美泰 2026 年二季度 10-Q 报告

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

___________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

June 30, 2026

or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-05647

___________________________________________________________

MATTEL, INC.

(Exact name of registrant as specified in its charter)

___________________________________________________________

Delaware 95-1567322

(State or other jurisdiction of

incorporation or organization) (I.R.S. Employer

Identification No.)

333 Continental Blvd. 90245-5012

El Segundo, CA

(Address of principal executive offices) (Zip Code)

(310) 252-2000

(Registrant's telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

__________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $1.00 per share MAT The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares outstanding of registrant's common stock, $1.00 par value, as of July 24, 2026: 285.7 million shares.

1

MATTEL, INC. AND SUBSIDIARIES

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements

4

Consolidated Balance Sheets

4

Consolidated Statements of Operations

5

Consolidated Statements of Comprehensive Income (Loss)

6

Consolidated Statements of Cash Flows

7

Consolidated Statements of Stockholders' Equity

8

Notes to Consolidated Financial Statements

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

50

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

52

Signature

53

2

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts or by their nature are uncertain and include statements regarding Mattel's plans for future periods and other future events. The use of words such as "anticipates," "expects," "intends," "plans," "projects," "looks forward," "confident that," "believes," and "targeted," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic, and other information and assumptions, and are subject to a number of significant risks and uncertainties. A variety of factors or combination of factors, many of which are beyond Mattel's control, may cause actual results or outcomes, or the timing of those results or outcomes, to differ materially from those contained in any forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: (i) Mattel's ability to design, develop, produce, manufacture, source, ship, and distribute products in a timely and cost-effective manner; (ii) sufficient interest in and demand for the products and entertainment Mattel offers by retail customers and consumers to profitably recover Mattel's costs; (iii) downturns in economic conditions affecting Mattel's markets which can negatively impact retail customers and consumers, and which can result in lower employment levels and lower consumer disposable income and spending, including lower spending on purchases of Mattel's products; (iv) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (v) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vi) other economic and public health conditions or regulatory changes in the markets in which Mattel and its customers and suppliers operate, which could create delays or increase Mattel's costs, such as higher commodity prices, labor costs, transportation costs, or outbreaks of disease; (vii) the effect of inflation on Mattel's business, including cost inflation in supply chain inputs and increased labor costs, as well as pricing actions taken in an effort to mitigate the effects of inflation; (viii) currency fluctuations, including movements in foreign exchange rates, which can lower Mattel's net revenues and earnings, and significantly impact Mattel's costs; (ix) the concentration of Mattel's customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel's customers, such as bankruptcies or liquidations or a general lack of success, or changes in their purchasing or selling patterns; (x) the inventory policies of Mattel's retail customers, as well as the concentration of Mattel's revenues in the second half of the year, which, coupled with reliance by retailers on quick response inventory management techniques, increases the risk of underproduction, overproduction, and shipping delays; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) work disruptions, including as a result of supply chain disruption such as plant or port closures, which may impact Mattel's ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the impact of competition on revenues, margins, and other aspects of Mattel's business, including the ability to offer products that consumers choose to buy instead of competitive products; (xiv) the ability to secure, maintain, and renew popular licenses from licensors of entertainment properties; (xv) the ability to successfully develop, publish, and commercialize digital games; (xvi) the ability to attract and retain talented employees and adapt to evolving workplace models; (xvii) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xviii) tariffs, tariff-related developments, including refunds, trade restrictions, or trade barriers, which, depending on the effective date and duration of such measures, changes in the amount, scope, and nature of such measures in the future, any countermeasures that the target countries may take, and any mitigating actions that may become available, could increase Mattel's product costs and other costs of doing business, and other changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates, including, without limitation, with respect to taxes, trade policies, product safety, or sustainability, which may also increase Mattel's product costs and other costs of doing business, and, in each case, reduce Mattel's earnings and liquidity; (xix) business disruptions or other unforeseen impacts due to economic instability, political instability, civil unrest, armed hostilities, such as the conflict in the Middle East, terrorist activities, natural and man-made disasters, pandemics or other public health crises, or other catastrophic events; (xx) failure to realize the planned benefits from any investments or acquisitions made by Mattel, including Mattel163; (xxi) the impact of other market conditions or third-party actions or approvals, including those that result in any significant failure, inadequacy, or interruption from vendors or outsourcers, which could reduce demand for Mattel's products, delay or increase the cost of implementation of Mattel's programs, or alter Mattel's actions and reduce actual results; (xxii) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xxiii) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xxiv) Mattel's ability to navigate regulatory frameworks in connection with new areas of investment, product development, or other business activities, such as artificial intelligence; (xxv) the potential impact of the development, use, and integration of artificial intelligence and machine learning technologies in Mattel's business and products; (xxvi) the sufficiency of additional controls and procedures that Mattel has implemented to remediate the prior material weakness in Mattel's internal control over financial reporting, additional material weaknesses or other deficiencies in the future, or the failure to maintain an effective system of internal control; and (xxvii) other risks and uncertainties detailed in Part I, Item 1A "Risk Factors" in Mattel's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Annual Report on Form 10-K"), and subsequent periodic filings. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

3

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

MATTEL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

June 30,

2026 June 30,

2025 December 31,

2025

(Unaudited; in thousands, except share data)

ASSETS

Current Assets

Cash and equivalents $ 523,856 $ 870,452 $ 1,242,927

Accounts receivable, net of allowances for credit losses of $9.6 million, $8.6 million, and $17.4 million, respectively

820,320 792,495 1,097,604

Inventories 829,798 867,898 563,142

Prepaid expenses and other current assets 279,450 268,196 227,116

Total current assets 2,453,424 2,799,041 3,130,789

Noncurrent Assets

Property, plant, and equipment, net 635,582 527,264 590,015

Right-of-use assets, net 384,665 313,769 319,548

Goodwill 1,582,369 1,392,093 1,390,169

Deferred income tax assets 332,171 307,068 312,913

Identifiable intangible assets, net 471,710 354,226 337,105

Other noncurrent assets 497,102 555,434 559,843

Total Assets $ 6,357,023 $ 6,248,895 $ 6,640,382

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Current portion of long-term debt $ — $ 598,873 $ —

Accounts payable 448,044 419,478 555,403

Accrued liabilities 834,706 703,493 872,928

Income taxes payable 7,061 4,210 29,851

Total current liabilities 1,289,811 1,726,054 1,458,182

Noncurrent Liabilities

Long-term debt 2,333,889 1,737,660 2,331,675

Noncurrent lease liabilities 334,749 264,875 268,351

Other noncurrent liabilities 400,456 348,447 349,126

Total noncurrent liabilities 3,069,094 2,350,982 2,949,152

Stockholders' Equity

Common stock $1.00 par value, 1.00 billion shares authorized; 441.4 million shares issued

441,369 441,369 441,369

Additional paid-in capital 1,742,846 1,756,671 1,787,790

Treasury stock at cost: 155.7 million shares, 119.1 million shares, and 140.0 million shares, respectively

(3,350,472) (2,726,182) (3,107,007)

Retained earnings 4,044,277 3,616,911 4,001,462

Accumulated other comprehensive loss (879,902) (916,910) (890,566)

Total stockholders' equity 1,998,118 2,171,859 2,233,048

Total Liabilities and Stockholders' Equity $ 6,357,023 $ 6,248,895 $ 6,640,382

The accompanying notes are an integral part of these consolidated financial statements.

4

MATTEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended For the Six Months Ended

June 30,

2026 June 30,

2025 June 30,

2026 June 30,

2025

(Unaudited; in thousands, except per share amounts)

Net Sales $ 1,125,326 $ 1,018,562 $ 1,987,497 $ 1,845,191

Cost of sales 583,205 499,611 1,058,596 918,144

Gross Profit 542,121 518,951 928,901 927,047

Advertising and promotion expenses 124,316 79,124 217,169 149,322

Other selling and administrative expenses 406,932 361,328 803,540 752,206

Operating Income (Loss) 10,873 78,499 (91,808) 25,519

Interest expense 31,755 29,354 62,838 58,588

Interest (income) (7,036) (12,365) (17,688) (28,317)

Other non-operating expense (income), net 4,141 (1,417) (143,958) 11,623

(Loss) Income Before Income Taxes (17,987) 62,927 7,000 (16,375)

Provision for (benefit from) income taxes 228 16,211 (32,222) (14,355)

Income from equity method investments — (6,636) (3,593) (15,053)

Net (Loss) Income $ (18,215) $ 53,352 $ 42,815 $ 13,033

Net (Loss) Income Per Common Share - Basic $ (0.06) $ 0.16 $ 0.15 $ 0.04

Weighted-average number of common shares 288,930 323,529 293,200 325,505

Net (Loss) Income Per Common Share - Diluted $ (0.06) $ 0.16 $ 0.14 $ 0.04

Weighted-average number of common and potential common shares 288,930 325,532 295,692 328,504

The accompanying notes are an integral part of these consolidated financial statements.

5

MATTEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended For the Six Months Ended

June 30,

2026 June 30,

2025 June 30,

2026 June 30,

2025

(Unaudited; in thousands)

Net (Loss) Income $ (18,215) $ 53,352 $ 42,815 $ 13,033

Other Comprehensive Income, Net of Tax

Currency translation adjustments 922 61,940 (2,315) 115,558

Employee benefit plan adjustments 1,697 1,285 3,264 2,570

Net unrealized gains (losses) on derivative instruments:

Unrealized holding (losses) gains (3,150) (44,639) 3,979 (53,862)

Reclassification adjustments included in net income 3,915 11,091 5,736 13,276

765 (33,548) 9,715 (40,586)

Other Comprehensive Income, Net of Tax 3,384 29,677 10,664 77,542

Comprehensive (Loss) Income $ (14,831) $ 83,029 $ 53,479 $ 90,575

The accompanying notes are an integral part of these consolidated financial statements.

6

MATTEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended

June 30,

2026 June 30,

2025

(Unaudited; in thousands)

Cash Flows From Operating Activities:

Net income $ 42,815 $ 13,033

Adjustments to reconcile net income to net cash flows used for operating activities:

Depreciation 67,579 68,719

Amortization of intangible assets 25,105 15,653

Share-based compensation 32,907 38,624

Inventory obsolescence 10,008 14,405

Deferred income taxes (6,724) (10,771)

Income from equity method investments (3,593) (15,053)

Content assets amortization 7,198 36,251

(Gain) on remeasurement of previously held equity interest (147,940) —

Changes in assets and liabilities:

Accounts receivable, net 294,781 238,999

Inventories (291,154) (327,702)

Prepaid expenses and other current assets (57,046) (18,476)

Accounts payable, accrued liabilities, and income taxes payable (233,087) (277,044)

Content assets spend (11,177) (9,327)

Other, net 68,194 (42,579)

Net cash flows used for operating activities (202,134) (275,268)

Cash Flows From Investing Activities:

Purchases of tools, dies, and molds (38,612) (31,991)

Purchases of other property, plant, and equipment (87,197) (44,028)

Payments for acquisitions, net of cash acquired (74,844) —

Other, net 5,391 21,438

Net cash flows used for investing activities (195,262) (54,581)

Cash Flows From Financing Activities:

Share repurchases (300,000) (210,000)

Tax withholdings for share-based compensation (23,429) (14,509)

Proceeds from stock option exercises 3,378 4,767

Other, net (2,997) (2,652)

Net cash flows used for financing activities (323,048) (222,394)

Effect of Currency Exchange Rate Changes on Cash and Equivalents 1,373 34,787

Change in Cash and Equivalents (719,071) (517,456)

Cash and Equivalents at Beginning of Period 1,242,927 1,387,908

Cash and Equivalents at End of Period $ 523,856 $ 870,452

The accompanying notes are an integral part of these consolidated financial statements.

7

MATTEL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

Common

Stock Additional

Paid-In

Capital Treasury

Stock Retained

Earnings Accumulated

Other

Comprehensive

Loss Total

Stockholders'

Equity

(Unaudited; in thousands)

Balance, December 31, 2025 $ 441,369 $ 1,787,790 $ (3,107,007) $ 4,001,462 $ (890,566) $ 2,233,048

Net income — — — 61,030 — 61,030

Other comprehensive income, net of tax — — — — 7,280 7,280

Share repurchases — — (201,656) — — (201,656)

Issuance of treasury stock for stock option exercises — (2,175) 5,543 — — 3,368

Issuance of treasury stock for restricted stock units vesting — (23,118) 13,546 — — (9,572)

Deferred compensation — (67) 30 — — (37)

Share-based compensation — 12,981 — — — 12,981

Balance, March 31, 2026 $ 441,369 $ 1,775,411 $ (3,289,544) $ 4,062,492 $ (883,286) $ 2,106,442

Net loss — — — (18,215) — (18,215)

Other comprehensive income, net of tax — — — — 3,384 3,384

Share repurchases — — (100,861) — — (100,861)

Issuance of treasury stock for stock option exercises — (11) 22 — — 11

Issuance of treasury stock for restricted stock units vesting — (52,400) 38,469 — — (13,931)

Deferred compensation — (80) 1,442 — — 1,362

Share-based compensation — 19,926 — — — 19,926

Balance, June 30, 2026 $ 441,369 $ 1,742,846 $ (3,350,472) $ 4,044,277 $ (879,902) $ 1,998,118

Common

Stock Additional

Paid-In

Capital Treasury

Stock Retained

Earnings Accumulated

Other

Comprehensive

Loss Total

Stockholders'

Equity

(Unaudited; in thousands)

Balance, December 31, 2024 $ 441,369 $ 1,780,259 $ (2,566,929) $ 3,603,878 $ (994,452) $ 2,264,125

Net loss — — — (40,319) — (40,319)

Other comprehensive income, net of tax — — — — 47,865 47,865

Share repurchases — — (161,440) — — (161,440)

Issuance of treasury stock for stock option exercises — (1,151) 2,819 — — 1,668

Issuance of treasury stock for restricted stock units vesting — (6,535) 4,312 — — (2,223)

Deferred compensation — (73) 73 — — —

Share-based compensation — 19,904 — — — 19,904

Balance, March 31, 2025 $ 441,369 $ 1,792,404 $ (2,721,165) $ 3,563,559 $ (946,587) $ 2,129,580

Net income — — — 53,352 — 53,352

Other comprehensive income, net of tax — — — — 29,677 29,677

Share repurchases — — (50,462) — — (50,462)

Issuance of treasury stock for stock option exercises — (3,292) 6,391 — — 3,099

Issuance of treasury stock for restricted stock units vesting — (51,100) 38,698 — — (12,402)

Deferred compensation — (61) 356 — — 295

Share-based compensation — 18,720 — — — 18,720

Balance, June 30, 2025 $ 441,369 $ 1,756,671 $ (2,726,182) $ 3,616,911 $ (916,910) $ 2,171,859

The accompanying notes are an integral part of these consolidated financial statements.

8

MATTEL, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation