On this page of StockholderLetter.com we present the latest annual shareholder letter from MATTEL INC /DE/ — ticker symbol MAT. Reading current and past MAT letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2025 Letter Continued (Full PDF)
 •  3/31/2023 MAT Stockholder Letter
 •  4/17/2024 MAT Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  MAT Benford's Law Stock Score = 76

MAT Shareholder/Stockholder Letter Transcript:

II v14/f,
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Dear Fellow Stockholders,
2024
2024 was
was another
another successful year for Mattel, as we
we continued
continued to
execute
to execute
Ynon
Ynon Kreic
Kreiz
Chairman and CEO
our multi-year
multi-year strategy
strategy to
grow our
our IP-driven
IP-driven toy
toy business
business and
and expand
expand our
our
to grow
our
entertainment
offering.
Our
priorities
were
to
grow
profitability,
expand
entertainment offering. Our priorities were to grow profitability, expand
gross margin, and generate strong free
cash flow.'
flow.1 We achieved all three
three
free cash
strong
operational
objectives, demonstrating
demonstrating strong operational excellence.
excellence. Our
Our results
results were
objectives,
were
particularly noteworthy
noteworthy considering the comparison
comparison against
against the
the success
success of
particularly
the Barbie movie in 2023.
Full year
versus the
year net
net sales
sales were
down 1%
1% versus
the prior
prior year, with significant
were down
gross margin expansion of
earnings
per
share
points,
growth
of 330
330 basis
of 163%,
163%, and
and free
free cash
cash flow of
of
basis
2024
with
the
had
in
years,
nearly $600
$600 million.
million. We
We ended
ended 2024 with the strongest
strongest balance
sheet we
we have
have had in years, including
including
nearly
balance sheet
allocation
$1.4 billion
cash.
Aligned
with
capital
in
our
priorities,
we
billion in
our
priorities, we repurchased
repurchased $400
$400 million
million of our
common stock,
stock, following
repurchasesn 2023.
2023.
common
following $203 million of repurchasesn
We continued
We
continued to
to improve
improve operations,
operations, announcing
announcing a
a new
new Optimizing
Optimizing for
for Profitable
Profitable Growth
Growth cost
cost savings
savings
program targeting $200 million of annualized
between
2024
and
2026.
The program
savings
annualized gross
gross cost
cost
is
is already
already tracking
tracking ahead
ahead of
of schedule,
schedule, having
having achieved
achieved $83
$83 million
million of
of savings
savings in
in 2024.
2024.
Execution on our toy strategy was strong. Among the highlights for the year, we grew global market
share in
in Dolls,
Dolls, Vehicles,
Vehicles, and
and Games,2
Games,2 successfully
successfully relaunched
relaunched catalog
catalog IP,
IP, strengthened
strengthened relationships
relationships
share
with major
major entertainment
entertainment partners and sports franchises
franchises such
such as
as Universal
Universal and
and WWE, and
and released
released new,
innovative, and inspiring product lines. Mattel ranked
ranked #1
globally in
in each
each of
of our
our leader
leader categories:
categories: Dolls,
Dolls,
#1 globally
Vehicles, and
and Infant,
Infant, Toddler,
Toddler, and
and Preschool.2
Preschool.2 Additionally,
Additionally, Barbie,
Barbie, Hot
Hot Wheels,
Wheels, Fisher-Price,
Fisher-Price, and
and Uno
Uno
Vehicles,
were each
were
each the
the #1 global
global property in their
their respective
respective categories.2
categories.2
We
also made
made meaningful
meaningful progress
on our
our entertainment
entertainment strategy
strategy across
across film,
film, television,
television, digital,
digital,
We also
progress on
the Masters
consumer products,
and live
live experiences. In films, the
Masters of
of the
the Universe
Universe live-action
live-action movie
movie
consumer
products, and
worldwide theatrical release
release date
date was announced
announced for
for June
June 5,
5, 2026,
2026, the
the Matchbox live-action movie
movie was
was
greenlit,
bringing the
greenlit, and
and the
the Monster High
High and
and Bob
Bob the
the Builder
Builder movies
movies began
began development,
development, bringing
the total
total
number
number of
of announced
announced Mattel films in development
development or
or production to 16. Mattel Television
Television Studios
Studios
2024,
premiered 14 series
specials
in
including
Barney's
series and
and
Barney   s World,
as part
part of a highly anticipated
anticipated
World, as
franchise relaunch. In digital gaming,
franchise
gaming, the
the Mattel163
Mattel163 mobile
mobile gaming
gaming joint
joint venture
with NetEase
NetEase continued
continued
venture with
to grow and
million
in
revenue.
In
live
$200
and exceeded
exceeded $200
events, the
Hot Wheels
Wheels Legends
Legends Tour grew
events,
the Hot
attendance by
by more
more than
than 40%
40% over the prior year, development continued on the Mattel Adventure Park
attendance
in
in Glendale,
Glendale, Arizona,
Arizona, and
and a
a second
second Mattel
Mattel Adventure
Adventure Park
Park was
was announced
announced for
for Kansas
Kansas City,
City, Kansas.
Kansas.
Our commitment to corporate citizenship is ongoing, as part of our aim
aim to
foster an environment that
Our
to foster
belonging
that
attracts incredibly
incredibly talented
talented people
people and
and a
a culture
culture of
of respect
respect and
and belonging that we're
we   re very
proud of,
of,
very proud
attracts
benefiting our
our business
and consumers.
consumers. In
In 2024,
2024, Mattel
Mattel received
received recognition
recognition for
for its
its workplace
culture
benefiting
business and
workplace culture
from Forbes,
Forbes, Fast Company, Time, and the Great Place to Work Institute,
Institute, among
among many
many others.
others.

2025 is
Mattel   s 80th
80th anniversary
anniversary year.
We are
are excited
excited to
to celebrate
celebrate this
this important
important milestone
milestone and
and continue
continue
2025
is Mattel's
year. We
our mission
mission to
to create
create innovative
innovative products
and experiences
experiences that
that inspire
inspire fans,
entertain audiences,
audiences, and
and
our
products and
fans, entertain
develop children
children through
through play.
As a
a leading
leading global
global toy
toy and
and family
family entertainment
entertainment company
company and
and owner
owner of
of
develop
play. As
portfolios in
one of
of the
the most
most iconic
iconic brand
brand portfolios
in the
the world,
world, we
are committed
committed to
to empowering
empowering generations
generations to
to
we are
one
explore the
of childhood
childhood and
and reach
reach their
their full
full potential.
We are
are proud
proud of
of the
the work
we do
do every
every day,
day,
the wonder
wonder of
potential. We
work we
explore
the
the impact
impact of
of our
our brands,
brands, and
and the
the contributions
contributions we
we make
make in
in the
the communities
communities where
we live,
work, and
and
where we
live, work,
play.
play. II would
would like
like to
to thank
thank the
the entire
entire Mattel
Mattel team
for their
their collaboration,
collaboration, innovation,
innovation, and
and execution,
execution, and
and
team for
for
for achieving
achieving our
our strong
strong 2024
2024 results.
results.
We appreciate
appreciate your
your ongoing
ongoing support
support of
of Mattel
Mattel and
and believe
believe we
we are
are well
well positioned
positioned to
continue the
We
to continue
the
successful execution
execution of
of our
our strategy
strategy and
and to
to create
create long-term
long-term stockholder
stockholder value.
successful
value.
Sincerely,
Ynon
Ynon Kreiz
Kreiz
Chairman
Chairman and
and Chief
Chief Executive
Executive Officer
Officer
(1) Free cash flow is a non-GAAP measure under the SEC's
SEC   s rules. Please see    Glossary
"Glossary of Non-GAAP
Financial Measures and Non-GAAP Reconciliations"
Reconciliations    on page 108.
(2) Source: Circana, LLC, Retail Tracking Service, G10 (US, CA, MX, BR, FR, IT, SP, DE, UK, AU), Dolls,
Dolls,
Vehicles, Infant Toddler & Preschool Supercategories, and Games Excl Trade Card Game Subsegment,
Projected USD, JAN -    DEC 2024.

Mattel, Inc.
Form 10-K 2024



 4/3/2025 Letter Continued (Full PDF)