Kicking off the latest round of quarterly financial reports, Mattel posted its Q4 2024 results after the market closed yesterday, revealing that it generated US$1.65 billion in net sales during the holiday shopping season, which is an increase of 2% over Q4 2023 (US$1.62 billion).

This growth was driven primarily by a 14% lift in worldwide gross billings (the amount invoiced to customers) for vehicles, with Mattel’s revved-up Hot Wheels brand leading the way to a US$544-million take. The action figures, building sets and games category was the only other segment to end up in the black for Q4 (up 4%), with single-digit declines for dolls (down 4%) and infant, toddler and preschool (down 5%) offsetting both of these gains.

In terms of full-year results, Mattel’s annual net sales were pretty much flat in 2024, dropping just 1% year over year to US$5.38 billion. Also experiencing a 1% annual dip, the North American market was responsible for US$3.17 billion of these sales. And APAC proved to be the year’s standout territory, generating a 10% net sales bump to hit US$415.3 million, thanks to increased demand from retailers for vehicles and action figures in particular. 

Looking ahead to its 80th year in business, Mattel’s chief financial officer Anthony DiSilvestro expects global net sales to be up by 3% for 2025, based on planned launches of new F1 licensed products for Hot Wheels and tie-in dolls rolling out in tandem with Disney’s live-action Snow White and Wicked film sequel. And this positive outlook factors in the anticipated impact of US tariffs on China, Mexico and Canada, which Mattel is aiming to mitigate by leveraging its supply chain and potentially increasing prices.