JAKKS Pacific is a mid-sized toy and costume company that designs, licenses, and sells toys, consumer products, and Halloween costumes targeted at children. Rather than developing original IP, JAKKS licenses established "evergreen" brands from entertainment companies and attaches them to toys and costumes, leaning on licensors' own marketing to drive consumer demand. Core product categories include action figures and collectibles (Nintendo Super Mario, Sonic the Hedgehog, The Simpsons), dolls and accessories (Disney Frozen, Princess, Moana, Encanto), role play and dress-up, and Halloween and everyday costumes sold under its Disguise brand. JAKKS sells to mass-market retailers through an in-house sales force; Target and Walmart together account for roughly 53% of net sales. JAKKS operates two segments: Toys/Consumer Products (~83% of net sales) and Costumes (~17%), the latter driven primarily by Halloween. JAKKS sources finished products from third-party manufacturers, primarily in China, avoiding fixed manufacturing overhead. Roughly 70-75% of sales are made on a free-on-board basis, where retailers take title in China, reducing JAKKS' working capital needs and inventory risk. Profitability is driven by volume, product mix, and royalty costs, which range from 1% to 22% of net sales on licensed products. JAKKS is pursuing growth by deepening existing licenses, expanding private-label offerings (which carry no royalty burden), and growing internationally, particularly in Europe and Latin America. JAKKS exited FY25 debt-free with ~$54M in cash and pays a $1.00 per share annualized dividend.