Mattel (MAT) FY2023 results: revenue $5.4 billion, up 0.1% on the year

Mattel Inc. (MAT) reported revenue of $5.4 billion for fiscal 2023, the year ended 31 December 2023, up 0.1% on the year before. Net income was $214 million, down 45.6%, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2024.

Revenue

$5.4 billion

+0.1% on the year

FY2016FY2023

Operating margin

10.3%

12.4% a year earlier

FY2016FY2023

Net income

$214 million

-45.6% on the year

FY2016FY2023

Diluted EPS

$0.60

-45.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,441	5,435	5,458	+0.1%
Cost of revenue	2,858	2,953	2,831	-3.2%
Gross profit	2,584	2,481	2,627	+4.1%
Gross margin	47.5%	45.7%	48.1%
Research and development	199	195	189	+1.6%
Operating income	562	676	730	-16.9%
Operating margin	10.3%	12.4%	13.4%
Interest expense	124	133	254	-6.8%
Pre-tax income	465	504	471	-7.7%
Income tax	269	136	-420	+98.4%
Effective tax rate	57.9%	26.9%	-89.3%
Net income	214	394	903	-45.6%
Net margin	3.9%	7.2%	16.5%
Diluted EPS	$0.60	$1.10	$2.53	-45.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	870	443	485	+96.4%
Capital expenditure	85.8	106	77.1	-19.3%
Free cash flow	784	337	408	+133.0%
Free cash flow margin	14.4%	6.2%	7.5%
Cash from investing	-142	-144	-105
Cash from financing	-227	-261	-402
Depreciation and amortisation	177	182	184	-2.7%
Share-based compensation	83.3	69.1	60.1	+20.6%
Buybacks	203	0.0	0.0
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	357m	360m	357m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,149	2,056	1,569	+4.5%
Short-term borrowings	0.0	0.0	0.0
Debt	2,330	2,326	2,571	+0.2%
Operating lease liabilities	260	271	284	-4.4%
Other liabilities	1,697	1,524	1,970	+11.3%
Total liabilities and equity	6,436	6,178	6,394	+4.2%
Fixed assets	466	469	456	-0.8%
Goodwill	1,385	1,379	1,390	+0.4%
Intangible assets	393	425	477	-7.5%
Cash and equivalents	1,261	761	731	+65.7%
Receivables	1,082	860	1,073	+25.8%
Inventory	572	894	777	-36.1%
Other assets	1,278	1,389	1,490	-8.0%
Total assets	6,436	6,178	6,394	+4.2%

10-K for the year ended 31 December 2023, filed 15 March 2024: the filing.