Spin Master closed 2025 with mixed results as tariffs, retail challenges, and other factors pushed the company into the red. Still, new innovations and a strong lineup bode well for a return to growth in 2026 and beyond, with POS up and the company’s Wheels & Action portfolio revving up a notable bright spot.
The Toronto-based toy and entertainment company reported full-year 2025 revenue of $2.11 billion, down 6.6% from $2.26 billion in 2024. In Q4, revenue was $618.2 million, a decrease of 4.8% versus the same period in 2024.
Full-year revenue declines were concentrated in the Toys (-7.9%) and Entertainment (-18.4%) segments (Creative Centres), while Digital Games posted 21% year-over-year growth.
During a call with the financial community, Spin Master leadership noted that U.S. tariffs fueled retailers’ moves from an FOB model to domestic fulfillment, a trend expected to continue. Melissa & Doug was most affected, with the bulk of its sales in the U.S. and most of its products made in China.
In the toy department, last year saw challenges in Preschool, Infant & Toddler, and Plush (-7.1%), Outdoor (-8.1%), and Activities, Games & Puzzles, and Dolls & Interactive (-23%). Wheels & Action, a portfolio including Monster Jam, Tech Deck, the relaunched Hexbug, and DreamWorks’ How to Train Your Dragon, saw sales spike 19.3% for the year, bolstered by strong holiday performance and a 16.8% Q4 bump.
Looking ahead, Spin Master expects modest single-digit growth in 2026, driven by back-half growth from PAW Patrol: The Dino Movie and a fresh lineup of products that generated positive buzz following Toy Fair New York last month. Highlights include new offerings inspired by Feld Entertainment’s Monster Jam, Ms. Rachel, DreamWorks’ Gabby’s Dollhouse, Netflix’s KPop Demon Hunters, Sanrio’s Hello Kitty, and Hatchin’ Yoshi, timed with The Super Mario Galaxy Movie from Universal. Additionally, a move into the strategic trading cards space with Italian Brainrot and the upcoming Hellbreak presents new opportunities in a buzzworthy category.
“Beyond 2026, we are setting the stage to re-ignite a new growth cycle,” said Spin Master CEO Christina Miller, noting that the plan includes investment in the company’s toy portfolio and digital platforms, expansion into high-growth categories, and accelerated collaboration across its Creative Centres.
