Mattel reported its fourth-quarter and full-year 2024 financial results on February 4, 2025. For Q4 2024, net sales increased 2% as reported and 3% in constant currency, with adjusted gross margin expanding to 50.8%, up 200 basis points. Adjusted earnings per share were $0.35, an increase of $0.06.
For the full year 2024, net sales declined 1% as reported and 0.5% in constant currency. Adjusted gross margin reached 50.9%, an increase of 340 basis points from the prior year, driven by supply chain efficiencies and cost savings. Full-year adjusted EPS was $1.62, an improvement of $0.39.
Mattel provided its full-year 2025 guidance, expecting net sales to grow by 1% to 3% in constant currency, adjusted gross margin to be approximately 50%, and adjusted EPS between $1.54 and $1.66. This guidance includes the anticipated impact of new U.S. tariffs on China, Mexico, and Canada imports, announced on February 1st, and planned mitigating actions.
The company's Q4 performance saw Vehicles (primarily Hot Wheels) grow 14%, while Dolls (primarily Barbie) declined 4%. Mattel repurchased $400 million of shares in 2024 and set a target of $600 million for share repurchases in 2025, underscoring its commitment to shareholder returns and financial strength despite tariff-related uncertainty.
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