Largest toy companies in the world: the top 15 by revenue

This list is for people who sell to toy companies: packaging and component suppliers, factories and sourcing agents, licensing agencies and entertainment studios, retail and e-commerce services, logistics providers, and marketing and research firms. It ranks the 15 largest toy companies by revenue from their own reports, explains how the order changed in 2025, counts the US toy industry, and shows where buying decisions sit.

The 15 largest toy companies by revenue

Revenue as reported for each company's latest fiscal year, from its 10-K, annual report or results release, checked on 30 October 2026. For Bandai Namco and VTech, which also make other products, only the toy business is shown.

Conversions use the Federal Reserve's 2025 annual average rates (G.5A, released 5 January 2026): DKK 6.6137, RMB 7.1875, ¥149.5686 and HK$7.7956 per dollar, and $1.1306 per euro. Bandai Namco's and TOMY's years ended 31 March 2026, so their conversions are approximate. VTech's figure is our sum of its electronic learning products revenue by region (North America $388.5 million, Europe $311.7 million, Asia Pacific $72.2 million, other regions $10.1 million); its group revenue, including phones and contract manufacturing, was $2,027.5 million.

What changed, according to the companies' own reports:

• LEGO kept growing. Revenue rose 12% to DKK 83.5 billion, operating profit 18% to DKK 22.0 billion, and the LEGO Group says consumer sales grew 16%, more than twice as fast as the toy market.
• Pop Mart nearly tripled. Revenue rose from RMB 13.0 billion to RMB 37.1 billion. Seventeen of its artist IPs each sold more than RMB 100 million, and THE MONSTERS alone sold RMB 14.2 billion.
• Hasbro is half a games company. Its total net revenues rose 13.7%, driven by Wizards of the Coast and digital gaming (Magic: The Gathering among them), while Consumer Products fell 4.2%.
• Mattel and Spin Master slipped. Mattel's net sales fell 1% to $5.35 billion. Spin Master's revenue fell 6.6% to $2.11 billion, and it pointed in part to changes in US tariff policy and slower US retailer orders.

How this list is built

• What's counted. Revenue as reported for the latest fiscal year. For companies with large non-toy businesses (Bandai Namco's digital games and amusement, VTech's phones and contract manufacturing), only the toy business is counted. Hasbro's total includes its Wizards of the Coast games business, because tabletop and trading card games are part of the toy and game industry.
• Who's left out. Private toy makers that don't publish results, which includes several large US companies; video game publishers (see the largest gaming companies); toy retailers other than Build-A-Bear, which designs and sells its own products; and character licensors whose revenue is mostly licensing.
• Other lists. Statista and trade publications publish toy company rankings, often based on older years, and retail sales trackers rank brands and categories rather than companies. We didn't copy them.

How many toy companies there are in the US

County Business Patterns counts establishments with paid employees. For 2023:

US toy manufacturing is small and mostly made up of small firms: 288 of the 485 establishments have fewer than five employees, and none has 250 or more. The industry's large employers are its wholesalers, importers and the US offices of the companies above, which make most products in Asia: Mattel says about 22,000 of its roughly 31,000 people are in manufacturing, and 85% of its workforce is outside the US. California has the most toy manufacturers (65) and toy wholesalers (520), followed for wholesalers by New York (161) and Florida (155).

Where the buying happens at toy companies

General guidance, with facts from the companies' filings:

• Product development and design. Brand and design teams decide new lines a year or more ahead of the shelf date, and buy design, engineering, safety testing and prototype work.
• Licensing. Entertainment tie-ins drive much of the industry. Licensing teams sign film, TV and game properties, and pay royalties to studios and creators.
• Sourcing and manufacturing. Operations and sourcing leaders choose factories, materials and packaging; Mattel runs its own plants, while many smaller companies use contract manufacturers.
• Retail and channel. A few retailers dominate: Walmart, Target and Amazon accounted for about 42% of Mattel's 2025 net sales, and Amazon and Walmart for 20% of Hasbro's. Channel and e-commerce teams buy retail media, analytics and fulfillment services.
• Timing. The second half is the selling season: about 60% of Hasbro's 2025 revenue came in the second half, so planning and supplier decisions happen early in the year.

Worked example: a packaging supplier targeting toy companies in California

Illustrative example. The company, its prices and its conversion rates are invented; establishment counts come from County Business Patterns 2023.

The seller: Shelfready Packaging (shelfready.example) makes plastic-free retail packaging for consumer products. The goal: three toy accounts before next year's holiday line is locked.

1. Size the market. California has 65 toy manufacturing and 520 toy wholesaler establishments, 585 in all.
2. Focus on larger firms. Nationally, 11% of toy manufacturers (53 of 485) and 14% of toy wholesalers (271 of 1,984) have 20 or more employees. Applying those shares gives about 7 manufacturers and 71 wholesalers in California, about 78 sites, an estimate.
3. Add the big brands. The US offices of the companies in the table make packaging decisions for whole product lines; add their packaging engineering and sustainability leads.
4. Do the arithmetic. If Shelfready reaches the right person at half of the 78 (39), sends samples to 20% (8) and wins 3 at an assumed $120,000 a year, that's $360,000 of new business, timed to line reviews early in the year.

Finding the packaging engineer and sourcing lead at each company is the slow part; Bebop researches each account in a list and writes a playbook with the people to contact and the angle to open with.

Subject: Plastic-free packaging for [product line]

Hi [first name],

I saw [company] [launched / is expanding / announced] [product line] for [season or year].

Packaging teams at toy companies often tell us the hard part of removing plastic windows is keeping the product visible on shelf without raising damage rates.

We make plastic-free retail packaging that passes standard drop tests, and can send samples sized for [product line] within two weeks. Would that be useful before your line review?

[Your name]
[Phone number]

Common mistakes

• Using old rankings. Pop Mart's 2025 growth changed the top five; check the year of any list you use.
• Mixing toys with games and licensing. Say which businesses each figure includes.
• Pitching in the selling season. By late summer the holiday line is set; start conversations early in the year.
• Forgetting the retailer. A few buyers at Walmart, Target and Amazon shape what toy companies make.

Next step: see how the retailers that sell toys rank in the largest retailers.