Mattel (MAT) FY2022 results: revenue $5.4 billion, down 0.4% on the year

Mattel Inc. (MAT) reported revenue of $5.4 billion for fiscal 2022, the year ended 31 December 2022, down 0.4% on the year before. Net income was $394 million, down 56.4%, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$5.4 billion

-0.4% on the year

FY2015FY2022

Operating margin

12.4%

13.4% a year earlier

FY2015FY2022

Net income

$394 million

-56.4% on the year

FY2015FY2022

Diluted EPS

$1.10

-56.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,435	5,458	4,584	-0.4%
Cost of revenue	2,953	2,831	2,345	+4.3%
Gross profit	2,481	2,627	2,244	-5.5%
Gross margin	45.7%	48.1%	48.9%
Research and development	195	189	189	+3.2%
Operating income	676	730	375	-7.4%
Operating margin	12.4%	13.4%	8.2%
Interest expense	133	254	198	-47.7%
Pre-tax income	504	471	178	+7.1%
Income tax	136	-420	65.5
Effective tax rate	26.9%	-89.3%	36.9%
Net income	394	903	124	-56.4%
Net margin	7.2%	16.5%	2.7%
Diluted EPS	$1.10	$2.53	$0.35	-56.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	443	485	286	-8.8%
Capital expenditure	106	77.1	59.4	+37.9%
Free cash flow	337	408	226	-17.6%
Free cash flow margin	6.2%	7.5%	4.9%
Cash from investing	-144	-105	-132
Cash from financing	-261	-402	-5.8
Depreciation and amortisation	182	184	193	-1.2%
Share-based compensation	69.1	60.1	60.2	+15.0%
Buybacks	0.0	0.0	n/a
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	360m	357m	349m	+0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,056	1,569	610	+31.1%
Short-term borrowings	0.0	0.0	1.0
Debt	2,326	2,571	2,855	-9.5%
Operating lease liabilities	271	284	249	-4.3%
Other liabilities	1,524	1,970	1,820	-22.6%
Total liabilities and equity	6,178	6,394	5,535	-3.4%
Fixed assets	469	456	474	+2.9%
Goodwill	1,379	1,390	1,394	-0.8%
Intangible assets	425	477	518	-10.9%
Cash and equivalents	761	731	762	+4.1%
Receivables	860	1,073	1,034	-19.8%
Inventory	894	777	528	+15.0%
Other assets	1,389	1,490	824	-6.7%
Total assets	6,178	6,394	5,535	-3.4%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.