Filing Flows › Mattel (MAT) › Q3 2025
Mattel (MAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Mattel (MAT) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +70% from the quarter before. Operating margin was 21.9%, net earnings $278M (16.0% of revenue).
Mattel, Q3 2025: revenue $1.7B (-6% year over year), operating margin 21.9%, net earnings $278M, operating cash flow $72.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | +70% | -6% |
| Gross profit | $868M | +67% | -11% |
| Operating profit | $380M | +384% | -22% |
| Net earnings | $278M | +422% | -25% |
| Operating cash flow | $72.0M | — | -54% |
| Free cash flow | $41.1M | — | -48% |
What changed
Revenue was $1.7B in Q3 2025, down 6% year over year and up 70% from the previous quarter.
Gross margin was 50.0%, down 3.1 points from a year earlier. Operating profit was $0.38B, a 21.9% margin (down 4.6 points year over year). Operating expenses fell 0% while revenue fell 6%. The fastest-growing cost line was Research & development (+16%). Net earnings were $0.28B, down 25% year over year. The effective tax rate was 23.8%.
Operating cash flow was $0.07B (down 54% year over year), 26% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.27B. Capital expenditures of $0.03B left free cash flow of $0.04B.
Questions
What was Mattel's revenue in the third quarter 2025?
Mattel (MAT) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), -6% from a year earlier and +70% from the quarter before.
Was Mattel profitable in the third quarter 2025?
Operating profit was $380M (21.9% of revenue) and net earnings $278M.
Source: Mattel 10-Q on SEC EDGAR.