Spin Master Returns to Profit as PAW Patrol, Monster Jam Fuel Q2 Toy Growth

Spin Master returned to the black in the second quarter as higher toy shipments, improved cash generation, and a sizable tariff refund helped reverse last year’s losses.

Revenue reached $436.4 million, up 8.9% from the prior-year quarter, or 8.3% in constant currency. Net income totaled $29.7 million, or $0.29 per diluted share, compared with a net loss of $46.5 million, or $0.46 per share, last year.

The toy business led the charge, with revenue jumping 12% to $361.1 million, while gross product sales spiked $42.7 million to $413.7 million.

“We recorded a strong second quarter, powering our return to profitable growth,” said Christina Miller, CEO of Spin Master. “Our results were driven by solid sales of core brands, including PAW Patrol and Monster Jam, along with compelling new products. Entering the back half of the year, we remain sharply focused on investing in innovation across our creative centers, accelerating growth by expanding into collectibles and strategic trading cards, and unlocking the full value of our brands by bringing them to global audiences in stores, on screen, and online.”

Spin Master attributed much of the gain in toys to shipments ahead of the upcoming theatrical release of PAW Patrol: The Dino Movie. The comparison also benefited from softer U.S. retailer orders in Q2 2025 as customers navigated uncertainty surrounding global tariff policies.

Toy operating income reached $34.3 million, reversing a $39.7 million operating loss in the prior-year quarter. Results included a $37.9 million refund tied to tariffs collected under the International Emergency Economic Powers Act. Higher toy revenue and a shift in marketing timing also supported the improvement, partially offset by increased selling expenses.

Operating income and cash flow also improved in Q2. Revenue from Digital Games and Entertainment declined.

Looking ahead, Spin Master maintained its 2026 guidance, calling for revenue growth in the low- to mid-single-digit range and adjusted EBITDA growth in the mid- to high-single-digit range.