Hasbro Reports Second Quarter 2025 Financial Results
Wizards of the Coast Momentum Drives Adjusted Net Earnings Growth, Fuels Upgraded Outlook
Pawtucket, RI — Hasbro, Inc. reported financial results for the second quarter 2025.
“Hasbro’s return to growth in the first half of 2025 is clear validation that our Playing to Win strategy is working,” said Chris Cocks, Chief Executive Officer, Hasbro, Inc. “We delivered record-setting results from MAGIC: THE GATHERING, alongside strong contributions from our games portfolio, licensing partnerships, and digital initiatives. With this momentum, we’re increasing our full-year outlook and positioning Hasbro for sustained growth in 2025 and beyond.”
“We are raising our full-year revenue and adjusted EBITDA guidance, fueled by performance in our Wizards business. Despite a dynamic macro environment, the strength of our diversified business and cost productivity initiatives support our updated outlook,” said Gina Goetter, Hasbro Chief Financial Officer and Chief Operating Officer.
Second Quarter 2025 Results
- Hasbro, Inc.’s revenue decreased 1%, with growth in Wizards and Digital Gaming nearly offsetting the decline in Consumer Products.
- MAGIC: THE GATHERING revenue grew 23% driven by the release of Final Fantasy, which set the record as being the biggest set release in Wizards history.
- Operating loss of $798 million includes a $1.0 billion non-cash goodwill impairment.
- Adjusted operating profit was $247 million stable year-over-year, reflecting the strength of MAGIC and a more efficient cost structure.
- Reported net loss of $6.10 per share and Adjusted net earnings of $1.30 per diluted share, an $0.08 improvement year over year.
- Returned $98 million to shareholders via dividends and reduced $12 million of outstanding debt.
Second Quarter 2025 Segment Details
- Wizards of the Coast and Digital Gaming Segment
- Revenue increased 16% behind record growth in MAGIC: THE GATHERING and contributions from Monopoly Go!.
- MAGIC: THE GATHERING revenue increased 23% with growth in tabletop fueled by Final Fantasy and continued momentum in Secret Lair and backlist products.
- Monopoly Go! contributed $44M of revenue in the quarter.
- Operating profit decreased (-2%) driven by expected higher royalty expense; operating margin was 46.3%, down 8.4 points year over year.
- Consumer Products Segment
- Revenue decrease of 16% as growth in licensing was more than offset by anticipated softness in Toys driven by retailer order timing and geographic volatility.
- Growth across key brands including BEYBLADE, TRANSFORMERS, MONOPOLY and licensed products.
- Operating loss of $1,030 million includes $1.0 billion non-cash goodwill impairment.
- Adjusted operating profit of $1.2 million, with cost productivity within supply chain and managed expenses offsetting volume deleverage.
- Entertainment Segment
- Revenues declined 15% in the quarter related to the nature and timing of deals.
- Operating profit of $6 million compared to an operating loss of $1 million in the second quarter 2024.
- Adjusted operating profit of $10 million compared to adjusted operating profit of $18 million in the second quarter 2024.
Year to Date 2025 Results
- Year to date Hasbro, Inc. revenue increased 7%, with continued growth in Wizards and Digital Gaming (+28%) offsetting declines in Consumer Products (-10%).
- Operating loss of $628 million includes $1.0 billion of non-cash goodwill impairment.
- Adjusted operating profit of $470 million benefited from favorable business mix and reduced operating expenses.
- Reported net loss of $5.41 per share and Adjusted net earnings of $2.35 per diluted share, a $0.52 improvement versus the same period last year.
- Returned $196 million to shareholders via dividends and reduced debt by $62 million.
Year to Date Quarter 2025 Segment Details
- Wizards of the Coast and Digital Gaming Segment
- Revenue increased 28% due to momentum in MAGIC: THE GATHERING and contributions from Monopoly Go!.
- MAGIC: THE GATHERING revenue increased 32% with growth in tabletop.
- Year to date Monopoly Go! contributed $83M of revenue.
- Operating profit increased 28% and operating margin was 47.9%, flat compared to the same period last year.
- Consumer Products Segment
- Revenue decrease of 10% in line with expectations, with growth in licensing offset by declines in Toy due to the timing of retail orders.
- Growth across key brands including MARVEL, BEYBLADE, TRANSFORMERS, MONOPOLY and licensed products.
- Operating loss of $1,074 million includes non-cash goodwill impairment.
- Adjusted operating loss of $30 million, a 22% improvement versus the same period in 2024 as improved expenses are helping to offset volume deleverage.
- Entertainment Segment
- Revenues declined 9% in the period related to the timing of deals.
- Operating loss of $5 million compared to operating profit of $5 million in the same period last year.
- Adjusted operating profit of $28 million compared to adjusted operating profit of $36 million year to date 2024.
See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.
2025 Company Outlook and Capital Allocation
For the full year, the Company now expects:
- Total Hasbro revenues up mid-single digits in constant currency (previously up slightly).
- Adjusted operating margin of 22%-23% (previously 21% to 22%).
- Adjusted EBITDA of $1.17 billion to $1.20 billion (previously $1.1 billion to $1.15 billion).
|
HASBRO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (1) (Unaudited) (Millions of Dollars) |
||||||
|
|
June 29, 2025 |
|
June 30, 2024 |
|||
|
ASSETS |
|
|
|
|||
|
Cash and Cash Equivalents |
$ |
546.9 |
|
$ |
626.8 |
|
|
Short-term Investments |
|
— |
|
|
483.0 |
|
|
Accounts Receivable, Net |
|
717.8 |
|
|
789.0 |
|
|
Inventories |
|
417.1 |
|
|
357.6 |
|
|
Prepaid Expenses and Other Current Assets |
|
359.4 |
|
|
418.0 |
|
|
Total Current Assets |
|
2,041.2 |
|
|
2,674.4 |
|
|
Property, Plant and Equipment, Net |
|
251.8 |
|
|
340.4 |
|
|
Goodwill |
|
1,256.8 |
|
|
2,278.8 |
|
|
Other Intangible Assets, Net |
|
489.4 |
|
|
552.8 |
|
|
Other Assets |
|
1,135.2 |
|
|
1,017.7 |
|
|
Total Assets |
$ |
5,174.4 |
|
$ |
6,864.1 |
|
|
|
|
|
|
|||
|
|
|
|
|
|||
|
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY |
||||||
|
Current Portion of Long-Term Debt |
|
— |
|
|
500.0 |
|
|
Accounts Payable |
|
339.6 |
|
|
297.5 |
|
|
Accrued Liabilities |
|
888.2 |
|
|
1,032.6 |
|
|
Total Current Liabilities |
|
1,227.8 |
|
|
1,830.1 |
|
|
Long-Term Debt |
|
3,320.9 |
|
|
3,461.4 |
|
|
Other Liabilities |
|
356.0 |
|
|
399.7 |
|
|
Total Liabilities |
|
4,904.7 |
|
|
5,691.2 |
|
|
Total Shareholders’ Equity |
|
269.7 |
|
|
1,172.9 |
|
|
Total Liabilities, Noncontrolling Interests and Shareholders’ Equity |
$ |
5,174.4 |
|
$ |
6,864.1 |
|
|
(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 |
|
Six Months Ended |
|||||||||||||||||||||||||
|
|
June 29, 2025 |
|
June 30, 2024 |
|
June 29, 2025 |
|
June 30, 2024 |
|||||||||||||||||||||
|
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|||||||||||||
|
Net revenues |
$ |
980.8 |
|
|
100.0 |
% |
|
$ |
995.3 |
|
|
100.0 |
% |
|
$ |
1,867.9 |
|
|
100.0 |
% |
|
$ |
1,752.6 |
|
|
100.0 |
% |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Cost of sales |
|
225.3 |
|
|
23.0 |
% |
|
|
237.7 |
|
|
23.9 |
% |
|
|
429.8 |
|
|
23.0 |
% |
|
|
441.9 |
|
|
25.2 |
% |
|
|
Program cost amortization |
|
6.2 |
|
|
0.6 |
% |
|
|
8.5 |
|
|
0.9 |
% |
|
|
13.6 |
|
|
0.7 |
% |
|
|
16.6 |
|
|
0.9 |
% |
|
|
Royalties |
|
84.5 |
|
|
8.6 |
% |
|
|
55.3 |
|
|
5.6 |
% |
|
|
141.5 |
|
|
7.6 |
% |
|
|
106.2 |
|
|
6.1 |
% |
|
|
Product development |
|
77.5 |
|
|
7.9 |
% |
|
|
70.4 |
|
|
7.1 |
% |
|
|
158.0 |
|
|
8.5 |
% |
|
|
135.9 |
|
|
7.8 |
% |
|
|
Advertising |
|
63.6 |
|
|
6.5 |
% |
|
|
60.4 |
|
|
6.1 |
% |
|
|
119.0 |
|
|
6.4 |
% |
|
|
111.9 |
|
|
6.4 |
% |
|
|
Amortization of intangible assets |
|
17.2 |
|
|
1.8 |
% |
|
|
17.1 |
|
|
1.7 |
% |
|
|
34.2 |
|
|
1.8 |
% |
|
|
34.1 |
|
|
1.9 |
% |
|
|
Impairment of goodwill |
|
1,021.9 |
|
|
104.2 |
% |
|
|
— |
|
|
— |
% |
|
|
1,021.9 |
|
|
54.7 |
% |
|
|
— |
|
|
— |
% |
|
|
Loss on disposal of business |
|
— |
|
|
— |
% |
|
|
15.3 |
|
|
1.5 |
% |
|
|
25.0 |
|
|
1.3 |
% |
|
|
24.4 |
|
|
1.4 |
% |
|
|
Selling, distribution and administration |
|
282.8 |
|
|
28.8 |
% |
|
|
318.5 |
|
|
32.0 |
% |
|
|
552.4 |
|
|
29.6 |
% |
|
|
553.3 |
|
|
31.6 |
% |
|
|
Total costs and expenses |
|
1,779.0 |
|
|
181.4 |
% |
|
|
783.2 |
|
|
78.7 |
% |
|
|
2,495.4 |
|
|
133.6 |
% |
|
|
1,424.3 |
|
|
81.3 |
% |
|
|
Operating profit (loss) |
|
(798.2 |
) |
|
(81.4 |
)% |
|
|
212.1 |
|
|
21.3 |
% |
|
|
(627.5 |
) |
|
(33.6 |
)% |
|
|
328.3 |
|
|
18.7 |
% |
|
|
Non-operating expense (income): |
|
|
|
|
|
|
— |
% |
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense |
|
40.6 |
|
|
4.1 |
% |
|
|
43.0 |
|
|
4.3 |
% |
|
|
82.2 |
|
|
4.4 |
% |
|
|
81.5 |
|
|
4.7 |
% |
|
|
Interest income |
|
(5.4 |
) |
|
(0.6 |
)% |
|
|
(13.0 |
) |
|
(1.3 |
)% |
|
|
(14.3 |
) |
|
(0.8 |
)% |
|
|
(21.3 |
) |
|
(1.2 |
)% |
|
|
Other (income) expense, net |
|
(18.7 |
) |
|
(1.9 |
)% |
|
|
(0.8 |
) |
|
(0.1 |
)% |
|
|
(17.3 |
) |
|
(0.9 |
)% |
|
|
4.2 |
|
|
0.2 |
% |
|
|
Total non-operating expense, net |
|
16.5 |
|
|
1.7 |
% |
|
|
29.2 |
|
|
2.9 |
% |
|
|
50.6 |
|
|
2.7 |
% |
|
|
64.4 |
|
|
3.7 |
% |
|
|
Earnings (loss) before income taxes |
|
(814.7 |
) |
|
(83.1 |
)% |
|
|
182.9 |
|
|
18.4 |
% |
|
|
(678.1 |
) |
|
(36.3 |
)% |
|
|
263.9 |
|
|
15.1 |
% |
|
|
Income tax expense |
|
40.0 |
|
|
4.1 |
% |
|
|
44.4 |
|
|
4.5 |
% |
|
|
77.1 |
|
|
4.1 |
% |
|
|
66.3 |
|
|
3.8 |
% |
|
|
Net earnings (loss) |
|
(854.7 |
) |
|
(87.1 |
)% |
|
|
138.5 |
|
|
13.9 |
% |
|
|
(755.2 |
) |
|
(40.4 |
)% |
|
|
197.6 |
|
|
11.3 |
% |
|
|
Net earnings attributable to noncontrolling interests |
|
1.1 |
|
|
0.1 |
% |
|
|
— |
|
|
— |
% |
|
|
2.0 |
|
|
0.1 |
% |
|
|
0.9 |
|
|
0.1 |
% |
|
|
Net earnings (loss) attributable to Hasbro, Inc. |
$ |
(855.8 |
) |
|
(87.3 |
)% |
|
$ |
138.5 |
|
|
13.9 |
% |
|
$ |
(757.2 |
) |
|
(40.5 |
)% |
|
$ |
196.7 |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Basic |
$ |
(6.10 |
) |
|
|
|
$ |
0.99 |
|
|
|
|
$ |
(5.41 |
) |
|
|
|
$ |
1.41 |
|
|
|
|||||
|
Diluted |
$ |
(6.10 |
) |
|
|
|
$ |
0.99 |
|
|
|
|
$ |
(5.41 |
) |
|
|
|
$ |
1.41 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Cash dividends declared per common share |
$ |
0.70 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
1.40 |
|
|
|
|
$ |
0.70 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Basic |
|
140.3 |
|
|
|
|
|
139.5 |
|
|
|
|
|
140.0 |
|
|
|
|
|
139.2 |
|
|
|
|||||
|
Diluted |
|
140.3 |
|
|
|
|
|
140.0 |
|
|
|
|
|
140.0 |
|
|
|
|
|
139.6 |
|
|
|
|||||
|
(1) Amounts may not sum due to rounding |
||||||||||||||||||||||||||||
|
HASBRO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Unaudited) (Millions of Dollars) |
||||||||
|
|
Six months ended |
|||||||
|
|
June 29, 2025 |
|
June 30, 2024 |
|||||
|
Cash Flows from Operating Activities: |
|
|
|
|||||
|
Net Earnings |
$ |
(755.2 |
) |
|
$ |
197.6 |
|
|
|
Impairment of Goodwill |
|
1,021.9 |
|
|
|
— |
|
|
|
Loss on Disposal of Business |
|
25.0 |
|
|
|
24.4 |
|
|
|
Other Non-Cash Adjustments |
|
106.3 |
|
|
|
126.8 |
|
|
|
Changes in Operating Assets and Liabilities |
|
(188.6 |
) |
|
|
16.3 |
|
|
|
Net Cash Provided by Operating Activities |
|
209.4 |
|
|
|
365.1 |
|
|
|
|
|
|
|
|||||
|
Cash Flows from Investing Activities: |
|
|
|
|||||
|
Additions to Property, Plant and Equipment |
|
(29.9 |
) |
|
|
(49.5 |
) |
|
|
Additions to Software Development |
|
(61.8 |
) |
|
|
(48.2 |
) |
|
|
Purchase of investments |
|
(10.0 |
) |
|
|
(480.1 |
) |
|
|
Other |
|
12.5 |
|
|
|
2.4 |
|
|
|
Net Cash Utilized by Investing Activities |
|
(89.2 |
) |
|
|
(575.4 |
) |
|
|
|
|
|
|
|||||
|
Cash Flows from Financing Activities: |
|
|
|
|||||
|
Proceeds from Long-Term Debt |
|
— |
|
|
|
498.6 |
|
|
|
Repayments of Borrowings |
|
(60.5 |
) |
|
|
— |
|
|
|
Dividends Paid |
|
(196.0 |
) |
|
|
(194.6 |
) |
|
|
Payments Related to Tax Withholding for Share-Based Compensation |
|
(19.9 |
) |
|
|
(11.9 |
) |
|
|
Stock-Based Compensation Transactions |
|
4.9 |
|
|
|
4.0 |
|
|
|
Payments of financing costs |
|
— |
|
|
|
(5.3 |
) |
|
|
Other |
|
(3.1 |
) |
|
|
(2.3 |
) |
|
|
Net Cash Provided (Utilized) by Financing Activities |
|
(274.6 |
) |
|
|
288.5 |
|
|
|
Effect of Exchange Rate Changes on Cash |
|
6.3 |
|
|
|
3.2 |
|
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
(148.1 |
) |
|
|
81.4 |
|
|
|
Cash and Cash Equivalents at Beginning of Year |
|
695.0 |
|
|
|
545.4 |
|
|
|
Cash and Cash Equivalents at End of Period |
$ |
546.9 |
|
|
$ |
626.8 |
|
|
|
|
|
|
|
|||||
|
(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 June 29, 2025 |
|
Three Months Ended June 30, 2024 |
|
|
|||||||||||||||||||||
|
Operating Results |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
|||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
980.8 |
|
|
$ |
— |
|
|
$ |
980.8 |
|
|
$ |
995.3 |
|
|
$ |
— |
|
|
$ |
995.3 |
|
|
-1 |
% |
|
Operating Profit (Loss) |
|
|
(798.2 |
) |
|
|
1,045.3 |
|
|
|
247.1 |
|
|
|
212.1 |
|
|
|
36.7 |
|
|
|
248.8 |
|
|
-1 |
% |
|
Operating Margin |
|
|
-81.4 |
% |
|
|
>100 |
% |
|
|
25.2 |
% |
|
|
21.3 |
% |
|
|
3.7 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
522.4 |
|
|
$ |
— |
|
|
$ |
522.4 |
|
|
$ |
452.0 |
|
|
$ |
— |
|
|
$ |
452.0 |
|
|
16 |
% |
|
Operating Profit |
|
|
241.8 |
|
|
|
— |
|
|
|
241.8 |
|
|
|
247.1 |
|
|
|
— |
|
|
|
247.1 |
|
|
-2 |
% |
|
Operating Margin |
|
|
46.3 |
% |
|
|
— |
|
|
|
46.3 |
% |
|
|
54.7 |
% |
|
|
— |
|
|
|
54.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
442.4 |
|
|
$ |
— |
|
|
$ |
442.4 |
|
|
$ |
524.5 |
|
|
$ |
— |
|
|
$ |
524.5 |
|
|
-16 |
% |
|
Operating Profit (Loss) |
|
|
(1,029.6 |
) |
|
|
1,030.8 |
|
|
|
1.2 |
|
|
|
(9.3 |
) |
|
|
9.0 |
|
|
|
(0.3 |
) |
|
>100 |
% |
|
Operating Margin |
|
|
>-100 |
% |
|
|
>100 |
% |
|
|
0.3 |
% |
|
|
-1.8 |
% |
|
|
1.7 |
% |
|
|
-0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
16.0 |
|
|
$ |
— |
|
|
$ |
16.0 |
|
|
$ |
18.8 |
|
|
$ |
— |
|
|
$ |
18.8 |
|
|
-15 |
% |
|
Operating Profit (Loss) |
|
|
6.3 |
|
|
|
3.8 |
|
|
|
10.1 |
|
|
|
(1.0 |
) |
|
|
18.7 |
|
|
|
17.7 |
|
|
-43 |
% |
|
Operating Margin |
|
|
39.4 |
% |
|
|
23.8 |
% |
|
|
63.1 |
% |
|
|
-5.3 |
% |
|
|
99.5 |
% |
|
|
94.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating Profit (Loss) |
|
$ |
(16.7 |
) |
|
$ |
10.7 |
|
|
$ |
(6.0 |
) |
|
$ |
(24.7 |
) |
|
$ |
9.0 |
|
|
$ |
(15.7 |
) |
|
62 |
% |
|
(1) Amounts may not sum due to rounding |
|||||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
Tabletop Gaming |
$ |
406.3 |
$ |
307.6 |
32 |
% |
|||
|
Digital and Licensed Gaming |
|
116.1 |
|
144.4 |
-20 |
% |
|||
|
Net revenues |
$ |
522.4 |
$ |
452.0 |
|
||||
|
|
Three Months Ended |
||||||||
|
Consumer Products Segment Net Revenues by Major Geographic Region |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
North America |
$ |
236.0 |
$ |
306.1 |
-23 |
% |
|||
|
Europe |
|
95.7 |
|
92.0 |
4 |
% |
|||
|
Asia Pacific |
|
63.6 |
|
62.6 |
2 |
% |
|||
|
Latin America |
|
47.1 |
|
63.8 |
-26 |
% |
|||
|
Net revenues |
$ |
442.4 |
$ |
524.5 |
|
||||
|
|
Three Months Ended |
||||||||
|
Entertainment Segment Net Revenues by Category |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
Film and TV |
$ |
1.5 |
$ |
1.8 |
-17 |
% |
|||
|
Family Brands |
|
14.5 |
|
17.0 |
-15 |
% |
|||
|
Net revenues |
$ |
16.0 |
$ |
18.8 |
|
||||
|
|
Three Months Ended |
||||||||
|
Supplementary Hasbro Gaming Information: |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
MAGIC: THE GATHERING |
$ |
412.0 |
$ |
336.0 |
23 |
% |
|||
|
Hasbro Total Gaming (1) |
|
615.8 |
|
548.4 |
12 |
% |
|||
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|||||||||
|
|
|
Six Months Ended June 29, 2025 |
|
Six Months Ended June 30, 2024 |
|
|
|||||||||||||||||||||
|
Operating Results (1) |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
|||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
1,867.9 |
|
|
$ |
— |
|
|
$ |
1,867.9 |
|
|
$ |
1,752.6 |
|
|
$ |
— |
|
|
$ |
1,752.6 |
|
|
7 |
% |
|
Operating Profit (Loss) |
|
|
(627.5 |
) |
|
|
1,097.1 |
|
|
|
469.6 |
|
|
|
328.3 |
|
|
|
69.1 |
|
|
|
397.4 |
|
|
18 |
% |
|
Operating Margin |
|
|
-33.6 |
% |
|
|
58.7 |
% |
|
|
25.1 |
% |
|
|
18.7 |
% |
|
|
3.9 |
% |
|
|
22.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
984.5 |
|
|
$ |
— |
|
|
$ |
984.5 |
|
|
$ |
768.3 |
|
|
$ |
— |
|
|
$ |
768.3 |
|
|
28 |
% |
|
Operating Profit |
|
|
471.8 |
|
|
|
— |
|
|
|
471.8 |
|
|
|
369.9 |
|
|
|
— |
|
|
|
369.9 |
|
|
28 |
% |
|
Operating Margin |
|
|
47.9 |
% |
|
|
— |
|
|
|
47.9 |
% |
|
|
48.1 |
% |
|
|
— |
|
|
|
48.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
840.7 |
|
|
$ |
— |
|
|
$ |
840.7 |
|
|
$ |
937.5 |
|
|
$ |
— |
|
|
$ |
937.5 |
|
|
-10 |
% |
|
Operating Profit (Loss) |
|
|
(1,073.5 |
) |
|
|
1,043.7 |
|
|
|
(29.8 |
) |
|
|
(56.2 |
) |
|
|
18.1 |
|
|
|
(38.1 |
) |
|
22 |
% |
|
Operating Margin |
|
|
>-100 |
% |
|
|
>100 |
% |
|
|
-3.5 |
% |
|
|
-6.0 |
% |
|
|
1.9 |
% |
|
|
-4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
42.7 |
|
|
$ |
— |
|
|
$ |
42.7 |
|
|
$ |
46.8 |
|
|
$ |
— |
|
|
$ |
46.8 |
|
|
-9 |
% |
|
Operating Profit (Loss) |
|
|
(4.9 |
) |
|
|
32.4 |
|
|
|
27.5 |
|
|
|
4.8 |
|
|
|
31.1 |
|
|
|
35.9 |
|
|
-23 |
% |
|
Operating Margin |
|
|
-11.5 |
% |
|
|
75.9 |
% |
|
|
64.4 |
% |
|
|
10.3 |
% |
|
|
66.5 |
% |
|
|
76.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating Profit (Loss) |
|
$ |
(20.9 |
) |
|
$ |
21.0 |
|
|
$ |
0.1 |
|
|
$ |
9.8 |
|
|
$ |
19.9 |
|
|
$ |
29.7 |
|
|
-100 |
% |
|
(1) Amounts may not sum due to rounding |
|||||||||||||||||||||||||||
|
|
Six Months Ended |
||||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
Tabletop Gaming |
$ |
750.1 |
$ |
535.8 |
40 |
% |
|||
|
Digital and Licensed Gaming |
|
234.4 |
|
232.5 |
1 |
% |
|||
|
Net revenues |
$ |
984.5 |
$ |
768.3 |
|
||||
|
|
Six Months Ended |
||||||||
|
Consumer Products Segment Net Revenues by Major Geographic Region |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
North America |
$ |
467.4 |
$ |
545.2 |
-14 |
% |
|||
|
Europe |
|
180.7 |
|
179.5 |
1 |
% |
|||
|
Asia Pacific |
|
117.4 |
|
111.4 |
5 |
% |
|||
|
Latin America |
|
75.2 |
|
101.4 |
-26 |
% |
|||
|
Net revenues |
$ |
840.7 |
$ |
937.5 |
|
||||
|
|
Six Months Ended |
||||||||
|
Entertainment Segment Net Revenues by Category |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
Film and TV |
$ |
5.8 |
$ |
1.8 |
>100 |
% |
|||
|
Family Brands |
|
36.9 |
|
45.0 |
-18 |
% |
|||
|
Net revenues |
$ |
42.7 |
$ |
46.8 |
|
||||
|
|
Six Months Ended |
||||||||
|
Supplementary Hasbro Gaming Information: |
June 29, 2025 |
June 30, 2024 |
% Change |
||||||
|
MAGIC: THE GATHERING |
$ |
758.3 |
$ |
573.9 |
32 |
% |
|||
|
Hasbro Total Gaming (1) |
|
1,165.9 |
|
956.4 |
22 |
% |
|||
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|||||||||
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) |
||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
Reconciliation of EBITDA and Adjusted EBITDA (1) |
|
June 29, 2025 |
|
June 30, 2024 |
|
June 29, 2025 |
|
June 30, 2024 |
||||||
|
Net Earnings (Loss) Attributable to Hasbro, Inc. |
|
$ |
(855.8 |
) |
|
$ |
138.5 |
|
$ |
(757.2 |
) |
|
$ |
196.7 |
|
Interest expense |
|
|
40.6 |
|
|
|
43.0 |
|
|
82.2 |
|
|
|
81.5 |
|
Income tax expense |
|
|
40.0 |
|
|
|
44.4 |
|
|
77.1 |
|
|
|
66.3 |
|
Net earnings attributable to noncontrolling interests |
|
|
1.1 |
|
|
|
— |
|
|
2.0 |
|
|
|
0.9 |
|
Depreciation expense |
|
|
14.9 |
|
|
|
28.4 |
|
|
32.1 |
|
|
|
49.6 |
|
Amortization of intangibles |
|
|
17.2 |
|
|
|
17.1 |
|
|
34.2 |
|
|
|
34.1 |
|
EBITDA |
|
$ |
(742.0 |
) |
|
$ |
271.4 |
|
$ |
(529.6 |
) |
|
$ |
429.1 |
|
|
|
|
|
|
|
|
|
|
||||||
|
Stock compensation |
|
|
11.3 |
|
|
|
17.8 |
|
|
29.7 |
|
|
|
12.8 |
|
Strategic transformation initiatives (2) |
|
|
3.9 |
|
|
|
7.3 |
|
|
11.1 |
|
|
|
12.5 |
|
Restructuring and severance costs (3) |
|
|
6.8 |
|
|
|
1.7 |
|
|
12.7 |
|
|
|
7.4 |
|
Loss on disposal of business (4) |
|
|
— |
|
|
|
15.3 |
|
|
25.0 |
|
|
|
24.4 |
|
eOne Film and TV business divestiture related costs (5) |
|
|
0.1 |
|
|
|
— |
|
|
5.6 |
|
|
|
— |
|
Impairment of goodwill (6) |
|
|
1,021.9 |
|
|
|
— |
|
|
1,021.9 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
302.0 |
|
|
$ |
313.5 |
|
$ |
576.4 |
|
|
$ |
486.2 |
|
(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 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. |
||||||||||||||
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Reconciliation of Adjusted Operating Profit (1) |
|
June 29, 2025 |
|
June 30, 2024 |
|
June 29, 2025 |
|
June 30, 2024 |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Profit (Loss) |
|
$ |
(798.2 |
) |
|
$ |
212.1 |
|
|
$ |
(627.5 |
) |
|
$ |
328.3 |
|
|
Wizards of the Coast and Digital Gaming |
|
|
241.8 |
|
|
|
247.1 |
|
|
|
471.8 |
|
|
|
369.9 |
|
|
Consumer Products |
|
|
(1,029.6 |
) |
|
|
(9.3 |
) |
|
|
(1,073.5 |
) |
|
|
(56.2 |
) |
|
Entertainment |
|
|
6.3 |
|
|
|
(1.0 |
) |
|
|
(4.9 |
) |
|
|
4.8 |
|
|
Corporate and Other |
|
|
(16.7 |
) |
|
|
(24.7 |
) |
|
|
(20.9 |
) |
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments |
|
$ |
1,045.3 |
|
|
$ |
36.7 |
|
|
$ |
1,097.1 |
|
|
$ |
69.1 |
|
|
Consumer Products |
|
|
1,030.8 |
|
|
|
9.0 |
|
|
|
1,043.7 |
|
|
|
18.1 |
|
|
Entertainment |
|
|
3.8 |
|
|
|
18.7 |
|
|
|
32.4 |
|
|
|
31.1 |
|
|
Corporate and Other |
|
|
10.7 |
|
|
|
9.0 |
|
|
|
21.0 |
|
|
|
19.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Operating Profit (Loss) |
|
$ |
247.1 |
|
|
$ |
248.8 |
|
|
$ |
469.6 |
|
|
$ |
397.4 |
|
|
Wizards of the Coast and Digital Gaming |
|
|
241.8 |
|
|
|
247.1 |
|
|
|
471.8 |
|
|
|
369.9 |
|
|
Consumer Products |
|
|
1.2 |
|
|
|
(0.3 |
) |
|
|
(29.8 |
) |
|
|
(38.1 |
) |
|
Entertainment |
|
|
10.1 |
|
|
|
17.7 |
|
|
|
27.5 |
|
|
|
35.9 |
|
|
Corporate and Other |
|
|
(6.0 |
) |
|
|
(15.7 |
) |
|
|
0.1 |
|
|
|
29.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments include the following: |
|
|
|
|
|
|
|
|
||||||||
|
Acquired intangible amortization (2) |
|
|
12.6 |
|
|
|
12.4 |
|
|
|
25.0 |
|
|
|
24.8 |
|
|
Strategic transformation initiatives (3) |
|
|
3.9 |
|
|
|
7.3 |
|
|
|
11.1 |
|
|
|
12.5 |
|
|
Restructuring and severance costs (4) |
|
|
6.8 |
|
|
|
1.7 |
|
|
|
12.7 |
|
|
|
7.4 |
|
|
Loss on disposal of business (5) |
|
|
— |
|
|
|
15.3 |
|
|
|
25.0 |
|
|
|
24.4 |
|
|
eOne Film and TV business divestiture related costs (6) |
|
|
0.1 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
Impairment of goodwill (7) |
|
|
1,021.9 |
|
|
|
— |
|
|
|
1,021.9 |
|
|
|
— |
|
|
Total |
|
$ |
1,045.3 |
|
|
$ |
36.7 |
|
|
$ |
1,097.1 |
|
|
$ |
69.1 |
|
|
(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 |
|||||||||||||
|
|
June 29, 2025 |
|
Diluted Per Share Amount |
|
June 30, 2024 |
|
Diluted Per Share Amount |
|||||||
|
Net Earnings (Loss) Attributable to Hasbro |
$ |
(855.8 |
) |
|
$ |
(6.10 |
) |
|
$ |
138.5 |
|
$ |
0.99 |
|
|
Acquired intangible amortization (2) |
|
9.4 |
|
|
|
0.07 |
|
|
|
9.3 |
|
|
0.07 |
|
|
Strategic transformation initiatives (3) |
|
3.0 |
|
|
|
0.02 |
|
|
|
5.7 |
|
|
0.04 |
|
|
Restructuring and severance costs (4) |
|
5.3 |
|
|
|
0.04 |
|
|
|
1.3 |
|
|
0.01 |
|
|
Loss on disposal of business (5) |
|
— |
|
|
|
— |
|
|
|
15.3 |
|
|
0.11 |
|
|
eOne Film and TV divestiture related costs (6) |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Impairment of goodwill (7) |
|
1,021.9 |
|
|
|
7.24 |
|
|
|
— |
|
|
— |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
183.9 |
|
|
$ |
1.30 |
|
|
$ |
170.1 |
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Six Months Ended |
|||||||||||||
|
|
June 29, 2025 |
|
Diluted Per Share Amount |
|
June 30, 2024 |
|
Diluted Per Share Amount |
|||||||
|
Net Earnings (Loss) Attributable to Hasbro |
$ |
(757.2 |
) |
|
$ |
(5.41 |
) |
|
$ |
196.7 |
|
$ |
1.41 |
|
|
Acquired Intangible Amortization (2) |
|
18.7 |
|
|
|
0.13 |
|
|
|
18.6 |
|
|
0.13 |
|
|
Strategic transformation initiatives (3) |
|
8.5 |
|
|
|
0.06 |
|
|
|
9.6 |
|
|
0.07 |
|
|
Restructuring and severance costs (4) |
|
9.8 |
|
|
|
0.07 |
|
|
|
5.7 |
|
|
0.04 |
|
|
Loss on disposal of business (5) |
|
25.0 |
|
|
|
0.18 |
|
|
|
24.4 |
|
|
0.18 |
|
|
eOne Film and TV business sale process charges (6) |
|
4.2 |
|
|
|
0.03 |
|
|
|
— |
|
|
— |
|
|
Impairment of goodwill (7) |
|
1,021.9 |
|
|
|
7.24 |
|
|
|
— |
|
|
— |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
330.9 |
|
|
$ |
2.35 |
|
|
$ |
255.0 |
|
$ |
1.83 |
|
|
(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 $3.9 ($3.0 after-tax) and $11.1 ($8.5 after-tax) for the three months and six months ended June 29, 2025, respectively, and $7.3 ($5.7 after-tax) and $12.5 ($9.6 after-tax) for the three months and six months ended June 30, 2024, respectively. |
||||||||||||||
|
(4) Restructuring and severance costs $6.8 ($5.3 after-tax) and $12.7 ($9.8 after-tax) for the three months and six months ended June 29, 2025, respectively, and $1.7 ($1.3 after-tax) and $7.4 ($5.7 after-tax) for the three months and six months ended June 30, 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 the six months ended June 29, 2025 and $15.3 ($15.3 after-tax) and $24.4 ($24.4) after-tax for the three months and six months ended June 30, 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 $0.1 ($0.1 after-tax) and $5.6 ($4.2 after-tax) for three months and six months ended June 29, 2025, respectively, 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. |
||||||||||||||
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