Brand also becomes the UK's biggest kids' video game franchise of 2012.
Skylanders has generated more than $500 million in US retail sales in just over a year.
This includes sales of accessory packs and figures.
GfK data also puts Skylanders at number three in the highest selling video games franchises in the UK, behind Call of Duty (number one) and FIFA (number two).
This makes Skylanders the biggest kids' video game franchise of 2012 in the UK.
Activision also says that both Skylanders Giants and Skylanders Spyro’s Adventure figures have outsold the top action figure lines in the toy category in the US, outselling lines such as Beyblades, WWE and Star Wars.
Activision previously billed Skylanders as a 1$ billion franchise.
Want to receive up to the minute toy industry news straight to your inbox? Click here to sign up for the free ToyNews Daily Digest and Newsflash services. You can also follow ToyNews on Twitter and Facebook.