Hasbro Reports Q4, Year-End Financial Results
Playing to Win Drives Revenue, Profit and Earnings Growth for the Full Year
Company Issues 2026 Guidance and Declares Dividend
Announces $1 Billion Share Repurchase Program
Pawtucket, RI — Hasbro reported financial results for the fourth quarter and full year 2025.
“I am proud of the results our team delivered in 2025 and the success of our Playing to Win strategy,” said Chris Cocks, Chief Executive Officer of Hasbro. “We returned the company to growth, engaged one billion fans, secured new partnerships, and made progress in our evolution into a digital-first play and IP company. We expect that momentum to carry into 2026.”
“2025 reflected strong operational execution, driven by progress on our transformation and cost savings initiatives. Wizards was a standout, anchored by record MAGIC revenue,” said Gina Goetter, Chief Financial Officer and Chief Operating Officer of Hasbro. “Looking ahead, we will continue to balance investment in the business with shareholder returns, including through a $1.0 billion share repurchase program.”
Full Year 2025 Highlights
- Full year Hasbro revenue increased 14% driven by record 45% growth in the Wizards of the Coast and Digital Gaming segment. Consumer Products declined 4% and Entertainment was down 4%.
- MAGIC: THE GATHERING finished its strongest year ever, up 59% vs. PY with a successful Q4 Avatar: The Last Airbender set and ongoing strength in backlist and Secret Lair.
- Operating profit of $11 million and operating margin of 0.2% reflects the second quarter 2025 non-cash goodwill impairment.
- Adjusted operating profit of $1,140 million (+36% vs. PY) and adjusted operating margin of 24.2% (+3.9 points vs. PY), driven by favorable business mix and benefits from cost transformation efforts.
- Reported net loss of $2.30 per share; adjusted net earnings of $5.54 per diluted share.
- Returned $393 million to shareholders via dividends.
- EBITDA of $197 million and Adjusted EBITDA of $1.36 billion, ahead of guidance.
- Spent $225 million on debt reduction through the combination of bond repurchases and prefunding maturities, achieving debt targets ahead of schedule.
- Operating cash flow of $893 million vs. $847 million in the prior year driven by improved profitability.
Full Year 2025 Segment Details
Wizards of the Coast and Digital Gaming Segment
- Revenue grew 45% driven by standout performance in MAGIC: THE GATHERING and growth in licensed digital gaming.
- MAGIC: THE GATHERING revenues increased 59% powered by Universes Beyond sets, backlist and Secret Lair.
- Digital and Licensed Gaming increased 6% with Monopoly Go! contributing $168 million for the full year 2025.
- Operating profit of $1,007 million increased 59%, with a 46.0% operating margin highlighting the over-performance and favorable business mix.
Consumer Products Segment
- Revenue decreased 4%, which was better than expected, as shifts in retail order timing impacted full year results.
- Highlights include growth in PEPPA PIG, HASBRO GAMING, TRANSFORMERS, Marvel and Beyblade.
- Operating loss of $943 million includes a second quarter 2025 non-cash goodwill impairment.
- Adjusted operating profit of $113 million, down 26% versus last year behind lower revenues and tariff costs.
Entertainment Segment
- Revenue decline of 4% driven by lower digital and ad revenues.
- Operating margin of 0.5%; adjusted operating margin of 51.4% down versus PY due to lower revenues.
Fourth Quarter 2025 Highlights
- Hasbro revenues increased 31% vs. PY, with growth in Wizards and Digital Gaming (+86%) and Consumer Products (+7%) partially offset by a decline in Entertainment (-5%).
- Operating profit of $298 million (+$238 million vs. PY) with an operating margin of 20.6%.
- Adjusted operating profit was $315 million (+$202 million vs. PY) with an operating margin of 21.8%, an approximate 12-point improvement versus last year.
- Net earnings of $1.41 per diluted share; adjusted net earnings of $1.51 per diluted share benefiting from favorable business mix and improved profitability.
See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.
2026 Company Outlook
For the full year, the Company expects:
- Total Hasbro revenue up 3%-5% in constant currency.
- Adjusted operating margin of 24%-25%.
- Adjusted EBITDA of $1.40 billion to $1.45 billion.
2026 Capital Allocation priorities:
- Invest in core business.
- Return cash to shareholders through dividends and share repurchases. The Board of Directors authorized a new share repurchase program of up to $1.0 billion, replacing the Company’s prior 2018 authorization.
- Continue to pay down debt.
|
HASBRO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (1) (Unaudited) (Millions of Dollars) |
|||||
|
|
December 28, 2025 |
|
December 29, 2024 |
||
|
ASSETS |
|
|
|
||
|
Cash and cash equivalents |
$ |
776.6 |
|
$ |
695.0 |
|
Short-term investments |
|
105.4 |
|
|
— |
|
Accounts receivable, net |
|
1,059.8 |
|
|
919.8 |
|
Inventories |
|
259.8 |
|
|
274.2 |
|
Prepaid expenses and other current assets |
|
382.1 |
|
|
353.5 |
|
Total current assets |
|
2,583.7 |
|
|
2,242.5 |
|
Property, plant and equipment, net |
|
247.8 |
|
|
302.6 |
|
Goodwill |
|
1,256.7 |
|
|
2,278.2 |
|
Other intangible assets, net |
|
456.7 |
|
|
518.4 |
|
Other assets |
|
1,007.1 |
|
|
998.6 |
|
Total assets |
$ |
5,552.0 |
|
$ |
6,340.3 |
|
|
|
|
|
||
|
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY |
|||||
|
Current portion of long-term debt |
$ |
497.0 |
|
$ |
— |
|
Accounts payable |
|
335.4 |
|
|
341.5 |
|
Accrued liabilities |
|
1,038.7 |
|
|
1,059.8 |
|
Total current liabilities |
|
1,871.1 |
|
|
1,401.3 |
|
Long-term debt |
|
2,767.9 |
|
|
3,380.8 |
|
Other liabilities |
|
347.5 |
|
|
373.2 |
|
Total liabilities |
|
4,986.5 |
|
|
5,155.3 |
|
Total shareholders’ equity |
|
565.5 |
|
|
1,185.0 |
|
Total liabilities, noncontrolling interests and shareholders’ equity |
$ |
5,552.0 |
|
$ |
6,340.3 |
|
(1) Amounts may not sum due to rounding |
|||||
|
HASBRO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (1) (Unaudited) (Millions of Dollars and Shares, Except Per Share Data) |
||||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||||||
|
|
|
December 28, 2025 |
|
December 29, 2024 |
|
December 28, 2025 |
|
December 29, 2024 |
||||||||||||||||||||
|
|
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
||||||||||||
|
Net revenues |
|
$ |
1,445.9 |
|
|
100.0 |
% |
|
$ |
1,101.6 |
|
|
100.0 |
% |
|
$ |
4,701.3 |
|
|
100.0 |
% |
|
$ |
4,135.5 |
|
|
100.0 |
% |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of sales |
|
|
452.1 |
|
|
31.3 |
% |
|
|
358.7 |
|
|
32.6 |
% |
|
|
1,296.2 |
|
|
27.6 |
% |
|
|
1,179.5 |
|
|
28.5 |
% |
|
Program cost amortization |
|
|
14.8 |
|
|
1.0 |
% |
|
|
24.8 |
|
|
2.3 |
% |
|
|
35.8 |
|
|
0.8 |
% |
|
|
49.3 |
|
|
1.2 |
% |
|
Royalties |
|
|
113.1 |
|
|
7.8 |
% |
|
|
80.0 |
|
|
7.3 |
% |
|
|
368.9 |
|
|
7.8 |
% |
|
|
284.2 |
|
|
6.9 |
% |
|
Product development |
|
|
130.0 |
|
|
9.0 |
% |
|
|
81.9 |
|
|
7.4 |
% |
|
|
385.6 |
|
|
8.2 |
% |
|
|
294.1 |
|
|
7.1 |
% |
|
Advertising |
|
|
89.6 |
|
|
6.2 |
% |
|
|
105.7 |
|
|
9.6 |
% |
|
|
316.9 |
|
|
6.7 |
% |
|
|
319.5 |
|
|
7.7 |
% |
|
Amortization of intangible assets |
|
|
14.6 |
|
|
1.0 |
% |
|
|
17.1 |
|
|
1.6 |
% |
|
|
66.0 |
|
|
1.4 |
% |
|
|
68.3 |
|
|
1.7 |
% |
|
Impairment of goodwill |
|
|
— |
|
|
0.0 |
% |
|
|
— |
|
|
0.0 |
% |
|
|
1,021.9 |
|
|
21.7 |
% |
|
|
— |
|
|
0.0 |
% |
|
Loss on disposal of business |
|
|
— |
|
|
0.0 |
% |
|
|
13.0 |
|
|
1.2 |
% |
|
|
25.0 |
|
|
0.5 |
% |
|
|
37.4 |
|
|
0.9 |
% |
|
Selling, distribution and administration |
|
|
334.2 |
|
|
23.1 |
% |
|
|
360.6 |
|
|
32.7 |
% |
|
|
1,173.9 |
|
|
25.0 |
% |
|
|
1,213.2 |
|
|
29.3 |
% |
|
Total costs and expenses |
|
|
1,148.4 |
|
|
79.4 |
% |
|
|
1,041.8 |
|
|
94.6 |
% |
|
|
4,690.2 |
|
|
99.8 |
% |
|
|
3,445.5 |
|
|
83.3 |
% |
|
Operating profit |
|
|
297.5 |
|
|
20.6 |
% |
|
|
59.8 |
|
|
5.4 |
% |
|
|
11.1 |
|
|
0.2 |
% |
|
|
690.0 |
|
|
16.7 |
% |
|
Non-operating (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense |
|
|
40.4 |
|
|
2.8 |
% |
|
|
43.5 |
|
|
3.9 |
% |
|
|
163.4 |
|
|
3.5 |
% |
|
|
171.2 |
|
|
4.1 |
% |
|
Interest income |
|
|
(8.0 |
) |
|
-0.6 |
% |
|
|
(11.3 |
) |
|
-1.0 |
% |
|
|
(28.6 |
) |
|
-0.6 |
% |
|
|
(47.3 |
) |
|
-1.1 |
% |
|
Other (income) expense, net |
|
|
(5.8 |
) |
|
-0.4 |
% |
|
|
84.8 |
|
|
7.7 |
% |
|
|
(21.7 |
) |
|
-0.5 |
% |
|
|
69.1 |
|
|
1.7 |
% |
|
Total non-operating expense, net |
|
|
26.6 |
|
|
1.8 |
% |
|
|
117.0 |
|
|
10.6 |
% |
|
|
113.1 |
|
|
2.4 |
% |
|
|
193.0 |
|
|
4.7 |
% |
|
Earnings (loss) before income taxes |
|
|
270.9 |
|
|
18.7 |
% |
|
|
(57.2 |
) |
|
-5.2 |
% |
|
|
(102.0 |
) |
|
-2.2 |
% |
|
|
497.0 |
|
|
12.0 |
% |
|
Income tax expense (benefit) |
|
|
67.8 |
|
|
4.7 |
% |
|
|
(30.7 |
) |
|
-2.8 |
% |
|
|
216.2 |
|
|
4.6 |
% |
|
|
102.6 |
|
|
2.5 |
% |
|
Net earnings (loss) |
|
|
203.1 |
|
|
14.0 |
% |
|
|
(26.5 |
) |
|
-2.4 |
% |
|
|
(318.2 |
) |
|
-6.8 |
% |
|
|
394.4 |
|
|
9.5 |
% |
|
Net earnings attributable to noncontrolling interests |
|
|
1.5 |
|
|
0.1 |
% |
|
|
7.8 |
|
|
0.7 |
% |
|
|
4.2 |
|
|
0.1 |
% |
|
|
8.8 |
|
|
0.2 |
% |
|
Net earnings (loss) attributable to Hasbro, Inc. |
|
$ |
201.6 |
|
|
13.9 |
% |
|
$ |
(34.3 |
) |
|
-3.1 |
% |
|
$ |
(322.4 |
) |
|
-6.9 |
% |
|
$ |
385.6 |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
|
$ |
1.44 |
|
|
|
|
$ |
(0.25 |
) |
|
|
|
$ |
(2.30 |
) |
|
|
|
$ |
2.77 |
|
|
|
||||
|
Diluted |
|
$ |
1.41 |
|
|
|
|
$ |
(0.25 |
) |
|
|
|
$ |
(2.30 |
) |
|
|
|
$ |
2.75 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash dividends declared per common share |
|
$ |
0.70 |
|
|
|
|
$ |
0.70 |
|
|
|
|
$ |
2.80 |
|
|
|
|
$ |
2.10 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
|
|
140.5 |
|
|
|
|
|
139.6 |
|
|
|
|
|
140.2 |
|
|
|
|
|
139.4 |
|
|
|
||||
|
Diluted |
|
|
142.6 |
|
|
|
|
|
139.6 |
|
|
|
|
|
140.2 |
|
|
|
|
|
140.3 |
|
|
|
||||
|
(1) Amounts may not sum due to rounding |
||||||||||||||||||||||||||||
|
HASBRO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Unaudited) (Millions of Dollars) |
|||||||
|
|
Year Ended |
||||||
|
|
December 28, 2025 |
|
December 29, 2024 |
||||
|
Cash flows from operating activities: |
|
|
|
||||
|
Net (loss) earnings |
$ |
(318.2 |
) |
|
$ |
394.4 |
|
|
Impairment of goodwill |
|
1,021.9 |
|
|
|
— |
|
|
Loss on disposal of business |
|
25.0 |
|
|
|
37.4 |
|
|
Other non-cash adjustments |
|
484.8 |
|
|
|
356.1 |
|
|
Changes in operating assets and liabilities |
|
(320.3 |
) |
|
|
59.5 |
|
|
Net cash provided by operating activities |
|
893.2 |
|
|
|
847.4 |
|
|
|
|
|
|
||||
|
Cash flows from investing activities: |
|
|
|
||||
|
Additions to property, plant and equipment |
|
(63.3 |
) |
|
|
(87.2 |
) |
|
Additions to software development |
|
(135.0 |
) |
|
|
(110.3 |
) |
|
Net settlement from sale of business |
|
— |
|
|
|
(12.0 |
) |
|
Purchase of investments |
|
(105.4 |
) |
|
|
(571.0 |
) |
|
Maturity of investments |
|
— |
|
|
|
583.0 |
|
|
Other |
|
19.3 |
|
|
|
(6.2 |
) |
|
Net cash utilized by investing activities |
|
(284.4 |
) |
|
|
(203.7 |
) |
|
|
|
|
|
||||
|
Cash flows from financing activities: |
|
|
|
||||
|
Proceeds from long-term debt |
|
— |
|
|
|
498.6 |
|
|
Repayments of borrowings |
|
(118.2 |
) |
|
|
(581.3 |
) |
|
Stock-based compensation transactions |
|
9.6 |
|
|
|
7.6 |
|
|
Dividends paid |
|
(392.5 |
) |
|
|
(389.9 |
) |
|
Payments related to tax withholding for share-based compensation |
|
(23.7 |
) |
|
|
(14.4 |
) |
|
Payments of financing costs |
|
— |
|
|
|
(5.3 |
) |
|
Other |
|
(6.5 |
) |
|
|
(12.8 |
) |
|
Net cash utilized by financing activities |
|
(531.3 |
) |
|
|
(497.5 |
) |
|
Effect of exchange rate changes on cash |
|
4.1 |
|
|
|
3.4 |
|
|
Net increase in cash, cash equivalents and restricted cash |
|
81.6 |
|
|
|
149.6 |
|
|
Cash, cash equivalents and restricted cash, beginning of year |
|
695.0 |
|
|
|
545.4 |
|
|
Cash, cash equivalents and restricted cash, end of year |
$ |
776.6 |
|
|
$ |
695.0 |
|
|
(1) Amounts may not sum due to rounding |
|||||||
|
HASBRO, INC. SEGMENT RESULTS – AS REPORTED AND AS ADJUSTED (1) (Unaudited) (Millions of Dollars) |
||||||||||||||||||||||||||
|
|
Three Months Ended December 28, 2025 |
|
Three Months Ended December 29, 2024 |
|
|
|||||||||||||||||||||
|
Operating Results |
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
|||||||||||||
|
Total company results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
1,445.9 |
|
|
$ |
— |
|
|
$ |
1,445.9 |
|
|
$ |
1,101.6 |
|
|
$ |
— |
|
|
$ |
1,101.6 |
|
|
31 |
% |
|
Operating profit |
|
297.5 |
|
|
|
17.3 |
|
|
|
314.8 |
|
|
|
59.8 |
|
|
|
52.9 |
|
|
|
112.7 |
|
|
>100% |
|
|
Operating margin |
|
20.6 |
% |
|
|
1.2 |
% |
|
|
21.8 |
% |
|
|
5.4 |
% |
|
|
4.8 |
% |
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
630.4 |
|
|
$ |
— |
|
|
$ |
630.4 |
|
|
$ |
339.0 |
|
|
$ |
— |
|
|
$ |
339.0 |
|
|
86 |
% |
|
Operating profit |
|
283.5 |
|
|
|
— |
|
|
|
283.5 |
|
|
|
80.9 |
|
|
|
— |
|
|
|
80.9 |
|
|
>100% |
|
|
Operating margin |
|
45.0 |
% |
|
|
— |
|
|
|
45.0 |
% |
|
|
23.9 |
% |
|
|
— |
|
|
|
23.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
800.0 |
|
|
$ |
— |
|
|
$ |
800.0 |
|
|
$ |
746.3 |
|
|
$ |
— |
|
|
$ |
746.3 |
|
|
7 |
% |
|
Operating profit |
|
50.8 |
|
|
|
2.8 |
|
|
|
53.6 |
|
|
|
50.5 |
|
|
|
9.1 |
|
|
|
59.6 |
|
|
-10 |
% |
|
Operating margin |
|
6.4 |
% |
|
|
0.4 |
% |
|
|
6.7 |
% |
|
|
6.8 |
% |
|
|
1.2 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
15.5 |
|
|
$ |
— |
|
|
$ |
15.5 |
|
|
$ |
16.3 |
|
|
$ |
— |
|
|
$ |
16.3 |
|
|
-5 |
% |
|
Operating profit (loss) |
|
(2.2 |
) |
|
|
2.9 |
|
|
|
0.7 |
|
|
|
(16.2 |
) |
|
|
16.4 |
|
|
|
0.2 |
|
|
>100% |
|
|
Operating margin |
|
-14.2 |
% |
|
|
18.7 |
% |
|
|
4.5 |
% |
|
|
-99.4 |
% |
|
>100% |
|
|
1.2 |
% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating loss |
$ |
(34.6 |
) |
|
$ |
11.6 |
|
|
$ |
(23.0 |
) |
|
$ |
(55.4 |
) |
|
$ |
27.4 |
|
|
$ |
(28.0 |
) |
|
18 |
% |
|
(1) Amounts may not sum due to rounding |
||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|||||||
|
Wizards of the Coast and Digital Gaming net revenues by category |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
494.7 |
|
$ |
207.0 |
|
139 |
% |
|
Digital and Licensed Gaming |
|
|
135.7 |
|
|
132.0 |
|
3 |
% |
|
Net revenues |
|
$ |
630.4 |
|
$ |
339.0 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Consumer Products net revenues by major geographic region |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
North America |
|
$ |
471.3 |
|
$ |
421.0 |
|
12 |
% |
|
Europe |
|
|
204.2 |
|
|
177.9 |
|
15 |
% |
|
Asia Pacific |
|
|
70.8 |
|
|
93.4 |
|
-24 |
% |
|
Latin America |
|
|
53.7 |
|
|
54.0 |
|
-1 |
% |
|
Net revenues |
|
$ |
800.0 |
|
$ |
746.3 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Entertainment net revenues by category |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
Family Brands |
|
$ |
13.1 |
|
$ |
13.1 |
|
0 |
% |
|
Film and TV |
|
|
2.4 |
|
|
3.2 |
|
-25 |
% |
|
Net revenues |
|
$ |
15.5 |
|
$ |
16.3 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Supplementary Hasbro Gaming information: |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
502.4 |
|
$ |
208.4 |
|
141 |
% |
|
Hasbro Total Gaming (1) |
|
$ |
867.8 |
|
$ |
542.5 |
|
60 |
% |
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Year Ended December 28, 2025 |
|
Year Ended December 29, 2024 |
|
|
|||||||||||||||||||||
|
Operating Results (1) |
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
|||||||||||||
|
Total company results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
4,701.3 |
|
|
$ |
— |
|
|
$ |
4,701.3 |
|
|
$ |
4,135.5 |
|
|
$ |
— |
|
|
$ |
4,135.5 |
|
|
14 |
% |
|
Operating profit |
|
11.1 |
|
|
|
1,128.9 |
|
|
|
1,140.0 |
|
|
|
690.0 |
|
|
|
148.8 |
|
|
|
838.8 |
|
|
36 |
% |
|
Operating margin |
|
0.2 |
% |
|
|
24.0 |
% |
|
|
24.2 |
% |
|
|
16.7 |
% |
|
|
3.6 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
2,186.9 |
|
|
$ |
— |
|
|
$ |
2,186.9 |
|
|
$ |
1,511.3 |
|
|
$ |
— |
|
|
$ |
1,511.3 |
|
|
45 |
% |
|
Operating profit |
|
1,006.8 |
|
|
|
— |
|
|
|
1,006.8 |
|
|
|
632.0 |
|
|
|
— |
|
|
|
632.0 |
|
|
59 |
% |
|
Operating margin |
|
46.0 |
% |
|
|
— |
|
|
|
46.0 |
% |
|
|
41.8 |
% |
|
|
— |
|
|
|
41.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
2,437.6 |
|
|
$ |
— |
|
|
$ |
2,437.6 |
|
|
$ |
2,543.9 |
|
|
$ |
— |
|
|
$ |
2,543.9 |
|
|
-4 |
% |
|
Operating (loss) profit |
|
(942.6 |
) |
|
|
1,055.3 |
|
|
|
112.7 |
|
|
|
115.3 |
|
|
|
36.3 |
|
|
|
151.6 |
|
|
-26 |
% |
|
Operating margin |
|
-38.7 |
% |
|
|
43.3 |
% |
|
|
4.6 |
% |
|
|
4.5 |
% |
|
|
1.4 |
% |
|
|
6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External net revenues |
$ |
76.8 |
|
|
$ |
— |
|
|
$ |
76.8 |
|
|
$ |
80.3 |
|
|
$ |
— |
|
|
$ |
80.3 |
|
|
-4 |
% |
|
Operating profit (loss) |
|
0.4 |
|
|
|
39.1 |
|
|
|
39.5 |
|
|
|
(1.6 |
) |
|
|
50.9 |
|
|
|
49.3 |
|
|
-20 |
% |
|
Operating margin |
|
0.5 |
% |
|
|
50.9 |
% |
|
|
51.4 |
% |
|
|
-2.0 |
% |
|
|
63.4 |
% |
|
|
61.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating (loss) profit |
$ |
(53.5 |
) |
|
$ |
34.5 |
|
|
$ |
(19.0 |
) |
|
$ |
(55.7 |
) |
|
$ |
61.6 |
|
|
$ |
5.9 |
|
|
>-100% |
|
|
(1) Amounts may not sum due to rounding |
||||||||||||||||||||||||||
|
|
|
Year Ended |
|||||||
|
Wizards of the Coast and Digital Gaming net revenues by category |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
1,686.6 |
|
$ |
1,039.6 |
|
62 |
% |
|
Digital and Licensed Gaming |
|
|
500.3 |
|
|
471.7 |
|
6 |
% |
|
Net revenues |
|
$ |
2,186.9 |
|
$ |
1,511.3 |
|
|
|
|
|
|
Year Ended |
|||||||
|
Consumer Products net revenues by major geographic region |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
North America |
|
$ |
1,421.7 |
|
$ |
1,493.0 |
|
-5 |
% |
|
Europe |
|
|
566.0 |
|
|
519.7 |
|
9 |
% |
|
Asia Pacific |
|
|
249.4 |
|
|
286.7 |
|
-13 |
% |
|
Latin America |
|
|
200.5 |
|
|
244.5 |
|
-18 |
% |
|
Net revenues |
|
$ |
2,437.6 |
|
$ |
2,543.9 |
|
|
|
|
|
|
Year Ended |
|||||||
|
Entertainment net revenues by category |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
Family Brands |
|
$ |
66.7 |
|
$ |
73.7 |
|
-9 |
% |
|
Film and TV |
|
|
10.1 |
|
|
6.6 |
|
53 |
% |
|
Net revenues |
|
$ |
76.8 |
|
$ |
80.3 |
|
|
|
|
|
|
Year Ended |
|||||||
|
Supplementary Hasbro Gaming Information: |
|
December 28, 2025 |
|
December 29, 2024 |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
1,720.1 |
|
$ |
1,078.6 |
|
59 |
% |
|
Hasbro Total Gaming (1) |
|
$ |
2,788.2 |
|
$ |
2,092.1 |
|
33 |
% |
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|||||||||
|
HASBRO, INC. SUPPLEMENTAL FINANCIAL DATA RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (Millions of Dollars) |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
Reconciliation of EBITDA and Adjusted EBITDA(1) |
December 28, 2025 |
|
December 29, 2024 |
|
December 28, 2025 |
|
December 29, 2024 |
|||||||
|
Net earnings (loss) attributable to Hasbro, Inc. |
$ |
201.6 |
|
|
$ |
(34.3 |
) |
|
$ |
(322.4 |
) |
|
$ |
385.6 |
|
Interest expense |
|
40.4 |
|
|
|
43.5 |
|
|
|
163.4 |
|
|
|
171.2 |
|
Income tax expense (benefit) |
|
67.8 |
|
|
|
(30.7 |
) |
|
|
216.2 |
|
|
|
102.6 |
|
Net earnings attributable to noncontrolling interests |
|
1.5 |
|
|
|
7.8 |
|
|
|
4.2 |
|
|
|
8.8 |
|
Depreciation |
|
13.8 |
|
|
|
20.7 |
|
|
|
69.5 |
|
|
|
94.7 |
|
Amortization of intangibles |
|
14.6 |
|
|
|
17.1 |
|
|
|
66.0 |
|
|
|
68.3 |
|
EBITDA |
$ |
339.7 |
|
|
$ |
24.1 |
|
|
$ |
196.9 |
|
|
$ |
831.2 |
|
|
|
|
|
|
|
|
|
|||||||
|
Stock compensation |
$ |
25.0 |
|
|
$ |
22.1 |
|
|
$ |
78.9 |
|
|
$ |
49.0 |
|
Strategic transformation initiatives(2) |
|
7.7 |
|
|
|
9.8 |
|
|
|
23.9 |
|
|
|
28.3 |
|
Restructuring and severance costs(3) |
|
(0.2 |
) |
|
|
14.4 |
|
|
|
9.3 |
|
|
|
22.2 |
|
Loss on disposal of business(4) |
|
— |
|
|
|
13.0 |
|
|
|
25.0 |
|
|
|
37.4 |
|
eOne Film and TV business divestiture related costs(5) |
|
— |
|
|
|
3.2 |
|
|
|
5.6 |
|
|
|
11.1 |
|
Impairment of goodwill(6) |
|
— |
|
|
|
— |
|
|
|
1,021.9 |
|
|
|
— |
|
Net loss on Discovery investment(7) |
|
— |
|
|
|
78.2 |
|
|
|
— |
|
|
|
78.2 |
|
Adjusted EBITDA |
$ |
372.2 |
|
|
$ |
164.8 |
|
|
$ |
1,361.5 |
|
|
$ |
1,057.4 |
|
(1) Amounts may not sum due to rounding (2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (3) Restructuring and severance costs associated with cost-savings initiatives across the Company. (4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (6) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. (7) Net loss on Discovery investment represents non-cash charges incurred within Corporate and Other related to the impairment of the Discovery JV investment. |
||||||||||||||
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) |
|||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
Reconciliation of Adjusted Operating Profit(1) |
December 28, 2025 |
|
December 29, 2024 |
|
December 28, 2025 |
|
December 29, 2024 |
||||||||
|
Operating profit (loss) |
$ |
297.5 |
|
|
$ |
59.8 |
|
|
$ |
11.1 |
|
|
$ |
690.0 |
|
|
Wizards of the Coast and Digital Gaming |
|
283.5 |
|
|
|
80.9 |
|
|
|
1,006.8 |
|
|
|
632.0 |
|
|
Consumer Products |
|
50.8 |
|
|
|
50.5 |
|
|
|
(942.6 |
) |
|
|
115.3 |
|
|
Entertainment |
|
(2.2 |
) |
|
|
(16.2 |
) |
|
|
0.4 |
|
|
|
(1.6 |
) |
|
Corporate and Other |
|
(34.6 |
) |
|
|
(55.4 |
) |
|
|
(53.5 |
) |
|
|
(55.7 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP adjustments |
$ |
17.3 |
|
|
$ |
52.9 |
|
|
$ |
1,128.9 |
|
|
$ |
148.8 |
|
|
Consumer Products |
|
2.8 |
|
|
|
9.1 |
|
|
|
1,055.3 |
|
|
|
36.3 |
|
|
Entertainment |
|
2.9 |
|
|
|
16.4 |
|
|
|
39.1 |
|
|
|
50.9 |
|
|
Corporate and Other |
|
11.6 |
|
|
|
27.4 |
|
|
|
34.5 |
|
|
|
61.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted operating profit (loss) |
$ |
314.8 |
|
|
$ |
112.7 |
|
|
$ |
1,140.0 |
|
|
$ |
838.8 |
|
|
Wizards of the Coast and Digital Gaming |
|
283.5 |
|
|
|
80.9 |
|
|
|
1,006.8 |
|
|
|
632.0 |
|
|
Consumer Products |
|
53.6 |
|
|
|
59.6 |
|
|
|
112.7 |
|
|
|
151.6 |
|
|
Entertainment |
|
0.7 |
|
|
|
0.2 |
|
|
|
39.5 |
|
|
|
49.3 |
|
|
Corporate and Other |
|
(23.0 |
) |
|
|
(28.0 |
) |
|
|
(19.0 |
) |
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments include the following: |
|
|
|
|
|
|
|
||||||||
|
Acquired intangible amortization(2) |
$ |
9.8 |
|
|
$ |
12.5 |
|
|
$ |
47.4 |
|
|
$ |
49.8 |
|
|
Strategic transformation initiatives(3) |
|
7.7 |
|
|
|
9.8 |
|
|
|
23.9 |
|
|
|
28.3 |
|
|
Restructuring and severance costs(4) |
|
(0.2 |
) |
|
|
14.4 |
|
|
|
9.3 |
|
|
|
22.2 |
|
|
Loss on disposal of business(5) |
|
— |
|
|
|
13.0 |
|
|
|
25.0 |
|
|
|
37.4 |
|
|
eOne Film and TV business divestiture related costs(6) |
|
— |
|
|
|
3.2 |
|
|
|
1.4 |
|
|
|
11.1 |
|
|
Impairment of goodwill(7) |
|
— |
|
|
|
— |
|
|
|
1,021.9 |
|
|
|
— |
|
|
|
$ |
17.3 |
|
|
$ |
52.9 |
|
|
$ |
1,128.9 |
|
|
$ |
148.8 |
|
|
(1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company’s operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. (4) Restructuring and severance costs associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. |
|||||||||||||||
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars and Shares, Except Per Share Data) |
|||||||||||||||
|
Reconciliation of Net Earnings and Earnings per Share(1) |
|||||||||||||||
|
|
Three Months Ended |
||||||||||||||
|
(all adjustments reported after-tax) |
December 28, 2025 |
|
Diluted Per Share Amount |
|
December 29, 2024 |
|
Diluted Per Share Amount |
||||||||
|
Net earnings (loss) attributable to Hasbro, Inc. |
$ |
201.6 |
|
|
$ |
1.41 |
|
|
$ |
(34.3 |
) |
|
$ |
(0.25 |
) |
|
Acquired intangible amortization (2) |
|
7.4 |
|
|
|
0.05 |
|
|
|
9.4 |
|
|
|
0.07 |
|
|
Strategic transformation initiatives (3) |
|
5.9 |
|
|
|
0.04 |
|
|
|
7.5 |
|
|
|
0.05 |
|
|
Restructuring and severance costs (4) |
|
(0.1 |
) |
|
|
— |
|
|
|
11.0 |
|
|
|
0.08 |
|
|
Loss on disposal of business (5) |
|
— |
|
|
|
— |
|
|
|
8.5 |
|
|
|
0.06 |
|
|
eOne Film and TV divestiture related costs (6) |
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
|
0.02 |
|
|
Impairment of goodwill (7) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss on Discovery investment (8) |
|
— |
|
|
|
— |
|
|
|
59.8 |
|
|
|
0.43 |
|
|
Net earnings attributable to Hasbro, Inc. as adjusted |
$ |
214.8 |
|
|
$ |
1.51 |
|
|
$ |
64.3 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Year Ended |
||||||||||||||
|
(all adjustments reported after-tax) |
December 28, 2025 |
|
Diluted Per Share Amount |
|
December 29, 2024 |
|
Diluted Per Share Amount |
||||||||
|
Net (loss) earnings attributable to Hasbro, Inc. |
$ |
(322.4 |
) |
|
$ |
(2.30 |
) |
|
$ |
385.6 |
|
|
$ |
2.75 |
|
|
Acquired intangible amortization (2) |
|
35.6 |
|
|
|
0.25 |
|
|
|
37.4 |
|
|
|
0.27 |
|
|
Strategic transformation initiatives (3) |
|
18.3 |
|
|
|
0.13 |
|
|
|
21.6 |
|
|
|
0.15 |
|
|
Restructuring and severance costs (4) |
|
7.2 |
|
|
|
0.05 |
|
|
|
17.0 |
|
|
|
0.12 |
|
|
Loss on disposal of business (5) |
|
25.0 |
|
|
|
0.18 |
|
|
|
32.9 |
|
|
|
0.23 |
|
|
eOne Film and TV divestiture related costs (6) |
|
4.2 |
|
|
|
0.03 |
|
|
|
8.5 |
|
|
|
0.06 |
|
|
Impairment of goodwill (7) |
|
1,016.5 |
|
|
|
7.17 |
|
|
|
— |
|
|
|
— |
|
|
Net loss on Discovery investment (8) |
|
— |
|
|
|
— |
|
|
|
59.8 |
|
|
|
0.43 |
|
|
Net earnings attributable to Hasbro, Inc. as adjusted |
$ |
784.4 |
|
|
$ |
5.54 |
|
|
$ |
562.8 |
|
|
$ |
4.01 |
|
|
(1) Amounts may not sum due to rounding (2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company’s operating results to which these assets contribute. (3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $7.7 ($5.9 after-tax) and $23.9 ($18.3 after-tax) for three months and year ended December 28, 2025, respectively, and $9.8 ($7.5 after-tax) and $28.3 ($21.6 after-tax) for the three months and year ended December 29, 2024, respectively. (4) Restructuring and severance costs of ($0.2) (($0.1) after-tax) and $9.3 ($7.2 after-tax) for three months and year ended December 28, 2025, respectively, and $14.4 ($11.0 after-tax) and $22.2 ($17.0 after-tax) for the three months and year ended December 29, 2024, respectively, associated with cost-savings initiatives across the Company. (5) Loss on disposal of a business of $25.0 ($25.0 after-tax) for year ended December 28, 2025 and $13.0 ($8.5 after-tax) and $37.4 (32.9 after-tax) for the three months and year ended December 29, 2024, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. (6) eOne Film and TV business divestiture related costs of $5.6 ($4.2 after-tax) for year ended December 28, 2025 and $3.2 ($2.4 after-tax) and $11.1 ($8.5 after-tax) for three months and year ended December 29, 2024, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities. (7) Non-cash goodwill impairment tax impact of $1,021.9 ($1,016.5 after-tax) for the year ended December 28, 2025, in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs. (8) Impairment of the Company’s Discovery JV investment of $78.2 ($59.8 after tax) for the three months and year ended December 29, 2024. This impairment charge is included in other (income) expense, net within Corporate and Other. |
|||||||||||||||
