Mattel

Quick Take

Mattel closed its political action committee (PAC, a fund that gives to candidates) in 2023, and its 2025 disclosure reports no direct corporate political spending and no political spending above $25,000 through trade associations [8][9]. Money from people who list Mattel as their employer has gone heavily to Democrats in recent cycles: about 93 percent in the 2024 cycle [10]. In 2024, after more than ten years with almost no federal lobbying, Mattel hired a lobbying firm on trade and China policy and has kept it ever since [3][11]. Between its March 2024 and February 2025 annual reports, Mattel removed its diversity, equity and inclusion (DEI) language, including its mention of a perfect score on an LGBTQ advocacy group's workplace index [12][13].

The PAC That Spent Its Last Dollar in 2023

Mattel ran a corporate PAC for 25 years, and it shut it down in 2023 [8]. The Mattel Inc. Political Action Committee registered with the Federal Election Commission (FEC) in September 1998 [8]. The FEC now lists it as terminated, and its final report covers January 1 to June 30, 2023 [8].

In its last weeks, the PAC gave away its remaining money. On June 7, 2023, it gave $5,000 each to the PACs of five trade groups: the Toy Association, the National Retail Federation, the National Association of Manufacturers, the Motion Picture Association and the International Trademark Association [14]. The same day it gave $5,000 to the campaign of Rep. Ted Lieu, a California Democrat [14]. It also gave $5,000 each to two California committees, LA Jobs PAC and ChamberPAC, and on June 9 it gave about $2,770 each to the state campaigns of Al Muratsuchi and Ben Allen [14]. The PAC started the period with $45,282 and ended it with $0 [8].

The PAC was never large. In the 2016 cycle it gave $29,000 to federal candidates, 59 percent to Democrats and 41 percent to Republicans [15]. In the 2020 cycle it gave $10,500, 71 percent to Democrats [16].

Mattel's own 2025 disclosure says it "does not have a U.S. Political Action Committee," and that it made no direct corporate political spending that year [9]. That covers gifts to candidates, parties and committees, and payments to political groups organized under sections 527 and 501(c)(4) of the tax code [9]. It also reports no political spending above $25,000 through its trade association dues [9].

That disclosure exists because of a shareholder. In 2017 and again in 2018, the New York State Common Retirement Fund, a public pension fund that held about $21.6 million in Mattel stock, filed shareholder proposals asking Mattel to report its political spending [17]. Mattel agreed both times. In March 2018 it agreed to publicly report all direct and indirect corporate political spending and to put that spending under board oversight [17].

Mattel does not appear among the donors in the Trump Vance Inaugural Committee's report to the FEC, which lists donations accepted from November 2024 to April 2025 [18].

Where the Employee Money Goes

Most of the money tied to Mattel in recent elections came from individuals, not the company. Companies cannot give directly to federal candidates, so OpenSecrets, a nonprofit that tracks political money, adds up gifts of $200 or more from people who list Mattel as their employer, plus Mattel's PAC [10][19].

That combined total has moved toward Democrats over the past decade:

In the 2014 cycle, $74,050, of which 68 percent went to Republicans, when the PAC supplied $51,500 of it [10]. In the 2016 cycle, $55,689, split 53 percent to Democrats and 47 percent to Republicans [10]. In the 2020 cycle, $109,966, 89 percent to Democrats [10]. In the 2022 cycle, $41,466, 79 percent to Democrats [10]. In the 2024 cycle, $74,829, 93 percent to Democrats [10].

In the 2024 cycle, individuals gave $69,829 of that money and the PAC gave $5,000 [19]. The largest single recipient was Kamala Harris's presidential campaign, at $33,632 from individuals [19]. Donald Trump received $2,854 and Nikki Haley $2,190 [19]. These are the choices of employees and their families, not the company.

The Lobbying Footprint

Mattel lobbies Washington mainly on trade. In February 2024, it hired Mehlman Consulting to lobby on "U.S. trade policy, U.S.-China policy, and supply chain policy," as The Hill reported [11]. The Hill called it Mattel's "return to the Washington influence game after more than 3 years" [11].

Federal lobbying reports filed with the Senate show Mehlman Consulting reported $200,000 in lobbying income from Mattel in 2024 and $200,000 in 2025 [3]. For the first three quarters of 2026, it reported $170,000 [3]. These are good-faith estimates, which the reports round to the nearest $10,000 [3]. The reports list trade, foreign market access and supply chain policy, intellectual property protection, artificial intelligence policy, and tax policy for the toy industry, including the research and development tax credit [3]. In the first half of 2026 the firm also lobbied on the Secure and Trusted Communications Networks Act of 2019 as it affects toy product approval [3].

Before 2024, Mattel had little federal lobbying for more than a decade. Its only hire between 2010 and 2023 was the firm Williams and Jensen in 2021, ahead of a House hearing on infant deaths linked to the Fisher-Price Rock 'n Play sleeper [11][3]. Those 2021 reports list no dollar amount [3]. Mattel's biggest lobbying year on record was 2008, when it reported $730,000 in lobbying by its own staff, on top of fees to outside firms [3].

One note for readers who check: OpenSecrets' summary page for Mattel shows $0 in federal lobbying for 2024 [19]. The Senate filings themselves list Mattel as Mehlman Consulting's client for all four quarters of 2024 [3].

Tariffs and the Barbie Price Fight

Mattel's sharpest public political moment came over tariffs. On May 6, 2025, Mattel said it would take "pricing action" in its U.S. business where necessary [2]. CEO Ynon Kreiz said, "Zero tariffs for toys gives the greatest number of children and families access to play" [2]. Mattel expected tariffs to cost it about $270 million that year [2]. It said it would move production of 500 toys out of China and cut U.S. imports from China to under 15 percent in 2026 and under 10 percent by 2027 [2]. The same day, Kreiz told CNBC he did not expect toy manufacturing to come to America. "We don't see that happening," he said [20].

Two days later, President Trump responded while speaking to reporters. He said he would "put a 100% tariff on his toys" and that Mattel would "not sell one toy in the United States," which he called the company's "biggest market" [1]. Mattel's plan was to shift production to other countries, not to the United States [1].

In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA, an emergency powers law) were unauthorized [21]. Mattel reported receiving some IEEPA tariff refunds in the second quarter of 2026, which it called not material [21]. In July 2026, two proposed class actions were filed in California asking that Mattel and American Girl not keep refunds on tariff costs they had passed on to shoppers [21]. Mattel said it has "substantial defenses" and plans to fight the suits [21].

The Disappearing DEI Section

Mattel's annual reports changed sharply between 2024 and 2025. The annual report filed in March 2024 said Mattel "has once again been recognized for its diversity, equity, and inclusion efforts" [12]. It said the Human Rights Campaign Foundation, an LGBTQ advocacy group, had named Mattel a 2023-2024 "Equality 100 Award" recipient, and that Mattel had a perfect score on that group's Corporate Equality Index for the fourth year in a row [12]. The same report listed Mattel's diversity goals, including workforce representation figures, and described ten employee resource groups for "underrepresented identities" [12].

The annual report filed in February 2025 contains none of that [13]. There is no mention of the Human Rights Campaign, diversity, equity and inclusion, employee resource groups, or the diversity goals [13]. What stayed is broader wording: Mattel is "committed to fostering a culture where all employees have the opportunity to realize their full potential" and "values a wide range of ideas and voices" [13]. The report filed in February 2026 uses the same wording [6].

Mattel's 2025 proxy statement, the document sent to shareholders before the annual meeting, made similar cuts. Bloomberg Law reported that it dropped the 2024 language about "supporting diverse, equitable, and inclusive communities" and removed the table showing the gender and demographic makeup of the board [22]. That change came after a federal appeals court, in December 2024, struck down Nasdaq rules that had required listed companies to disclose board diversity statistics [23].

Barbie and Values-Coded Products

Mattel's products have at times drawn attention on cultural questions. In September 2019, it launched Creatable World, a line of dolls that children can style as a boy, a girl, neither, or both [24]. A Mattel design executive said the line "allows all kids to express themselves freely" [24].

In May 2022, Mattel released a Barbie modeled on actress Laverne Cox in its Barbie Tribute Collection, which Spectrum News called "Mattel's first-ever transgender Barbie" [25]. As of 2025, Mattel still promoted Barbie as "the most diverse doll line," according to Bloomberg Law [22].

Mattel has also marketed staying out of politics. In November 2019, it released a limited UNO deck with no red or blue cards, using orange and purple instead [5]. It added a "veto card" that forces the next player to change the subject [5]. "No red or blue cards means no taking sides!" Mattel's website said [5].

Where to Find Them

Mattel also sells directly through its own online store [25]. Its company website is mattel.com.

This profile did not find disclosed political spending by Mattel outside the United States. Non-US records were not reviewed in depth.

Footnotes

[1] Craig Nigrelli, Straight Arrow News, "Trump threatens major tariffs for Barbies and Hot Wheels," May 9, 2025. https://san.com/cc/trump-threatens-major-tariffs-for-barbies-and-hot-wheels/

[2] Ramishah Maruf, CNN (via ABC7 News), "Mattel CEO confirms plans to raise prices as he calls for zero tariffs on toys," May 6, 2025. https://abc7news.com/post/mattel-ceo-confirms-plans-raise-prices-he-calls-zero-tariffs-toys/16338243/

[3] U.S. Senate Office of Public Records, Lobbying Disclosure Act filings listing Mattel as client, 1999 to 2026, accessed November 1, 2026. https://lda.gov/api/v1/filings/?client_name=mattel

[4] Federal Election Commission, "Mattel Inc. Political Action Committee," committee filings (El Segundo, California address), accessed November 1, 2026. https://www.fec.gov/data/committee/C00340224/?tab=filings

[5] FOX 5 DC, "Mattel gets rid of blue and red cards in 'nonpartisan' UNO deck," November 20, 2019. https://www.fox5dc.com/news/mattel-gets-rid-of-blue-and-red-cards-in-nonpartisan-uno-deck

[6] Mattel, Inc., Form 10-K for fiscal year 2025, filed with the SEC February 23, 2026. https://www.sec.gov/Archives/edgar/data/63276/000162828026010716/mat-20251231.htm

[7] Mattel, Inc., "Mattel Reports Fourth Quarter 2025 Financial Results," February 10, 2026. https://s21.q4cdn.com/605014885/files/doc_financials/2025/q4/Mattel-Reports-Fourth-Quarter-2025-Financial-Results.pdf

[8] Federal Election Commission, "Mattel Inc. Political Action Committee (C00340224)," financial summary, 2023-2024, accessed November 1, 2026. https://www.fec.gov/data/committee/C00340224/?cycle=2024

[9] Mattel, Inc., "Corporate Political Expenditures Related Disclosures," reporting year 2025, accessed November 1, 2026. https://s21.q4cdn.com/605014885/files/doc_governance/2026/Feb/13/Mattel-Corporate-Political-Expenditures-Related-Disclosures-2025-a630b6.pdf

[10] OpenSecrets, "Mattel Inc Profile: Totals," all cycles, accessed November 1, 2026. https://www.opensecrets.org/orgs/mattel-inc/totals?cycle=A&id=D000000571

[11] Taylor Giorno, The Hill (via Yahoo News), "Mattel lobbies up after 'Barbie' box office boon," February 15, 2024. https://malaysia.news.yahoo.com/mattel-lobbies-barbie-box-office-200253307.html

[12] Mattel, Inc., Form 10-K for fiscal year 2023, filed with the SEC March 15, 2024. https://www.sec.gov/Archives/edgar/data/63276/000162828024011371/mat-20231231.htm

[13] Mattel, Inc., Form 10-K for fiscal year 2024, filed with the SEC February 25, 2025. https://www.sec.gov/Archives/edgar/data/63276/000162828025007887/mat-20241231.htm

[14] Federal Election Commission, itemized disbursements, Mattel Inc. Political Action Committee, 2023-2024, accessed November 1, 2026. https://www.fec.gov/data/disbursements/?committee_id=C00340224&two_year_transaction_period=2024

[15] OpenSecrets, "PAC Profile: Mattel Inc," 2015-2016 cycle, accessed November 1, 2026. https://www.opensecrets.org/political-action-committees-pacs/mattel-inc/C00340224/summary/2016

[16] OpenSecrets, "PAC Profile: Mattel Inc," 2019-2020 cycle, accessed November 1, 2026. https://www.opensecrets.org/political-action-committees-pacs/mattel-inc/C00340224/summary/2020

[17] Office of the New York State Comptroller, "DiNapoli Reaches Agreement With Mattel Inc. on Political Spending Disclosure," March 1, 2018. https://www.osc.ny.gov/press/releases/2018/03/dinapoli-reaches-agreement-mattel-inc-political-spending-disclosure

[18] Federal Election Commission, Trump Vance Inaugural Committee, Inc., Form 13 amended 90-day post-inaugural report (FEC-1910509), Schedule 13-A itemized donations accepted, filed August 7, 2025. https://docquery.fec.gov/cgi-bin/forms/C00894162/1910509/f132

[19] OpenSecrets, "Mattel Inc Profile: Summary," 2024 cycle, accessed November 1, 2026. https://www.opensecrets.org/orgs/mattel-inc/summary?id=D000000571&cycle=2024

[20] Sarah Whitten, CNBC, "Mattel CEO says toy manufacturing won't come to America, but price hikes will," May 6, 2025. https://www.cnbc.com/2025/05/06/mattel-ceo-toy-manufacturing-trump-tariffs.html

[21] Mattel, Inc., Form 10-Q for the quarter ended June 30, 2026, filed with the SEC August 6, 2026. https://www.sec.gov/Archives/edgar/data/63276/000162828026054347/mat-20260630.htm

[22] Clara Hudson, Bloomberg Law, "Mattel, Maker of Pro-Diversity Barbie, Sheds DEI for Investors," April 4, 2025. https://news.bloomberglaw.com/esg/mattel-maker-of-pro-diversity-barbie-sheds-dei-for-investors

[23] David A. Bell, Ran Ben-Tzur, Amanda L. Rose, Wendy Grasso and Merritt Steele, Fenwick, "Nasdaq Board Diversity Rules Struck Down by Fifth Circuit," December 13, 2024. https://www.fenwick.com/insights/publications/nasdaq-board-diversity-rules-struck-down-by-fifth-circuit

[24] NPR (via WNYC), "Mattel Launches New Gender-Neutral Dolls," September 25, 2019. https://www.wnyc.org/story/mattel-launches-new-gender-neutral-dolls

[25] Rachel Tillman, Spectrum News, "Barbie models first-ever transgender doll after actress Laverne Cox," May 27, 2022. https://spectrumlocalnews.com/us/snplus/news/2022/05/27/mattel-barbie-actress-laverne-cox-transgender-doll