Mattel layoffs, on the record
Every job cut, severance charge and restructuring Mattel reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 33,000 to approximately 31,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 33,000 | December 31, 2023 |
| 10-K for 2024 | approximately 34,000 | December 31, 2024 |
| 10-K for 2025 | approximately 31,000 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryMattel reported cumulative severance and restructuring charges for the Optimizing for Growth (OFG) program, including earlier Capital Light actions.
Word for word“As of December 31, 2023, Mattel had recorded cumulative severance and other restructuring charges related to the OFG program, including previous actions taken under the Capital Light program, of approximately $196 million, which included approximately $73 million of non-cash charges.” 10-K for 2023
Our summaryMattel disclosed the cost breakdown of the OFG program actions, including employee severance.
Word for word“The cost of actions for the OFG program, excluding previous actions taken under the Capital Light program, were as follows: Optimizing for Growth – Actions Total Cost Employee severance $55 million Real estate/supply chain optimization and other restructuring costs $33 million Non-cash charges (a) $58 million Total severance and restructuring costs $146 million Information technology enhancements and other investments $82 million Total actions $228 million (a) Non-cash charges include $45.4 million of currency translation losses that were recognized within other non-operating expense, net, in the consolidated statement of operations during 2022 as a result of Mattel's liquidation of its subsidiary in Argentina, which was substantially completed in 2022.” 10-K for 2023
Our summaryMattel launched the Optimizing for Profitable Growth (OPG) program and estimated its expected costs, including employee severance.
Word for word“As of December 31, 2023, in connection with the OPG program, Mattel recorded $25.3 million of severance costs within other selling and administrative expense in the consolidated statements of operations and is included in corporate and other expense in " Note 14 to the Consolidated Financial Statements—Segment Information. "” 10-K for 2023
Our summaryMattel executed other cost savings actions in 2023 to streamline its organizational structure, recording severance expense.
Word for word“In connection with these actions, Mattel recorded severance expense of $3.4 million within other selling and administrative expenses in the consolidated statement of operations.” 10-K for 2023
Our summaryHigher severance and restructuring charges were cited as a driver of the increase in other selling and administrative expenses in 2023.
Word for word“The increase in other selling and administrative expenses was primarily due to higher incentive compensation of $152.2 million, market-related pay increases of $38.1 million, higher severance and restructuring charges of $34.7 million, and a prior year gain on sale of assets of $26.9 million, partially offset by incremental realized savings from the Optimizing for Growth program of $46.0 million.” 10-K for 2023
Our summaryMattel launched the Optimizing for Profitable Growth (OPG) program, with estimated total severance and other restructuring costs of $100 to $130 million.
Word for word“Total estimated severance and other restructuring costs $100 to $130 million Investments $30 to $40 million Total estimated actions $130 to $170 million In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations: For the Year Ended December 31, 2024 December 31, 2023 (In millions) Cost of sales (a) $ 4.3 $ — Other selling and administrative expenses (b) 44.9 25.3 $ 49.2 $ 25.3 (a) Severance and other restructuring costs recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 14 to the Consolidated Financial Statements—Segment Information."” 10-K for 2024
Our summaryMattel recorded severance and other restructuring costs under the OPG program in 2024, totaling $49.2 million.
Word for word“In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations: For the Year Ended December 31, 2024 December 31, 2023 (In millions) Cost of sales (a) $ 4.3 $ — Other selling and administrative expenses (b) 44.9 25.3 $ 49.2 $ 25.3 (a) Severance and other restructuring costs recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 14 to the Consolidated Financial Statements—Segment Information."” 10-K for 2024
Our summaryMattel reported cumulative severance and other restructuring charges under the OPG program as of year-end 2024.
Word for word“As of December 31, 2024, Mattel had recorded cumulative severance and other restructuring charges related to the OPG program of approximately $74 million, which included approximately $2 million of non-cash charges.” 10-K for 2024
Our summaryMattel concluded the OFG cost savings program, which had included severance and restructuring charges in 2023 and 2022.
Word for word“During 2023 and 2022, Mattel recorded severance and other restructuring charges of $32.3 million and $23.6 million, respectively, within other selling and administrative expenses and $(1.3) million and $10.7 million, respectively, within cost of sales in the consolidated statement of operations in connection with the OFG program.” 10-K for 2024
Our summaryMattel took actions in 2023 to further streamline its organizational structure outside the OFG program, recording severance charges.
Word for word“During 2023, Mattel executed actions to further streamline its organizational structure that were not included in the OFG program.” 10-K for 2024
Our summaryMattel recorded cumulative severance and other restructuring charges under its Optimizing for Profitable Growth cost savings program.
Word for word“As of December 31, 2025, in connection with the OPG program, Mattel recorded cumulative severance and other restructuring charges of approximately $116 million, which included approximately $5 million of non-cash charges.” 10-K for 2025
Our summaryMattel recorded severance charges in 2025 for other actions to simplify its organizational structure, outside its cost savings programs.
Word for word“In connection with these actions, Mattel recorded severance charges of $5.6 million within other selling and administrative expenses during 2025.” 10-K for 2025
Our summaryMattel announced the multi-year Optimizing for Profitable Growth cost savings program, which follows the earlier Optimizing for Growth program.
Word for word“Note 15— Restructuring Charges Optimizing for Profitable Growth On February 7, 2024, Mattel announced the Optimizing for Profitable Growth program (the "OPG program"), a multi-year cost savings program that follows the Optimizing for Growth program (the "OFG program"), which concluded” 10-K for 2025
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-12-31 | $45.1 million | $9.9 million |
| 2018-12-31 | $109.8 million | $103.6 million |
Mattel filed 3 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Mattel’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-23. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.