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Mattel Is Expanding Beyond Toys—Will Digital Games and Entertainment Redefine the Brand?

Mattel, Inc. recently reported its financial performance for the fourth quarter and full year of 2025, revealing a mixed set of results and strategic developments. The company’s gross billings grew by 6% in the fourth quarter, with regional growth of 7% in North America and 4% internationally. However, full-year growth was hampered by lower-than-expected performance in the U.S. market, which impacted overall expectations. Despite challenges in U.S. trade dynamics, international business performed in line with expectations, showcasing growth across all regions. Key product performances highlighted strengths in categories such as Vehicles, which saw robust growth driven by brands like Hot Wheels, marking its eighth consecutive record year, and other categories like Action Figures also showed strong growth. The Dolls category faced challenges despite some recovery in trends, with brands like Barbie stabilizing in the quarter but declining over the year. Games enjoyed growth primarily due to UNO’s consistent performance.