Mattel, Inc. (MAT): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind the toy giant's strategy, and honestly, after two decades analyzing these names, I can tell you it's less about plastic and more about media. The current model for Mattel, Inc. is a calculated pivot: transforming iconic Power Brands like Barbie and Hot Wheels into a multi-platform entertainment engine, which is why they are targeting 200 million in savings by 2026 while projecting 1% to 3% net sales growth for 2025. We see this play out in their revenue, expecting between 700 million and 750 million in Adjusted Operating Income for 2025, partly fueled by digital like the 200 million from their JV. Dive into the canvas below to see exactly how they are connecting their global reach across 150 countries to this new content-first reality.

Mattel, Inc. (MAT) - Canvas Business Model: Key Partnerships

You're looking at how Mattel, Inc. builds value by leaning heavily on external entities-it's not just about making toys in-house anymore; it's about co-creating and distributing through established global networks. This section details the critical relationships that fuel Mattel's IP-driven strategy as of late 2025.

Major Global Retailers for Distribution

Mattel, Inc. relies on a vast physical and digital retail footprint to get its products to consumers. The company sells its products in collaboration with the world's leading retail and e-commerce companies. This network is essential, especially when you consider the scale: Mattel sells product in over 500,000 brick-and-mortar stores globally. The performance across these channels shows regional divergence; for instance, in the third quarter of 2025, North America gross billings declined by 10%, which management attributed to shifts in retailer ordering patterns, such as moving from direct import to domestic shipping. Conversely, the international distribution network showed strength, with Asia Pacific gross billings up 11% and EMEA up 3% in the same quarter. The full-year 2025 guidance remains a net sales growth of 1% to 3% in constant currency, showing confidence in the overall distribution health, especially heading into the holiday season.

Entertainment Studios for Licensed IP

The licensing of intellectual property (IP) is a core pillar of Mattel, Inc.'s strategy, moving the company beyond just toys. This involves deep, often multi-year, agreements with major studios. A significant recent win was the renewal of the multi-year global licensing agreement with Disney for the Disney Princess and Disney Frozen franchises, announced in October 2025. Furthermore, Mattel secured global licensing rights for the K-Pop Demon Hunters property, which is set to see a major toy launch in 2026. The company also leverages partnerships for action figures tied to theatrical releases, such as NBCUniversal's Jurassic World: Rebirth and Microsoft's Minecraft (Minecraft the Movie). The WWE partnership for action figures was also extended in 2025. These entertainment assets are crucial because the entertainment part of the business carries a better gross margin than the core toy business, helping overall profitability.

Digital Gaming Partners

Digital engagement is managed through strategic joint ventures and platform collaborations. The Mattel163 joint venture with NetEase remains a significant revenue generator, already producing over $200 million in revenues as of late 2025. This JV, formed in 2018, focuses on creating digital products based on Mattel's brands. Beyond this, Mattel is actively engaging with major creator networks. The company has an important partnership with Roblox, expanding its game collaboration with a new slate of games launching on the platform, including a Monster High experience. Mattel is also involved with Fortnite. Looking ahead, Mattel plans to self-publish 2 mobile games in 2026, signaling a move toward higher-upside, capital-light digital development.

Content Creators for Film, TV, and Publishing

Mattel Studios is actively partnering with production companies and creators to develop content that drives toy sales. For example, Netflix is involved in the K-Pop Demon Hunters master toy partnership. In late 2025, several high-profile film and TV projects were announced, demonstrating the breadth of these creator partnerships:

• Amazon MGM Studios is co-developing the live-action Polly Pocket feature film with Reese Witherspoon's Hello Sunshine.
• Amazon MGM Studios is also developing the live-action Shani series.
• One Race Films is partnering on the Rock 'Em Sock 'Em Robots live-action motion picture, with Vin Diesel attached to write, produce, and star.
• Escape Artists is attached to the live-action View-Master feature film.

While TOKYOPOP is not explicitly cited in the latest data, the partnership with Netflix for K-Pop Demon Hunters serves as a concrete example of a content creator partnership driving a master toy deal.

Global Supply Chain Manufacturers

Diversified production through global supply chain partners is necessary to manage costs and navigate trade dynamics. The company's focus on operational efficiency, seen in its 'Optimizing for Profitable Growth' program, is directly tied to managing these external manufacturing relationships. The program achieved $23 million in savings in Q3 2025, putting Mattel on track to reach its 2025 cost savings target of $80 million. Since its 2024 launch, the program has realized $148 million of savings toward a total target of $200 million by 2026. These savings are allocated with 60% targeting cost of goods sold, which directly impacts the cost structure with manufacturers. The company's Adjusted Gross Margin for Q3 2025 was 50.2%, which management aims to keep around 50% for the full year 2025, despite headwinds from inflation and tariffs.

Here's a quick look at the key figures tied to these strategic relationships:

Finance: draft 13-week cash view by Friday.

Mattel, Inc. (MAT) - Canvas Business Model: Key Activities

You're looking at the core engine room of Mattel, Inc. as of late 2025-the things the company absolutely must execute well to hit its financial targets. This is where the rubber meets the road, turning IP into revenue and managing the operational complexity of a global toy giant.

Intellectual Property (IP) development and content creation (Mattel Films)

Mattel, Inc. formalized its content strategy by combining its film and television units into a single entity, Mattel Studios, in June 2025, led by President and Chief Content Officer Robbie Brenner. This activity is designed to leverage the company's portfolio of iconic brands to create cultural resonance and new revenue streams.

The content pipeline is substantial, reflecting a commitment to this IP-driven model:

• 12 series currently in production.
• 30-plus shows in the development phase.
• 14 shows and specials slated for launch in 2025.

The long-term goal for feature films is to release 2 movies per year following 2026. For 2026, Mattel, Inc. has already announced the Masters of the Universe movie set for June 5, and another project in development at Warner Bros. with J.J. Abrams as producer and Jon Chu as Director, likely for the Hot Wheels brand.

Global brand management and marketing for Power Brands

Managing the portfolio of Power Brands requires constant marketing and product innovation to drive gross billings. The performance across key brands shows a mixed but active environment through the first nine months of 2025.

Here is a look at Worldwide Gross Billings for key categories through the third quarter of 2025:

The Hot Wheels brand continues to be a significant driver, setting up for its eighth consecutive record year. For the first quarter of 2025, Hot Wheels Gross Billings were $268.8 million. The company is also accelerating its digital presence, expecting to release an average of two self-published mobile games a year.

Product design, engineering, and innovation (e.g., Hot Wheels track systems)

Innovation is key to sustaining brand relevance, especially for the top brands. For instance, the Barbie brand is expected to see more innovation in product lines and packaging in 2026, extending beyond the success of the 2023 film. The Vehicles category, heavily influenced by Hot Wheels track systems and core product, showed strong growth, with Q3 2025 Gross Billings up 8% as reported.

Executing the Optimizing for Profitable Growth cost savings program

This program is a critical activity focused on operational efficiency to buffer against cost inflation and tariff impacts. Mattel, Inc. has been consistently reporting savings against its target.

The cumulative savings achieved and targets set are:

• Q1 2025 savings alone were $19 million, bringing the cumulative total to $103 million since the 2024 launch.
• By Q2 2025, the program delivered $23 million in savings for the quarter, with a year-to-date total of $42 million.
• The 2025 cost savings target was raised to $80 million, up from an initial $60 million.
• The overall program target remains to achieve $200 million in cumulative savings by 2026.

This discipline helped the company achieve an Adjusted Gross Margin of 51.2% in Q2 2025.

Managing global supply chain logistics and diversification

To mitigate the potential $270 million incremental cost impact from U.S. tariffs in 2025, Mattel, Inc. is aggressively restructuring its supply chain. This involves shifting sourcing away from China.

Key supply chain metrics as of early 2025:

• Relocating 500 SKUs from China in 2025, an increase from 280 in 2024.
• Targeting China's production share for U.S. imports to be <40% by 2025.
• The long-term goal is to reduce U.S. imports from China to <10% by 2027.

Operational cash flow reflects some of these pressures and working capital dynamics. Cash Flows Provided by Operating Activities for the first three months of 2025 were $25 million. This improved significantly for the six months ended June 30, 2025, reaching $275 million, an increase of $58 million year-over-year.

Mattel, Inc. (MAT) - Canvas Business Model: Key Resources

You're looking at the core assets Mattel, Inc. relies on to drive revenue and expand its entertainment ecosystem. These aren't just toys; they are globally recognized, high-value intellectual properties.

Iconic Power Brands: The foundation rests on brands that command massive consumer recognition. Barbie maintains an incredible 99% global brand awareness. Hot Wheels marked its seventh consecutive record year and management expects another record in 2025. UNO also delivered a record-breaking year. Fisher-Price remains a core pillar, with plans for a global rollout of Fisher-Price Wood.

The company's strategic shift to an IP-driven model is supported by these established franchises:

• Barbie: Global brand awareness of 99%.
• Hot Wheels: Expected to achieve a record year in 2025.
• UNO: Achieved record-breaking gross billings.
• Fisher-Price: Focus on global rollout of Wood line.

Extensive Intellectual Property (IP) portfolio: Mattel, Inc. protects its creations with a substantial portfolio. As of October 2025, the company has a significant number of filings and granted rights supporting its brand ecosystem.

Here's a quick look at the scale of the IP assets:

Global distribution network: Mattel, Inc. sells products in over 150 countries. This physical reach is complemented by its entertainment distribution, where hit animated series are reaching audiences in over 190 countries in more than 30 languages. North America generated nearly 60% of net sales in 2024.

Mattel Films and Television content development studio: This studio is central to maximizing IP value outside the toy aisle. Mattel Films has a robust pipeline with 16 motion pictures in development or production. Upcoming releases include films like Masters of the Universe and Matchbox slated for 2026.

Manufacturing facilities and diversified supply chain assets: Mattel, Inc. is actively de-risking its manufacturing base. China is expected to account for less than 40% of global production in 2025, down from 50% in 2024. Mexico accounts for less than 10% of production. The company is executing the Optimizing for Profitable Growth program, which includes discontinuing production at one plant in China. The long-term goal is to ensure no single country represents more than about 25% of total global production by 2027.

Finance: Review the Q3 2025 inventory levels against the Q4 2025 holiday season forecast by next Tuesday.

Mattel, Inc. (MAT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Mattel, Inc. over competitors, which is all about the value they deliver across their portfolio as of late 2025. It's a mix of established icons and new entertainment ventures.

Transforming toys into multi-platform entertainment franchises

Mattel, Inc. is actively advancing its strategy to grow its IP-driven toy business and expand its entertainment offering. This focus on intellectual property (IP) is central to the value proposition, moving beyond just the physical product. The Chairman and CEO stated that they expect strong topline growth in the fourth quarter of 2025, building on this strategy. This multi-platform approach aims to keep the brands relevant across various media. The company is also executing its Optimizing for Profitable Growth cost savings program, which is designed to support these strategic investments. For instance, in the first nine months of 2025, Cash Flows Used for Operating Activities were $203 million, an increase of $142 million year-over-year, showing operational cash generation supporting the strategy. The company reaffirmed its 2025 share repurchase target of $600 million, signaling confidence in long-term value creation. That's a lot of capital being returned to shareholders.

High-quality, safe, and innovative play experiences for children

Delivering safe and innovative play remains a foundational promise. The company's portfolio is segmented to cater to different developmental stages and interests. While the overall Dolls category saw a decline, the Vehicles category, led by Hot Wheels, achieved its 7th consecutive record year. The Action Figures, Building Sets, Games, and Other category collectively grew, with UNO achieving its highest year on record. This suggests that innovation and franchise strength are driving value in specific areas. The company is committed to using its industry-leading expertise in dolls to bring timeless stories to life in new ways.

Nostalgia and collectible value for adult fans and collectors

Nostalgia is a powerful driver, especially for flagship brands. While the Dolls segment saw Worldwide Gross Billings of $674 million in the third quarter of 2025, down 12% in constant currency, primarily due to declines in Barbie, other lines within the segment showed strength. For example, Monster High and American Girl grew in 2024. The Vehicles segment, driven by Hot Wheels, is a major draw for collectors, posting Worldwide Gross Billings of $626 million in Q3 2025, an 8% increase as reported. The company's 2024 Net Income was $541.8 million, a significant 153% increase from 2023, benefiting from improved operating income, which supports the financial health backing these premium collector lines.

Broad product array across multiple price points for accessibility

Mattel, Inc. offers products across a wide spectrum of price points, ensuring broad market accessibility. This is evident in the diverse performance across its main product categories as of the third quarter of 2025. You can see the scale of the different offerings here:

The North America segment, which contributed $3.39 billion in gross billings in 2024, still represents a massive base for these varied price points. The company maintains a strong market position in key areas, such as holding approximately 40% of the doll market share in North America. So, there's a product for almost every budget, even if some categories face headwinds.

Renewed multiyear Disney Princess and Frozen franchise agreement

A critical value proposition is the continued access to premier entertainment licenses. Mattel, Inc. announced in October 2025 that it renewed a multi-year global licensing agreement with Disney for the Disney Princess and Disney Frozen brands. This renewal grants Mattel the continued global rights to develop and market a full range of fashion dolls, small dolls, and figures. The agreement specifically includes characters from classic films and the upcoming Frozen 3 film. This partnership reinforces Mattel's position in the fashion doll category, which is a core part of its business, even as the overall Dolls category saw a 19% decline in gross billings in Q2 2025. The continued access to these globally recognized characters is a major asset.

The scope of the renewed license covers dolls based on heroines from:

• Aladdin, Beauty and the Beast, Brave, Cinderella
• The Little Mermaid, Moana, Mulan, Pocahontas
• The Princess and the Frog, Sleeping Beauty, Snow White
• Tangled and Raya and the Last Dragon
• Frozen and the upcoming Frozen 3 film

Finance: review Q4 2025 inventory levels against the holiday sales forecast by next Wednesday.

Mattel, Inc. (MAT) - Canvas Business Model: Customer Relationships

You're looking at how Mattel, Inc. connects with its customers in late 2025, which is a mix of deep digital immersion and traditional retail presence. It's not just about selling a toy off a shelf anymore; it's about owning the fan experience across platforms.

Dedicated brand communities and collector clubs (e.g., Hot Wheels)

Mattel, Inc. cultivates high-touch relationships through exclusive membership clubs for its heritage brands, focusing on the adult collector segment, which is already about 25% of the toy industry today. These clubs offer scarcity and direct access, which drives loyalty.

• Membership clubs include Barbie Club 59, Red Line Club for Hot Wheels, Fang Club for Monster High, and Club Grayskull for Masters of the Universe.
• Perks include access to exclusive items, priority access to sales, and voting privileges on new product designs.
• In one contest structure, Positive Engagement with the Brand accounted for 40% of the judging criteria for potential Grand Prize Winners.

Digital engagement via gaming platforms (Roblox, Fortnite)

The strategy here is translating brand IP into persistent digital play spaces. This is where Mattel, Inc. taps into massive, active user bases to create new engagement touchpoints, moving beyond the physical product.

Here's a quick look at the scale of the digital ecosystem as of 2025 data:

Barbie was the #1 branded game on Roblox for more than a year, even without marketing spend. Also, the Monster High Roblox experience launched on October 24, 2025, adding to the slate of digital IP extensions.

Service and loyalty programs like the American Girl Doll Hospital

For the American Girl brand, the relationship is deeply relational and service-oriented, centered around care and preservation. This service, now often called the Care Center, reinforces the long-term value proposition of the dolls.

• Each treatment includes free round-trip shipping for customers in the contiguous United States.
• Treatments come with take-home items like a Certificate of Good Health, a get well card, and a Doll Care Center gown and socks.
• Historically, Doll Doctors have cared for more than 800,000 dolls since 1988.
• The American Girl brand achieved its fourth consecutive quarter of growth as of Q3 2025.

Mass-market, transactional relationships through retail partners

This remains the backbone for volume, though Mattel, Inc. notes shifts in retailer ordering patterns. The company is focused on maintaining strong point-of-sale (POS) performance to drive retailer replenishment.

Financial context from Q3 2025:

To manage consumer price sensitivity in the mass market, Mattel, Inc. is committed to value; between 40% to 50% of the company's U.S. products will continue to be priced under $20.

Direct-to-Consumer (DTC) sales via brand-specific websites

While the search results provided strong data on digital gaming and collector clubs (which are DTC), specific standalone revenue percentages for brand websites like MattelShop.com were not explicitly detailed for late 2025. However, the collector club engagement and the success of digital IP experiences like Barbie on Roblox demonstrate a clear strategy to drive direct consumer transactions and data capture outside of the traditional retail channel. The Mattel Creations platform serves as the hub for these high-value, direct collector interactions.

Mattel, Inc. (MAT) - Canvas Business Model: Channels

You're looking at how Mattel, Inc. gets its products-from Hot Wheels to American Girl-into the hands of consumers as of late 2025. The distribution network is complex, balancing traditional big-box retail with a growing digital footprint and strong international expansion.

The primary route for the majority of Mattel's volume remains through established retail partners. This includes the major omnichannel retailers and discount stores that move massive volumes of product. While specific e-commerce penetration figures for the full year 2025 aren't explicitly broken out in the latest reports, the reliance on these partners is clear from the geographic sales dynamics. For instance, in the third quarter of 2025, North America gross billings declined by 10%, which management attributed to industry-wide shifts in retailer ordering patterns.

E-commerce platforms, including Amazon and Mattel's own direct-to-consumer websites, form a crucial, though often bundled, part of the sales mix. The company engages consumers through toys, content, and digital experiences, collaborating with leading retail and e-commerce companies worldwide. The CFO noted that retailers are increasingly relying on Mattel to import and warehouse goods, despite this costing retailers more, which suggests a shift in logistics that impacts how e-commerce fulfillment is managed.

Proprietary retail stores, specifically American Girl, represent a distinct channel. This segment is a bright spot, having achieved its fourth consecutive quarter of growth as of the third quarter of 2025. This direct-to-consumer physical and catalog presence offers a different touchpoint than the mass-market channels. Catalogs, while less emphasized than digital, still support this dedicated brand experience.

Digital gaming platforms and streaming services are increasingly integrated, primarily through content deals that drive toy sales. Mattel announced it was awarded global licensing rights for KPop Demon Hunters and renewed its multiyear Disney Princess and Frozen franchise agreement in late 2025. This content strategy directly feeds the demand pipeline for physical products sold through all other channels.

International markets are a key area of channel strength, offsetting weakness in North America. The CFO confirmed that gross billings increased in the international business.

Here's a look at the geographic distribution performance that reflects the health of these various channels as of the third quarter of 2025:

The product category performance also gives insight into which product lines are successfully navigating the channels:

• Vehicles grew 6% in Q3 2025 gross billings, with Hot Wheels up 6%.
• Dolls declined 12% in Q3 2025 gross billings.
• Infant, Toddler, and Preschool (ITPS) declined 26% in Q3 2025 gross billings.
• Challenger categories (Action Figures, Games) collectively grew 9%.

Overall, Mattel's TTM revenue ending September 30, 2025, stood at $5.228B, with the company reiterating its full-year 2025 net sales growth guidance in constant currency between 1% and 3%.

Finance: draft the Q4 2025 channel revenue projection based on the Q3 international acceleration by next Tuesday.

Mattel, Inc. (MAT) - Canvas Business Model: Customer Segments

You're looking at the specific groups Mattel, Inc. is targeting as of late 2025. It's a mix of the traditional and the rapidly expanding adult market.

Children aged 0-12 (core consumers for Fisher-Price, Hot Wheels, Barbie)

This segment remains foundational, though performance varies across the core brands. Worldwide Gross Billings for Dolls, which includes Barbie, were $674 million in the third quarter of 2025, down 11% as reported versus the prior year's third quarter. The core Barbie toy line specifically saw a 14% Year-over-Year decline in growth. Conversely, the Vehicles category, led by Hot Wheels, saw Worldwide Gross Billings of $626 million in Q3 2025, up 8% as reported. The Infant, Toddler, and Preschool (ITPS) segment faced significant pressure, with Worldwide Gross Billings falling 26% in Q3 2025.

The core consumer base for these brands is still the children, but the purchasing power is increasingly influenced by parents and the collector market.

• The core market for Barbie dolls remains children aged 3-12.
• Mattel aims for full year 2025 net sales growth of 1% to 3% in constant currency.
• The company expects to keep 40%-50% of its U.S. portfolio below $20 to maintain accessibility for this core segment.

Adult collectors and fans, the fastest-growing audience for brands like Hot Wheels

This is where the growth story is, with adults becoming a major purchasing force. In the first quarter of 2024, Americans ages 18+ generated the highest toy sales of any age group, spending $1.8 billion on toys for themselves. The global action figure collectible market is reasonably estimated at approximately $5 billion in 2025. The broader toy collectibles market is valued at approximately $15 billion in 2025.

Mattel, Inc. is actively catering to this group with premium and nostalgic items.

Parents and caregivers seeking trusted, developmental toys

Parents and caregivers are looking for more purpose and value in their children's play experiences. This directly impacts the Infant, Toddler, and Preschool segment, where the profit margin for Fisher-Price infant toys has reportedly dropped below 5%. Mattel is working to assure millennial parents that the brand aligns with their values and helps children learn and aspire.

The company is also advancing its entertainment offering, which often serves as a touchpoint for parents seeking familiar, trusted IP.

Global consumers across North America and International segments

Geographically, the performance in late 2025 shows a split between the challenged North American market and growing International segments. North America gross billings declined 10% in constant currency in Q3 2025. In contrast, International markets showed robust growth, with Asia Pacific leading at 11% growth and EMEA at 3% growth in constant currency for Q3 2025.

For the full fiscal year 2024, North America gross billings were $3.39 billion, while the International segment's gross billings were $2.64 billion. Mattel reiterated its full year 2025 guidance for net sales growth of 1% to 3% in constant currency.

Digital gamers and entertainment audiences across all ages

Mattel, Inc. is explicitly following its fans as they age up onto digital platforms. The company is expanding its entertainment offering, which includes digital tie-ins. Mattel announced a strategic alliance with OpenAI in June 2025 to integrate artificial intelligence into its toy portfolio.

• Challenger categories, which include Games, grew 9% collectively in Q3 2025 gross billings.
• The company renewed its multiyear Disney Princess and Frozen franchise agreement.
• Mattel is targeting full year 2025 adjusted operating income in the range of $700 million to $750 million.

Finance: draft 13-week cash view by Friday.

Mattel, Inc. (MAT) - Canvas Business Model: Cost Structure

You're looking at the expense side of Mattel, Inc.'s business, which is all about managing the costs to bring those iconic toys and entertainment properties to market. It's a mix of manufacturing overhead, getting the product to the shelf, and investing in future hits. Here's the quick math on where the money is going, based on the latest 2025 figures we have.

Cost of Goods Sold (COGS) Indicators and Gross Margin

While I don't have the exact dollar figure for COGS, we can track its efficiency through the Gross Margin. Raw materials and manufacturing labor are the core drivers here, and Mattel is actively working to offset inflation through supply chain optimization and the OPG program.

• Adjusted Gross Margin for the second quarter of 2025 hit 51.2%.
• For the first quarter of 2025, the Adjusted Gross Margin was 49.6%.
• The Q2 2025 margin improvement of 200 basis points was driven by OPG savings, lower inventory management costs, and favorable mix.

Selling and Administrative Expenses (SG&A)

SG&A covers everything from running the corporate offices to the massive marketing spend needed to keep brands like Barbie and Hot Wheels top-of-mind. Marketing and advertising are a key part of this, especially around major product launches or entertainment tie-ins.

For the twelve months ending September 30, 2025, Mattel's SG&A expenses were reported at $2.067B. The company is seeing some direct benefits from cost-cutting efforts within this bucket.

Advertising expenses specifically saw an increase of $5 million in Q2 2025 compared to the prior year, which they attributed to the timing of Easter promotions. Honestly, you can't keep a toy brand relevant without spending on visibility.

Research and Development (R&D) for New Product Innovation

R&D is where Mattel invests in the next generation of toys and intellectual property development. This cost is crucial for maintaining the pipeline beyond established franchises.

• R&D Expenses for the latest twelve months ending September 30, 2025, totaled $172.8 million.
• This figure is slightly below the 5-year median of $179.9 million for the period ending December 2024.

Optimizing for Profitable Growth (OPG) Program

The OPG program is a direct lever Mattel is pulling to control its cost structure, targeting structural efficiencies across COGS and SG&A. They've been aggressive in pulling forward savings.

• The overall program target remains $200 million in total savings by 2026.
• The cost savings target for the full year 2025 was increased to $80 million, up from an initial $60 million.
• As of the end of Q2 2025, the company had achieved cumulative savings of $126 million since the program began in 2024.
• For Q2 2025 alone, the program delivered $23 million in savings.

Content Production Costs for Mattel Films and TV

The cost structure for the newly unified Mattel Studios is still emerging, as the focus is on building a slate rather than reporting specific production spend in detail yet. What we see is the scale of the pipeline, which implies significant future content costs.

Mattel Studios, which combined the film and television units in June 2025, is managing a substantial slate of projects.

• Mattel Studios premiered 14 television series and specials in 2025.
• There were another 12 series in active production.
• More than 30 shows were in the development phase as of mid-2025.
• Upcoming feature films include Masters of the Universe (June 2026) and Matchbox (Fall 2026).

Finance: draft 13-week cash view by Friday.

Mattel, Inc. (MAT) - Canvas Business Model: Revenue Streams

Mattel, Inc.'s revenue streams are anchored by its core toy segments, supplemented by growing digital and intellectual property monetization efforts.

The full-year 2025 financial outlook provides the top-line expectation for the business.

Core toy sales are segmented across Dolls, Vehicles, and Infant/Preschool (ITPS), though performance has varied by category across 2025 periods.

• Digital gaming revenue includes gross billings from the Mattel163 JV exceeding $200 million.
• Licensing revenue is supported by renewed multiyear agreements, such as the Disney Princess and Frozen franchise, and new rights like KPop Demon Hunters.

Performance data for key gross billings categories through the third quarter of 2025 shows the following:

• Vehicles Gross Billings (Q3 2025): $626 million, up 6% in constant currency.
• Dolls Gross Billings (Q3 2025): $674 million, down 12% in constant currency.
• Infant, Toddler, and Preschool Gross Billings (Q2 2025): $143 million, down 25% in constant currency.
• Action Figures, Building Sets, Games, and Other (Challenger Categories) Gross Billings (Q3 2025): $404 million, up 9% in constant currency.

For comparison, Q2 2025 gross billings figures were:

• Vehicles Gross Billings (Q2 2025): $407 million, up 10% in constant currency.
• Dolls Gross Billings (Q2 2025): $335 million, down 19% in constant currency.