Hasbro
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Hasbro (HAS) investor relations material

Hasbro Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Achieved 14% year-over-year revenue growth in 2025, led by a 45% surge in Wizards of the Coast & Digital Gaming, with MAGIC: THE GATHERING posting record results and Q4 revenue up 31% year-over-year.

  • Adjusted operating profit and EPS reached record levels, with Q4 adjusted operating profit up 180% to $315 million and full-year adjusted EPS at $5.54.

  • Major new licensing deals and digital initiatives expanded global reach, with over 1 billion consumers engaged.

  • AI adoption and operational excellence programs delivered significant productivity gains and cost savings.

  • Announced a new $1 billion share repurchase program and declared a quarterly dividend of $0.70 per share.

Financial highlights

  • Q4 2025 net revenue was $1.5 billion, up 31% year-over-year; adjusted operating profit was $315 million, up 180%, with a 21.8% margin.

  • Full-year 2025 net revenue grew 14% to $4.7 billion; adjusted operating profit increased 36% to $1.14 billion, with a 24.2% margin.

  • Adjusted EPS for the year was $5.54; adjusted EBITDA was $1.36 billion.

  • Generated $893 million in operating cash flow and returned $393 million to shareholders via dividends.

  • Reported a $1 billion non-cash goodwill impairment in Consumer Products, resulting in a net loss for the year.

Outlook and guidance

  • 2026 consolidated revenue expected to grow 3%-5% year-over-year in constant currency, with growth across all segments.

  • Operating margins projected at 24%-25%; adjusted EBITDA guidance of $1.4-$1.45 billion.

  • Wizards segment to deliver mid-single-digit revenue growth; consumer products to grow low single digits; entertainment revenue slightly positive.

  • $150 million in gross cost savings targeted for 2026; capex projected at ~$250 million.

  • Share repurchases restarting with a new $1 billion program; continued focus on dividends and debt reduction.

Tariff impact on Consumer Products segment
Digital-first strategy's impact on segment mix
Rationale for $1B share repurchase program
How are AI-driven savings being reinvested
Wizards' margin drivers beyond 2026 headwinds
CP growth drivers beyond 2026 entertainment slate
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Frequently asked questions

Toys and Games

Hasbro is an American multinational holding company operating globally and the company’s shares are listed on the Nasdaq. The company is headquartered in Pawtucket, Rhode Island, but has regional and local offices spread out across the world. The company owns several large IPs within the toy and entertainment world, including world-famous products like Transformers, Power Rangers, Nerf, My Little Pony, Monopoly, Wizards of the Coast, and several others.

The Hassenfeld Brothers

Hasbro, founded in 1923 by the Hassenfeld brothers, initially began as a textile remnant company in Providence, Rhode Island. The name is an abbreviation for “Hassenfield brothers, and over the years it evolved into a massive player in the world of toys and entertainment. In the 1950s, Hasbro achieved its first major success with the release of Mr. Potato Head, the first toy to be advertised on television. By the 1980s, Hasbro further solidified its position with popular toys like Transformers, My Little Pony, and GI Joe. Through strategic acquisitions and consistent innovation, Hasbro transitioned from a simple toy manufacturer to a global entertainment powerhouse, producing not only toys but also television shows, movies, and board games.

A Line of Iconic IPs

As previously mentioned, Hasbro owns several large and world-famous IPs. Some of these have been on sale in one form or another for decades, and have become household names in many corners of the world. Hasbro does not only sell toys but also produces various board games such as Twister and Monopoly. When looking at Hasbro’s publicly traded peers, one finds names such as Mattel, Jakks, and Spin Master.

Wizards of the Coast

Wizards of the Coast (WotC) is one of Hasbro’s most important IPs and a major source of revenue for the company. WotC’s claim to fame is Magic: The Gathering (MTG). Launched in 1993, MTG not only pioneered the collectible card game genre but also became a staple of popular culture. Its intricate gameplay, combined with a rich narrative universe, has cultivated a passionate and loyal global community of players.

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