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Mattel

Mattel (MAT) Q2 2026 Earnings

Reported Aug 4, 2026 at 4:46 PM ET · SEC Source

Q2 26 EPS

$0.01

MISS 99.01%

Est. $1.01

Q2 26 Revenue

$1.13B

MISS 39.47%

Est. $1.86B

vs S&P Since Q2 26

-1.2%

TRAILING MARKET

MAT -0.7% vs S&P +0.5%

Market Reaction

Did MAT Beat Earnings? Q2 2026 Results

Mattel delivered a bruising second quarter, with revenue of $1.13 billion falling sharply below the $1.86 billion consensus estimate, a miss of nearly 39.47%, as the toymaker's top line contracted 35.2% year over year under the weight of tariff costs… Read more Mattel delivered a bruising second quarter, with revenue of $1.13 billion falling sharply below the $1.86 billion consensus estimate, a miss of nearly 39.47%, as the toymaker's top line contracted 35.2% year over year under the weight of tariff costs, margin compression, and surging advertising spend. Adjusted EPS came in at just $0.01, a steep drop from $0.21 a year ago, while a 270-basis-point collapse in gross margins to 48.2% reflected the compounding pressure of inflation, unfavorable foreign exchange, and higher royalties. Reported operating income cratered to $10.90 million from $78.50 million, and Mattel posted a GAAP net loss of $18.20 million. The one bright spot was Vehicles, where Hot Wheels-led gross billings climbed 14% to $463.30 million, while Barbie remained a drag, slipping 16% to $169.00 million. Institutional investors have continued to build positions ahead of results, reflecting some longer-term confidence even as near-term headwinds persist. Management reiterated full-year 2026 guidance for Adjusted EPS of $1.27 to $1.39, citing continued momentum into the third quarter.

Key Takeaways

  • • Strong growth in Hot Wheels driving Vehicles category up 14%
  • • Action Figures, Building Sets, Games, and Other category up 35% driven by digital games contribution from Mattel163 and theatrical releases
  • • Gross incremental cost of tariffs, inflation, higher royalties, and unfavorable foreign exchange pressured margins
  • • Advertising and promotion expenses increased 57% year-over-year
  • • North America Net Sales grew 12%

MAT Forward Guidance & Outlook

Mattel reiterated full-year 2026 guidance: Net Sales growth of +3% to +6% in constant currency (vs. FY2025 actuals of $5,348M), Adjusted Gross Margin of approximately 50%, Adjusted Operating Income of $580M-$630M, Adjusted Tax Rate of approximately 24%, and Adjusted EPS of $1.27-$1.39. The company reaffirmed its 2026 share repurchase target of $400 million. CEO stated growth has continued into the third quarter and expects to achieve full-year guidance. Guidance remains subject to market volatility, unexpected disruptions, macro-economic risks, Middle East developments, and regulatory actions impacting global trade. Guidance does not include any potential impact of tariff refunds.

24/7 Wall St

MAT YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

MAT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

MAT Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We continued to execute our multi-year strategy to grow our IP-driven play and family entertainment business in the second quarter with strong growth in Net Sales. Growth has continued in the third quarter, and we expect to achieve our full year 2026 guidance. Our world-class brand portfolio and product offering, driven by our brand-centric operating model and global capabilities, position us well for the second half of the year.”

— Ynon Kreiz, Q2 2026 Earnings Press Release

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