Lego cements position as No. 1 toymaker with record sales

Lego A/S grabbed more market share from its biggest competitors last year, cementing its positions as the world’s largest toymaker, after revenue grew to a record.

The Danish maker of the colorful toy bricks expanded annual sales by 13% to 74.3 billion kroner ($10.8 billion) in 2024, driven by strong demand in the Americas, Europe and the Middle East, the closely held company said in its earnings report on Tuesday. Its largest competitors, Mattel Inc. and Hasbro Inc., both registered sales declines in 2024.

“It has been a fantastic year, where we’ve taken lots of market share around the world,” Chief Executive Officer Niels B. Christiansen said in a phone interview. “What’s interesting is that it’s not just one country or one product. It’s very broad-based.”

Lego has in recent years invested heavily in expanding its portfolio and its number of products reached an all-time high of 840 last year. The company is also building new factories, including one in Virginia in the U.S., and is pushing into gaming and digital toys. During 2025, the toymaker expects to introduce its first sets in a partnerships with Nike Inc. and Formula 1 to tap into the sports segment.

“The U.S. is by far the largest market for toys, and also for Lego,” Christiansen said. “A lot of our IPs, from Star Wars to sports with Nike and other trends come from the U.S., so it’s fully integrated into everything we do.”

At the moment, most Lego bricks sold in the U.S. are produced at the company’s factory in Monterrey, Mexico, and could be subject to tariffs if President Donald Trump follows through on his plan to impose a trade levy on April 2. Lego’s new factory in Virginia won’t open until 2027.

Christiansen isn’t overly concerned about a potential hit from tariffs after Lego saw operating profits rise about 10% to 18.7 billion kroner in 2024.

“If we can sustain this level of growth, then” tariffs are “not the biggest problem,” the CEO said.