Spin Master closed out the toy industry’s all-important holiday season having generated US$618.2 million in Q4 revenue. 

This was down by 4.8% from the same quarter in 2024, and CEO Christina Miller attributes this slight drop to the impact of tariffs on the US toy market and retailers ordering fewer products throughout the year. Three months into 2026, Miller says the plan is to focus on bringing Spin Master back to growth through strategic investments and expanding into untapped product categories—though the report didn’t elaborate on what those categories might be. 

Here are some key highlights to digest:

Q4 2025 revenue: US$618.2 million

Year-over-year change: Down 4.8% from US$649.1 million

Top segment: Digital games emerged as theToronto-based toyco’s top-performing segment, with global revenue up by 15.8% (US$7.3 million) to US$53.4 million. The primary drivers for this growth include more in-game purchases in Toca Boca World, higher subscription revenue for Piknik, and the expansion of these titles into more markets throughout the year.

Trouble in toyland: The toy segment generated US$522.3 million in revenue, which was 6.7% less than Q4 2024’s US$557.5 million tally. Wheels & action was the only category that grew, with global gross product sales increasing by 16.8% to US$107.1 million. Meanwhile, Outdoor products sales took a whopping 52.4% hit compared to the previous fourth quarter, with much more modest declines in activities, games & puzzles (down 14.8%) and preschool, infant & toddler (down 2.6%).

Staying the course: The entertainment segment scored a small 2.9% bump in revenue to hit US$42.5 million for the quarter. Spin Master attributes this rise to more content being delivered during the holiday season and bringing in distribution returns, like its successful A PAW Patrol Christmas Special (pictured). 

Full-year earnings: The toyco’s annual revenue totaled US$2.11 billion for 2025, which was down 7% from US$2.26 billion in 2024.

2026 outlook: Spin Master is forecasting revenue growth in the low single digits this year compared with 2025.

CEO’s remarks: “We navigated a challenging fourth quarter for US toy sales, while increasing our POS, achieving double-digit gains in digital games, and strategically expanding the audience for PAW Patrol ahead of its third movie release,” said Miller. “Entering 2026, we are setting the stage to return to sustainable growth by investing in innovation in our core toy portfolio and digital platforms, expanding into higher-growth categories, and accelerating collaboration across our creative centers to unlock the full potential of our portfolio and brands.”