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Mattel cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$50.7M in Q3 2026 · $522M over twelve months

Operating cash flow$88.6M
Capital spending−$37.9M
Free cash flow+$50.7M
Cash / net income0.3×
Cash conversion cycle96 days

Analysis

In Q3 2026, Mattel generated $88.6M of operating cash flow and spent $37.9M on capital projects, leaving free cash flow of $50.7M. That is $9.6M more than in Q3 2025 ($41.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $683M; the largest uses were buybacks ($496M), capital spending ($161M), other investing ($146M); besides operations, cash came from shares issued ($7.8M); the cash balance fell by $150M.

Operating cash flow was $88.6M against net income of $354M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$596M, payables +$235M, prepaid and other assets +$62.9M.

Its cash conversion cycle was 96 days (receivables 57 + inventory 93 − payables 54).

Free cash flow

Mattel: free cash flow by quarterMattel: free cash flow by quarter$836MQ4 2024$4.0MQ1 2025−$323MQ2 2025$41.1MQ3 2025$761MQ4 2025−$67.8MQ1 2026−$222MQ2 2026$50.7MQ3 2026
Operating cash flow less capital spending.
Mattel: operating cash flow against capital spendingMattel: operating cash flow against capital spendingOperating cash flowCapital spending$862M$26.6MQ4 2024$24.8M$20.8MQ1 2025−$300M$23.2MQ2 2025$72.0M$30.9MQ3 2025$797M$35.7MQ4 2025−$22.9M$44.9MQ1 2026−$179M$42.3MQ2 2026$88.6M$37.9MQ3 2026
Latest (Q3 2026): Operating cash flow $88.6M, Capital spending $37.9M.

Capital allocation, year by year

Mattel: where the cash came from (up) and went (down), by fiscal yearMattel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $485MFY2021: Net borrowing −$392MFY2021: Shares issued $12.1MFY2021: Asset sales $43.6MFY2021: Capital spending −$77.1M$541MFY2021FY2022: Operating cash flow $443MFY2022: Net borrowing −$250MFY2022: Shares issued $27.8MFY2022: Asset sales $38.1MFY2022: Capital spending −$106M$509MFY2022FY2023: Operating cash flow $870MFY2023: Shares issued $26.7MFY2023: Asset sales $6.8MFY2023: Capital spending −$85.8MFY2023: Buybacks −$203M$903MFY2023FY2024: Operating cash flow $801MFY2024: Shares issued $6.3MFY2024: Asset sales $2.1MFY2024: Capital spending −$135MFY2024: Buybacks −$400M$809MFY2024FY2025: Operating cash flow $593MFY2025: Net borrowing −$7.6MFY2025: Shares issued $9.8MFY2025: Capital spending −$111MFY2025: Buybacks −$600M$603MFY2025
Over these 5 years operating cash flow totalled $3.2B; the largest uses were buybacks ($1.2B) and net borrowing ($650M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$541M
Debt$2.3B
Net debt$1.8B

Mattel funds itself: free cash flow was $522M over the last twelve months, and $541M of cash and investments stands against $2.3B of debt.

Mattel: debt maturities by year (FY2025)Mattel: debt maturities by year (FY2025)$600MYear 2$600MYear 4$600MYear 5$550MAfter year 5
Principal due in each year as disclosed in the annual report, against $541M of cash and investments now.

Where the cash came from and went

Mattel: sources (+) and uses (−) of cash, Q3 2026Mattel: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$88.6MCapital spending−$37.9MCash drawn (+) / kept (−)−$17.6MOther investing−$16.7MBuybacks−$8.4MExchange rates−$5.7MOther financing−$2.5MShares issued$183K
Mattel: sources (+) and uses (−) of cash, TTM to Q3 2026Mattel: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$683MBuybacks−$496MCapital spending−$161MCash drawn (+) / kept (−)$150MOther investing−$146MOther financing−$40.0MShares issued$7.8MExchange rates$1.9M

From profit to cash

Mattel: net income to operating cash flow, Q3 2026Mattel: net income to operating cash flow, Q3 2026Net income$354MDepreciation & amortization$50.6MStock-based pay−$881KDeferred taxes−$16.4MReceivables−$596MInventory−$8.4MPayables$235MPrepaid and other assets$62.9MOther operating capital$6.2MOperating cash flow$88.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202657935496
Q2 20266111864114
Q1 20269311788123
Q4 202565675081
Q3 202558904899
Q2 20256413967136
Q1 20258912577137
Q4 202469704892

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$88.6M−$37.9M—−$8.4M$183K−$17.6M$50.7M
Q2 2026−$179M−$42.3M—−$100M$10K$342M−$222M
Q1 2026−$22.9M−$44.9M−$74.8M−$200M$3.4M$377M−$67.8M
Q4 2025$797M−$35.7M—−$188M$4.3M−$551M$761M
Q3 2025$72.0M−$30.9M—−$202M$779K$179M$41.1M
Q2 2025−$300M−$23.2M—−$50.0M$3.1M$373M−$323M
Q1 2025$24.8M−$20.8M—−$160M$1.7M$144M$4.0M
Q4 2024$862M−$26.6M—−$132M$161K−$664M$836M

Mattel: income statement and cash flow

Mattel, Q3 2026: revenue $1.8B (+4% year over year), operating margin 26.4%. The chart follows the revenue to costs, profit and cash.

Mattel: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.