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INDUSTRY REPORT
The state of Toys: 2025 Year in Review
Toys brands lost revenue in December 2025 when it mattered most. Stock levels peaked in Q1, then steadily depleted through the year. By the time holiday shoppers arrived, stockouts had doubled, with out-of-stock revenue loss hitting an index of 206 in December despite improved fulfillment earlier in the year.
Your best products were out of stock when demand peaked. Download the report.
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Key takeaways
- Inventory front-loaded, then steadily depleted: Stock levels peaked in Q1 and declined through year-end, with minimal replenishment before the holidays.
- Execution peaked early, faltered late: PO Fill Rate reached 97.6% in March but dropped to the 80s in May and November during peak demand.
- Pricing power emerged without heavy discounting: ASP grew from index 82 in January to 106 in December as higher-value items drove year-end revenue.
- Traffic stayed steady, conversion fluctuated: Glance views remained consistent outside of Q4, but conversion rates varied throughout the year.
- Paid efficiency improved as clicks got cheaper: CPC declined while ROAS improved. Toys achieved the best Q4 ad returns of any category, with ROAS hitting 5.86 in December.
- Stockouts cost the most when demand was highest: OOS revenue loss spiked 44% year-over-year, with December losses more than doubling to index 206.
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