Hasbro’s 2026 Third Quarter: Magic Tops $600 Million as Revenue Outlook Rises

Hasbro’s third-quarter results put Magic: The Gathering at the center of a strong period for the company: the game passed $600 million in quarterly revenue for the first time, helping lift total revenue 15% year over year to approximately $1.6 billion. Hasbro also raised its full-year revenue growth outlook to 7–9% in constant currency, from its earlier 5–7% range. The update points to the growing weight of collectible gaming in the company’s business, alongside licensed toys and entertainment-related products.

The figures come with an important qualification for collectors and retailers tracking Hasbro’s portfolio: growth varied considerably by segment. Wizards and Digital Gaming led the quarter, Consumer Products posted a smaller increase, and Entertainment grew at a more modest pace. The first nine months show a similar reliance on gaming, while Entertainment revenue declined year to date. Hasbro’s results make a clear case for watching which franchises and formats are driving sales, rather than treating the company’s broad brand lineup as one uniform market.

Magic sets a new quarterly mark

Wizards and Digital Gaming revenue increased 31% in the third quarter. Magic: The Gathering grew 34%, with the company crediting The Hobbit and Reality Fracture for helping drive the game’s performance. The $600 million quarterly threshold is a notable scale marker for a tabletop game with both physical and digital activity, and it shows how much the strength of one franchise can influence a broader company result.

Hasbro said Magic benefited from growth in tabletop and digital revenue across first-party and Universes Beyond sets during the first nine months of 2026. That gives the year-to-date result a wider base than a single release alone, though the company did not break out revenue by set in the supplied figures. For collectors, the practical point is that both the continuing tabletop business and digital play contributed to the reported momentum. The results do not specify print runs, individual product availability, or demand for particular cards, so they should not be read as a guide to the scarcity or value of any specific item.

Digital and licensed gaming revenue increased 3% in the quarter and 7% year to date. Monopoly Go! contributed $41 million in third-quarter revenue and $127 million across the first nine months. That performance adds a separate digital title to the segment’s growth story, but the company’s figures do not provide sales detail by platform, user count, or individual game release.

Wizards and Digital Gaming generated operating profit of $367 million in the quarter, up 46% year over year, with a 49% operating margin. That result includes a $7 million benefit from tariff refunds. For the first nine months, segment operating profit reached $935 million, up 29%, with a 47% operating margin. This year-to-date figure includes a $56 million impairment tied to Hasbro’s refocused digital games portfolio. The quarterly and year-to-date figures describe different periods and include different adjustments, so they are best considered separately.

Licensed properties support Consumer Products

Consumer Products revenue rose 4% in the quarter, led by Marvel, KPop Demon Hunters and Transformers. Hasbro also pointed to entertainment releases, including Spider-Man: Brand New Day, and continuing momentum in GEM² categories. These results underline the role that recognizable entertainment properties can play in supporting toy sales, while the company’s reported segment growth remains more moderate than the gain in gaming.

Quarterly Consumer Products operating profit was $174 million, while adjusted operating profit was $178 million, up 100% year over year. Hasbro attributed the improvement to productivity initiatives. Both profit measures include a $48 million benefit from tariff refunds, a sizable factor for interpreting the reported change. The revenue increase and profit growth describe different parts of the business: the former reflects sales, while the latter also reflects the company’s costs and the effect of refunds.

Across the first nine months, Consumer Products revenue increased 3%. Growth from Marvel, Star Wars, Beyblade and KPop Demon Hunters more than offset disruption from previously disclosed unauthorized network access. Hasbro reported year-to-date operating profit of $112 million and adjusted operating profit of $130 million, up 119% year over year, citing productivity improvements. The results supplied do not detail the disruption’s effect on individual brands or product shipments.

The contrast between quarterly and year-to-date results matters for retailers following licensed product lines. The quarter showed growth across the named franchises, while the wider nine-month picture also reflects earlier operating disruption. Hasbro’s figures support a view of Consumer Products as a growing contributor, but at a slower pace than Wizards and Digital Gaming. They do not establish how a particular toy line, retailer, or release performed on its own.

Entertainment grows in the quarter, falls year to date

Entertainment revenue increased 9% in the third quarter, driven by Family Brands. Operating profit was $17 million, and adjusted operating profit was $18 million, up 63% year over year. Hasbro attributed the profit improvement to a favorable licensing mix. For the first nine months, however, Entertainment revenue was down 13%, which the company linked to the nature and timing of deals. Operating profit for that period was $40 million, with adjusted operating profit of $47 million, up 22%, primarily because of lower program amortization.

That difference between the quarter and year-to-date totals is a reminder that licensing revenue can move with deal timing. The quarterly increase does not erase the earlier decline, and the company’s figures don’t identify individual agreements or titles behind the shifts. For collectors, the segment provides context for the entertainment properties that can feed into products and licensing, while offering no direct measure of demand for related toys or collectibles.

Company-wide results and revised outlook

Hasbro’s total third-quarter revenue rose 15% year over year, supported by Wizards and Digital Gaming, Consumer Products and Entertainment. Operating profit was $517 million; adjusted operating profit was $541 million, an increase of 52%. Hasbro said topline momentum, a favorable mix of business and cost productivity contributed to the adjusted result. The company also reported approximately $55 million in tariff refunds for the quarter.

Reported net earnings were $2.77 per diluted share, and adjusted net earnings per diluted share were $2.90. Hasbro returned $206 million to shareholders through its quarterly dividend and share repurchases. It also deployed $79 million toward debt reduction, using open-market bond repurchases and U.S. Treasury purchases to prefund 2026 and 2027 bond maturities.

For the first nine months of 2026, total revenue was up 15% year over year. Wizards and Digital Gaming revenue increased 28%, Consumer Products increased 3%, and Entertainment declined 13%. Operating profit was $1.040 billion and adjusted operating profit was $1.110 billion, up 35%. Both figures include a $56 million impairment related to digital games, nearly offset by a $55 million benefit from tariff refunds. Reported net earnings were $5.27 per diluted share; adjusted net earnings per diluted share were $5.65.

Year-to-date shareholder returns totaled $445 million through dividends and share repurchases. Hasbro also put $226 million toward debt reduction during the first nine months, including open-market bond repurchases and U.S. Treasury purchases to prefund the 2026 and 2027 maturities. Those balance-sheet and capital allocation figures accompany the operating results but don’t change the central sales picture: gaming was the strongest growth engine, while the company’s other segments had more varied results.

Hasbro now expects full-year revenue to increase 7–9% in constant currency, compared with its previous 5–7% expectation. Its adjusted operating margin outlook rose to 27–28%, from 25–26%, and its adjusted EBITDA range increased to $1.575 billion–$1.625 billion, from $1.45 billion–$1.50 billion. The company’s stated capital allocation priorities are to invest in its core business, return cash to shareholders through dividends and share repurchases, and continue reducing debt.

Dividend and company background

Hasbro paid $99 million in cash dividends during the third quarter. Its board declared a quarterly cash dividend of $0.70 per common share, payable December 2, 2026, to shareholders of record at the close of business on November 18, 2026. The company also planned to webcast its third-quarter call at 8:30 a.m. Eastern Time on the day of its results. The webcast and presentation slides were to be available through Hasbro’s investor site, with a replay expected approximately two hours after the call ended.

Hasbro describes itself as a games, intellectual property and toy company with 165 years of experience. Its portfolio includes Magic: The Gathering, Dungeons & Dragons, Monopoly, Hasbro Games, Nerf, Transformers, Play-Doh and Peppa Pig, alongside partner brands. The company works across physical and digital games, video games, toys, licensed consumer products and screen entertainment. More company background is available at corporate.hasbro.com.

Hasbro’s release also included reconciliations for adjusted financial measures, which exclude specified items and are intended by management to show underlying performance. The company states that these measures should be considered alongside, rather than as a replacement for, its standard financial measures. The detailed tables and explanations are available through the detailed results page.

For collectors and the trade, the strongest signal in these results is the scale of Magic: The Gathering and the broad contribution of licensed brands, set against slower and more uneven performance elsewhere. Hasbro’s raised outlook reflects its current results and expectations; the figures don’t predict how any specific release will fare. The next useful read will be whether gaming momentum and licensed product demand continue across the remaining 2026 reporting period.