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Mattel turns brands such as Barbie, Hot Wheels, Fisher-Price and UNO into toys sold worldwide. Dolls and toy vehicles are its largest product categories. It uses its own factories and outside manufacturers, then sells mainly to retailers that reach consumers through stores and online. Some products also reach consumers directly through American Girl and e-commerce channels.
Walmart, Target and Amazon together supply a substantial share of sales, so their orders and decisions about shelf space and online placement matter. Holiday shopping drives much of demand, requiring Mattel to build inventory before the selling season. Alongside its own brands, Mattel sells toys using characters licensed from companies such as Disney and NBCUniversal; important product lines depend on those licenses, and related toy demand can depend on partners’ entertainment releases.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond this list, watch Mattel’s major toy rivals LEGO and Spin Master and retailer orders, including Target, which bought $630 million of Mattel products in 2025.
Hasbro competes with Mattel for licenses, shelf space and holiday purchases, selling branded toys and games to the same retailers and consumers. Watch its Consumer Products business, where BEYBLADE, TRANSFORMERS and Hasbro Gaming contributed to 2025 performance, rather than treating all its gaming revenue as a read on Mattel.
Jakks Pacific Inc competes directly with Mattel for major retailers’ purchases of dolls, action figures and toy vehicles. Its sales to Target and Walmart are worth watching: they accounted for 26.6% and 26.1% of its 2025 net sales, respectively, showing how heavily its toy business depends on those buyers.
Mattel depends on The Walt Disney Company’s permission to turn its characters into Disney Princess, Frozen, Cars, Toy Story and Star Wars toys. Disney’s films and shows tied to those franchises are the news to watch for demand for Mattel’s licensed dolls, vehicles and action figures.
Walmart’s toy orders matter directly to Mattel: it buys toys to resell to shoppers and accounted for $1.08 billion of Mattel’s 2025 sales. Watch its toy ordering and shelf placement, which influence both Mattel’s sales to Walmart and shoppers’ access to its products.
Build-A-Bear Workshop, Inc. competes with Mattel for plush, premium toy and collectible spending, but earns money from shoppers who personalize stuffed animals in its stores as well as buying finished products. Its plush and collectible sales are the closer comparison for Mattel than its distinctive hands-on store experience.
Mattel relies on Comcast’s NBCUniversal to grant rights to use entertainment properties such as Jurassic World in its toys.
Mattel’s wrestling toys are tied to WWE fan engagement because TKO Group Holdings grants Mattel the exclusive worldwide right to make WWE toys. Watch WWE’s audience and live-event engagement for clues to interest in Mattel’s WWE action figures.
Amazon is a direct source of Mattel revenue, buying its products for resale and accounting for $520 million of Mattel’s 2025 sales. Watch Amazon’s orders and the online placement of Mattel toys, rather than its broader business, for the clearest connection to Mattel.
Jakks Pacific Inc earningsJAKK
Jakks Pacific's report will show whether its dolls, action figures and toy vehicles are still drawing orders from retailers that also buy from Mattel.
Read Jakks Pacific's toy sales alongside any comments about shared retailers such as Target and Walmart; 26.6% and 26.1% of its 2025 net sales came from those retailers, respectively. Stronger sales would show retailers are still buying toys, but Jakks may also be winning shelf space and orders from Mattel. Weaker sales alongside signs of softer toy demand would point to a tougher retail backdrop for Mattel too, though they would not establish how Mattel's own orders changed.
TKO Group Holdings, Inc. earningsTKO
TKO Group's report will show whether WWE audience and live-event engagement are supporting interest in Mattel's WWE action figures.
Watch TKO's comments on WWE audience and live-event engagement. Rising engagement would support the view that fans remain interested in the licensed property and could help demand for Mattel's WWE figures; falling engagement would mean less support for that product line. Audience measures do not directly establish toy sales.
Mattel, Inc. earningsThis company
Mattel's report will show whether retailer orders for products such as Barbie and Hot Wheels are turning into sales without deeper discounts.
Read gross billings by product category alongside sales adjustments as a share of net sales and gross margin. Gross billings are amounts invoiced before discounts, returns and other adjustments. If demand holds across categories while adjustments ease and gross margin holds up, retailer orders are converting into firmer revenue. If billings weaken as adjustments rise and gross margin falls, Mattel is having a harder time turning orders into profitable sales.
The Walt Disney Company earningsDIS
Disney's report will offer clues about films and shows tied to franchises behind Mattel's licensed dolls, vehicles and action figures.
Focus on audience response and content developments for franchises tied to Mattel toys, such as Frozen and Toy Story, rather than Disney's overall results. Stronger franchise interest would provide a better backdrop for Mattel's licensed products; weaker interest could mean less lift for the related dolls, vehicles and action figures. Film and show performance is not a substitute for toy sales.
Retail Sales MoM (Oct)
Retail sales track what consumers spend at stores and online; for Mattel, that can shape Walmart, Target, and Amazon’s purchases and reorders of its toys, and the discounts Mattel may need to offer.
If consumers spend more, that may support Walmart, Target, and Amazon’s purchases and reorders of Mattel toys; if they spend less, those orders may weaken, potentially increasing pressure for discounts.
Walmart Inc. earningsWMT
Walmart's report will show whether Mattel's largest customer is still buying its toys and making room for them on shelves; Walmart accounted for $1.08 billion of Mattel's 2025 sales.
Watch Walmart's comments on toy buying and shelf placement, alongside its broader merchandise sales and inventory. Steady toy orders and placement would support Mattel's access to shoppers through this major customer; weaker buying or less shelf space could narrow that route to consumers. If Walmart gives no toy-specific detail, its broader retail results are only a general clue.
