Mattel (MAT) Stock Plummets 25% on Holiday-Qualifying Earnings Below Consensus

Mattel (MAT) shares fell nearly 25% to nearly $16 after the company reported disappointing holiday-quarter results on February 11, 2026. For the fourth quarter, adjusted EPS was 39 cents on $1.77 billion in revenue, both below analyst expectations. CEO Ynon Kreiz attributed slower December order growth to delays in retailers catching up after tariff-related uncertainty disrupted earlier orders. International sales grew as expected, while U.S. sales lagged. The company warned of lower 2026 earnings despite 3%–6% revenue growth guidance, projecting adjusted EPS of $1.18–$1.30 versus $1.41 in 2025. Analysts trimmed price targets and downgraded the stock, citing margin pressures from an investment year and uncertainty in the Barbie business. The decline brought the stock to its lowest level since April 2025.