Mattel is one of the world's largest toy companies, designing, manufacturing, and selling physical toys and games globally. Its portfolio centers on a handful of iconic owned brands: Barbie (the flagship, historically the top doll property globally), Hot Wheels (the top-selling toy item globally by unit volume), UNO (the top card game globally), and Fisher-Price (infant and toddler toys). Beyond owned IP, Mattel licenses franchises from major entertainment companies — including Disney, NBCUniversal, and Microsoft — to produce tie-in toy lines, paying royalties to licensors and earning revenue on toy sales. Mattel sells primarily through large retail chains; Walmart, Target, and Amazon together account for roughly 42% of worldwide net sales. The business is split roughly evenly between North America and International. Revenue skews heavily toward Q3/Q4 due to holiday seasonality, creating inventory and working capital risk. Mattel manufactures through owned plants and third-party suppliers across seven countries, with less than 40% of production in China — well below the industry average — which management argues is a cost and resilience advantage. Mattel is expanding beyond physical toys into entertainment and digital games: Mattel Studios is developing a slate of films and TV series based on owned IP, and Mattel is acquiring full ownership of a mobile gaming joint venture with NetEase. Management describes its long-term strategy as evolving from a toy company into an IP-driven play and family entertainment company, with entertainment and digital ventures intended to be capital-light, higher-margin growth layers on top of the core toy business.