The LEGO Group delivered its most profitable year ever in 2025, posting revenue of DKK 83.5 billion ($12.9 billion) with net profit surging 21% to DKK 16.7 billion ($2.6 billion). Operating profit hit DKK 22.0 billion at a 26.4% operating margin, as consumer sales grew 16%, more than doubling the 7% growth rate of the broader toy market. The company is privately held and does not trade on a public exchange.
About the LEGO Group
The LEGO Group is the world’s largest toy company by revenue, a privately held Danish enterprise owned by Kirkbi A/S (75%) and the LEGO Foundation (25%). Founded in 1932 by Ole Kirk Kristiansen in Billund, Denmark, the company derives its name from the Danish phrase “Leg Godt,” meaning “Play Well”. LEGO A/S is registered under CVR number 54 56 25 19 and remains headquartered in Billund.
Because the LEGO Group is privately owned, it does not have a publicly traded ticker symbol, market capitalization, or P/E ratio. Based on comparable toy-industry multiples applied to its 2025 revenue of approximately $12.9 billion, analysts and industry observers have informally estimated the company’s enterprise value at well north of $30 billion, though no official figure exists.
The company had 33,801 employees at year-end 2025, up 8% from 31,282 in 2024. Its products are sold in more than 120 countries through 1,112 branded retail stores across 54 markets. In 2025, the company’s product portfolio reached a record 868 SKUs, with approximately half of the sets being new launches. For the third consecutive year, the LEGO Group was ranked the world’s most reputable company in the Global RepTrak100 survey and was named to the TIME100 Most Influential Companies list.
Top Financial Highlights
- Revenue of DKK 83.5 billion (~$12.9 billion), up 12% year-over-year; up 14% in constant currency
- Consumer sales grew 16%, outpacing the toy market which grew 7%
- Operating profit of DKK 22.0 billion (~$3.4 billion), up 18%; operating margin expanded to 26.4% from 25.2%
- Net profit of DKK 16.7 billion (~$2.6 billion), up 21%, exceeding company expectations
- Gross margin of 67.8%, slightly narrowing from 68.3% in 2024
- Free cash flow of DKK 10.8 billion, up 6% from DKK 10.2 billion in 2024
- Cash flow from operating activities of DKK 19.9 billion, up 4% from DKK 19.2 billion
- Capital expenditures (PPE and intangible assets) of DKK 9.2 billion, up from DKK 9.0 billion
- Total assets grew to DKK 79.4 billion, up from DKK 68.7 billion
- Return on equity (ROE) of 36.7%, up from 34.7% in 2024
- Effective tax rate of 22.9%, improved from 23.6% in 2024
- Employees numbered 33,801 at year-end, an 8% increase
- 2026 Guidance projects single-digit revenue growth and net profit in line with 2025 levels
Beat or Miss?
As a privately held company, the LEGO Group does not have Wall Street analyst consensus estimates. However, the company’s own internal projections for 2025 called for single-digit revenue growth and net profit in line with 2024 levels. Actual results far exceeded those targets.
| Metric | 2025 Reported | Company Projection | Analysis |
| Revenue | DKK 83.5B (+12%) | Single-digit growth | Exceeded own guidance significantly |
| Net Profit | DKK 16.7B (+21%) | In line with 2024 (DKK 13.8B) | Beat by a wide margin |
| Consumer Sales Growth | 16% | Outperform toy market | Grew 2x faster than the 7% toy market |
| Free Cash Flow | DKK 10.8B | N/A | Up 6% despite heavy investment |
| Operating Margin | 26.40% | N/A | Improved 1.2pp vs. 2024’s 25.2% |
What Leadership Is Saying?
“We are very pleased with our record performance in 2025, building on last year’s success. Our innovative and extensive portfolio, combined with the strength of the LEGO brand and an effective operating model, drove high demand. We delivered these results by being both creative in product innovation and efficient in operations, bringing LEGO play experiences to more kids than ever before. As we continued to invest in future growth, we brought multi-year strategic investments to life and reached more than half renewable and recycled content in the materials we buy to make LEGO bricks.” – Niels B Christiansen, CEO
“We are deeply committed to having a positive impact on the world and the communities we are part of. We do this by aiming to reduce our environmental footprint and improving access to play for kids who need it most, and we will continue to invest significantly to deliver on that ambition.” – Niels B Christiansen, CEO (on sustainability and outlook)
Note: The LEGO Group’s CFO is Jesper Andersen, responsible for strategic financial planning, reporting, audit, tax, and treasury. The company’s annual report and press release do not feature a separate CFO quote. The Financial Review section of the report, which Andersen’s team oversees, highlights that operating profit growth was driven by production scale efficiencies and productivity initiatives, while the company continued investing heavily in supply chain, sustainability, and digital technology.
Historical Performance (YoY Comparison)
| Category | 2025 (mDKK) | 2024 (mDKK) | Change (%) |
| Revenue | 83,530 | 74,325 | 12.40% |
| Operating Profit | 22,034 | 18,741 | 17.60% |
| Net Profit | 16,710 | 13,792 | 21.20% |
| Total Expenses | 61,496 | 55,584 | 10.60% |
| Free Cash Flow | 10,783 | 10,193 | 5.80% |
| Cash Flow from Operations | 19,931 | 19,150 | 4.10% |
| Total Assets | 79,360 | 68,691 | 15.50% |
| Gross Margin | 67.80% | 68.30% | -0.5pp |
| Operating Margin | 26.40% | 25.20% | +1.2pp |
| Net Profit Margin | 20.00% | 18.60% | +1.4pp |
| Employees (Year-End) | 33,801 | 31,282 | 8.10% |
YoY Comparison of Competitors
The following table compares the LEGO Group’s 2025 full-year performance against its three primary publicly traded competitors in the global toy industry. All figures for Mattel, Hasbro, and Spin Master are in USD; LEGO figures are converted at an approximate rate of DKK 6.5 per USD for reference.
| Category | LEGO Group (2025) | LEGO Group (2024) | Change (%) |
| Revenue | ~$12.9B | ~$11.4B | 12% |
| Net Profit | ~$2.6B | ~$2.1B | +21% |
| Operating Margin | 26.40% | 25.20% | +1.2pp |
| Category | Mattel (2025) | Mattel (2024) | Change (%) |
| Revenue | $5,348M | $5,380M | -1% |
| Net Income | $398M | $542M | -27% |
| Operating Income | $546M | $694M | -21% |
| Gross Margin | 48.70% | 50.90% | -2.2pp |
| Category | Hasbro (2025) | Hasbro (2024) | Change (%) |
| Revenue | $4,700M | $4,140M | 14% |
| Adjusted Operating Profit | $1,140M | $839M | 36% |
| Reported Net Loss/Share | ($2.30) | N/A | Includes goodwill impairment |
| Adjusted Net Earnings/Share | $5.54 | N/A | Driven by Wizards segment |
| Operating Cash Flow | $893M | $847M | 5.40% |
| Category | Spin Master (2025) | Spin Master (2024) | Change (%) |
| Revenue | $2,113M | $2,263M | -6.60% |
| Gross Profit | $1,145M | $1,191M | -3.8% |
| Operating (Loss)/Income | ($87M) | $166M | N/M (includes impairment) |
| Net (Loss)/Income | ($149M) | $82M | N/M |
| Cash from Operations | $308M | $328M | -6.10% |
The LEGO Group’s revenue of roughly $12.9 billion is now larger than Mattel, Hasbro, and Spin Master combined ($12.16 billion). While Hasbro posted strong revenue growth driven almost entirely by its Wizards of the Coast and Digital Gaming segment (Magic: The Gathering revenue was up 59%), its Consumer Products and Entertainment segments both declined 4%. Mattel’s revenue was essentially flat year-over-year, with Barbie sales declining 7%, partially offset by action figure growth tied to theatrical releases. Spin Master saw its revenue fall 6.6% and recorded a non-cash goodwill impairment of $229 million that pushed it to a full-year net loss.
How the Market Reacted?
The LEGO Group is a privately held, family-owned company and does not trade on any stock exchange, so there is no share price movement or after-hours trading reaction to report. However, the overall tone of the 2025 annual results is decidedly bullish. CEO Niels B Christiansen described 2025 as a “fantastic year” to the media on March 10, 2026, the day the results were published.
Multiple industry observers characterized the results as “stunning” and “absolutely stellar,” noting that LEGO’s revenue now surpasses the combined sales of Mattel, Hasbro, and Spin Master. The company’s 2026 guidance of single-digit revenue growth and net profit in line with 2025 reflects a cautious but confident outlook, factoring in continued heavy spending on sustainability, supply chain expansion, and digital technology initiatives.
Sources
