Mattel cut its 2026 sales and adjusted operating income targets, while Mattel said $88 million in tariff refunds were the main reason its third-quarter gross margin rose to 54.8% from 50% a year earlier.
The toy maker now projects full-year sales growth of 1% to 4% in constant currency, compared with its prior range of 3% to 6%. It expects adjusted operating income of $500 million to $570 million, down from its earlier forecast of $580 million to $630 million.
Mattel said the updated targets do not include refunds recognized in year-to-date results or any additional amounts it may recognize during the rest of 2026. The company reported third-quarter sales of $1.81 billion, up 4%, and net income of $354 million, an increase of $75 million.
The results and executive changes were included in a Nov. 5 Form 8-K filing. The Securities and Exchange Commission’s filing index lists the results and officer-change disclosures.
Steve Totzke will become president and chief operating officer on Nov. 11. He will oversee Mattel’s global brand portfolio, sales and commercial operations, and consumer products and experiences. Roberto Stanichi will leave his position as president, chief marketing and brand officer, effective Nov. 10.
