HASNasdaqGames, Toys & Children's Vehicles (No Dolls & Bicycles)US GAAP · USD

Hasbro, Inc

Hasbro is a U.S.-based play company built around iconic game, toy, and entertainment brands such as MAGIC: THE GATHERING, MONOPOLY, TRANSFORMERS, PLAY-DOH, NERF, and DUNGEONS & DRAGONS. It monetizes these brands through physical toys and games, digital gaming, licensing, consumer products, and entertainment content across retail, ecommerce, and direct-to-consumer channels.

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Revenue5,366m USD
+13.1 %y/y
Operating profit (EBIT)11.1m USD
−98.4 %y/y
EBIT margin0.2%
−14.3 ppy/y
Net income-322m USD
−183.6 %y/y
Free cash flow830m USD
+9.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2,00002,0004,0006,0008,000m USD2020: 5,465 m USD2020: EBIT 502 m USD20202021: 6,420 m USD2021: EBIT 763 m USD20212022: 6,667 m USD2022: EBIT 408 m USD20222023: 5,003 m USD2023: EBIT -1,539 m USD20232024: 4,746 m USD2024: EBIT 690 m USD20242025: 5,366 m USD2025: EBIT 11 m USD20255,36611
RevenueOperating profit (EBIT)

Business

Share of revenue
Wizards of the Coast and Digital Gaming35 %

Trading card, role-playing, and digital game offerings centered on MAGIC: THE GATHERING, DUNGEONS & DRAGONS, and licensed digital titles.

Consumer Products45 %

Physical toys, games, action figures, preschool products, and partner-branded consumer goods sold through retail and ecommerce.

Entertainment5 %

Film, TV, location-based entertainment, and related content monetization tied to Hasbro IP.

Licensing15 %

Brand licensing across apparel, publishing, theme parks, and other third-party consumer and entertainment uses.

Products

Reported · share of revenue
74.0%14.9%11.1%FY2025100 %
  • Grow Brands74.0 %
  • Optimize Brands14.9 %
  • Reinvent Brands11.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Hasbro sells to mass-market retailers, ecommerce platforms, wholesalers, distributors, specialty hobby stores, and direct-to-consumer fans. Its customer base is split between large retail accounts for toys and games and enthusiast communities for trading cards, role-playing, and premium collectibles.

Mass-market retail chains

Large chains such as Walmart and other big-box retailers buy toys and games for broad household demand and shelf presence.

Ecommerce retailers

Online channels, including Amazon, buy for fast-turn consumer demand and broad geographic reach.

Specialty hobby stores

Game and hobby stores buy MAGIC: THE GATHERING and D&D products that depend on enthusiast communities and organized play.

Direct-to-consumer fans

Fans buy premium and limited-release products through Hasbro PULSE and SECRET LAIR for exclusivity and brand engagement.

Licensees and partners

Third parties license Hasbro brands for apparel, publishing, entertainment, and location-based experiences.

Strategy

Hasbro’s strategy centers on a franchise-first model that concentrates investment in the most valuable brands and expands them across toys, games, digital, licensing, and entertainment. Management is also emphasizing cost savings, direct-to-consumer relationships, and digital gaming to improve profitability and deepen fan engagement.

Scale MAGIC: THE GATHERING and DUNGEONS & DRAGONSShort term

These franchises drive higher-margin engagement, recurring demand, and cross-platform monetization.

Grow digital gamingMedium term

Digital titles broaden monetization beyond physical products and reduce dependence on retail shelf space.

Strengthen direct-to-consumer and fan channelsMedium term

Direct channels improve margin control, customer data, and brand loyalty.

Improve cost structure and supply chain resilienceShort term

Lower costs and better sourcing flexibility help protect margins against tariffs and retail volatility.

Geography

2025

Hasbro sells globally, with major consumer products revenue disclosed across North America, Europe, Asia Pacific, and Latin America. Manufacturing is heavily outsourced, primarily to third-party manufacturers in China, Vietnam, and India, which makes the company sensitive to tariffs, logistics, and trade policy.

United States60 %
Other countries (US filing)40 %

Share of the revenue the company reports by geography.

Risks

Hasbro is exposed to customer concentration, with a small number of retailers accounting for a large share of revenue, and to execution risk in its franchise-led strategy. It also faces industry risks from tariffs, foreign exchange, IP protection, supply-chain disruption, and changing consumer demand across toys, games, and digital entertainment.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tariffs and trade policy1Supply-chain and manufacturing disruption2Customer concentration3IP and franchise execution risk4Foreign exchange volatility5Cybersecurity and data protection6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tariffs and trade policyImpact: HighLikelihood: High

    Most products are sourced through third-party manufacturers in Asia, making the cost base sensitive to import duties and policy shifts.

    ExposureChinaVietnamIndia manufacturing footprint
  2. Supply-chain and manufacturing disruptionImpact: HighLikelihood: High

    Dependence on outsourced production and global logistics can delay shipments and raise costs.

    ExposureThird-party outsourcersPort congestionLabor shortagesTransport delays
  3. Customer concentrationImpact: HighLikelihood: Medium

    A few large retailers account for a meaningful share of revenue, so order changes can quickly affect sales and margins.

    Exposure: Amazon and Walmart together represented about 20% of consolidated net revenues in 2025.

  4. IP and franchise execution riskImpact: HighLikelihood: Medium

    The business depends on a small set of brands and successful new releases across physical and digital formats.

    ExposureMAGIC: THE GATHERINGDUNGEONS & DRAGONSTRANSFORMERSMONOPOLY
  5. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    Hasbro sells in many currencies while sourcing in U.S. dollars, Hong Kong dollars, and euros.

    ExposureUSDEURGBPCADJPYBRLMXN
  6. Cybersecurity and data protectionImpact: MediumLikelihood: Medium

    Digital games, ecommerce, and partner ecosystems increase exposure to breaches and operational disruption.

    ExposureConsumerSupplierPartnerEmployee data across cloudThird-party systems

Accounting

Judgemental items
Goodwill and intangible asset impairment

Hasbro’s value is tied to acquired and internally developed brands, so weaker franchise performance can trigger non-cash write-downs.

Impact: Could materially affect reported earnings and equity if brand values decline

Income tax estimates and transfer pricing

Global operations and intercompany transactions require judgment on tax positions and cross-border pricing.

Impact: Can change effective tax rate and cash taxes

Royalty expense recognition

Licensed content and partner-branded products create variable royalty obligations tied to sales mix.

Impact: Affects gross margin and operating margin

Foreign currency effects

Sales and sourcing occur in multiple currencies, creating translation and transaction exposure.

Impact: Can move revenue, cost of sales, and operating profit between periods

Tariff-related cost recognition

Import duties and sourcing shifts can be embedded in inventory and cost of goods sold timing.

Impact: Can distort quarter-to-quarter comparability

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Last updated: 24/09/2026