MAT earnings analysis
What we found in MAT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Mattel's Q1 2026 results showed a 4% increase in net sales to $862.2 million, surpassing analyst expectations while EPS improved to a loss of $0.20, better than the forecasted loss of $0.21. Although the company experienced margin pressure, the performance was buoyed by strong sales in the Vehicles and Action Figures segments, while Dolls and Infant categories faced declines.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Sales Exceeded Estimates
- Mattel reported net sales of $862.2 million, beating estimates by $54 million.
- Improved EPS Performance
- The company reported an EPS loss of $0.20, outperforming estimates of a loss of $0.21.
- Strong International Growth
- International segment net sales increased by 15% to $387 million, benefiting from higher Vehicles and Action Figures sales.
- Acquisition Impact
- Registered a gain of $147.9 million from acquiring Mattel163, enhancing digital game offerings.
- Active Cost Savings Program
- Cost optimization efforts resulted in realized cumulative savings of approximately $189 million.
- Robust Cash Reserves
- Cash and equivalents were $866 million, providing solid liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Gross Margin
- Gross margin dropped to 44.9% from 49.4% due to increased costs from tariffs and inflation.
- Increased Operating Loss
- Operating loss worsened to $102.7 million, reflecting higher costs and lower margins.
- Challenge in Doll Segment
- Dolls revenue fell 8%, significantly impacted by a decline in Barbie sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.2
- Gross margin
- 44.9%
- Operating margin
- -11.9%
- Segment
- North America: $475.1M; International: $387.0M
What they said about what is next.
Guidance for 2026 remains unchanged; management continues to monitor geopolitical and macroeconomic factors.
The filing reads better than the one before it.
What came before.
- 10-K · February 23, 2026
- Mattel frames a shift to a brand‑centric, IP‑driven strategy emphasizing breakthrough product innovation, expanded content (film/TV), scaled digital play via Mattel163, and operational optimization using AI. Fiscal 2025…
- 10-Q · July 30, 2024
- Mattel reported Q2 net sales of $1,079,728,000, essentially flat versus prior-year quarter (prior-year $1,087,164,000) while delivering materially higher gross profit of $530,736,000 and turning higher operating income…
- 10-Q · April 30, 2024
- Mattel reported Q1 net sales of $809.508M, down $5.071M (0.6%) versus prior-year quarter, but delivered materially higher gross profit of $388.870M (gross margin ~48.04%) and narrowed operating loss to $(35.518)M from…
- 10-Q · November 9, 2023
- Mattel reported Q3 net sales of $1,918,788 (in thousands), up from $1,755,780 a year ago, with gross profit rising to $977,934 and operating income increasing to $473,858. Despite operating improvement, net income fell…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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