# Hasbro
**Hasbro, Inc.** is a games, IP, and toy company whose profit center has shifted from traditional toys to the [Wizards of the Coast](https://www.edgepedia.org/wizards-of-the-coast) and Digital Gaming segment, anchored by [Magic: The Gathering](https://www.edgepedia.org/magic-the-gathering), Monopoly, and [Dungeons & Dragons](https://www.edgepedia.org/dungeons-and-dragons).[1](https://newsroom.hasbro.com/node/35406/pdf) In fiscal 2025, ended December 28, 2025, it earned $4,701.3 million of revenue across three segments: Wizards of the Coast and Digital Gaming ($2,186.9 million), Consumer Products ($2,437.6 million), and Entertainment ($76.8 million).[2](https://app.edgar.tools/companies/HAS/disclosures/segments) The company is in the middle of a turnaround, the "Playing to Win" plan running through 2027, under CEO Chris Cocks, who has led Hasbro since 2022.[1](https://newsroom.hasbro.com/node/35406/pdf) • [3](https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm)
| Key fact | Detail |
|---|---|
| FY2025 revenue | $4,701.3 million, up 14%; Wizards and Digital Gaming $2,186.9M (+45%), Consumer Products $2,437.6M (−4%), Entertainment $76.8M (−4%)[2](https://app.edgar.tools/companies/HAS/disclosures/segments) • [4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) |
| Where the profit is | Wizards segment operating profit of $1,006.8M at a 46.0% margin; the segment is under half of revenue but 88% of adjusted profits[4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) • [5](https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html) |
| Magic: The Gathering | Revenue up 59% in 2025; Q4 Magic revenue up 141% behind the Avatar: The Last Airbender and Final Fantasy sets[4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) • [6](https://www.roic.ai/quote/0J3K.L/transcripts/2025-year/4-quarter) |
| Reported vs. adjusted | FY2025 reported operating profit was $11.1M after a $1.0 billion non-cash goodwill impairment in Q2 2025; loss before income taxes was $102.0M[2](https://app.edgar.tools/companies/HAS/disclosures/segments) • [7](https://investor.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2025-financial-results) |
| Monopoly Go! | $168 million of revenue in 2025, up from $112 million in 2024[4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) • [8](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results) |
| eOne exit | Film and TV business sold to Lionsgate on December 27, 2023 for $375.0 million in cash, cutting content spend by over 90%[9](https://corp.hasbro.com/static-files/d5f6d420-b893-4260-905f-f60c321d3f52) • [10](https://investor.hasbro.com/static-files/c88d2d3d-06ce-426c-af34-d3719b683f50) |
| Turnaround targets | $1 billion of gross cost savings by 2027 under "Playing to Win," with roughly half dropping to the bottom line[1](https://newsroom.hasbro.com/node/35406/pdf) |
## History
Hasbro built its name on physical toy brands. Its portfolio has included [G.I. Joe](https://www.edgepedia.org/g-i-joe), Furby, Nerf, and [My Little Pony](https://www.edgepedia.org/my-little-pony), and the company organizes products into four brand categories: Franchise Brands, Partner Brands, Hasbro Gaming, and Emerging Brands.[11](https://journal.unisza.edu.my/jmtp/index.php/jmtp/article/download/132/67) The pivot toward games began with Magic: The Gathering, developed in 1993 by Wizards of the Coast, which Hasbro acquired in 1999; the trading card game has since grown into a billion-dollar brand.[12](https://www.hbs.edu/faculty/Pages/item.aspx?num=66027)
**The eOne arc.** Hasbro expanded into entertainment by buying Entertainment One, then reversed course. In 2021 [Blackstone](https://www.edgepedia.org/blackstone) bought eOne Music from Hasbro in a $385 million cash deal.[13](https://www.bsm.upf.edu/documents/2024-case-study-hasbro.pdf) On August 3, 2023 Hasbro agreed to sell the eOne film and television business to Lionsgate, and the sale closed on December 27, 2023 for a sales price of $375.0 million in cash, subject to adjustments.[9](https://corp.hasbro.com/static-files/d5f6d420-b893-4260-905f-f60c321d3f52) • [14](https://www.sec.gov/Archives/edgar/data/46080/000004608026000026/has-20260329.htm) The divestiture, in the company's own description, returned "play" to the center of its mission and investment priorities and reduced content spend by over 90%.[10](https://investor.hasbro.com/static-files/c88d2d3d-06ce-426c-af34-d3719b683f50) The associated workforce reductions are multiyear; CEO Chris Cocks said in early 2025 that they were mostly, but not entirely, complete.[15](https://toybook.com/playing-to-win-hasbro-ceo-chris-cocks-on-building-a-modern-play-company/)
## Business segments and how it makes money
Hasbro reports three segments with separate profit responsibility: Consumer Products, Wizards of the Coast and Digital Gaming, and [Entertainment](https://www.edgepedia.org/entertainment).[2](https://app.edgar.tools/companies/HAS/disclosures/segments) The Wizards segment contains Tabletop Gaming, mainly Magic and Dungeons & Dragons, and Digital and Licensed Gaming, which includes licensed digital games such as [Monopoly Go!](https://www.edgepedia.org/monopoly-go). In 2024, Tabletop revenue was $1,039.6 million (down 3%) while Digital and Licensed Gaming grew 22%.[16](https://www.publicnow.com/view/1D84FE4FC8E1AEE212ACB39E43B388129D5348A1) • [8](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results)
**Licensing and digital economics.** Monopoly Go!, the licensed mobile game, contributed $112 million in 2024 and $168 million in 2025, with management describing the monthly revenue pool as largely consistent through 2025.[8](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results) • [4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) • [17](https://investor.hasbro.com/static-files/688a9e7f-b2c8-4f10-b4fb-a516aa30dd2b) Licensing overall appeared flat in 2025, which Cocks attributed to normalization in trading card games, specifically Kayou's My Little Pony TCG, which debuted in 2024; he remains confident in long-term licensing growth.[18](https://toybook.com/hasbros-chris-cocks-on-ai-tariffs-and-a-lifetime-of-play/)
**The toy side is structurally challenged.** Cocks has said the toy business faces declining birth rates, while remaining the company's "first handshake with kids."[18](https://toybook.com/hasbros-chris-cocks-on-ai-tariffs-and-a-lifetime-of-play/) Consumer Products returned to operating income of $115.3 million in 2024 after a $64.7 million operating loss in 2023, but declined 4% in revenue in 2025.[16](https://www.publicnow.com/view/1D84FE4FC8E1AEE212ACB39E43B388129D5348A1) • [4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) The Franchise Brands portfolio (Magic: The Gathering, D&D, Transformers, Nerf, Peppa Pig, Play-Doh, Hasbro Gaming) saw revenue decline 4% in 2024.[16](https://www.publicnow.com/view/1D84FE4FC8E1AEE212ACB39E43B388129D5348A1)
## By the numbers
The 2025 income statement shows the gap between reported and underlying results. Reported operating profit was $11.1 million, with a loss before income taxes of $102.0 million, because Q2 2025 carried a $1.0 billion non-cash goodwill impairment that produced a $628 million quarterly operating loss.[2](https://app.edgar.tools/companies/HAS/disclosures/segments) • [7](https://investor.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2025-financial-results) Segment operating results were $1,006.8 million for Wizards (46.0% margin, up 59%), a $942.6 million loss for Consumer Products including the impairment, and $0.4 million for Entertainment.[2](https://app.edgar.tools/companies/HAS/disclosures/segments) • [4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b)
The Wizards segment's margin is the story of the company's economics: a 46.0% operating margin against a Consumer Products business that earned $115.3 million on $2.5 billion of revenue in 2024.[4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) • [16](https://www.publicnow.com/view/1D84FE4FC8E1AEE212ACB39E43B388129D5348A1) Wizards revenue grew 45% to $2.2 billion in 2025, with Magic up nearly 60%, fueled by Universes Beyond crossover sets and limited-edition Secret Lair packs, some selling for close to $200.[17](https://investor.hasbro.com/static-files/688a9e7f-b2c8-4f10-b4fb-a516aa30dd2b) • [5](https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html) In Q4 2025 Wizards revenue grew 86% to $630 million, with Magic up 141% behind [Avatar: The Last Airbender](https://www.edgepedia.org/avatar-the-last-airbender) and [Final Fantasy](https://www.edgepedia.org/final-fantasy)'s holiday release.[6](https://www.roic.ai/quote/0J3K.L/transcripts/2025-year/4-quarter)
Cash generation and debt reduction continued through the turnaround. Operating cash flow was $893 million in 2025 versus $847 million in 2024, and Hasbro spent $225 million on debt reduction in 2025 through bond repurchases and prefunding maturities, achieving its debt targets ahead of schedule.[4](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b) In 2024 the company had delivered $370 million of gross cost savings and $227 million of net cost savings, with adjusted operating profit of $839 million at a 20.3% adjusted operating margin, up 10.8 points year over year.[8](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results) The 2025 business mix produced a 420 basis point margin improvement heading into 2026.[17](https://investor.hasbro.com/static-files/688a9e7f-b2c8-4f10-b4fb-a516aa30dd2b)
## How it compares with Mattel
In fiscal 2025 Hasbro reported revenue gains of 14% to $4.7 billion, while Mattel's net sales dropped 1% to $5.3 billion; Mattel remains the larger company, but Hasbro is the one growing.[5](https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html) The strategies diverge on the same pressure, the weak physical toy market. Mattel's dolls segment fell 7% in 2025 and its infant, toddler, and preschool segment slipped 17%, while [Hot Wheels](https://www.edgepedia.org/hot-wheels) gross billings jumped 11%; industry commentary described Barbie and [Fisher-Price](https://www.edgepedia.org/fisher-price) as being in meaningful decline.[5](https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html)
**Margin structure and the studio question.** Mattel typically runs a mid-teens operating margin, between Hasbro's two extremes, a mid-40s% Wizards segment and a low-single-digit Consumer Products segment.[19](https://eightx.co/blog/hasbro-teardown) Mattel licensed the Barbie film to Warner Bros. rather than owning a studio, a choice that stands as the counterpoint to Hasbro's eOne ownership and subsequent divestiture.[19](https://eightx.co/blog/hasbro-teardown) In Q4 2025 Hasbro's adjusted operating profit surged 180% on 31% revenue growth, driven by Wizards.[20](https://www.emarketer.com/content/hasbro-mattel-q4-results-ip-driven-toy-strategy) An academic analysis using 2021 data put Hasbro's operating margin at 11.9% of revenue that year, up from 9.2% in 2020, and estimated Hasbro's share of its industry at about 7.4%.[21](https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1644&context=honorstheses)
## Recent developments
The turnaround has three visible layers: portfolio, cost, and leadership. The eOne film and TV sale closed in December 2023 and cut content spend by over 90%.[9](https://corp.hasbro.com/static-files/d5f6d420-b893-4260-905f-f60c321d3f52) • [10](https://investor.hasbro.com/static-files/c88d2d3d-06ce-426c-af34-d3719b683f50) The leadership team installed around the pivot includes CFO and COO Gina Goetter and President of Toys, Board Games, Licensing and Entertainment Tim Kilpin, both since 2023, under Cocks.[3](https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm) In February 2025 Hasbro unveiled "Playing to Win," a plan through 2027 targeting $1 billion of gross cost savings by 2027, with roughly half dropping to the bottom line, anchored on a profitable games business built on Magic: The Gathering, Monopoly, and Dungeons & Dragons.[1](https://newsroom.hasbro.com/node/35406/pdf) Despite fiscal 2024 revenue falling 17% (down 7% excluding the eOne divestiture), shares rose more than 14% after the Q4 2024 results and the new plan.[8](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results) • [15](https://toybook.com/playing-to-win-hasbro-ceo-chris-cocks-on-building-a-modern-play-company/)
**Tariffs and supply chain.** Consumer Products absorbed nearly $70 million of tariff impact in 2025 while still delivering an improved cost structure, and Hasbro exited 2025 with owned inventory at a record low of 75 days.[6](https://www.roic.ai/quote/0J3K.L/transcripts/2025-year/4-quarter) Cocks has acknowledged that the supply chain "got away" from the company and that Hasbro has been adjusting suppliers and releasing cheaper-to-make revamped versions of [Jenga](https://www.edgepedia.org/jenga), Operation, and Monopoly.[15](https://toybook.com/playing-to-win-hasbro-ceo-chris-cocks-on-building-a-modern-play-company/)
**2026 developments.** In Q2 2026 revenue rose 16% year over year to $1,139.6 million, led by Wizards and Digital Gaming (+27%) and Consumer Products (+5%), with Entertainment down 20%.[22](https://newsroom.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2026-financial-results) • [23](https://app.edgar.tools/filing/46080/0000046080-26-000050) Magic grew 32% on the Secrets of Strixhaven and Marvel Super Heroes sets, and Monopoly Go! contributed $44 million in the quarter.[22](https://newsroom.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2026-financial-results) The quarter also carried a $56 million impairment related to the refocused Digital Games portfolio for 2028 and beyond, and Consumer Products results were affected by a previously disclosed unauthorized network access (cyber incident) and incremental tariff expense.[22](https://newsroom.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2026-financial-results) Hasbro raised full-year 2026 guidance to revenue up 5-7% in constant currency (from 3-5%) and an adjusted operating margin of 25-26% (from 24-25%).[22](https://newsroom.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2026-financial-results) Looking ahead, management expects Wizards operating margins in the low-40% range in 2026, absorbing higher royalty expense and incremental costs for the planned 2027 video game releases [Exodus](https://www.edgepedia.org/exodus-2027-video-game) and Warlock.[6](https://www.roic.ai/quote/0J3K.L/transcripts/2025-year/4-quarter)
## References
1. [Hasbro "Playing to Win" strategic plan press release (February 20, 2025)](https://newsroom.hasbro.com/node/35406/pdf)
2. [Hasbro (HAS) Revenue by Segment, 2015-2025 10-K data, edgar.tools](https://app.edgar.tools/companies/HAS/disclosures/segments)
3. [Hasbro, Inc. Form 10-K for the period ended December 28, 2025](https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm)
4. [Hasbro Reports Fourth Quarter and Full Year 2025 Financial Results](https://newsroom.hasbro.com/static-files/c0bf8f1d-2e3f-479a-a9b0-17d0896d785b)
5. [Hasbro vs Mattel: Toy industry pressures make digital the star, CNBC (February 21, 2026)](https://www.cnbc.com/2026/02/21/hasbro-vs-mattel-toy-industry-pressures-make-digital-the-star.html)
6. [Hasbro Q4 FY2025 Earnings Call Transcript (February 10, 2026), roic.ai](https://www.roic.ai/quote/0J3K.L/transcripts/2025-year/4-quarter)
7. [Hasbro Reports Second Quarter 2025 Financial Results](https://investor.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2025-financial-results)
8. [Hasbro Reports Fourth Quarter and Full Year 2024 Financial Results, Business Wire](https://www.businesswire.com/news/home/20250219743122/en/Hasbro-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results)
9. [Hasbro 10-Q (Q2 2024/2025 comparative)](https://corp.hasbro.com/static-files/d5f6d420-b893-4260-905f-f60c321d3f52)
10. [Hasbro investor presentation (Playing to Win transformation)](https://investor.hasbro.com/static-files/c88d2d3d-06ce-426c-af34-d3719b683f50)
11. [The Impact of Technology Adoption on the Success and Failure of Two Toys Industry: Hasbro and Toys R Us, Journal of Management & Technology (UniSZA)](https://journal.unisza.edu.my/jmtp/index.php/jmtp/article/download/132/67)
12. [Wizards of the Coast and Magic: The Rebounding, Harvard Business School case](https://www.hbs.edu/faculty/Pages/item.aspx?num=66027)
13. [Hasbro, Inc. 2024 case study, UPF Barcelona School of Management](https://www.bsm.upf.edu/documents/2024-case-study-hasbro.pdf)
14. [Hasbro, Inc. Form 10-Q for the period ended March 29, 2026](https://www.sec.gov/Archives/edgar/data/46080/000004608026000026/has-20260329.htm)
15. [Playing to Win: Hasbro CEO Chris Cocks on Building a Modern Play Company, The Toy Book](https://toybook.com/playing-to-win-hasbro-ceo-chris-cocks-on-building-a-modern-play-company/)
16. [Hasbro 10-K segment disclosures (2024), PublicNow](https://www.publicnow.com/view/1D84FE4FC8E1AEE212ACB39E43B388129D5348A1)
17. [Fourth Quarter and Full Year 2025 Financial Results Conference Call Management Remarks (February 10, 2026)](https://investor.hasbro.com/static-files/688a9e7f-b2c8-4f10-b4fb-a516aa30dd2b)
18. [Hasbro's Chris Cocks on AI, Tariffs, and 'A Lifetime of Play', The Toy Book](https://toybook.com/hasbros-chris-cocks-on-ai-tariffs-and-a-lifetime-of-play/)
19. [Hasbro Teardown: A 46% Segment vs. a 5% Segment, eightx.co](https://eightx.co/blog/hasbro-teardown)
20. [Hasbro and Mattel highlight the growing gap in toy execution, eMarketer](https://www.emarketer.com/content/hasbro-mattel-q4-results-ip-driven-toy-strategy)
21. [Avery Smith, honors thesis on Hasbro, University of Nebraska-Lincoln](https://digitalcommons.unl.edu/cgi/viewcontent.cgi?article=1644&context=honorstheses)
22. [Hasbro Reports Second Quarter 2026 Financial Results](https://newsroom.hasbro.com/news-releases/news-release-details/hasbro-reports-second-quarter-2026-financial-results)
23. [Hasbro 10-Q (Q2 2026), edgar.tools](https://app.edgar.tools/filing/46080/0000046080-26-000050)
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