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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Mattel reported revenue of $5.3B in the fiscal year ended Dec 2025, down 0.6% from the year before. Operating income was $546M, an operating margin of 10.2%, and net income was $398M. Net debt was $1.1B.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 5,458 | 5,435 | 5,441 | 5,380 | 5,348 |
| Cost of revenue | 2,831 | 2,953 | 2,858 | 2,645 | 2,742 |
| Gross profit | 2,627 | 2,481 | 2,584 | 2,734 | 2,606 |
| Research & development | 189 | 195 | 199 | 194 | 227 |
| Operating income | 730 | 676 | 562 | 694 | 546 |
| Interest expense | 254 | 133 | 124 | 119 | 119 |
| Pre-tax income | 471 | 504 | 465 | 623 | 459 |
| Income tax | −420 | 136 | 269 | 106 | 89.8 |
| Net income | 903 | 394 | 214 | 542 | 398 |
| Diluted EPS | 2.53 | 1.10 | 0.60 | 1.58 | 1.24 |
| Diluted shares | 357 | 360 | 357 | 343 | 322 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 731 | 761 | 1,261 | 1,388 | 1,243 |
| Receivables | 1,073 | 860 | 1,082 | 1,003 | 1,098 |
| Inventory | 777 | 894 | 572 | 502 | 563 |
| Current assets | 2,875 | 2,729 | 3,122 | 3,127 | 3,131 |
| Net PP&E | 456 | 469 | 466 | 516 | 590 |
| Goodwill | 1,390 | 1,379 | 1,385 | 1,382 | 1,390 |
| Total assets | 6,394 | 6,178 | 6,436 | 6,544 | 6,640 |
| Payables | 579 | 471 | 442 | 399 | 555 |
| Deferred revenue | – | 46.8 | 56.9 | – | 56.3 |
| Current liabilities | 1,598 | 1,188 | 1,342 | 1,316 | 1,458 |
| Short-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 2,571 | 2,326 | 2,330 | 2,334 | 2,332 |
| Total liabilities | 4,825 | 4,121 | 4,287 | 4,280 | 4,407 |
| Shareholders' equity | 1,569 | 2,056 | 2,149 | 2,264 | 2,233 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 485 | 443 | 870 | 801 | 593 |
| Depreciation & amortisation | 184 | 182 | 177 | 168 | 168 |
| Stock-based compensation | 60.1 | 69.1 | 83.3 | 79.4 | 79.7 |
| Share buybacks | 0.0 | 0.0 | 203 | 400 | 600 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.4% | 0.1% | −1.1% | −0.6% |
| Operating income growth (YoY) | – | −7.4% | −16.9% | 23.6% | −21.3% |
| EPS growth (YoY) | – | −56.5% | −45.5% | 163.3% | −21.5% |
| Gross margin | 48.1% | 45.7% | 47.5% | 50.8% | 48.7% |
| Operating margin | 13.4% | 12.4% | 10.3% | 12.9% | 10.2% |
| Net margin | 16.5% | 7.2% | 3.9% | 10.1% | 7.4% |
| Return on equityBlank when equity is negative | 57.6% | 19.2% | 10.0% | 23.9% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.2% | 13.5% | 11.0% | 13.3% | 10.5% |
| Cash conversion (CFO ÷ net income) | 0.54x | 1.12x | 4.06x | 1.48x | 1.49x |
| Receivable days | 72 | 58 | 73 | 68 | 75 |
| Inventory days | 100 | 110 | 73 | 69 | 75 |
| Payable days | 75 | 58 | 56 | 55 | 74 |
| Interest cover | 2.87x | 5.09x | 4.54x | 5.85x | 4.60x |
| Debt ÷ equity | 1.64x | 1.13x | 1.08x | 1.03x | 1.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,840 | 1,564 | 1,069 | 946 | 1,089 |
| Current ratio | 1.80x | 2.30x | 2.33x | 2.38x | 2.15x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.