LEGO's comeback: from deep losses to outselling Mattel and Hasbro
LEGO went from a net loss of 1.8 billion Danish kroner in 2004 to about $12.6 billion of revenue in 2025, more than Mattel and Hasbro combined at $10.0 billion. LEGO's dollar figures are converted at Federal Reserve annual average exchange rates.
In 2003, LEGO's net sales fell 26% in one year to DKK 8.4 billion, with a net loss of DKK 1.07 billion, as first reported. In 2004 the loss grew to DKK 1.8 billion, as restated in the 2008 report. That year Mattel's net sales, $5.10 billion, were more than four times LEGO's $1.05 billion.
Jørgen Vig Knudstorp, CEO from 2004, later told BCG the company "was struggling because it did too many things at the same time." In 2004, LEGO decided to sell its LEGOLAND parks and cut expenses by DKK 1.1 billion. Its operating margin went from -14.5% in 2004 to 22.0% in 2008.
In kroner, nominal revenue grew about 13 times, from DKK 6.3 billion in 2004 to DKK 83.5 billion in 2025. In dollars, LEGO passed Hasbro's net revenues in 2013 and Mattel's net sales in 2016 ($5.64 billion vs $5.46 billion, a 3% margin). In 2024 it outsold both combined for the first time.
In 2025 GAAP results, LEGO's net profit was about $2.53 billion, converted from DKK 16.7 billion. Mattel's net income was $0.40 billion, and Hasbro reported a net loss of $0.32 billion. These are the latest full-year results, published February to March 2026.
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