Track market-moving stories before they get noisy

Mattel adds top shareholder EdgePoint Investment's executive to board

Hasbro and Mattel are experiencing very different years ahead of their respective third-quarter earnings reports.

Mattel hired Amgen executive Peter Griffith as its new chief financial officer, replacing Paul Ruh, who joined the toy maker as finance chief in May 2025.

Biopharma company Regeneron reported a solid set of results, with key drug Dupixent continuing to outpace our and the market's growth expectations. In the first part of the year before we invested, Abbott slightly missed earnings estimates while it was digesting its acquisition of Exact Sciences, along with a variety of turmoil in the medtech and infant nutrition industries. Digital and print publisher People Inc. was a detractor in the quarter, while hospitality and entertainment company MGM Resorts also detracted.

Mattel (MAT - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis toy maker is expected to post quarterly earnings of $0.99 per share in its upcoming report, which represents a year-over-year change of +11.2%.

Revenues are expected to be $1.85 billion, up 6.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 19.15% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Mattel?For Mattel, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -22.03%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Mattel will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Mattel would post earnings of $0.03 per share when it actually produced earnings of $0.01, delivering a surprise of -66.67%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Mattel doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

John Rogers, Ariel Investments chairman and co-CEO, joins 'Squawk Box' to discuss the company's letter to the board of Mattel asking it to consider a sale to the right buyer, his thoughts on outgoing CEO Ynon Kreiz, Paramount-WBD merger, state of the media industry, and more.

Ariel Investments, a major shareholder in Mattel, Inc (NASDAQ:MAT), is urging the Barbie maker to consider a sale or other strategic alternatives as the company struggles to revive its business.

John Rogers, Ariel’s chairman and co-chief executive, told Mattel’s board that a strategic buyer could pay a significant premium to the company’s current share price, Reuters reported, citing a letter seen by the news agency.

The Wall Street Journal also reported that Ariel, which owns a 5.4% stake in Mattel, believes the company’s shares remain significantly undervalued under its current structure.

Rogers said Mattel should consider options including the sale of significant assets, a merger or an outright sale, with potential buyers including entertainment companies, other toy companies and private equity firms.

The latest pressure follows takeover interest from Authentic Brands Group, the brand licensing company, which has been reported to be considering an offer that could value Mattel at about $6 billion or more.

Mattel shares rose sharply after the takeover interest was reported last week, but the stock has remained under pressure this year as the company works to revive sales and profitability.

The company’s performance had improved following the success of the 2023 Barbie film, but operating income has subsequently fallen for six consecutive quarters, according to Reuters.

Mattel is also undergoing a leadership transition, with Roger Lynch appointed chief executive after Ynon Kreiz stepped down to become co-chief executive of Paramount Skydance following its merger with Warner Bros Discovery.

Mattel said its board and management would consider the views expressed in Ariel’s letter alongside those of other shareholders while acting in the interests of all investors.

The renewed sale discussion adds pressure on Lynch as he prepares to lead Mattel through a turnaround while shareholders weigh whether the company can create greater value independently or through a transaction.

CHUNYIP WONG/E+ via Getty Images

Download this episode on Apple Podcasts/Spotify or listen below:

SCOTUS considers what happens next in a climate suit between Colorado, Exxon (XOM), and Suncor (SU). (00:14) Pressure is mounting on Mattel (MAT). (02:04) McDonald’s (MCD) faces an AI pricing legal battle. (02:59)

This is an abridged transcript.

The Supreme Court is weighing a lawsuit brought by Boulder County, Colorado, against Exxon Mobil (XOM) and Suncor Energy (SU).

The lawsuit claims the companies deceived consumers about the dangers of their oil and gas operations and their effects on climate change through their advertising and marketing.

The justices appeared divided during oral arguments Monday as they debated whether communities can sue big energy companies for billions of dollars to pay for local harms allegedly caused by climate-related damages that scientists say are tied to the worldwide burning of fossil fuels.

The Colorado Supreme Court allowed the suit to continue to state court, but the oil companies have asked the justices to overturn the ruling, arguing that Boulder's claims are preempted by the Clean Air Act.

"If Boulder's claims are allowed to go forward, some 90,000 municipalities across the country will have the ability to make national and international energy policy by asking juries to impose catastrophic damages on selected fossil fuel producers," Suncor's (SU) attorney told the court.

According to the WSJ, by the end of the day's arguments, only one member of the Supreme Court—Justice Kavanaugh—appeared squarely in the companies' camp, saying prior Supreme Court cases have made clear that air and water pollution are exclusively federal, not state, issues.

Justice Alito, who owns stock in several energy companies, has recused himself, raising the possibility that the court could deadlock 4-4, which would leave in place the lower court decision that Boulder's lawsuit should proceed toward trial but without setting a nationwide precedent affecting other cases.

A decision is expected in the coming months.

A major Mattel (MAT) shareholder is pushing the Barbie maker to explore a sale or other strategic alternatives.

Reuters reported that Ariel Investments, which owns a 5.4% stake in Mattel, outlined several options for Mattel, including the divestiture of significant assets, a merger, or an outright sale of the company.

The push comes as Mattel’s (MAT) profitability weakened after the 2023 “Barbie” boost. The toymaker has also been dealing with higher costs and increased investment in its brands and entertainment strategy.

Ariel’s push follows similar pressure from Southeastern Asset Management, which in May urged Mattel to consider strategic alternatives, including a sale or going private.

Last week, Mattel (MAT) also drew takeover interest from Authentic Brands Group at more than $20 a share, or $6B.

McDonald's (MCD) is facing a proposed nationwide class-action lawsuit in federal court in Chicago, alleging that McDonald’s illegally coordinates menu prices across its franchised and company-owned restaurants using an AI-powered pricing system.

The lawsuit, filed on Friday, said the company violated US antitrust law by ​conspiring with independent franchisees to fix prices using algorithms ​trained on nonpublic data.

Reuters reported last week that McDonald’s pricing ⁠engine uses machine-learning algorithms to continually analyze data from millions ​of daily transactions across its nearly 14,000 restaurants.

The lawsuit cited the article, which said other fast-food companies are also turning to AI to help with pricing and other operations. "Independent businesses must set their prices independently," ​the lawsuit said.

McDonald’s (MCD), in a statement on Monday, called the ​allegations speculative and uninformed. "AI does not set the price of a Big Mac ‌or ⁠any other menu item," the company said, according to the news agency. It said franchisees make their own pricing decisions and that the use of pricing recommendation tools and analytics is widespread across industries.

If you’d like to know more about Exxon (XOM), Suncor (SU), Mattel (MAT), and McDonald’s (MCD) but on a quant level, be sure to check out an extended edition of Wall Street Breakfast on TikTok, YouTube, and X. The show is with our head of Quant, Steve Cress. You can find the show on all platforms @cresstopstocks.

Catalyst watch:

Notable investor events include Zscaler's (ZS) Investor Day and Nomad Foods' (NOMD) Investor Day. The tech sector will have its eyes on Marvell Technology's (MRVL) Investor Day, which will feature CEO Matt Murphy and other executives discussing the company’s strategy, growth opportunities, and role in next-generation AI and data-center infrastructure.

The three-day NACS Show will begin. The annual convenience-store and fuel-retailing conference will include participation from Casey's General Stores (CASY), Accenture (ACN), Dollar General (DG), 7-Eleven, QuikTrip, Love's, Circle K, and Sunoco (SUN).

Executives with NXP Semiconductors (NXPI), Palo Alto Networks (PANW), and Booz Allen Hamilton (BAH) will give speeches at the ICS Cybersecurity Conference.

The mega media merger between Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) is expected to close. Skydance will be the name of the combined company, and the new ticker will be SKYD.

Stock index futures are in the green.

Crude oil is down 1.7% at $87. Brent crude is down 1.7% at $98.

The FTSE 100 is up 0.9% and the DAX is up 0.9%. China's (SHCOMP) markets closed. Mainland Chinese markets remained closed for the Golden Week holiday, with trading scheduled to resume Thursday.

One stock on the biggest movers list: Option Care Health (OPCH) +22%. The stock surged following a report that McKesson (MCK) and private equity firm Clayton, Dubilier & Rice are nearing a deal to acquire medical infusion services provider Option Care Health (OPCH) at a valuation exceeding $5 billion, including debt.

Economic calendar:

8:30 am International Trade in Goods and Services

Ariel Investments, which has a 5.4% stake in Mattel, said Monday it believes the company's shares remain significantly undervalued with its current structure as a public company.

Výrobce hraček Mattel se údajně ocitl v hledáčku společnosti Authentic Brands Group, která zvažuje nabídku na převzetí přesahující 20 dolarů za akcii. Potenciální transakce by firmu ocenila přibližně na šest miliard dolarů, tedy výrazně nad současnou tržní kapitalizací. Pro Mattel by případná nabídka přicházela v době změny vedení i pokračující snahy proměnit se z výrobce hraček v širší zábavní společnost stavící na silných globálních značkách, jako jsou Barbie, Hot Wheels či Fisher-Price.

Americká společnost Authentic Brands Group, která se specializuje na nákup, vlastnictví a správu značek, má zájem o převzetí výrobce hraček Mattel. Napsal to list Wall Street Journal (WSJ) s odvoláním na informované zdroje. Podle zdrojů Authentic Brands Group oslovila Mattel a projednává s ním nabídku na převzetí, která by mohla činit více než 20 USD za akcii. Celou firmu by tak ohodnotila zhruba na šest miliard USD (130,7 miliardy Kč).

Mattel, který je známý hlavně panenkami Barbie, ve středu oznámil, že od listopadu se jeho novým generálním ředitelem stane Roger Lynch, dosavadní ředitel vydavatelství časopisů Condé Nast. Ve funkci nahradí Ynona Kreize, který odchází do společnosti Paramount.

Mattel se potýká s poklesem ceny akcií, od počátku roku oslabily o téměř sedm procent. Po zprávě však posílily a pohybují se nad 13 USD. Tržní kapitalizace firmy tak činí téměř 3,8 miliardy USD.

Podle zdrojů zatím není jisté, že Mattel bude k nabídce společnosti Authentic vstřícný nebo že se obě strany dohodnou. Mohl by se případně objevit i další zájemce o Mattel. Dohodu by mohlo zkomplikovat i jmenování Lynche do funkce nového generálního ředitele, protože se bude snažit vytyčit novou strategii.

Mattel se snaží expandovat nad rámec pouhých hraček do oblasti zábavy. Akcie firmy dosáhly maxima před více než deseti lety. Analytici zabývající se společností tvrdí, že mnoho značek Mattelu, jako Barbie, by samo o sobě mohlo mít vyšší hodnotu než celá společnost. Mezi další značky patří třeba Hot Wheels, American Girl nebo Fisher-Price.

Zájem společnosti Authentic Brands Group o Mattel zapadá do její strategie skupovat známé, ale problémové či podhodnocené značky a jejich duševní vlastnictví znovu rozvíjet. Zakladatel společnosti Jamie Salter vybudoval její portfolio mimo jiné převzetím značek Reebok a Champion. Letos v květnu se Authentic dohodla se společností Kontoor Brands na koupi její oděvní značky Lee za zhruba jednu miliardu USD. Uzavřela také dohodu o převzetí firmy Guess za 1,4 miliardy USD. Kromě módních značek spravuje také práva na podobizny některých známých osobností a sportovců, mimo jiné basketbalisty Shaquilla O'Neala a fotbalisty Davida Beckhama.

Mattel (MAT.O) has been approached by Authentic Brands Group for a takeover that could value the Barbie maker at around $6 billion or more, ​a source familiar with the matter told Reuters on Thursday.

Authentic Brands was ‌discussing a more than $20-a-share takeover interest, according to the source. Shares of Mattel, which has a market capitalization of about $3.62 billion, closed up about 18% at $15.04 following the news, which was first reported by ​the Wall Street Journal earlier in the day.

There is no guarantee that Mattel ​will be open to Authentic Brands' offer, and there is no ⁠formal sale process ongoing for the company, the source said.

Mattel declined to comment, while ​Authentic Brands did not immediately respond to a Reuters request.

Mattel shares closed down about 4% ​on Wednesday, after the company said its top boss Ynon Kreiz would leave to take on the role of co-CEO at Paramount Skydance (PSKY.O) and run its combined business with Warner Bros (WBD.O).

At Mattel, Kreiz will ​be succeeded by Roger Lynch, the former CEO of the New Yorker-owner Conde Nast, ​on or before November 2026.

Lynch's transition, according to the WSJ report, could complicate any deal for Mattel ‌as ⁠he works on his strategy.

Consumer goods companies and retailers are battling weak spending as households face higher fuel costs and interest rates in the US.

This year, Mattel has struggled with tariff-related costs, even as it continued its push to build an entertainment portfolio around ​its brands, following the ​success of the 2023 "Barbie" ⁠movie. Its shares have dropped 33% so far this year.

In May, Mattel investor Southeastern Asset Management called on Kreiz to explore options for ​the company, including going private, or being acquired by rival Hasbro (HAS.O) ​or a ⁠large media company that would value Mattel's IP assets better than the public market.

Authentic Brands bought Dockers from Levi Strauss (LEVI.N) earlier this year, adding to its portfolio that includes Guess ⁠and Van ​Heusen.

The company licenses intellectual property of its brands ​to partners, and has been focusing its M&A strategy to include kids entertainment brands and hospitality.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT), a leading global play and family entertainment company and owner of one of the world's most iconic brand portfolios in the world, announces a milestone in the expansion of its worldwide experiences business, confirming Bellevue, Nebraska, is now the first Mattel Wonder Indoor Waterpark planned to open at the end of 2027.

Designed as a year-round, multi-brand destination, the approximately 100,000-square-foot waterpark will bring Barbie, Hot Wheels, Fisher-Price, UNO and more Mattel brands together through attractions, play, food and shared experiences. American Resort Management, a proven leader in high-volume resort and entertainment operations including Epic Waters and Wild Rivers, will oversee sustainable day-to-day performance and guest-flow optimization.

Natalia Premovic, Chief Consumer Products and Experiences Officer, Mattel, said: “Mattel Wonder Indoor Waterparks are about bringing great experiences to where our fans actually live. We see a real opportunity to take the kind of immersive entertainment traditionally concentrated in major markets and bring it to more communities in a scalable, year-round format. Bellevue becoming our first Waterpark to open is an important step in that strategy and a significant chance to show what happens when you bring so many of our brands together in one place.”

The new renderings (found here) from the Bellevue location offer an early look at how Mattel’s iconic brands will be translated into immersive attractions and themed environments. The Waterparks will share a common vision while offering unique experiences at each location. Including Bellevue, Mattel has confirmed four of the five planned Waterpark locations across North America. Other confirmed locations are Orlando, Florida; Bradley, Illinois; and Roanoke Rapids, North Carolina.

The Waterpark will feature a vibrant environment where Mattel’s brands are woven into the story. Featured experiences at Bellevue will include a Barbie activity pool and FlowRider® surf simulator; a Hot Wheels "Challenge Accepted" multi-slide tower; a lazy river inspired by Mattel Games favorites including UNO, Rock 'Em Sock 'Em Robots and Magic 8 Ball, a Fisher-Price water play structure; and themed food and beverage offerings. Designed for a wide range of ages and thrill levels, the destination offers something for every guest, blending immersive storytelling with signature attractions that invite visitors to step inside the worlds of Mattel. Featuring a signature retractable roof, the climate-controlled venue will offer year-round operation while bringing natural light and fresh air.

Rusty Hike, Mayor of Bellevue, Nebraska, said: "Bellevue is proud to be home to the first Mattel Wonder Indoor Waterpark, bringing a one-of-a-kind location to our community and welcoming visitors from across the region. This project represents an important investment in Bellevue's future, and we're excited to work with Mattel and American Resort Management to create a place where people can experience all our community has to offer.”

Construction continues on the indoor destination, which is being developed within Bellevue's growing Good Life District, a mixed-use destination designed to increase tourism, through a collaboration between Mattel, the City of Bellevue and American Resort Management.

“Seeing the building take shape is exciting, but the interior is where the vision will really come to life,” said Rick Coleman, CEO of American Resort Management. “Our goal is to create an experience that feels unmistakably Mattel while delivering the quality, service and guest experience families expect from a world-class waterpark.”

ABOUT MATTEL, INC.

Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. We engage consumers and fans through our franchise brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends™, UNO®, Masters of the Universe®, Matchbox®, Monster High®, and Polly Pocket®, as well as other popular properties that we own or license in partnership with global entertainment companies. Our offerings include toys, content, consumer products, digital and live experiences. Our products are sold in collaboration with the world’s leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering generations to explore the wonder of childhood and reach their full potential. Visit us at mattel.com.

ABOUT AMERICAN RESORT MANAGEMENT

American Resort Management, LLC (ARM) is a leading destination resort management and development company with extensive experience in lodging and resort operations, specializing in indoor/outdoor waterpark resorts, family entertainment centers, and destination resorts. For over 20 years, ARM has been committed to delivering exceptional guest experiences and is dedicated to innovation and excellence in the industry. Visit americanresortmanagement.com for more information.

More News From Mattel, Inc.

Mattel, Inc. (NASDAQ:MAT) shares are trading down almost 4% on Wednesday. The company disclosed that current Chairman and CEO Ynon Kreiz will step down from the post on Oct. 2 to take a senior leadership role at another publicly traded company.

The company named Mattel board member and Condé ​Nast CEO Roger Lynch as new chairman and CEO effective Oct. 2, and CEO on or before Nov. 2.

Before Condé Nast, Lynch previously served as president and CEO of Pandora, then the largest music streaming service in the U.S. He was also the founding CEO of Sling TV, where he led the creation, launch and expansion of the U.S. over-the-top television service.

• Mattel shares are approaching critical lows. Why did MAT hit a new low?

Recent Earnings SnapshotIn August, the company reported second-quarter adjusted EPS of one cent, below the analyst estimate of four cents, while sales of $1.125 billion topped the $1.101 billion consensus estimate.

The company maintained its FY2026 adjusted EPS outlook of $1.27-$1.39 versus the $1.33 estimate and reaffirmed sales guidance of $5.508 billion-$5.669 billion, compared with the $5.671 billion estimate.

Analyst Price TargetsAnalyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $15.83. Recent analyst moves include:

Argus Research: Buy (Maintains target to $22 on Aug. 25) Roth Capital: Neutral (Lowers target to $15 on July 14) Citigroup: Neutral (Lowers target to $15 on July 10) How Mattel Ranks On Growth, Value, Momentum and QualityBelow is the Benzinga Edge scorecard for Mattel, highlighting its strengths and weaknesses compared to the broader market:

Momentum: Weak (Score: 16.15) — The stock is lagging recently, which fits with the price sitting below key moving averages. Quality: Weak (Score: 26.19) — The scorecard flags below-average quality characteristics versus the broader market. Value: Neutral (Score: 42.96) — Valuation looks more middle-of-the-pack on this framework rather than deeply discounted. Growth: Strong (Score: 96.52) — The model is crediting the company with comparatively strong growth attributes. The Verdict: Mattel’s Benzinga Edge signal reveals a growth-tilted profile, but it’s being held back by weak momentum and below-average quality signals. For longer-term investors, that often means waiting for the chart to stabilize (or for fundamentals to re-accelerate) before treating pullbacks as anything more than tactical trades.

Top ETFs Holding Mattel Stock First Trust Consumer Discretionary AlphaDEX Fund (NYSE:FXD): 1.59% Weight Significance: Because MAT carries meaningful weight in these funds, any significant inflows or outflows for this ETF will likely trigger automatic buying or selling of the stock.

MAT Stock Price ActionMattel shares were down 4.54% at $12.62 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo: Robert Way via Shutterstock 

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Mattel CEO Ynon Kreiz is leaving after a rough year at the toy giant — with Barbie sales deteriorating and Wall Street analysts saying a leadership change is overdue.

The 60-year-old Kreiz is taking a senior leadership role at another public company — possibly Paramount Skydance, sources told The Post on Wednesday — while Conde Nast’s Roger Lynch succeeds Kreiz at Mattel on Oct. 2.

Mattel’s board said in a statement that it had conducted a “comprehensive succession planning process” ahead of replacing Kreiz with Lynch, who has has been a board director at Mattel since 2018.

Roger Lynch will become Mattel’s new CEO in October. Getty Images for Vogue Kreiz started out strong — cutting costs, closing factories and investing in the company intellectual properties — but Mattel’s sales growth for the past several years has been stagnant, analysts noted.

Sales of its hottest brand, Barbie, have been declining since the 2023 blockbuster Warner Brothers’ movie starring Margot Robbie and Ryan Gosling.

“We think the leadership change is overdue,” Morningstar analyst Jaime Katz wrote in a Wednesday research note.

Mattel shares “have done a round trip under Kreiz’s tenure, roughly doubling to the mid-$20 range before falling back to around $13, where [they] currently trade,” Katz wrote. “Kreiz’s strategy to establish Mattel as an IP-driven, high performing toy company has largely fallen flat.”

“There have been five years of sales that were at the same exact level, through 2025,” Katz added. “The Barbie movie didn’t really change anything.”

Ynon Kreiz is leaving Mattel for a leadership position at Paramount Skydance, say sources. AP Photo/Chris Pizzello Prior to Mattel, Kreiz, who was born and raised in Israel, was chairman and CEO of Maker Studios, which makes short-form videos and he was CEO of Endemol Group, an independent television production company and owner of such franchises as “Big Brother.”

His eight-year tenure was tarnished this year when Mattel unexpectedly lowered its earnings projections for the year in February after reaffirming the company’s positive guidance in early December, according to Seaport Research analyst Gerrick Johnson.

“Mattel lost all of its credibility with Wall Street when it missed its numbers in the fourth quarter and provided guidance significantly below what the street expected,” Johnson said. “They added a lot of uncertainty to the investment.”

Mattel and Hasbro have negotiated a potential merger for years, according to Mattel activist investor SouthEastern Asset Management. David Harpe – stock.adobe.com Mattel’s shares have declined 35% year to date. 

Under Kreiz, the El Segundo, Calif.-based company leaned heavily into entertainment investments, expanding its prominent brands including Hot Wheels, Barbie, American Girl, Uno and Fisher Price, into movies, digital games and live experiences, the company said.  

At the same time, Mattel was under increasing pressure to improve its financial performance.

In May, activist investor SouthEastern Asset Management, which controls about 4% of the company’s shares, put out a public letter urging the company to sell itself.

Sales of Barbie were boosted by the 2023 movie, but the star-studded film did little for Mattel, analysts said. ltyuan – stock.adobe.com “Private equity buyers have circled Mattel in the last few years,” according to the SouthEastern letter, which flagged rival Hasbro as the most logical choice for a merger.

“We know that Mattel and Hasbro have engaged in on-and-off talks for decades. At the moment, a deal between the two companies is possible in our view,” according to the letter. 

“Hasbro has done a better job executing on digital growth than Mattel and therefore has more credibility in this important part of the business.”  

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In fact, Hasbro and other toy companies are succeeding where Mattel is faltering, according to Johnson.

The company is not capitalizing on some of the hottest toy trends at the moment, which include slime, squishy toys and cosmetics, according to Johnson.

Mattel’s hottest brand is Hot Wheels, which has eclipsed Barbie growth, growing 16% to $723 million during the first half of the year, fueled by the trend of adults buying collectibles.

“I’d rather see a toy guy in there,” Johnson said. “Toys are the engine that drives it all.”  

Katz noted that Lynch “has implicitly supported Kreiz’s strategies.”

After the leadership announcement Mattel’s shares were down by more than 5% late morning.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--The Board of Directors of Mattel, Inc. (NASDAQ: MAT) today announced the appointment of Roger Lynch, current Board member and Independent Lead Director, as Chairman effective October 2, 2026, and Chief Executive Officer effective on or before November 2, 2026. He succeeds Ynon Kreiz, who will step down as Chairman and Chief Executive Officer effective October 2, 2026, to take a senior leadership position at another public company. The Board has appointed cur.

Mattel's chairman and chief executive, Ynon Kreiz, is leaving the toy maker to take a senior leadership position at another public company. Roger Lynch, a Mattel board member since 2018, will succeed Kreiz.

Condé Nast CEO Roger Lynch announced Wednesday that he is stepping down after more than seven years on the job to join Mattel as its new chief executive.

Lynch will remain on the board of the media conglomerate, which is home to publications like The New Yorker, Vogue, GQ and Vanity Fair.

Roger Lynch attends Vogue World: Milano 2026 at Galleria Vittorio Emanuele II in Milan, Italy, Tuesday, September 22, 2026. Getty Images for Vogue Roger Lynch will lead Mattel. David Harpe – stock.adobe.com Mike Perlis, the company’s lead independent director, will serve as interim CEO as Condé Nast’s board launches a search for the next chief executive.

“When I joined Condé Nast, I had the simple ambition to leave this extraordinary place stronger than I found it,” Lynch wrote in a note Wednesday. “Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year. And yet, there is no doubt that we transformed Condé Nast for a new era.”

Prior to joining Condé Nast, Lynch was the president and CEO of Pandora, a music streaming app. He has also served as the lead independent director for Mattel since 2018.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT), a leading global play and family entertainment company and owner of one of the world's most iconic brand portfolios, announces the launch of Thomas & Friends: Railway Stories, an all-new animated series beginning with the content special Really Helpful Engines. The launch marks a comprehensive brand update that celebrates the franchise's 80-year legacy while introducing a fresh look and feel for a new generation. The relaunch.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (Nasdaq: MAT), a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world, and BBC Studios today announced a multi-year global licensing partnership that will bring Bluey to five of Mattel's franchises. Fans around the world will be able to experience the beloved series through products from Barbie, Hot Wheels, Fisher-Price, Polly Pocket, and UNO beginning this fall.Designed to celebra.

The transaction involved 39,083 shares at a weighted-average price of $15.02 per share, representing a total value of ~$587,000. The executive traded shares equal to 21% of the equity stake held prior to the filing.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT) today announced it will participate in the following investor conferences and events: Goldman Sachs Global Consumer and Retail Conference on Tuesday, September 15, 2026 in New York City. Ynon Kreiz, Mattel's Chairman and Chief Executive Officer, and Paul Ruh, Mattel's Chief Financial Officer, will participate in a fireside chat at 8:30 a.m. ET followed by one-on-one meetings with management and Investor Relations. The fireside chat.

Key Takeaways Mattel's Q2 net sales rose 10% to $1.13B, while adjusted EPS fell to 1 cent.MAT's adjusted gross margin fell 260 bps to 48.6% as tariffs, inflation, royalties and FX weighed.Mattel reaffirmed 2026 guidance for 3%-6% sales growth and adjusted EPS of $1.27-$1.39. Mattel, Inc. (MAT - Free Report) posted a clear split in second-quarter 2026 performance. Net sales rose 10% year over year and topped expectations, while adjusted earnings fell sharply as margin pressure and higher operating expenses weighed on profitability.

The quarter showed that revenue momentum is improving faster than earnings. That puts greater emphasis on whether second-half margin recovery can support the company’s reaffirmed full-year outlook.

Mattel's Q2 Sales Beat Masks an Earnings MissMattel reported net sales of $1.13 billion, up 10% year over year and 4.2% above the Zacks Consensus Estimate of $1.08 billion. Growth was led by North America, Vehicles and the Action Figures, Building Sets, Games and Other category.

Adjusted earnings were 1 cent per share, down from 21 cents a year earlier. The result missed the Zacks Consensus Estimate of 3 cents by 66.7%, as higher advertising, selling and administrative expenses and weaker margins offset the benefit of higher sales.

MAT Growth Came From Vehicles and Challenger CategoriesWorldwide Vehicles gross billings increased 11% in constant currency to $463 million, mainly on Hot Wheels growth. Action Figures, Building Sets, Games and Other gross billings rose 33% in constant currency to $358 million, helped by games, Mattel163 and action figures tied to theatrical releases.

The broader competitive landscape also shows why digital and intellectual-property monetization matter. Hasbro, Inc. (HAS - Free Report) operates across physical and digital games, toys, licensed consumer products and entertainment, while Take-Two Interactive Software, Inc. (TTWO - Free Report) develops and publishes interactive entertainment through Rockstar Games, 2K and Zynga. Mattel’s expansion into digital games and entertainment increases its exposure to some of the same consumer attention channels.

Mattel's Margin Squeeze Raises the Second-Half BarAdjusted gross margin declined 260 basis points year over year to 48.6%. Tariffs reduced margin by 170 basis points, inflation by 120 basis points, higher royalties by 110 basis points and foreign exchange by 60 basis points.

Mattel163 contributed 120 basis points of benefit, while tariff-mitigation actions and Optimizing for Profitable Growth savings added another 80 basis points. Management still expects adjusted gross margin of about 50% for 2026 and sequential improvement in the second half, making cost control and mix improvement central to the earnings recovery.

MAT Keeps Its 2026 Outlook IntactManagement reaffirmed its full-year 2026 guidance despite the second-quarter earnings shortfall. Mattel continues to expect constant-currency net sales growth of 3% to 6% and adjusted operating income of $580 million to $630 million.

Adjusted earnings are still projected at $1.27 to $1.39 per share, with adjusted gross margin expected at about 50%. The guidance provides a counterweight to the weak quarterly profit result, but it also leaves execution pressure elevated because stronger second-half profitability is needed to support the full-year targets.

MAT's Hold Signal Reflects Q2 CrosscurrentsMattel’s second-quarter results support a balanced view. Sales growth accelerated and category diversification improved, but the earnings miss and margin contraction show that higher revenues are not yet converting into stronger profits.

The stock currently carries a Zacks Rank #3 (Hold). Mattel also has a Value Score of A and VGM Score of B, while its Growth Score of C and Momentum Score of D are less favorable. The mix supports patience rather than a more aggressive stance until margin recovery and earnings performance become more convincing. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Today, Hot Wheels announced Challenge Accepted, a global campaign championing the challenger spirit and the mindset that drives people to take risks, defy expectations and chase their passions. Throughout September, Hot Wheels will spotlight those who turn obstacles into opportunities and prove that the road to becoming legendary begins with the willingness to take on the next challenge. At the center of the campaign are three global icons who have forged th.

Mattel's "KPop Demon Hunters" Final Battle: Rumi & Jinu 2-pack.

Mattel

Mattel is launching its KPop Demon Hunters action figure line this week as the film maintains big streaming numbers on Netflix worldwide.

The film — in which the HUNTR/X singing trio of Rumi, Mira and Zoey moonlight as demon hunters — came in at No. 6 on Netflix’s Global Top 10 Streaming Movies chart the week of Aug. 17 through Aug. 23, drawing in 3.1 million views. Already Netflix’s most-viewed original film of all time, KPop Demon Hunters’ No. 6 finish marked the 62nd week that the film has finished in the streaming platform’s Global Top 10 of viewership since the film premiered on June 20, 2025.

ForbesRumi Gets Deluxe Treatment With Mattel’s New ‘KPop Demon Hunters’ DollBy Tim Lammers

Because of KPop Demon Hunters’ long-lasting popularity Mattel and other toy companies including Hasbro, Funko and Jazwares have all been busy at work to meet the demand for merchandise for the movie, producing dolls, games, role playing items and now, action figures.

Mattel confirmed for me recently that the first wave of KPop Demon Hunters 6-inch scale action figures will be released on Tuesday, Sept. 1, at all major retailers. Some independent online retailers like Toy Wiz have the items already listed in stock, while GameStop online has several of the figures listed for pre-order with a release date of Sept. 7.

Forbes‘KPop Demon Hunters’ Criterion Collection Release Moved Up And Cover Art RevealedBy Tim Lammers

Mattel's individually packaged "KPop Demon Hunters" figures of Mira, Rumi and Zoey.

Mattel

Which ‘KPop Demon Hunters’ Action Figures Will Be In The First Wave?The first wave of Mattel’s KPop Demon Hunters action figure line includes individual figures of HUNTR/X members Rumi, Mira and Zoey, as well as Saja Boys members Jinu and Abby. Each of the individual action figures retail for $21.99.

Saja Boys figures of Romance, Baby and Mystery are not part of the first wave and will be released at a later date.

Also being released on Sept. 1 is the Final Battle: Rumi & Demon Juni 2-Pack, which retails for $44.99. Like the individually packaged releases, the figures in the 2-Pack are 6-inch scale.

Mattel's "KPop Demon Hunters" 6-inch Action Figures Saja Boys Romance, Abby, Jinu, Mystery and Baby. Only Jinu and Abby are included in the first wave, while Romance, Baby and Mystery are still on the way.

Mattel

Mattel’s KPop Demon Hunters action figures have anywhere from 18 to 21 points of articulation. Each figure — including Rumi and Demon Jinu in the 2-Pack — come with two alternated face plates that can be interchanged with the main face of the figure. In addition, each figure comes with extra sets of hands and accessories related to each of the characters.

In KPop Demon Hunters, Arden Cho, May Hong and Ji-young Yoo play the speaking voices of Rumi, Mira and Zoey, while EJAE, Audrey Nuna and Rei Ami provide the singing voices of Rumi, Mira and Zoey.

Rated PG, KPop Demon Hunters is streaming exclusively on Netflix, with a sequel currently scheduled for a 2029 release.

ForbesHasbro Deepens ‘KPop Demon Hunters’ Collaboration With Role-Playing ToysBy Tim Lammers

On June 30, 2026, John Rogers (Trades, Portfolio), the founder of Ariel Investment, LLC, increased the firm's stake in Mattel Inc (NASDAQ:MAT) by 1,848,872 shares at a price of $13.88 per share. This transaction brought the total holdings to 15,415,955 shares, representing a 0.29% impact on the portfolio and a 5.30% position within the firm's Mattel holdings. The current stock price of $14.73 reflects a 6.12% gain since the transaction, indicating a modest positive movement in the short term. This acquisition aligns with Rogers' long-standing investment philosophy of purchasing undervalued companies with strong fundamentals.

John Rogers (Trades, Portfolio) and the Ariel Investment Philosophy John Rogers (Trades, Portfolio) founded Ariel Investment, LLC in 1983 and manages small and mid-cap institutional portfolios, along with the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). The firm's investment approach focuses on undervalued small and medium-sized companies, emphasizing patience, independent thinking, and a long-term outlook. Rogers seeks companies with high barriers to entry, sustainable competitive advantages, and predictable fundamentals, targeting price-to-earnings ratios below 13x forward cash earnings or a 40% discount to private market value. This disciplined approach has guided the firm through various market cycles, maintaining a focus on quality businesses trading at attractive valuations.

Ariel Investment, LLC currently holds 108 stocks in its portfolio, with top holdings including Affiliated Managers Group Inc
AMG -0.79% 83

, Charles River Laboratories International Inc
CRL +0.5% 70

, and Jones Lang LaSalle Inc
JLL -1.51% 91

. The firm's equity stands at $10.03 billion, with a focus on the Financial Services and Consumer Cyclical sectors. Mattel represents a 2.39% position in the overall portfolio, reflecting the firm's conviction in the toy manufacturer's long-term prospects. The firm's patient approach to investing has historically yielded strong returns for its institutional and retail clients.

Mattel Inc: Company Overview and Business Fundamentals Mattel manufactures and markets toys for children and families, with a portfolio including Barbie, Hot Wheels, Fisher-Price, Thomas & Friends, and American Girl. Nearly 60% of net sales in 2025 came from North America, with the remainder from international markets, and the company operates as a single segment. The stock has a market capitalization of $4.21 billion, with an IPO date of June 3, 1968, and a current price-to-earnings ratio of 10.82. The company's diverse brand portfolio provides a stable revenue base, while its global reach offers growth opportunities in emerging markets.

The stock's GF Score of 70/100 suggests the stock is likely to have average performance potential, with balance sheet rank at 5/10, profitability rank at 7/10, and growth rank at 5/10. These metrics indicate a balanced financial profile, with room for improvement in certain areas. The company's strong brand recognition and market position in the toy industry provide a solid foundation for future growth, despite the cyclical nature of consumer discretionary spending.

Valuation Analysis: GF Value and Market Positioning The GF Value for Mattel is $22.33, while the current stock price of $14.73 places the price-to-GF Value ratio at 0.66, indicating the stock is significantly undervalued. This substantial margin of safety aligns with Rogers' investment philosophy of purchasing companies at a discount to private market value. The stock's year-to-date performance shows a decline of 26.5%, while the momentum indicators, including the 6-1 month momentum index of -18.78, reflect recent downward pressure. However, the GF Value Rank of 4/10 suggests the stock is trading well below its intrinsic worth.

The Momentum Rank of 4/10 indicates weak recent price performance, but this may present an opportunity for value-oriented investors. The stock's price-to-GF Value ratio of 0.66 suggests a 34% discount to intrinsic value, providing a compelling entry point for patient investors. The current valuation levels reflect market concerns about near-term growth prospects, but the company's strong brand portfolio and global reach may support long-term value creation.

Financial Health and Performance Metrics Mattel demonstrates a return on equity of 19.84% and a return on assets of 6.64%, with an interest coverage ratio of 3.49 and a cash-to-debt ratio of 0.19. The company has shown revenue growth of 3.20% over three years, EBITDA growth of 0.60%, and earnings growth of 4.10% over the same period. The Altman Z score of 2.86 indicates a relatively stable financial position, while the Piotroski F-Score of 5 suggests moderate fundamental strength. These metrics reflect a company with solid profitability and manageable debt levels.

The Financial Strength rank of 5/10 and Profitability Rank of 7/10 indicate a balanced financial profile. The Operating Margin growth of 2.40% and gross margin growth of 0.50% suggest improving operational efficiency. The Growth Rank of 5/10 reflects moderate growth prospects, while the company's return on equity and return on assets demonstrate effective capital allocation. These fundamentals support the view that Mattel is a well-managed company with potential for long-term value creation.

Guru Holdings and Peer Activity in Mattel Ariel Investment, LLC is the largest holder of Mattel among gurus, with John Rogers (Trades, Portfolio) managing the position as part of a diversified portfolio of 108 stocks. Other notable gurus holding Mattel include Mason Hawkins (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), and T Rowe Price Equity Income Fund (Trades, Portfolio), indicating broad interest from value-oriented investors. According to the Premium Guru 13F Ownership data, 14 gurus currently hold the stock, with 9 adding and 5 trimming positions in recent quarters. This net adding signal suggests growing confidence among value investors in Mattel's long-term prospects.

The top holdings in Rogers' portfolio include Affiliated Managers Group Inc
AMG -0.79% 83

, Charles River Laboratories International Inc
CRL +0.5% 70

, and Jones Lang LaSalle Inc
JLL -1.51% 91

, with Mattel representing a 2.39% position in the overall portfolio. The firm's concentrated approach to investing allows for meaningful positions in high-conviction ideas, and the recent addition to Mattel reflects a strong belief in the company's undervaluation. The presence of multiple value-oriented gurus in the stock further validates the investment thesis.

Industry Context and Transaction Analysis Mattel operates in the Travel & Leisure industry, a sector that may face cyclical demand patterns tied to consumer spending and discretionary income. The stock's profitability rank of 7/10 and growth rank of 5/10 suggest a balanced performance relative to peers, while the GF Value rank of 4/10 indicates undervaluation compared to intrinsic worth. With a price-to-GF Value ratio of 0.66, the margin of safety is substantial, aligning with Rogers' investment philosophy of purchasing companies at a discount to private market value.

The transaction's impact on Rogers' portfolio is modest at 0.29%, but the increased position to 5.30% of the firm's Mattel holdings demonstrates growing conviction. The current stock price of $14.73 reflects a 6.12% gain since the transaction, indicating positive market reception. The combination of significant undervaluation, strong brand portfolio, and improving operational metrics suggests that Mattel may offer attractive risk-reward characteristics for patient, value-oriented investors. As of August 21, 2026, all data and rankings are accurate based on the provided relative data.

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John Rogers Undervalued Stocks John Rogers Top Growth Companies John Rogers High Yield stocks, and Stocks that John Rogers keeps buyingThis stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].