Mattel (MAT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Mattel published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Mattel reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 gross margin and operating income include about $88 million of refunds of tariffs previously paid under the International Emergency Economic Powers Act (IEEPA), received and recognized in the quarter.
• In 2026 Mattel began excluding amortization of acquired intangible assets from its adjusted measures and recast prior periods. The year-ago Adjusted EPS of $0.91 is the recast figure; Mattel first reported $0.89 for Q3 2025.
• Mattel acquired the remaining 50% of Mattel163, a mobile games studio, from NetEase on March 2, 2026, and consolidates it from that date.

Source: Mattel Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Mattel splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Mattel's North America revenue was $1.0 billion in Q3 2026, up 4% from $978 million in Q3 2025, 56% of total revenue.
• Mattel's International revenue was $793 million in Q3 2026, up 5% from $758 million in Q3 2025, 44% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Mattel said:

“Net Sales growth in the range of 1% to 4% in constant currency”

“Adjusted Operating Income in the range of $500 million to $570 million”

“Adjusted EPS in the range of $1.05-$1.20.”

“Mattel's revised full year 2026 guidance excludes the benefits of tariff refunds recognized year-to-date, as well as any additional tariff refunds that may be recognized during the remainder of 2026.”

Source: Mattel Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MAT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Mattel's sales are seasonal: retailers buy most heavily in the third and fourth quarters ahead of the holidays.

We do not hold a confirmed date for Mattel's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Mattel reports two segments. In Q3 2026 North America had net sales of $1,014.0 million and International $792.7 million, for a total of $1,806.7 million, up 4% as reported and 3% in constant currency. Within International, EMEA was $431.1 million, Latin America $240.4 million and Asia Pacific $121.2 million, up 17%. (Mattel Q3 2026 release, Nov 5, 2026)

Mattel also tracks gross billings, the amounts invoiced to customers before trade discounts and allowances, which came to $2,054.6 million. Dolls billed $703.2 million, up 4%, helped by partner brands including KPop Demon Hunters and offset mainly by a decline in Barbie. Vehicles billed $679.8 million, up 9%, on growth in Hot Wheels. Infant, Toddler, and Preschool fell 16% to $220.8 million because of a decline in Fisher-Price, and Action Figures, Building Sets, Games, and Other rose 12% to $450.8 million on Games, including Mattel163, and Action Figures. (Mattel Q3 2026 release, Nov 5, 2026)

By brand, Hot Wheels gross billings rose 7% to $585.5 million, Barbie fell 9% to $374.6 million and Fisher-Price fell 14% to $186.2 million. (Mattel Q3 2026 release, Nov 5, 2026)

Mattel's sales are concentrated in a few retailers. In 2025 its three largest customers, Walmart ($1.08 billion), Target ($0.63 billion) and Amazon ($0.52 billion), accounted for about 42% of worldwide net sales, and its ten largest for about 49%. The business is seasonal: a significant portion of retailer purchasing happens in the third and fourth quarters ahead of holiday buying. (Mattel Form 10-K, 2025, Feb 23, 2026)

Mattel's GAAP diluted EPS rose to $1.23 from $0.88, and Adjusted EPS to $1.30 from $0.91. The 10-Q says gross margin and operating income benefited from about $88 million of IEEPA tariff refunds received in the quarter; reported gross margin was 54.8%, against 50.0%. Mattel said inflation and higher royalties more than offset other benefits, and advertising expenses rose to $143.3 million from $118.1 million. (Mattel Q3 2026 release, Nov 5, 2026; Mattel Form 10-Q, Q3 2026, Nov 6, 2026)

Adjusted EPS excludes amortization of acquired intangible assets ($0.05 a share), severance and restructuring ($0.01), the inclined sleeper product recalls ($0.01) and acquisition-related expenses ($0.01), net of a $0.02 tax effect. The reported tax rate was 21%, against 24%, and the 10-Q records a net discrete income tax expense of $9.9 million, mainly tied to the tariff refunds. (Mattel Q3 2026 release, Nov 5, 2026; Mattel Form 10-Q, Q3 2026, Nov 6, 2026)

The share count fell. Diluted weighted-average shares were 286.8 million, against 318.1 million a year earlier. Mattel spent $308 million on share repurchases in the first nine months of 2026, and about $1.2 billion remained under its $1.5 billion authorization at September 30. (Mattel Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Mattel gives a full-year outlook in its release. For 2026 it now expects net sales growth of 1% to 4% in constant currency, Adjusted Gross Margin of roughly 48%, Adjusted Operating Income of $500 million to $570 million and Adjusted EPS of $1.05 to $1.20, with an adjusted tax rate of roughly 23% and about a 1% foreign exchange benefit to net sales. (Mattel Q3 2026 release, Nov 5, 2026)

The revised guidance excludes the tariff refunds recognized so far in 2026 and any further refunds recognized later in the year. For comparison, Mattel's Adjusted EPS for the first nine months was $1.08, the same as a year earlier. (Mattel Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Mattel, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Mattel's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MAT is on is MAT a buy or a sell?, what analysts expect next is on the MAT forecast, and what the company does is on the Mattel (MAT) stock page.

Every number on this page can be traced to a document Mattel published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.