Spin Master kicked off 2025 with some serious momentum in the first quarter.
The Toronto-based company reported Q1 revenue of $359.3 million, marking a 13.6% year-over-year increase fueled by big gains in its core Toy segment. Toy revenue jumped to $273.7 million — up from $226.4 million in the same period last year — with gross product sales climbing nearly 19% to $313.7 million.
It’s a strong start, especially as the company continues to integrate Melissa & Doug. Spin Master trimmed its operating loss to $22.1 million (down from $61.8 million last year), boosted its adjusted EBITDA to $21.6 million, and unlocked $6.5 million in net cost synergies — putting it well on track to hit the $25–30 million savings target by 2026.
“We had a solid start to 2025 reflecting the power of our three creative center approach and global appeal of our toy brands, entertainment content, and digital play experiences,” says Max Rangel, Spin Master’s Global President & CEO. “We drove an increase in revenue while meeting profitability targets. Digital Games revenue showed renewed strength, driven by higher engagement and monetization in Toca Boca World. Given the uncertainty related to the implementation of U.S. tariffs, which affects our Toys creative center, we are moving quickly and firmly to mitigate the impact on the business from both a sourcing, pricing, and cost management perspective. We remain committed to providing kids and their families with access to the joy of play across our Toys, Entertainment, and Digital Games creative centers.”
For those monitoring tariffs, Spin Master’s Q1 numbers came in clean, with no impact reported. However, the company is being cautious about its guidance.
“We are withdrawing our 2025 outlook until the environment stabilizes,” says Mark Segal, Spin Master’s Chief Financial Officer.
