by categories, along with supplemental information by brand, for the third quarter of 2025 and 2024:
Previous wording
Gross billings were $2.07 billion in the first half of 2025, a decrease of $25.6 million, or 1%, as compared to $2.10 billion in the first half of 2024, with an unfavorable impact from changes in currency exchange rates of one percentage point. The decrease in gross billings was primarily due to lower billings of Dolls and Infant, Toddler, and Preschool products, partially offset by higher billings of Action Figures, Building Sets, Games, and Other and Vehicles products.
Current wording
Gross billings were $1.97 billion in the third quarter of 2025, a decrease of $84.3 million, or 4%, as compared to $2.05 billion in the third quarter of 2024, with a favorable impact from changes in currency exchange rates of one percentage point. The decrease in gross billings was primarily due to lower billings of Infant, Toddler, and Preschool and Dolls products, partially offset by higher billings of Vehicles and Action Figures, Building Sets, Games, and Other products.
Previous wording
Infant, Toddler, and Preschool gross billings decreased 25%, of which 15% was due to lower billings of Fisher-Price products and 7% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Current wording
Infant, Toddler, and Preschool gross billings decreased 25%, of which 14% was due to lower billings of Fisher-Price products, 7% was due to lower billings of Preschool Entertainment products, and 3% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Previous wording
Sales adjustments generally represent arrangements with Mattel's customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. Such programs are based primarily on customer purchases, customer performance of specified promotional activities, and other specified factors such as sales to consumers. Additionally, sales adjustments may include foreign currency transaction gains and losses from the remeasurement of accounts receivable denominated in currencies that are different from the relevant entity's functional currency. Sales adjustments increased to $131.9 million in the second quarter of 2025, from $121.6 million in the second quarter of 2024. Sales adjustments as a percentage of net sales increased to 12.9% in the second quarter of 2025, as compared to 11.3% in the second quarter of 2024 primarily due to higher promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Current wording
Sales adjustments generally represent arrangements with Mattel's customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. Such programs are based primarily on customer purchases, customer performance of specified promotional activities, and other specified factors such as sales to consumers. Additionally, sales adjustments may include foreign currency transaction gains and losses from the remeasurement of accounts receivable denominated in currencies that are different from the relevant entity's functional currency. Sales adjustments increased to $230.8 million in the third quarter of 2025 from $207.2 million in the third quarter of 2024. Sales adjustments as a percentage of net sales increased to 13.3% in the third quarter of 2025, as compared to 11.2% in the third quarter of 2024, primarily due to increased promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Previous wording
Cost of sales decreased by $49.4 million, or 9%, to $499.6 million in the second quarter of 2025 from $549.0 million in the second quarter of 2024. Within cost of sales, product and other costs decreased by $49.2 million, or 12%, to $376.9 million in the second quarter of 2025 from $426.2 million in the second quarter of 2024. Freight and logistics expenses decreased by $3.6 million, or 5%, to $71.5 million in the second quarter of 2025, as compared to $75.2 million in the second quarter of 2024. Royalty expense increased by $3.5 million, or 7%, to $51.2 million in the second quarter of 2025 from $47.7 million in the second quarter of 2024.
Current wording
Cost of sales was relatively consistent at $867.7 million in the third quarter of 2025, as compared to $864.9 million in the third quarter of 2024. Within cost of sales, product and other costs decreased by $8.1 million, or 1%, to $688.0 million in the third quarter of 2025 from $696.1 million in the third quarter of 2024. Freight and logistics expenses increased by $6.3 million, or 7%, to $91.3 million in the third quarter of 2025, as compared to $84.9 million in the third quarter of 2024. Royalty expense increased by $4.5 million, or 5%, to $88.5 million in the third quarter of 2025 from $83.9 million in the third quarter of 2024.
Previous wording
Gross margin increased to 48.0% in the second quarter of 2025 from 47.3% in the second quarter of 2024. The increase in gross margin was primarily due to incremental realized savings from the OPG program of 130 basis points, lower inventory management costs of 40 basis points, including lower close-out sales, partially offset by cost inflation of 80 basis points and unfavorable mix and other factors of 20 basis points.
Current wording
Gross margin decreased to 50.0% in the third quarter of 2025 from 53.1% in the third quarter of 2024. The decrease in gross margin was primarily due to unfavorable foreign currency exchange of 120 basis points, cost inflation of 110 basis points, tariff costs of 100 basis points, higher sales adjustments of 80 basis points, partially offset by incremental realized savings from the OPG program of 80 basis points, and other factors of 20 basis points.
Previous wording
Advertising and promotion expenses primarily consist of: (i) media costs, which include the media, planning, and buying fees for television, print, and online advertisements, (ii) non-media costs, which include commercial and website production, merchandising, and promotional costs, (iii) retail advertising costs, which include consumer direct catalogs, and (iv) general advertising costs, which include trade show costs. Advertising and promotion expenses as a percentage of net sales increased to 7.8% in the second quarter of 2025, as compared to 6.8% in the second quarter of 2024. The increase in advertising and promotion expenses as a percentage of net sales was primarily due to a shift in the timing of advertising and promotion programs from the first quarter of 2025 to the second quarter of 2025.
Current wording
Advertising and promotion expenses primarily consist of: (i) media costs, which include the media, planning, and buying fees for television, print, and online advertisements, (ii) non-media costs, which include commercial and website production, merchandising, and promotional costs, (iii) retail advertising costs, which include consumer direct catalogs, and (iv) general advertising costs, which include trade show costs. Advertising and promotion expenses as a percentage of net sales increased to 6.8% in the third quarter of 2025, as compared to 5.7% in the third quarter of 2024. The increase in advertising and promotion expenses as a percentage of net sales was primarily due to a shift in the timing of advertising and promotion programs to support consumer demand and lower sales in the third quarter of 2025, as compared to the third quarter of 2024.
Previous wording
Other selling and administrative expenses were $361.3 million, or 35.5% of net sales, in the second quarter of 2025, a decrease of $12.5 million, as compared to $373.8 million, or 34.6% of net sales, in the second quarter of 2024. The decrease in other selling and administrative expenses was primarily due to realized savings from the OPG program of $10.8 million and lower severance and restructuring charges of $8.3 million.
Current wording
Other selling and administrative expenses were $370.3 million, or 21.3% of net sales, in the third quarter of 2025, a decrease of $15.4 million, as compared to $385.7 million, or 20.9% of net sales, in the third quarter of 2024. The decrease in other selling and administrative expenses was primarily due to lower severance and restructuring charges of $26.7 million, lower employee compensation related expenses of $19.8 million, and realized savings from the OPG program of $9.1 million, partially offset by higher expenses related to inclined sleeper product recalls of $16.3 million and higher outside services and other expenses of $23.9 million.
Previous wording
Interest expense was $29.4 million in the second quarter of 2025, relatively flat as compared to $30.0 million in the second quarter of 2024.
Current wording
Interest expense was $29.4 million in the third quarter of 2025, flat as compared to $29.4 million in the third quarter of 2024.
Previous wording
Mattel's provision for income taxes was an expense of $16.2 million in the second quarter of 2025, as compared to $9.2 million in the second quarter of 2024. The increase in provision for income taxes was primarily due to a change in discrete income tax expense related to previously unrecognized tax benefits and higher income before income taxes. During the second quarter of 2025, Mattel recognized a net discrete income tax expense of $1.0 million. During the second quarter of 2024, Mattel recognized a net discrete tax benefit of $4.5 million, primarily related to previously unrecognized tax benefits.
Current wording
Mattel's provision for income taxes was $86.9 million in the third quarter of 2025, as compared to $106.4 million in the third quarter of 2024. The decrease in provision for income taxes was primarily due to lower income before income taxes, partially offset by a non-recurring discrete income tax benefit from previously unrecognized tax benefits recognized in the third quarter of 2024. During the third quarter of 2025, Mattel recognized a net discrete income tax benefit of $2.3 million. During the third quarter of 2024, Mattel recognized a net discrete income tax benefit of $3.4 million, primarily related to previously unrecognized tax benefits, partially offset by the establishment of a valuation allowance on certain foreign deferred tax assets.
Previous wording
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. For the second quarter of 2025 and 2024, there were no material changes to Mattel's valuation allowance.
Current wording
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. For the third quarter of 2025 and 2024, there were no material changes to Mattel's valuation allowance.
Previous wording
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the North America segment for the second quarter of 2025 and 2024:
Current wording
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the North America segment for the third quarter of 2025 and 2024:
Previous wording
Gross billings for the North America segment were $547.5 million in the second quarter of 2025, a decrease of $99.3 million, or 15%, as compared to $646.9 million in the second quarter of 2024. The decrease in the North America segment gross billings was due to lower billings of Dolls, Infant, Toddler, and Preschool, and Action Figures, Building Sets, Games, and Other products, partially offset by higher billings of Vehicles products.
Current wording
Gross billings for the North America segment were $1.06 billion in the third quarter of 2025, a decrease of $124.4 million, or 11%, as compared to $1.18 billion in the third quarter of 2024. The decrease in the North America segment gross billings was due to lower billings of Infant, Toddler, and Preschool, Dolls, and Vehicles products, partially offset by higher billings of Action Figures, Building Sets, Games, and Other products.
Previous wording
Infant, Toddler, and Preschool gross billings decreased 37%, of which 23% was due to lower billings of Fisher-Price products, 10% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 4% was due to lower billings of Preschool Entertainment products.
Current wording
Infant, Toddler, and Preschool gross billings decreased 31%, of which 17% was due to lower billings of Fisher-Price products, 10% was due to lower billings of Preschool Entertainment products, and 5% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels.
Previous wording
Action Figures, Building Sets, Games, and Other gross billings increased 4%, of which 18% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 9% and lower billings of Games products of 3%.
Current wording
Action Figures, Building Sets, Games, and Other gross billings increased 3%, of which 16% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 6% and lower billings of Games products of 5%.
Previous wording
North America segment operating income was $93.8 million in the second quarter of 2025, as compared to $136.9 million in the second quarter of 2024, primarily due to lower gross profit of $41.6 million.
Current wording
North America segment operating income was $315.2 million in the third quarter of 2025, as compared to $412.4 million in the third quarter of 2024, primarily due to lower gross profit of $82.9 million and higher advertising and promotion expenses of $10.8 million.
Previous wording
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the International segment for the second quarter of 2025 and 2024:
Current wording
The following tables provide a summary of Mattel's net sales, segment operating income, and gross billings by categories, along with supplemental information by brand, for the International segment for the third quarter of 2025 and 2024:
Previous wording
Net sales for the International segment in the second quarter of 2025 were $507.8 million, an increase of $34.5 million, or 7%, as compared to $473.2 million in the second quarter of 2024. The increase in net sales was primarily due to an increase in gross billings of $48.5 million, partially offset by an increase in sales adjustments of $14.0 million.
Current wording
Net sales for the International segment in the third quarter of 2025 were $757.9 million, an increase of $22.3 million, or 3%, as compared to $735.6 million in the third quarter of 2024. The increase in net sales was primarily due to an increase in gross billings of $40.1 million, partially offset by an increase in sales adjustments of $17.8 million.
Previous wording
Gross billings for the International segment were $1.00 billion in the first half of 2025, an increase of $54.1 million, or 6%, as compared to $947.0 million in the first half of 2024, with an unfavorable impact from changes in currency exchange rates of two percentage points. The increase in gross billings was due to higher billings of Action Figures, Building Sets, Games, and Other and Vehicles products, partially offset by lower billings of Dolls and Infant, Toddler, and Preschool products.
Current wording
Gross billings for the International segment were $906.9 million in the third quarter of 2025, an increase of $40.1 million, or 5%, as compared to $866.8 million in the third quarter of 2024, with a favorable impact from changes in currency exchange rates of three percentage points. The increase in the International segment gross billings was due to higher billings of Vehicles and Action Figures, Building Sets, Games, and Other products, partially offset by lower billings of Dolls and Infant, Toddler, and Preschool products.
Previous wording
Infant, Toddler, and Preschool gross billings decreased 7%, of which 3% was due to lower billings of Baby Gear and Power Wheels products, due to the continued strategic exit from certain product lines in Baby Gear and Power Wheels, and 3% was due to lower billings of Fisher-Price products.
Current wording
Infant, Toddler, and Preschool gross billings decreased 14%, of which 9% was due to lower billings of Fisher-Price products and 3% was due to lower billings of Preschool Entertainment products.
Previous wording
Action Figures, Building Sets, Games, and Other gross billings increased 32%, of which 33% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, and 6% was due to higher billings of Games products, partially offset by lower billings of Building Sets products of 6%.
Current wording
Action Figures, Building Sets, Games, and Other gross billings increased 24%, of which 22% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, and 6% was due to higher billings of Games products, partially offset by lower billings of Building Sets products of 2%.
Previous wording
Cost of sales decreased by $11.4 million, or 3%, to $420.6 million in the first half of 2025 from $431.9 million in the first half of 2024, primarily due to a decrease in product and other costs of $20.0 million, partially offset by an increase in royalty expense of $7.0 million.
Current wording
Cost of sales increased by $20.2 million, or 6%, to $375.8 million in the third quarter of 2025 from $355.6 million in the third quarter of 2024, primarily due to an increase in product and other costs of $10.2 million and an increase in royalty expense of $5.9 million.
Previous wording
Gross margin increased to 50.9% in the second quarter of 2025 from 49.2% in the second quarter of 2024. The increase in gross margin was primarily due to incremental realized savings from the OPG program of 120 basis points, lower inventory management costs of 60 basis points, primarily driven by lower close-out sales, favorable mix of 60 basis points and other factors, including supply chain efficiencies of 40 basis points, partially offset by cost inflation of 110 basis points.
Current wording
Gross margin decreased to 50.4% in the third quarter of 2025 from 51.7% in the third quarter of 2024. The decrease in gross margin was primarily due to cost inflation of 90 basis points, higher sales adjustments of 60 basis points, and other factors of 40 basis points, partially offset by incremental realized savings from the OPG program of 60 basis points.
Previous wording
International segment operating income was $114.9 million in the second quarter of 2025, as compared to $77.3 million in the second quarter of 2024, primarily due to higher gross profit of $37.3 million.
Current wording
International segment operating income was $208.6 million in the third quarter of 2025, as compared to $217.7 million in the third quarter of 2024, primarily due to higher other selling and administrative expenses of $8.7 million.
Previous wording
The following table presents Mattel's consolidated results for the first half of 2025 and 2024:
Current wording
The following table presents Mattel's consolidated results for the first nine months of 2025 and 2024:
Previous wording
Gross billings represent amounts invoiced to a customer and do not include the impact of sales adjustments, such as trade discounts and other allowances. Changes in gross billings are discussed below because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and are not associated with categories, brands, or individual products. The following tables provide a summary of Mattel's consolidated gross billings by categories, along with supplemental information by brand, for the first half of 2025 and 2024:
Current wording
Gross billings represent amounts invoiced to a customer and do not include the impact of sales adjustments, such as trade discounts and other allowances. Changes in gross billings are discussed below because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and are not associated with categories, brands, or individual products. The following tables provide a summary of Mattel's consolidated gross billings by categories, along with supplemental information by brand, for the first nine months of 2025 and 2024:
Previous wording
Dolls gross billings decreased 27%, of which 21% was due to lower billings of Barbie products and 4% was due to lower billings of Monster High products.
Current wording
Action Figures, Building Sets, Games, and Other gross billings increased 13%, of which 21% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 6%.
Previous wording
Sales adjustments generally represent arrangements with Mattel's customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. Such programs are based primarily on customer purchases, customer performance of specified promotional activities, and other specified factors such as sales to consumers. Additionally, sales adjustments may include foreign currency transaction gains and losses from the remeasurement of accounts receivable denominated in currencies that are different from the relevant entity's functional currency. Sales adjustments increased to $229.4 million in the first half of 2025 from $211.0 million in the first half of 2024. Sales adjustments as a percentage of net sales increased to 12.4% in the first half of 2025, as compared to 11.2% in the first half of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to higher promotional activities.
Current wording
Sales adjustments generally represent arrangements with Mattel's customers to provide sales incentives, support customer promotions, and provide allowances for returns and defective merchandise. Such programs are based primarily on customer purchases, customer performance of specified promotional activities, and other specified factors such as sales to consumers. Additionally, sales adjustments may include foreign currency transaction gains and losses from the remeasurement of accounts receivable denominated in currencies that are different from the relevant entity's functional currency. Sales adjustments increased to $460.3 million in the first nine months of 2025 from $418.3 million in the first nine months of 2024. Sales adjustments as a percentage of net sales increased to 12.9% in the first nine months of 2025, as compared to 11.2% in the first nine months of 2024. The increase in sales adjustments as a percentage of net sales was primarily due to increased promotional activities and a shift in sales channel mix resulting in a higher proportion of sales with higher average sales adjustment rates.
Previous wording
Cost of sales decreased by $51.5 million, or 5%, to $918.1 million in the first half of 2025 from $969.6 million in the first half of 2024. Within cost of sales, product and other costs decreased by $58.0 million, or 8%, to $687.2 million in the first half of 2025 from $745.2 million in the first half of 2024. Freight and logistics expenses decreased by $3.4 million, or 2%, to $137.2 million in the first half of 2025, as compared to $140.6 million in the first half of 2024. Royalty expense increased by $9.9 million, or 12%, to $93.7 million in the first half of 2025 from $83.8 million in the first half of 2024.
Current wording
Cost of sales decreased by $48.7 million, or 3%, to $1.79 billion in the first nine months of 2025 from $1.83 billion in the first nine months of 2024. Within cost of sales, product and other costs decreased by $66.0 million, or 5%, to $1.38 billion in the first nine months of 2025 from $1.44 billion in the first nine months of 2024. Royalty expense increased by $14.4 million, or 9%, to $182.2 million in the first nine months of 2025, as compared to $167.7 million in the first nine months of 2024. Freight and logistics expenses increased by $2.9 million, or 1%, to $228.5 million in the first nine months of 2025 from $225.5 million in the first nine months of 2024.
Previous wording
Gross margin increased to 50.1% in the first half of 2025 from 46.3% in the first half of 2024, primarily due to favorable changes in foreign currency exchange rates of 240 basis points, incremental realized savings from the OPG program of 110 basis points, lower inventory management costs of 100 basis points, including lower close-out sales and inventory obsolescence, and favorable mix and other factors of 60 basis points, partially offset by cost inflation of 130 basis points.
Current wording
Gross margin decreased to 50.1% in the first nine months of 2025 from 50.9% in the first nine months of 2024. The decrease in gross margin was primarily due to cost inflation of 100 basis points, higher sales adjustments of 70 basis points, tariff costs of 50 basis points, and other factors of 20 basis points, partially offset by incremental realized savings from the OPG program of 100 basis points, and lower inventory management costs of 60 basis points, due to lower close-out sales and inventory obsolescence.
Previous wording
Advertising and promotion expenses primarily consist of: (i) media costs, which include the media, planning, and buying fees for television, print, and online advertisements, (ii) non-media costs, which include commercial and website production, merchandising, and promotional costs, (iii) retail advertising costs, which include consumer direct catalogs; and (iv) general advertising costs, which include trade show costs. Advertising and promotion expenses as a percentage of net sales was relatively consistent at 8.1% in the first half of 2025, as compared to 7.7% in the first half of 2024.
Current wording
Advertising and promotion expenses primarily consist of: (i) media costs, which include the media, planning, and buying fees for television, print, and online advertisements, (ii) non-media costs, which include commercial and website production, merchandising, and promotional costs, (iii) retail advertising costs, which include consumer direct catalogs, and (iv) general advertising costs, which include trade show costs. Advertising and promotion expenses as a percentage of net sales increased to 7.5% in the first nine months of 2025 from 6.7% in the first nine months of 2024, primarily due to a shift in the timing of advertising and promotion programs to support consumer demand, and lower sales in the first nine months of 2025 as compared to the first nine months of 2024.
Previous wording
Other selling and administrative expenses were $752.2 million, or 40.8% of net sales, in the first half of 2025, an increase of $25.4 million, as compared to $726.8 million, or 38.5% of net sales, in the first half of 2024. The increase in other selling and administrative expenses was primarily due to higher expenses related to inclined sleeper product recalls of $13.7 million, higher employee compensation of $7.7 million, higher severance and restructuring charges of $6.8 million, and higher outside services and other administrative expenses of $12.4 million, partially offset by realized savings from the OPG program of $20.3 million.
Current wording
Other selling and administrative expenses were $1.12 billion, or 31.3% of net sales, in the first nine months of 2025, an increase of $10.0 million, as compared to $1.11 billion, or 29.8% of net sales, in the first nine months of 2024. The increase in other selling and administrative expenses was primarily due to higher expenses related to inclined sleeper product recalls of $30.0 million and higher outside services and other expenses of $39.3 million, partially offset by realized savings from the OPG program of $29.4 million, lower severance and restructuring charges of $19.9 million, and lower employee compensation related expenses of $10.0 million.
Previous wording
Mattel's benefit from income taxes was $14.4 million for the first half of 2025, as compared to $11.6 million for the first half of 2024. The increase in benefit from income taxes was due to higher loss before income taxes, partially offset by lower discrete income tax benefits. During the first half of 2025, Mattel recognized a net discrete income tax benefit of $10.4 million, primarily related to a change of its indefinite reinvestment assertion relating to certain foreign subsidiary earnings. During the first half of 2024, Mattel recognized a net discrete tax benefit of $12.9 million, primarily related to tax elections filed to amortize certain intangible assets transferred as part of Mattel's intra-group intellectual property rights transfer and previously unrecognized tax benefits.
Current wording
Mattel's provision for income taxes was $72.5 million for the first nine months of 2025, as compared to $94.8 million for the first nine months of 2024. The decrease in provision for income taxes was primarily due to lower income before income taxes, partially offset by lower discrete income tax benefits. During the first nine months of 2025, Mattel recognized a net discrete income tax benefit of $12.6 million, primarily related to a change of its indefinite reinvestment assertion relating to certain foreign subsidiary earnings. During the first nine months of 2024, Mattel recognized a net discrete income tax benefit of $16.3 million, primarily related to tax elections filed to amortize certain intangible assets transferred as part of Mattel's intra-group IP rights transfer and previously unrecognized tax benefits.
Previous wording
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. For the first half of 2025 and 2024, there were no material changes to Mattel's valuation allowance.
Current wording
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. For the first nine months of 2025 and 2024, there were no material changes to Mattel's valuation allowance.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Action Figures, Building Sets, Games, and Other gross billings increased 11%, of which 18% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 5%.
Current report — wording carried from elsewhere
Action Figures, Building Sets, Games, and Other gross billings increased 4%, of which 17% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 8% and lower billings of Games products of 4%.
Current report — wording carried from elsewhere
Mattel has $600.0 million of 2021 Senior Notes due 2026 that are scheduled to mature in April 2026, which Mattel intends to repay or refinance prior to the scheduled maturity date.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Action Figures, Building Sets, Games, and Other gross billings increased 16%, of which 27% was due to higher billings of Action Figures products, primarily due to higher billings of Jurassic World and Minecraft products in connection with their theatrical releases in 2025, partially offset by lower billings of Building Sets products of 8%.