Filing Flows › Mattel (MAT) › Q4 2025
Mattel (MAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Mattel (MAT) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 8.0%, net earnings $106M (6.0% of revenue).
Mattel, Q4 2025: revenue $1.8B (+7% year over year), operating margin 8.0%, net earnings $106M, operating cash flow $797M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +2% | +7% |
| Gross profit | $810M | -7% | -3% |
| Operating profit | $141M | -63% | -11% |
| Net earnings | $106M | -62% | -25% |
| Operating cash flow | $797M | 11× | -8% |
| Free cash flow | $761M | 19× | -9% |
What changed
Revenue was $1.8B in Q4 2025, up 7% year over year and up 2% from the previous quarter.
Gross margin was 45.9%, down 4.9 points from a year earlier. Operating profit was $0.14B, a 8.0% margin (down 1.6 points year over year). Operating profit fell $0.02B even though revenue rose $0.12B versus a year earlier, so costs grew faster than sales. Operating expenses fell 1% while revenue rose 7%. The fastest-growing cost line was Research & development (+47%). Net earnings were $0.11B, down 25% year over year. The effective tax rate was 14.0%.
Operating cash flow was $0.80B (down 8% year over year), 750% 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 added $0.63B. Capital expenditures of $0.04B left free cash flow of $0.76B.
Questions
What was Mattel's revenue in the fourth quarter 2025?
Mattel (MAT) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before.
Was Mattel profitable in the fourth quarter 2025?
Operating profit was $141M (8.0% of revenue) and net earnings $106M.
Source: Mattel 10-K on SEC EDGAR.