Mattel, Inc. (NASDAQ: MAT) reported net sales of $1.73 billion for the third quarter of 2025. Sales were down 6% as reported, and 7% in constant currency, versus the previous year, mainly due to a 12% decrease in the North America segment, partly offset by a 3% increase in the International segment.
Net income was $278 million, down 25% year-over-year. GAAP earnings per share was $0.88 compared to $1.09 and adjusted EPS was $0.89 compared to $1.14 last year.
Worldwide gross billings for Dolls were down 11% YoY, mainly due to declines in Barbie. Gross billings for Infant, Toddler, and Preschool were down 25%, due to declines in Fisher-Price, Preschool Entertainment, and Baby Gear & Power Wheels.
Gross billings for Vehicles were $626 million, up 8%, driven primarily by growth in Hot Wheels. Gross billings for Action Figures, Building Sets, Games, and Other were up 11%, primarily driven by growth in Action Figures, partly offset by a decline in Building Sets.
For the full year of 2025, the company expects net sales growth of 1-3% and adjusted EPS of $1.54-1.66.