Hasbro delivered a blowout Q4, with revenue surging 31% to $1.45 billion and adjusted EPS of $1.51 crushing the $0.95 consensus by 59%. Full-year revenue grew 14% to $4.7 billion, powered by a record 45% jump in the Wizards of the Coast and Digital Gaming segment. The company also announced a $1 billion share buyback program and issued bullish 2026 guidance. Shares rose 7.5% on earnings day.
About Hasbro
Hasbro, Inc. (NASDAQ: HAS) is an American multinational toy manufacturing and entertainment holding company founded on December 6, 1923, by Henry, Hillel, and Herman Hassenfeld in Providence, Rhode Island. Headquartered in Pawtucket, Rhode Island, the company has evolved from a textile remnant business into a global leader in games, intellectual property, and toys. Hasbro owns iconic brands including Transformers, Monopoly, Nerf, Play-Doh, Peppa Pig, Magic: The Gathering, and Dungeons & Dragons, along with legacy subsidiaries such as Milton Bradley, Parker Brothers, and Wizards of the Coast.
As of early March 2026, Hasbro carries a market capitalization of approximately $13.49 billion and an enterprise value of $15.98 billion. The company employs roughly 4,520 people, generating approximately $1.04 million in revenue per employee. Hasbro’s forward P/E ratio stands at 16.91, with a projected dividend yield of 2.97% for 2026. The stock trades on the NASDAQ under the ticker HAS and is led by CEO Chris Cocks and CFO/COO Gina Goetter.
Top Financial Highlights
- Quarterly revenue reached $1,445.9 million, a 31.3% increase year-over-year, beating the consensus estimate of $1,288 million by 12.4%.
- Adjusted earnings per share came in at $1.51, crushing the Zacks Consensus Estimate of $0.99 by 52.5%, compared to $0.46 in Q4 2024.
- GAAP net earnings were $1.41 per diluted share, swinging from a loss of $0.25 per share in Q4 2024.
- Q4 adjusted operating profit surged to $315 million, up 180% year-over-year, with an operating margin of 21.8%, an approximately 12-point improvement.
- Full-year revenue grew 14% to $4,701.3 million, up from $4,135.5 million in 2024.
- Full-year adjusted operating profit rose 36% to $1,140 million, with a record adjusted operating margin of 24.2%, up nearly 400 basis points.
- Full-year adjusted EPS reached $5.54, up 38% from $4.01 in the prior year.
- Full-year adjusted EBITDA totaled $1,361.5 million, ahead of guidance.
- Operating cash flow for 2025 was $893.2 million, up from $847.4 million.
- Cash and short-term investments stood at $882 million at year-end, up from $695 million a year ago.
- Wizards of the Coast and Digital Gaming segment posted Q4 revenue of $630.4 million (+86% YoY), with a 45% operating margin.
- Magic: The Gathering had its best year ever, with full-year revenue of $1.72 billion (+59% YoY), including a Q4 revenue surge of 141%.
- Consumer Products returned to growth in Q4 with revenue of $800 million (+7.2% YoY).
- Hasbro announced a $1 billion share repurchase program and declared a quarterly dividend of $0.70 per share.
- The company returned $393 million to shareholders via dividends during 2025.
Beat or Miss?
Hasbro delivered a decisive beat across all key financial metrics in Q4 2025, exceeding both top-line and bottom-line estimates by wide margins.
| Metric | Reported | Consensus Estimate | Surprise |
| Q4 Revenue | $1,445.9M | $1,288M | +12.4% |
| Q4 Adjusted EPS | $1.51 | $0.95-$0.99 | 57.30% |
| Q4 Adjusted EBITDA | $372.2M | ~$267.2M | +39.3% |
| FY 2025 Adjusted EBITDA | $1,361.5M | Ahead of prior guidance ($1.17-$1.20B) | Beat |
| 2026 EBITDA Guidance | $1.40-$1.45B (midpoint $1.43B) | $1.31B | Above consensus |
What Leadership Is Saying?
“I am proud of the results our team delivered in 2025 and the success of our Playing to Win strategy. We successfully returned the company to a growth trajectory, captivated one billion fans, forged new partnerships, and advanced our transformation into a digital-first play and IP organization. We anticipate this momentum to continue into 2026.” – Chris Cocks, CEO of Hasbro
“2025 showcased robust operational execution, propelled by advancements in our transformation and cost-saving measures. Wizards of the Coast was a notable highlight, driven by record revenue from MAGIC. We are growing from a stronger earnings base, operating with greater discipline, and allocating capital with intention. Looking forward, we will maintain a balance between investing in our business and providing returns to shareholders, including through a $1.0 billion stock repurchase initiative.” -Gina Goetter, CFO and COO of Hasbro
Historical Performance
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $1,445.9M | $1,101.6M | 31.30% |
| GAAP Net Earnings (Loss) per Share | $1.41 | ($0.25) | N/M (swing to profit) |
| Adjusted EPS | $1.51 | $0.46 | 228.30% |
| Adjusted Operating Profit | $315M | $113M | 178.80% |
| Operating Margin | 20.6% | 5.4% | +15.2 pp |
| Free Cash Flow Margin | 24.4% | 18.9% | +5.5 pp |
| Wizards Segment Revenue | $630.4M | $339.0M (est.) | 85.90% |
| Consumer Products Revenue | $800.0M | $746.2M (est.) | 7.20% |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $4,701.3M | $4,135.5M | 13.70% |
| Adjusted Operating Profit | $1,140.0M | $838.8M | 35.90% |
| Adjusted Operating Margin | 24.2% | 20.3% | +3.9 pp |
| Adjusted EBITDA | $1,361.5M | $1,057.4M | 28.80% |
| Adjusted EPS | $5.54 | $4.01 | 38.20% |
| Operating Cash Flow | $893.2M | $847.4M | 5.40% |
Competitor Comparison
Hasbro’s Q4 2025 performance stands in stark contrast to its two primary competitors, Mattel and Spin Master, both of which reported weaker results for the same period. While Hasbro saw revenue surge 31%, Mattel delivered more modest growth of 7% and Spin Master posted a 4.8% revenue decline.
Q4 2025 Competitor Comparison
| Metric | Hasbro (HAS) | Mattel (MAT) | Spin Master (TOY) |
| Q4 Revenue | $1,445.9M | $1,766.0M | $618.2M |
| Q4 Revenue Growth (YoY) | +31.3% | +7.0% (reported) | -4.8% |
| Q4 Adjusted EPS | $1.51 | $0.39 | N/A |
| Q4 EPS vs. Estimate | Beat by 57-59% | Missed by 27.8% | N/A |
| Q4 Adj. Operating Income | $315M | $160M | $66.4M |
Full Year 2025 Competitor Comparison
| Metric | Hasbro (HAS) | Mattel (MAT) | Spin Master (TOY) |
| FY Revenue | $4,701.3M | $5,347.6M | $2,112.9M |
| FY Revenue Growth (YoY) | +14% | -1% | -6.6% |
| FY Net Income | ($2.30 GAAP loss/share; $5.54 adj.) | $397.6M ($1.24 EPS) | Operating loss (impairment) |
| FY Adj. Operating Income | $1,140M | $620M | N/A |
Mattel’s stock plunged approximately 24% following its Q4 earnings report, as investors reacted negatively to missed estimates and soft 2026 guidance. Spin Master also faced a difficult quarter, reporting a $163.7 million operating loss driven by $229.1 million in non-cash goodwill impairments, though adjusted operating income was $66.4 million.
How the Market Reacted?
Hasbro’s stock experienced a strong positive reaction following the Q4 2025 earnings announcement on February 10, 2026. Shares initially rose 1.55% in pre-market trading to $98.26 and then rallied sharply during the regular session, closing at $104.00 for a one-day gain of 7.48% on trading volume of over 6 million shares, more than triple the typical daily volume.
The stock touched a 52-week high of $106.98 on February 12, 2026, before pulling back moderately. As of March 10, 2026, shares trade at approximately $95.90, reflecting broader market softness rather than company-specific concerns, and remaining well above the pre-earnings level of $93.84. The bullish investor response was amplified by the stark contrast with competitor Mattel, whose stock plummeted 24% the following day after disappointing earnings and weak guidance.
2026 Outlook and Guidance
- Hasbro issued 2026 guidance that exceeded consensus expectations in several areas, reflecting management’s confidence in continued momentum.
- Consolidated revenue expected to grow 3-5% year-over-year on a constant currency basis.
- Adjusted operating margin guided to 24-25%, signaling further margin stability or expansion.
- Adjusted EBITDA expected in the $1.40-$1.45 billion range, above the prior consensus of $1.31 billion.
- Wizards of the Coast expected to deliver mid-single-digit revenue growth with operating margins in the low 40% range.
- Consumer Products expected to grow low single digits, with operating margins of 6-8%.
- Entertainment expected to be slightly positive, with ~50% operating margins.
- Cost savings of approximately $150 million expected from supply chain and transformation initiatives.
- Capital allocation priorities include growth investment, debt reduction, dividends, and the new $1 billion share repurchase program.
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