Mattel

Mattel is one of the largest toy companies in the world. Its brands include Barbie, Hot Wheels, Fisher-Price, UNO and American Girl. It designs toys and games, makes them in its own plants and through suppliers, and sells them through retailers and online. It also earns money from licenses, films, television and digital games, and it calls itself an IP-driven play and family entertainment company.

On March 2, 2026, it bought the remaining 50% of Mattel163, a mobile games studio, from NetEase, so the studio is now a wholly owned subsidiary. Net sales were $5.35 billion in 2025. Most sales happen in the second half of the year, before the holiday season.

The market prices Mattel for lower profits from tariffs and cost inflation and for uncertainty after a change of CEO. In Q2 2026, net sales grew 10%, but the adjusted gross margin fell to 48.6% from 51.2%, and adjusted EPS fell to $0.01 from $0.21. On November 5, 2026, Mattel cut its 2026 guidance for adjusted EPS to $1.05 to $1.20, which leaves out tariff refunds, from $1.27 to $1.39, and it now expects an adjusted gross margin of roughly 48%. In 2025, adjusted EPS was $1.49.

Barbie and Fisher-Price sales fell in Q2 2026, and the growth came from Hot Wheels, games and action figures. Ynon Kreiz left as CEO on October 2, 2026, and Roger Lynch, a board member since 2018, started as CEO on October 12, 2026, and a new CFO started on October 20, 2026. EdgePoint, the largest shareholder with about 18% of the shares, got a board seat on October 21, 2026. For the gap to close, three things must be true.

Mattel must reach its lower 2026 guidance after the important holiday quarter. Barbie and Fisher-Price must stop their decline. The new CEO must keep the cost savings and show a clear plan for 2027 that grows profits from the toy and the entertainment business. The full-year report with the 2027 guidance, expected in February 2027, is the next test.

If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a weak holiday season, which would force a cut to the 2026 guidance.

1. Nov 5, 2026Failed

   Q3 2026 earnings: 2026 guidanceGrowth in net sales and an unchanged 2026 guidance pass; a cut to the adjusted EPS guidance fails.Outcome: Net sales grew 4%, but Mattel cut its 2026 adjusted EPS guidance to $1.05 to $1.20 from $1.27 to $1.39.
2. Feb 5, 2027 · est.Pending

   2027 guidance under the new CEOA 2027 plan with higher adjusted EPS and a stable gross margin passes; lower profits or a large new restructuring fail.

Every passed and failed checkpoint across all picks

• November 5, 2026Mattel reported Q3 2026 results. Net sales rose 4% to $1,807 million. The adjusted gross margin rose to 55.0% from 50.2%, mainly because of $88 million of tariff refunds. Adjusted EPS was $1.30, up from $0.91. Hot Wheels billings rose 7%, but Barbie and Fisher-Price declined. Mattel cut its 2026 guidance to adjusted EPS of $1.05 to $1.20 and an adjusted gross margin of roughly 48%, with net sales growth of 1% to 4% in constant currency, and the guidance leaves out tariff refunds. It also named Steve Totzke as President and Chief Operating Officer from November 11, 2026.
• October 21, 2026Mattel signed a cooperation agreement with EdgePoint Investment Group, which owns about 18% of its shares, and appointed Lee Matheson, a Partner at EdgePoint, to the board.
• October 19, 2026Mattel named Peter Griffith, the former CFO of Amgen, as Chief Financial Officer and as a director from October 20, 2026. He succeeds Paul Ruh, who stays as an executive advisor until December 31, 2026.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · mat-20260930
• 8-KEarnings release and Change of directors or officersFiled November 5, 2026 · Press release and exhibits
• 8-KNew material agreement and Change of directors or officersFiled October 22, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Investor disclosureFiled October 19, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 14, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Investor disclosureFiled September 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · mat-20260630
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled July 31, 2026 · mat-20260729
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 2, 2026 · mat-20260528

Every filing on SEC EDGAR (CIK 63276)

• Most of Mattel's profit comes in the holiday season. If retailers order less, or consumers spend less in Q4 2026, Mattel can miss its 2026 guidance.
• Tariffs and inflation lower the gross margin. The adjusted gross margin fell 260 basis points in Q2 2026. Mattel received $88 million of tariff refunds in Q3 2026, but its guidance leaves out tariff refunds, and class actions filed in July 2026 claim that customers should get some of those refunds.
• The CEO and the CFO changed in October 2026, and a new President and Chief Operating Officer starts on November 11, 2026. A new management team can change the strategy, the costs or the guidance, and the amended offer letter shows that the board considers a possible change of control.
• Barbie and Fisher-Price billings fell in Q2 2026. If these large brands continue to decline, growth in Hot Wheels and games may not be enough.

At September 30, 2026, long-term debt was $2.33 billion, and there was no current portion of long-term debt. Cash was $541 million, so net debt was about $1.79 billion. Read more

Mattel does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.