Mattel (MAT) Q3 FY2026 earnings: revenue $1.8 billion, up 4.1% on the year

Mattel Inc. (MAT) reported revenue of $1.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 4.1% on the same quarter a year earlier. Net income was $354 million, up 27.0% on the year, and diluted earnings per share $1.23. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$1.8 billion

+4.1% on the year · +60.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

26.4%

21.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$354 million

+27.0% on the year

Q4 FY2024Q3 FY2026

Diluted EPS

$1.23

+39.8% on the year

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 lowered, 1 new.

Net Sales rose 4% as reported: Net Sales were $1,807 million, up 4% as reported and 3% in constant currency. Net Income was $354 million, up $75 million, and Adjusted EBITDA was $542.5 million, up 16%.
Tariff refunds lifted gross margin: Gross Margin was 54.8% versus 50.0%, and Adjusted Gross Margin was 55.0% versus 50.2%. The improvement was primarily driven by $88 million of tariff refunds received.
Operating income rose $96 million: Operating Income was $476 million, up $96 million, and Adjusted Operating Income was $502 million, up $106 million. Higher Gross Profit was partly offset by higher Advertising expenses.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,807	1,125	1,736	+60.5%	+4.1%
Cost of revenue	817	583	868	+40.1%	-5.8%
Gross profit	990	542	868	+82.5%	+14.0%
Gross margin	54.8%	48.2%	50.0%
Research and development	67.9	70.4	54.5	-3.5%	+24.5%
Operating income	476	10.9	380	+4,280.3%	+25.4%
Operating margin	26.4%	1.0%	21.9%
Interest expense	31.9	31.8	29.4	+0.4%	+8.4%
Pre-tax income	450	-18.0	358		+25.6%
Income tax	96.8	0.2	86.9	+42,365.4%	+11.4%
Effective tax rate	21.5%	n/a	24.2%
Net income	354	-18.2	278		+27.0%
Net margin	19.6%	-1.6%	16.0%
Diluted EPS	$1.23	-$0.06	$0.88		+39.8%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	88.6	-179	72.0		+23.1%
Capital expenditure	37.9	42.3	30.9	-10.4%	+22.9%
Free cash flow	50.7	-222	41.1		+23.3%
Free cash flow margin	2.8%	-19.7%	2.4%
Cash from investing	-54.6	-51.6	-42.9
Cash from financing	-10.8	-115	-204
Depreciation and amortisation	50.6	48.7	41.6	+3.9%	+21.7%
Share-based compensation	-0.9	19.9	22.3
Buybacks	8.4	100	202	-91.6%	-95.8%
Diluted shares, weighted	287m	289m	318m	-0.7%	-9.8%
Shares outstanding at period end	286m	286m	311m	-0.1%	-8.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,341	1,998	2,261	+17.1%	+3.5%
Debt	2,335	2,334	2,338	+0.0%	-0.1%
Operating lease liabilities	325	335	255	-2.8%	+27.8%
Other liabilities	1,896	1,690	1,740	+12.2%	+9.0%
Total liabilities and equity	6,897	6,357	6,593	+8.5%	+4.6%
Fixed assets	663	636	542	+4.3%	+22.2%
Goodwill	1,582	1,582	1,390	-0.0%	+13.8%
Intangible assets	457	472	345	-3.1%	+32.6%
Cash and equivalents	541	524	692	+3.4%	-21.7%
Receivables	1,400	820	1,390	+70.7%	+0.7%
Inventory	828	830	827	-0.2%	+0.2%
Other assets	1,426	1,493	1,408	-4.5%	+1.3%
Total assets	6,897	6,357	6,593	+8.5%	+4.6%

Questions

What was Mattel's revenue in Q3 FY2026?

Mattel (MAT) reported revenue of $1.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 4.1% on the same quarter a year earlier.

How much did Mattel earn in Q3 FY2026?

Net income for Q3 FY2026 was $354 million, up 27.0% on the year, and diluted earnings per share $1.23.

When did Mattel report Q3 FY2026 results?

Mattel filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,795	1,041	1,236	1,756	1,402	815	1,087	1,919	1,621	810	1,080	1,844	1,646	827	1,019	1,736	1,766	862	1,125	1,807
Cost of revenue	911	558	687	909	799	489	597	941	830	421	549	865	811	419	500	868	956	475	583	817
Gross profit	884	483	549	847	603	326	490	978	790	389	531	979	835	408	519	868	810	387	542	990
Gross margin	49%	46%	44%	48%	43%	40%	45%	51%	49%	48%	49%	53%	51%	49%	51%	50%	46%	45%	48%	55%
R&D	50.9	42.6	49.3	52.2	51.3	48.8	49.8	49.8	50.3	47.6	47.4	46.8	52.2	46.8	49.4	54.5	76.7	59.9	70.4	67.9
Operating income	257	80.1	125	391	79.0	-115	62.8	474	140	-35.5	83.2	488	158	-53.0	78.5	380	141	-103	10.9	476
Operating margin	14%	8%	10%	22%	6%	-14%	6%	25%	9%	-4%	8%	26%	10%	-6%	8%	22%	8%	-12%	1%	26%
Interest expense	33.2	33.0	32.8	33.9	33.1	31.1	30.6	30.7	31.3	30.1	30.0	29.4	29.4	29.2	29.4	29.4	30.7	31.1	31.8	31.9
Pre-tax income	221	39.1	87.1	364	14.4	-138	38.6	450	115	-53.9	59.5	472	145	-79.3	62.9	358	117	25.0	-18.0	450
Tax rate	-2%	61%	31%	22%	37%	n/a	37%	69%	-24%	n/a	15%	23%	7%	n/a	26%	24%	15%	-130%	n/a	21%
Net income	226	21.5	66.4	290	16.1	-106	27.2	146	147	-28.3	56.9	372	141	-40.3	53.4	278	106	61.0	-18.2	354
Net margin	13%	2%	5%	17%	1%	-13%	3%	8%	9%	-3%	5%	20%	9%	-5%	5%	16%	6%	7%	-2%	20%
Diluted EPS	$0.64	$0.06	$0.18	$0.80	$0.06	-$0.30	$0.08	$0.41	$0.42	-$0.08	$0.17	$1.09	$0.42	-$0.12	$0.16	$0.88	$0.34	$0.20	-$0.06	$1.23
Operating cash flow	741	-144	-281	150	718	-206	-119	246	949	35.5	-253	156	862	24.8	-300	72.0	797	-22.9	-179	88.6
Capital expenditure	15.6	16.7	23.0	29.7	37.0	23.1	14.0	23.8	25.0	14.7	17.3	76.6	26.6	20.8	23.2	30.9	35.7	44.9	42.3	37.9
Free cash flow	726	-160	-304	121	681	-229	-133	222	924	20.8	-270	79.3	836	4.0	-323	41.1	761	-67.8	-222	50.7
Buybacks	n/a	0.0	0.0	0.0	0.0	34.0	15.9	60.0	93.2	100.0	100.0	68.3	132	160	50.0	202	188	200	100	8.4
Shares outstanding	352m	352m	353m	354m	356m	354m	354m	353m	344m	344m	340m	337m	330m	323m	322m	311m	302m	291m	286m	286m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.