MATTEL INC /DE/MAT
MATTEL INC /DE/ Segments Disclosure
Segment Information
Mattel designs, manufactures, and markets a broad variety of toy products worldwide, which are sold to its customers and directly to consumers.
Segment Data
Mattel's reportable segments are: (i) North America and (ii) International. The North America and International segments sell products across Mattel's categories, although some products are developed or adapted for particular international markets.
Mattel's reportable segments are aligned to the structure used by its Chief Executive Officer, who is also the Chief Operating Decision Maker ("CODM"), to allocate resources and assess performance. Mattel's CODM evaluates segment performance based on each segment’s income. The CODM also uses this metric in the annual budgeting and quarterly forecasting process to inform decisions about allocating capital and other resources to each segment.
The following tables present information regarding segment income and significant expense information for Mattel's reportable segments. Unallocated corporate and other operating expenses include operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer.
| For the Year Ended | ||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| North America Segment: | ||||||||||||||||||||
| Net sales | $ | 3,001,070 | $ | 3,168,069 | $ | 3,210,436 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Cost of sales (a) | 1,571,026 | 1,602,047 | 1,723,162 | |||||||||||||||||
| Advertising and promotion expenses | 244,976 | 245,037 | 251,738 | |||||||||||||||||
| Other selling and administrative expenses | 480,331 | 480,997 | 447,793 | |||||||||||||||||
| North America segment expenses | 2,296,333 | 2,328,081 | 2,422,693 | |||||||||||||||||
| North America segment income | $ | 704,737 | $ | 839,988 | $ | 787,743 | ||||||||||||||
| International Segment: | ||||||||||||||||||||
| Net sales | $ | 2,346,553 | $ | 2,211,477 | $ | 2,230,783 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Cost of sales (a) | 1,180,177 | 1,137,859 | 1,233,055 | |||||||||||||||||
| Advertising and promotion expenses | 277,024 | 262,284 | 273,048 | |||||||||||||||||
| Other selling and administrative expenses | 444,338 | 422,357 | 425,596 | |||||||||||||||||
| International segment expenses | 1,901,539 | 1,822,500 | 1,931,699 | |||||||||||||||||
| International segment income | $ | 445,014 | $ | 388,977 | $ | 299,084 | ||||||||||||||
| Total Reportable Segments: | ||||||||||||||||||||
| Net sales | $ | 5,347,623 | $ | 5,379,546 | $ | 5,441,219 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Total segment expenses | 4,197,872 | 4,150,581 | 4,354,392 | |||||||||||||||||
| Total segment income | $ | 1,149,751 | $ | 1,228,965 | $ | 1,086,827 | ||||||||||||||
(a) included severance and other restructuring charges of approximately $8 million, $4 million, and $(1) million for 2025, 2024, and 2023, respectively, which was allocated to the North America and International segments.
The following table is a reconciliation of segment income to income before income taxes for the periods indicated:
| For the Year Ended | ||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Total segment income | $ | 1,149,751 | $ | 1,228,965 | $ | 1,086,827 | ||||||||||||||
| Unallocated corporate and other operating expenses (a) | 603,327 | 534,683 | 525,168 | |||||||||||||||||
| Total operating income | 546,424 | 694,282 | 561,659 | |||||||||||||||||
| Interest expense | 118,681 | 118,774 | 123,786 | |||||||||||||||||
| Interest (income) | (45,021) | (51,478) | (25,238) | |||||||||||||||||
| Other non-operating expense (income), net | 13,275 | 4,481 | (2,293) | |||||||||||||||||
| Income before income taxes | $ | 459,489 | $ | 622,505 | $ | 465,404 | ||||||||||||||
(a)Unallocated corporate and other operating expenses included 1) incentive compensation expense of approximately $83 million, $151 million, and $138 million for 2025, 2024, and 2023, respectively, 2) equity compensation expense of approximately $80 million, $79 million, and $83 million for 2025, 2024, and 2023, respectively, and 3) severance and other restructuring charges of approximately $39 million, $44 million, and $61 million for 2025, 2024, and 2023, respectively.
The following tables present information regarding depreciation and amortization by segment, as well as assets by segment.
| For the Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Depreciation and Amortization by Segment | |||||||||||||||||
| North America | $ | 91,641 | $ | 94,282 | $ | 97,456 | |||||||||||
| International | 56,417 | 54,611 | 59,876 | ||||||||||||||
| 148,058 | 148,893 | 157,332 | |||||||||||||||
| Corporate and other | 19,927 | 19,070 | 20,012 | ||||||||||||||
| Depreciation and amortization | $ | 167,985 | $ | 167,963 | $ | 177,344 | |||||||||||
Segment assets were comprised of accounts receivable and inventories, net of applicable reserves and allowances.
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Assets by Segment | |||||||||||||||||
| North America | $ | 810,153 | $ | 757,552 | $ | 845,113 | |||||||||||
| International | 760,346 | 651,738 | 735,236 | ||||||||||||||
| 1,570,499 | 1,409,290 | 1,580,349 | |||||||||||||||
| Corporate and other | 90,247 | 95,620 | 73,087 | ||||||||||||||
| Accounts receivable and inventories, net | $ | 1,660,746 | $ | 1,504,910 | $ | 1,653,436 | |||||||||||
Geographic Information
The tables below present information regarding Mattel's net sales and long-lived assets by geographic area. Net sales were attributed to countries based on the location of the customer. Long-lived assets included property, plant, and equipment, net, and right-of-use assets, net.
| For the Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Net Sales by Geographic Area | |||||||||||||||||
| North America Region (a) | $ | 3,001,070 | $ | 3,168,069 | $ | 3,210,436 | |||||||||||
| International Region | |||||||||||||||||
| EMEA | 1,342,122 | 1,240,444 | 1,241,483 | ||||||||||||||
| Latin America | 602,544 | 608,218 | 658,018 | ||||||||||||||
| Asia Pacific | 401,887 | 362,815 | 331,282 | ||||||||||||||
| Total International Region | 2,346,553 | 2,211,477 | 2,230,783 | ||||||||||||||
| Net sales | $ | 5,347,623 | $ | 5,379,546 | $ | 5,441,219 | |||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (In thousands) | |||||||||||||||||
| Long-Lived Assets | |||||||||||||||||
| North America Region (b) | $ | 423,383 | $ | 415,213 | $ | 337,527 | |||||||||||
| International Region | 486,180 | 427,230 | 441,187 | ||||||||||||||
| Consolidated total | $ | 909,563 | $ | 842,443 | $ | 778,714 | |||||||||||
(a)Net sales for the North America Region included net sales attributable to the United States of $2.85 billion, $3.02 billion, and $3.05 billion for 2025, 2024, and 2023, respectively.
(b)Long-lived assets for the North America Region included long-lived assets attributable to the United States of $406.7 million, $399.4 million, and $319.3 million for 2025, 2024, and 2023, respectively.
Major Customers
In 2025, net sales to Mattel's three largest customers accounted for 42% of worldwide consolidated net sales. In 2025, net sales to Walmart, Target, and Amazon were $1.08 billion, $0.63 billion, and $0.52 billion, respectively. In 2024, net sales to Mattel's three largest customers accounted for 44% of worldwide consolidated net sales. In 2024, net sales to Walmart, Target, and Amazon were $1.17 billion, $0.68 billion, and $0.51 billion, respectively. In 2023, net sales to Mattel's three largest customers accounted for 44% of worldwide consolidated net sales. In 2023, net sales to Walmart, Target, and Amazon were $1.13 billion, $0.67 billion, and $0.60 billion, respectively.
The North America segment sells products to each of Mattel's three largest customers. The International segment sells products to Walmart and Amazon.Free Sentinel
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2018 | Feb 22, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.