Mattel (MAT) Shares Drop 32% Pre-Market on Holiday Earnings Miss

Mattel Inc. (MAT) shares fell 32% in premarket trading on Wednesday after the company reported holiday results that missed analyst estimates and issued a 2026 outlook for lower profit, setting up for its largest one-day decline if the losses hold. Fourth-quarter results, excluding certain items, showed 39 cents per share vs. a 54-cent estimate, with sales of $1.77 billion versus $1.84 billion expected. Sales growth in the U.S. during December lagged. For 2026, the company expects sales to grow 3%–6% and earnings per share, excluding some items, of $1.18–$1.30, down from $1.41 in 2025. The company is acquiring a partner’s stake in a joint venture to accelerate mobile-gaming growth, with funding coming from the joint venture itself.