HASBRO, INC.
For the period ended Mar 29, 2026. Filed May 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2026 · Filed May 13, 2026
HAS$118.91-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-28; filed 2025-11-05.
0000046080-25-000164
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-29; filed 2026-05-13.
0000046080-26-000026
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 101 current paragraphs.
37 unchanged; 47 reworded; 17 added; 58 removed; 8 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
In the first quarter of 2026, we made exciting new steps on executing the Playing To Win strategy, including:
Current report
•The announcement of a multi-year licensing partnership starting in 2027 with Warner Bros. Discovery Global Consumer Products, making Hasbro the global primary toy licensee for the world of Harry Potter and the upcoming HBO Original HARRY POTTER series.
Current report
•The announcement of a licensing collaboration with Amazon MGM Studios to produce action figures, toys and roleplay for the studio’s upcoming live-action Voltron movie and with Legendary Entertainment tied to the live-action Street Fighter movie.
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•The launch of LUMEE, a joint venture with Animaj, that will unite our digital advertising inventory and insights to power advertising sales and brand partnerships within the Entertainment segment.
Current report
On February 20, 2026, the U.S. Supreme Court issued a ruling against the International Emergency Economic Powers Act ("IEEPA") tariffs that we have been paying to the U.S. government since the enactment on April 2, 2025. This could impact our results in 2026 and we are continuing to evaluate the accounting impacts including our ability to apply for and obtain refunds on tariffs previously paid.
Current report
Unauthorized Network Access
Current report
In late March 2026, we identified unauthorized access to our network. Upon discovery, we promptly activated our security incident response protocols, implemented containment measures, including proactively taking certain systems offline, and launched an investigation with the assistance of third-party cybersecurity professionals. Based on analysis with the assistance of outside cybersecurity experts and information to date, we believe the unauthorized access has been contained and we are making progress in fully restoring our systems and operations.
Current report
This unauthorized access did not impact our financial results for the first quarter. Due to the Company’s implementation of containment measures, certain systems were proactively taken offline and were subsequently or are currently being brought online sequentially. We are continuing to work with cybersecurity and forensic experts to identify and review any files potentially impacted. We plan to take additional actions as appropriate based on our review and findings, including providing any notifications deemed appropriate.
Current report
We have continued to execute business continuity plans to enable us to take orders, ship product and conduct other key operations. Importantly, MAGIC: THE GATHERING shipments and its release cadence continued as planned in the second quarter, including the April 2026 release of Secrets of Strixhaven. For the Consumer Products segment, we have been shipping product, but we do anticipate some impact to second quarter revenues and operating profit due to expected order processing, shipping and invoicing delays. Given continued strength in point-of-sale, the expectation is that the majority of any delayed shipping in the second quarter will be made up in the back-half of 2026.
Current report
During the second quarter of 2026, we began incurring costs related to the unauthorized network access, including legal and remediation costs. We plan to seek reimbursement of certain costs, expenses and losses related thereto by submitting claims to our cybersecurity insurers. While the receipt, timing and amount of any such reimbursements are not known at this time, we are currently in the process of documenting our claims.
Current report
During the first quarter of 2026, the classification of brands within these categories was reviewed and certain brands were reclassified based on changes in growth, profitability or other characteristics. As such, the respective historical revenues associated within these brands has been reclassified into the brands' new brand category.
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NON-OPERATING EXPENSE
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Interest expense– Interest expense remained flat for the first quarter of 2026 compared to first quarter of 2025, totaling $41.8 million and $41.6 million, respectively.
Current report
During the first quarter of 2026, the Company recorded a net discrete tax benefit of $8.8 million primarily associated with share-based compensation. During the first quarter of 2025, the Company recorded an unfavorable adjustment to the Loss on Sale of the Film and TV reporting unit of $25.0 million, which generated no tax benefit, and recognized a net discrete tax benefit of $0.3 million primarily associated with share-based compensation.
Current report
Entertainment segment operating profit was $17.3 million, or 85.2% of segment net revenues for the first quarter of 2026, compared to an operating loss of $11.2 million, or 41.9% of segment net revenues for the first quarter of 2025. The increase in operating profit in the Entertainment segment operating results during the first quarter of 2026 was driven by the non-recurring $25.0 million Loss on disposal of business that was recorded in 2025.
Current report
As of March 29, 2026, the Company had $3.6 billion of Long-term debt due at varying times from 2026 through 2044. Of the total principal amount of long-term debt, $497.0 million is current as of March 29, 2026 which represents the Company's 3.55% fixed-rate notes due November 2026.
Current report
In March 2026, the Company issued an aggregate of $400.0 million in senior unsecured debt securities that bear a fixed interest rate of 4.65% due 2031 (the "2031 Notes"). In connection with the issuance of the 2031 Notes, the 2031 Notes were issued with an original issuance discount of $0.6 million and the Company capitalized $3.7 million of debt issuance costs. The original issuance discount and debt issuance costs will be amortized over the term of the 2031 Notes. It is anticipated that proceeds from the 2031 Notes, along with existing cash available, will be utilized to repay the 2026 Notes. As of March 29, 2026, the Company had invested the proceeds from the 2031 Notes in Short-term investments.
Removed paragraphs (58)
Previous report
•Profitable Franchises: Deliver on the fundamentals of profitable, play-focused brands, through innovation, partnership, operational excellence, managed cost-discipline and retail execution.
Previous report
•Aging Up: Expand our consumer base and drive play and collectible experiences for fans of all ages, recognizing that consumers aged 13 and above are gaining purchase share.
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•Everyone Plays: Engage across the play spectrum to where we under-index and capture new consumers across demographics and markets.
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•Digital and Direct: Embrace new ways to engage with our consumers through video games, digital technology and direct-to-consumer interactions.
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•Partner Scale: Drive profitable reach through strategic relationships and partnerships, including with retail, licensors and licensees.
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Brands periodically are reclassified, based on changes in growth, profitability or other characteristics, and when those changes occur, the respective portfolio historical revenue is included within the new classification.
Previous report
As a result of the estimated impact of tariffs and other macroeconomic headwinds on the Company's forward-looking forecasts, in the second quarter of 2025, the Company assessed its goodwill for potential impairment, resulting in the recognition of a non-cash goodwill impairment of $1,021.9 million in the Consumer Products segment. See further detail in Note 5, Goodwill, to the consolidated financial statements.
Previous report
The Company has recognized approximately $20 million of tariff costs during the first nine months of 2025. While the final impact of tariffs remains uncertain, the Company continues to execute decisively against the evolving tariff backdrop. The Company is forecasting a broad range of potential outcomes and, based on updated trade policy developments, the Company has estimated $60 million of expense in our full year 2025 financial statements.
Previous report
The Company had an operating loss of $286.4 million for the nine months ended September 28, 2025, as compared to operating profit of $630.2 million for the nine months ended September 29, 2024, primarily driven by the $1,021.9 million non-cash goodwill impairment recorded in the Consumer Products segment in the second quarter of 2025, offset by strength within the Wizards of the Coast and Digital Gaming segment during 2025.
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Fantasy Universes Beyond set released in June, as well as Edges of Eternitiesand Marvel's Spider-Man Universes Beyond sets, which released during Q3.
Previous report
OPTIMIZE BRANDS: Net revenues in the Optimize Brands portfolio decreased $1.3 million, or 0.6%, in the third quarter of 2025, compared to the third quarter of 2024, as moderate declines for certain brands within the category were partially offset by growth of PEPPA PIG, stemming from the launch of Baby Evie during 2025.
Previous report
NON-OPERATING EXPENSE (INCOME)
Previous report
Interest expense– Interest expense for the third quarter of 2025 totaled $40.8 million compared to $46.2 million in the third quarter of 2024. The decrease in Interest expense primarily reflects lower outstanding borrowings existing as of the end of the third quarter of 2025 as compared to those outstanding as of the third quarter of 2024.
Previous report
During the third quarter of 2025, the Company recorded a net discrete tax benefit of $5.7 million primarily associated with a benefit related to the impairment of goodwill, recorded in the second quarter of 2025, compared to a net discrete tax expense of $1.1 million in the third quarter of 2024 primarily associated with interest accruals on uncertain tax positions. Refer to Note 5, Goodwill, to the consolidated financial statements for further information.
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The Consumer Products segment net revenues decreased 7% to $796.9 million for the third quarter of 2025 compared to $860.1 million for the third quarter of 2024, primarily driven by broader industry trends and timing of retail orders. The net revenue decrease primarily reflects lower net revenues driven by declining sales volumes for certain Reinvent Brands, such as NERF, and lapping of licensing revenue related to MY LITTLE PONY, which decreased $21.7 million, or 64.7%. Declines in the North America, Asia Pacific, and Latin American geographic regions were offset by an increase of 12% across Europe, which returned to growth in the quarter.
Previous report
Entertainment segment operating profit was $7.5 million, or 40.3% of segment net revenues for the third quarter of 2025, compared to an operating profit of $9.8 million, or 57.0% of segment net revenues for the third quarter of 2024. The decrease in operating profit in Entertainment segment operating results during the third quarter of 2025 was driven by a decrease in royalty income allocated to the Entertainment segment, driven by the decreased sales volumes within the Consumer Products segment as discussed above.
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RESULTS OF OPERATIONS
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Net revenues– Net revenues for the first nine months of 2025 increased 7.3% to $3,255.4 million from $3,033.9 million for the first nine months of 2024, primarily driven by a $384.2 million, or 32.8%, increase in the Wizards of the Coast and Digital Gaming segment, partially offset by a $160.0 million, or 8.9%, decrease in the Consumer Products segment and a $2.7 million, or 4.2%, decrease in the Entertainment segment. See the Segment Results discussion below for further details.
Previous report
GROW BRANDS: Net revenues in the Grow Brands portfolio increased $326.6 million, or 15.8%, in the first nine months of 2025, compared to the first nine months of 2024. The net revenue increase primarily reflects higher net revenues from MAGIC: THE GATHERING, which grew by $347.6 million, or 39.9%, driven by strong performance of Universes Beyond sets such as Final Fantasy, Edges of Eternitiesand Marvel's Spider-Man. This growth was accompanied by an increase in MONOPOLY product sales and digital game licensing revenues related to MONOPOLY GO!, offset by lower net revenues from PLAY-DOH and other Hasbro Gaming products.
Previous report
REINVENT BRANDS: Net revenues in the Reinvent Brands portfolio decreased $84.6 million, or 19.3%, in the first nine months of 2025 compared to the first nine months of 2024. The net revenue decrease is primarily driven by lower product sales for NERF, as well as lapping of licensing revenues for MY LITTLE PONY of $12.6 million, or 24.6%, partially offset by an increase in net revenues from BEYBLADE products, following the Company's successful reintroduction of the brand.
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OPERATING COSTS AND EXPENSES
Previous report
Cost of sales– Cost of sales for the first nine months of 2025 was $844.1 million, or 25.9% of net revenues, compared to $820.8 million, or 27.1% of net revenues, for the first nine months of 2024. The increase in Cost of sales was driven by increased sales volumes, as well as approximately $20 million of tariff costs, offset by the 2024 recording of a non-recurring $26.7 million benefit related to a historical over-accrual of vendor commitment liabilities as discussed in Note 1, Basis of Presentation, to the consolidated financial statements. Cost of sales as a percentage of net revenues decreased as a result of supply chain efficiencies and favorable product mix.
Previous report
Program cost amortization– Program cost amortization decreased to $21.0 million, or 0.6% of net revenues, for the first nine months of 2025 from $24.5 million, or 0.8% of net revenues, for the first nine months of 2024.
Previous report
Royalties– Royalties for the first nine months of 2025 increased to $255.8 million, or 7.9% of net revenues, compared to $204.2 million, or 6.7% of net revenues, for the first nine months of 2024. Fluctuations in Royalties are generally related to the volume of content releases and deliveries and entertainment-driven products sold. The increase in Royalties for the first nine months of 2025 was directly driven by an increase in sales relating to MAGIC: THE GATHERING Universes Beyond sets, such as Final Fantasyand Marvel's Spider-Man, for which the Company is obligated to pay a royalty.
Previous report
Amortization of intangibles– Amortization of intangible assets remained flat at $51.4 million, or 1.6% of net revenues, for the first nine months of 2025, as compared to $51.2 million, or 1.7% of net revenues, for the first nine months of 2024. The amortization expense was driven by the straight-line amortization of the Company's remaining definite-lived intangible assets.
Previous report
Impairment of goodwill– During the first nine months of 2025, the Company recorded a $1,021.9 million non-cash goodwill impairment charge associated with goodwill assigned to reporting units within the Company's Consumer Products segment. There were no goodwill impairment charges during the first nine months of 2024. See further detail in Note 5, Goodwill, to the consolidated financial statements for further information.
Previous report
Selling, distribution and administration– Selling, distribution and administration expenses decreased to $839.7 million, or 25.8% of net revenues for the first nine months of 2025, from $852.6 million, or 28.1% of net revenues, for the first nine months of 2024. The decrease in Selling, distribution and administration expenses during the first nine months of 2025 was primarily due to cost savings initiatives and a non-recurring $31.1 million expense related to historical environmental liabilities during the second quarter of 2024, partially offset by a non-recurring stock-compensation adjustment of $18.1 million recorded during the first quarter of 2024, as discussed in Note 1, Basis of Presentation, to the consolidated financial statements.
Previous report
Operating (Loss) Profit– Operating loss for the first nine months of 2025 was $286.4 million, or 8.8% of net revenues, compared to an operating profit of $630.2 million, or 20.8% of net revenues, for the first nine months of 2024 driven by the factors discussed above.
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NON-OPERATING EXPENSE (INCOME)
Previous report
Interest expense– Interest expense for the first nine months of 2025 totaled $123.0 million compared to $127.7 million in the first nine months of 2024. The decrease in Interest expense primarily reflects lower average borrowings as of the end of the third quarter of 2025 as compared to those outstanding as of the third quarter of 2024, partially offset by a higher average interest rate on the outstanding borrowings .
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Interest income– Interest income was $20.6 million for the first nine months of 2025, compared to $36.0 million in the first nine months of 2024. Lower Interest income in 2025 primarily reflects the Company's investments in treasury bills, which were substantially higher in 2024 as compared to 2025.
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Other income, net– Other income, net remained relatively flat and resulted in income of $15.9 million for the first nine months of 2025, compared to income of $15.7 million in the first nine months of 2024. The change in Other income, net during 2025 was driven primarily by foreign currency exchange gains and losses during the first nine months of 2025 as compared to the foreign currency exchange gains and losses experienced during the first nine months of 2024.
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INCOME TAXES
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Income tax expense totaled $148.4 million on a pre-tax loss of $372.9 million in the first nine months of 2025 compared to an income tax expense of $133.3 million on pre-tax income of $554.2 million in the first nine months of 2024. Both periods were impacted by discrete tax events. During the first nine months of 2025, the Company recorded a non-cash goodwill impairment within the Consumer Products segment of $1,021.9 million with a tax benefit of $5.4 million and an unfavorable adjustment to the Loss on disposal of the eOne Film and TV business of $25.0 million with no tax benefit. The first nine months of 2024 includes a $24.4 million unfavorable adjustment to the Loss on disposal of the eOne Film and TV business with no tax benefit.
Previous report
During the first nine months of 2025, exclusive of the impairment of goodwill and the unfavorable adjustment to the Loss on disposal of the eOne Film and TV business, the Company recorded a net discrete tax benefit of $6.5 million compared to a net discrete tax expense, exclusive of the Loss on disposal of the eOne Film and TV business, of $1.8 million in the first nine months of 2024.
Previous report
The net discrete tax benefit recorded in the first nine months of 2025, exclusive of the tax benefit related to the goodwill impairment, is primarily associated with the release of a valuation allowance. The net discrete tax expense recorded in the first nine months of 2024 is primarily associated with stock-based compensation offset by the release of uncertain tax positions.
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SEGMENT RESULTS
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(1)% Change is not meaningful ("NM") for these segments.
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The following table presents Wizards of the Coast and Digital Gaming segment net revenues by category for the nine months ended September 28, 2025 and September 29, 2024:
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Wizards of the Coast and Digital Gaming segment net revenues increased 32.8% in the first nine months of 2025 to $1,556.5 million from $1,172.3 million in the first nine months of 2024. Tabletop Gaming revenue increased 43.2% behind growth in MAGIC: THE GATHERING primarily due to strong demand for Universes Beyond sets such as Final Fantasy, Edge of Eternities, and Marvel's Spider-Man. The net revenue increase in Digital and Licensed Gaming during the first nine months of 2025 was primarily attributable to revenue contributions from higher digital licensing of MONOPOLY GO!, which has contributed $125.8 million of revenue year-to-date.
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Reworded paragraphs (47)
Previous wording
Hasbro, Inc. (“Hasbro”) is a leading games, intellectual property ("IP"), and toy company whose mission is to create joy and community through the magic of play. With over 100 years of expertise, we deliver groundbreaking play experiences to kids, families, and fans around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more.
Current wording
Hasbro, Inc. (“Hasbro”) is a leading game, intellectual property ("IP"), and toy company whose mission is to create joy and community through the magic of play. With over 100 years of expertise, we deliver play experiences to kids, families, and fans around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more.
Previous wording
Through our franchise-first approach, we unlock value from both new and legacy IP, including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, MONOPOLY, HASBRO GAMES, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands. Powered by our portfolio of thousands of iconic marks and a diversified network of partners and subsidiary studios, we bring fans together wherever they are, from tabletop to screen.
Current wording
Through our franchise-first approach, we unlock value from both new and legacy IP, including MAGIC: THE GATHERING, MONOPOLY, HASBRO GAMES, PLAY-DOH, TRANSFORMERS, DUNGEONS & DRAGONS, NERF, and PEPPA PIG, as well as premier partner brands. Powered by our portfolio of iconic brands and a diversified network of partners and subsidiary studios, we bring fans together wherever they are, from tabletop to screen.
Previous wording
In the first quarter of 2025, we launched our refreshed strategy Playing to Win to refocus the Company on play and partnership. Through play fueled brand engagement and partner scaled co-investment, we plan to expand our consumer reach as a games, IP, and toy company. Our objective is to be one of the most profitable and diverse toy and game companies globally, powered by multi-segment and multi-generational franchises. Playing to Win includes five strategic building blocks:
Current wording
In fiscal year 2025, we launched our refreshed strategy "Playing to Win" to refocus the Company on inspiring a lifetime of play across more categories, more partners, and more ways to engage. Through play fueled brand engagement and partner scaled co-investment, including video games, artificial intelligence ("AI"), enabled entertainment, and licensing, we plan to expand our consumer reach as a games, IP, and toy company.
Previous wording
In the third quarter of 2025, we announced we will relocate our Rhode Island operations to 400 Summer Street in the Seaport District of Boston, Massachusetts, which is expected to occur in the fourth quarter of 2026. This new location will be the primary headquarters for our toys, board games, and licensing businesses, and a majority of our corporate services. We believe this strategic move positions us to accelerate innovation, attract top talent, and drive long-term growth in line with our Playing to Win strategy which emphasizes play-driven engagement and collaboration with partners.
Current wording
We believe these strategic moves position us to accelerate innovation and drive long-term growth in line with our Playing to Win strategy which emphasizes play-driven engagement and collaboration with partners.
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Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results. The Company monitors the impact of tariffs to its business operations on an ongoing basis and may need to implement actions such as imposing price adjustments or making changes in our supply chain sourcing strategies in order to mitigate the impact of tariffs in future periods. The impacts of tariffs may lead to reduced economic activity, increased costs, reduced demand and changes in purchasing behaviors for some or all of our products, actual or potential impairments, write-downs or unrealizability of some of our existing assets, or other economic outcomes that could have a material adverse impact on our sales volumes, prices, and our financial results.
Current wording
Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results. The Company monitors the impact of tariffs to its business operations on an ongoing basis and may need to implement actions such as price adjustments or making changes in our supply chain sourcing strategies in order to mitigate the impact of tariffs in future periods. The impacts of tariffs may lead to reduced economic activity, increased costs, reduced demand and changes in purchasing behaviors for some or all of our products, actual or potential impairments, write-downs or unrealizability of some of our existing assets, or other economic outcomes that could have a material adverse impact on our sales volumes, prices, and our financial results. During the first three months of 2026, the Company recognized approximately $8.3 million of tariff costs within Cost of sales.
Previous wording
The Company experienced an increase in revenue from $1,281.3 million for the three months ended September 29, 2024 compared to $1,387.5 million for the three months ended September 28, 2025, and an increase in revenue from $3,033.9 million for the nine months ended September 29, 2024 compared to $3,255.4 million for the nine months ended September 28, 2025. The increase in revenue is driven primarily by growth in our Wizards of the Coast and Digital Gaming segment, inclusive of increased demand for both tabletop and licensed digital gaming, partially offset by volume declines in our Consumer Products segment.
Current wording
The Company experienced an increase in revenue from $887.1 million for the three months ended March 30, 2025 to $1,000.2 million for the three months ended March 29, 2026. The increase in revenue is driven primarily by growth in our Wizards of the Coast and Digital Gaming segment, inclusive of increased demand for both tabletop and licensed digital gaming.
Previous wording
The Company had an increase in operating profit from $301.9 million for the three months ended September 29, 2024 compared to $341.1 million for the three months ended September 28, 2025. This increase in operating profit is primarily driven by the revenue growth discussed above, as well as benefits from cost savings initiatives that have occurred over the last 12 months.
Current wording
The Company also had an increase in operating profit from $170.7 million for the three months ended March 30, 2025 to $270.3 million for the three months ended March 29, 2026. This increase in operating profit is primarily driven by the revenue growth discussed above, as well as benefits from cost savings initiatives that have occurred over the last 12 months.
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See below for further discussion on the consolidated and segment results of operations for the three and nine months ended September 28, 2025 and September 29, 2024.
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See below for further discussion on the consolidated and segment results of operations for the three months ended March 29, 2026 and March 30, 2025.
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Net revenues– Net revenues for the third quarter of 2025 increased 8.3% to $1,387.5 million from $1,281.3 million for the third quarter of 2024 primarily driven by growth of $168.0 million, or 41.6%, in the Wizards of the Coast and Digital Gaming segment, as well as a $1.4 million, or 8%, increase in the Entertainment segment. This growth was offset by a $63.2 million, or 7.3%, decrease in the Consumer Products segment. See the Segment Results discussion below for further details.
Current wording
Net revenues– Net revenues for the first quarter of 2026 increased 12.7% to $1,000.2 million from $887.1 million for the first quarter of 2025 driven by growth of $119.9 million, or 25.9%, in the Wizards of the Coast and Digital Gaming segment. This growth was partially offset by a $6.4 million, or 24.0%, decrease in the Entertainment segment as well as a $0.4 million, or 0.1%, decrease in the Consumer Products segment. See the Segment Results discussion below for further details.
Previous wording
As part of our Playing to Win strategy, we have realigned our brand portfolios to correspond our refreshed strategy:
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As part of our Playing to Win strategy, we have aligned our brand portfolios as follows:
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GROW BRANDS: Net revenues in the Grow Brands portfolio increased $167.0 million, or 19.9%, in the third quarter of 2025, compared to the third quarter of 2024. The net revenue increase primarily reflects higher net revenues from MAGIC: THE GATHERING, which grew by $163.2 million, or 55.1%, driven by strong performance of the Final
Current wording
GROW BRANDS: Net revenues in the Grow Brands portfolio increased $126.7 million, or 19.2%, in the first quarter of 2026, compared to the first quarter of 2025. The net revenue increase primarily reflects higher net revenues from MAGIC: THE GATHERING, which grew by $123.3 million, or 35.6%, driven by strong performance of the Lorwyn Eclipsed and the Teenage Mutant Ninja Turtles Universes Beyond set released in the first quarter of 2026.
Previous wording
OPTIMIZE BRANDS: Net revenues in the Optimize Brands portfolio decreased $20.5 million, or 3.9%, in the first nine months of 2025, compared to the first nine months of 2024. The net revenue decrease is primarily driven by lower net revenues from PEPPA PIG and STAR WARS products, partially offset by an increase in net revenue from DUEL MASTERS products.
Current wording
OPTIMIZE BRANDS: Net revenues in the Optimize Brands portfolio decreased $3.8 million, or 2.9%, in the first quarter of 2026, compared to the first quarter of 2025, driven by lower net revenues from TRANSFORMERS and PLAY-DOH. The declines were partially offset with an increase in net revenue from GI JOE.
Previous wording
REINVENT BRANDS: Net revenues in the Reinvent Brands portfolio decreased $59.5 million, or 27.2%, in the third quarter of 2025 compared to the third quarter of 2024. The net revenue decrease is primarily driven by lower product sales for NERF, as well as lapping of licensing revenues for MY LITTLE PONY, which decreased $21.7 million, or 64.7%.
Current wording
REINVENT BRANDS: Net revenues in the Reinvent Brands portfolio decreased $9.8 million, or 10.3%, in the first quarter of 2026 compared to the first quarter of 2025. The net revenue decrease is primarily driven by lower product sales for vault brands, partially offset by higher sales in BEY BLADE and NANOMALS.
Previous wording
Cost of sales– Cost of sales for the third quarter of 2025 was $414.3 million, or 29.9% of net revenues, compared to $378.9 million, or 29.6% of net revenues, for the third quarter of 2024. The increase in cost of sales was primarily the result of an increase in net revenues period over period, as well as approximately $20 million of incremental cost related to the impacts of tariffs, primarily as it relates to products imported into the United States to be sold domestically.
Current wording
Cost of sales– Cost of sales for the first quarter of 2026 was $236.1 million, or 23.6% of net revenues, compared to $204.5 million, or 23.1% of net revenues, for the first quarter of 2025. The increase in cost of sales was primarily the result of an increase in net revenues period over period, shift in product mix, as well as approximately $8.3 million of incremental cost related to the impacts of tariffs, primarily as it relates to products imported into the United States to be sold domestically.
Previous wording
Program cost amortization– Program cost amortization decreased slightly to $7.4 million, or 0.5% of net revenues, for the third quarter of 2025 from $7.9 million, or 0.6% of net revenues, for the third quarter of 2024. Program costs are capitalized as incurred and amortized primarily using the individual-film-forecast method which matches costs to the related recognized revenue and is based upon the current slate of entertainment projects.
Current wording
Program cost amortization– Program cost amortization decreased to $4.0 million, or 0.4% of net revenues, for the first quarter of 2026 from $7.4 million, or 0.8% of net revenues, for the first quarter of 2025. Program costs are capitalized as incurred and amortized primarily using the individual-film-forecast method which matches costs to the related recognized revenue and is based upon the current slate of entertainment projects.
Previous wording
Royalties– Royalties for the third quarter of 2025 increased to $114.3 million, or 8.2% of net revenues, compared to $98.0 million, or 7.6% of net revenues, for the third quarter of 2024. The increase in Royalties during the third quarter of 2025 was directly driven by an increase in sales relating to MAGIC: THE GATHERING Universes Beyond sets, including Final Fantasyand Marvel's Spider-Man, for which the Company is obligated to pay a royalty.
Current wording
Royalties– Royalties for the first quarter of 2026 increased to $77.7 million, or 7.8% of net revenues, compared to $57.0 million, or 6.4% of net revenues, for the first quarter of 2025. The increase in Royalties during the first quarter of 2026 was directly driven by an increase in sales relating to MAGIC: THE GATHERING Universes Beyond sets, including Final Fantasy, Avatar: The Last Airbender, and Teenage Mutant Ninja Turtles, for which the Company is obligated to pay a royalty.
Previous wording
Product development– Product development expense for the third quarter of 2025 was $97.6 million, or 7.0% of net revenues, compared to $76.3 million, or 6.0% of net revenues, for the third quarter of 2024. The increase in Product development expense during the third quarter of 2025 was primarily due to higher incremental investment in the development of Grow Brands under the Company's Playing to Win strategy.
Current wording
Product development– Product development expense for the first quarter of 2026 was $78.0 million, or 7.8% of net revenues, compared to $80.5 million, or 9.1% of net revenues, for the first quarter of 2025. The decrease in Product development expense during the first quarter of 2026 was primarily due to the Company's cost saving initiatives over the last 12 months, partially offset with higher incremental investment in the development of Grow Brands under the Company's Playing to Win strategy.
Previous wording
Advertising– Advertising expense for the third quarter of 2025 was $108.3 million, or 7.8% of net revenues, compared to $101.9 million, or 8.0% of net revenues, for the third quarter of 2024. The Advertising expense increase during the third quarter of 2025 was primarily driven by additional spend necessary to support top line growth opportunities within the Grow Brands category, specifically within the Wizards of the Coast and Digital Gaming segment.
Current wording
Advertising– Advertising expense for the first quarter of 2026 was $60.4 million, or 6.0% of net revenues, compared to $55.4 million, or 6.2% of net revenues, for the first quarter of 2025. The Advertising expense increase during the first quarter of 2026 was primarily driven by additional spend necessary to support top line growth opportunities within the Grow Brands category, specifically within the Wizards of the Coast and Digital Gaming segment.
Previous wording
Amortization of intangible assets– Amortization of intangible assets remained flat at $17.2 million, or 1.2% of net revenues, for the third quarter of 2025, compared to $17.1 million, or 1.3% of net revenues, for the third quarter of 2024. The amortization expense was driven by the straight-line amortization of the Company's remaining definite-lived intangible assets.
Current wording
Amortization of intangible assets– Amortization of intangible assets decreased to $14.6 million, or 1.5% of net revenues, for the first quarter of 2026, compared to $17.0 million, or 1.9% of net revenues, for the first quarter of 2025. The amortization expense was driven by the straight-line amortization of the Company's definite-lived intangible assets.
Previous wording
Loss on disposal of business – Loss on disposal of business for the first nine months of 2025 was $25.0 million, or 0.8% of net revenues, as compared to $24.4 million, or 0.8% of net revenues, for the first nine months of 2024. The Loss on disposal of business relates to the divestiture of the eOne Film and TV business. See further detail in Note 3, Sale of Non-Core Entertainment One Film and TV Business, to the consolidated financial statements for further information.
Current wording
Loss on disposal of business– There was no Loss on disposal of business for the first quarter of 2026, compared to $25.0 million, or 2.8% of net revenues, for the first quarter of 2025. The Loss on disposal of business for 2025 represents the loss recognized associated with the divestiture of the Company's non-core film and TV business (the "eOne Film and TV business") within the Entertainment segment. Refer to Note 3, Sale of Entertainment One Film and TV Business, in our condensed notes to consolidated financial statements for additional information on the sale of the eOne Film and TV business.
Previous wording
Selling, distribution and administration– Selling, distribution and administration expenses decreased to $287.3 million, or 20.7% of net revenues for the third quarter of 2025, from $299.3 million, or 23.4% of net revenues, for the third quarter of 2024. The decrease in Selling, distribution and administration expenses during the third quarter of 2025 is primarily the result of benefits from cost savings initiatives that have occurred over the last 12 months.
Current wording
Selling, distribution and administration– Selling, distribution and administration expenses decreased to $259.1 million, or 25.9% of net revenues for the first quarter of 2026, from $269.6 million, or 30.4% of net revenues, for the first quarter of 2025. The decrease in Selling, distribution and administration expenses during the first quarter of 2026 is primarily the result of benefits from cost savings initiatives that have occurred over the last 12 months.
Previous wording
Operating profit– Operating profit for the third quarter of 2025 was $341.1 million, or 24.6% of net revenues, compared to operating profit of $301.9 million, or 23.6% of net revenues, for the third quarter of 2024 driven by the factors discussed above.
Current wording
Operating profit– Operating profit for the first quarter of 2026 was $270.3 million, or 27.0% of net revenues, compared to operating profit of $170.7 million, or 19.2% of net revenues, for the first quarter of 2025, driven by the factors discussed above.
Previous wording
Interest income– Interest income was $6.3 million for the third quarter of 2025, compared to $14.7 million in the third quarter of 2024. Lower Interest income in 2025 primarily reflects the Company's investments in treasury bills, which were substantially higher in 2024 as compared to 2025.
Current wording
Interest income– Interest income was $10.1 million for the first quarter of 2026, compared to $8.9 million in the first quarter of 2025. Higher Interest income in 2026 primarily reflects the Company's cash balance and investments in treasury securities, which were substantially higher in 2026 as compared to 2025.
Previous wording
Other expense (income), net– Other expense (income), net resulted in expense of $1.4 million for the third quarter of 2025, compared to income of $19.9 million in the third quarter of 2024. The change in Other expense (income), net during 2025 was driven primarily by variations in the movement of foreign currencies in the third quarter of 2025 when compared to the third quarter of 2024.
Current wording
Other (income) expense, net– Other (income) expense, net resulted in income of $5.5 million for the first quarter of 2026, compared to expense of $1.4 million in the first quarter of 2025. The change in Other (income) expense, net during 2026 was driven primarily by variations in the movement of foreign currencies in the first quarter of 2026 when compared to the first quarter of 2025.
Previous wording
Income tax expense totaled $71.3 million on a pre-tax income of $305.2 million in the third quarter of 2025 compared to an income tax expense of $67.0 million on pre-tax income of $290.3 million in the third quarter of 2024. Both periods were impacted by discrete tax events.
Current wording
Income tax expense totaled $44.6 million on a pre-tax income of $244.1 million in the first quarter of 2026 compared to an income tax expense of $37.1 million on pre-tax income of $136.6 million in the first quarter of 2025. Both periods were impacted by discrete tax events.
Previous wording
Absent discrete items, the tax rates for the third quarter of 2025 and 2024 were 25.2% and 22.7%, respectively. The increase in the base rate to 25.2% for the third quarter of 2025 relative to the third quarter of 2024 is primarily due to the mix of jurisdictions where the Company earned its profits.
Current wording
Absent discrete items, the tax rates for the first quarter of 2026 and 2025 were 21.9% and 23.1%, respectively. The decrease in the base rate to 21.9% for the first quarter of 2026 relative to the first quarter of 2025 is primarily due to the mix of jurisdictions where the Company earned its profits.
Previous wording
Wizards of the Coast and Digital Gaming segment net revenues increased 41.6% in the third quarter of 2025 to $572.0 million from $404.0 million in the third quarter of 2024. The net revenue increase in the Wizards of the Coast and Digital Gaming segment during the third quarter of 2025 was primarily attributable to increase in Tabletop Gaming revenue which increased 48.9% behind growth in MAGIC: THE GATHERING Universes Beyond sets, primarily due to strong demand for Final Fantasy, Edge of Eternities, and Marvel's Spider-Man, as well as other various backlist titles. This growth was accompanied by an increase in digital licensing revenue related to MONOPOLY GO!, which contributed $43.1 million of revenue during the quarter.
Current wording
Wizards of the Coast and Digital Gaming segment net revenues increased 25.9% in the first quarter of 2026 to $582.0 million from $462.1 million in the first quarter of 2025. The net revenue increase in the Wizards of the Coast and Digital Gaming segment during the first quarter of 2026 was primarily attributable to increase in Tabletop Gaming revenue which increased 34.0% behind growth in MAGIC: THE GATHERING Universes Beyond sets, primarily due to strong demand for Lorwyn Eclipsed, Teenage Mutant Ninja Turtles, as well as other various backlist titles. This growth was accompanied by an increase in digital licensing revenue related to MONOPOLY GO!, which contributed $41.4 million of revenue during the quarter.
Previous wording
Wizards of the Coast and Digital Gaming segment operating profit was $251.5 million, or 44.0% of segment net revenues for the third quarter of 2025, compared to operating profit of $181.2 million, or 44.9% of segment net revenues, for the third quarter of 2024. Operating profit increased during the third quarter of 2025 due to increased net revenues, as discussed above, while operating margin decreased slightly as a result of an increased royalty expense, driven by the success of MAGIC: THE GATHERING Universes Beyond sets such as Final Fantasyand Marvel's Spider-Man, for which the Company is obligated to pay a royalty.
Current wording
Wizards of the Coast and Digital Gaming segment operating profit was $297.7 million, or 51.2% of segment net revenues for the first quarter of 2026, compared to operating profit of $230.0 million, or 49.8% of segment net revenues, for the first quarter of 2025. Operating profit increased during the first quarter of 2026 due to increased net revenues, as discussed above. Operating margin also increased during the first quarter of 2026, primarily driven by increased net revenues and product mix in 2026 as compared to 2025.
Previous wording
The Consumer Products segment net revenues decreased 9% to $1,637.6 million for the first nine months of 2025 compared to $1,797.6 million for the first nine months of 2024 primarily driven by broader industry trends and timing of retail orders. The net revenue decrease primarily reflects lower net revenues driven by declining sales volumes for brands such as NERF, PLAY-DOH, and Hasbro Gaming, offset by growth from BEYBLADE, MONOPOLY, and TRANSFORMERS products.
Current wording
The Consumer Products segment net revenues decreased slightly to $397.9 million for the first quarter of 2026 compared to $398.3 million for the first quarter of 2025, primarily driven by broader industry trends and timing of retail orders. The net revenue decrease primarily reflects lower net revenues driven by decreased sales volumes for certain Grow Brands such as HASBRO GAMING and Marvel, partially offset by increases in Star Wars, which was driven by increased consumer demand stemming from upcoming theatrical releases. The net revenue decrease was also attributable to decreased sales volume for certain Optimize Brands such as PLAY-DOH and TRANSFORMERS.
Previous wording
Consumer Products segment operating profit for the third quarter of 2025 was $80.1 million, or 10.1% of segment net revenues, compared to a segment operating profit of $121.0 million, or 14.1% of segment net revenues, for the third quarter of 2024. The decrease in operating profit in the third quarter of 2025 was driven by a decrease in net revenues, as well as increased costs associated with tariffs of approximately $20 million.
Current wording
Consumer Products segment operating loss for the first quarter of 2026 was $47.5 million, or 11.9% of segment net revenues, compared to a segment operating loss of $43.9 million, or 11.0% of segment net revenues, for the first quarter of 2025. The increase in operating loss in the first quarter of 2026 was driven primarily by increased costs associated with tariffs of approximately $8.3 million.
Previous wording
Entertainment segment net revenues increased 8.1% to $18.6 million for the third quarter of 2025, compared to $17.2 million for the third quarter of 2024. The net revenue increase in the Entertainment segment during the third quarter of 2025 was driven primarily by the timing of entertainment streaming renewals and momentum relating to investments in the PEPPA PIG brand.
Current wording
Entertainment segment net revenues decreased 24.0% to $20.3 million for the first quarter of 2026, compared to $26.7 million for the first quarter of 2025. The net revenue decrease in the Entertainment segment during the first quarter of 2026 was driven primarily by the timing of entertainment streaming renewals, partially offset with continued momentum relating to investments in the PEPPA PIG brand.
Previous wording
Corporate and Other operating profit was $2.0 million for the third quarter of 2025 compared to an operating loss of $10.1 million for the third quarter of 2024. The increase in operating profit in the third quarter of 2025 as compared to the third quarter of 2024 primarily reflects the impacts of cost saving initiatives at the Company.
Current wording
Corporate and Other operating profit was $2.8 million for the first quarter of 2026 compared to an operating loss of $4.2 million for the first quarter of 2025. The increase in operating profit in the first quarter of 2026 as compared to the first quarter of 2025 primarily reflects the impacts of cost saving initiatives at the Company.
Previous wording
Refer to Item 7 of our 2024 Form 10-K for additional information regarding the Company’s cash obligations and commitments as of the end of fiscal year 2024. Additionally, refer to Note 14, Commitments and Contingencies, tothe consolidated financial statements for a discussion of the Company’s commitments and contingencies. With the exception of the above, contractual obligations and commercial commitments, as detailed in the Company's 2024 Form 10-K, did not materially change outside of certain payments made in the normal course of business and as otherwise set forth in this report.
Current wording
Refer to Item 7 of our 2025 Form 10-K for additional information regarding the Company’s cash obligations and commitments as of the end of fiscal year 2025. Additionally, refer to Note 15, Commitments and Contingencies, tothe consolidated financial statements for a discussion of the Company’s commitments and contingencies. Contractual obligations and commercial commitments, as detailed in the Company's 2025 Form 10-K, did not materially change outside of certain payments made in the normal course of business and as otherwise set forth in this report.
Previous wording
The impact of tariffs on the Company's business operations was approximately $20 million during the first nine months of 2025. Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results, including the timing and extent of cash flows based upon timing in customer buying patterns and changes in our supply chain sourcing strategies.
Current wording
The impact of tariffs recognized by the Company in Cost of sales was approximately $8.3 million during the first three months of 2026. Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results, including the timing and extent of cash flows based upon timing in customer buying patterns and changes in our supply chain sourcing strategies.
Previous wording
As of September 28, 2025, the Company's cash and cash equivalents totaled $620.9 million. The majority of the Company’s cash and cash equivalents held outside of the United States as of September 28, 2025 are denominated in the U.S. dollar.
Current wording
As of March 29, 2026, the Company's cash and cash equivalents totaled $857.1 million and the Company's Short-term investments totaled $498.2 million. The majority of the Company’s cash and cash equivalents held outside of the United States as of March 29, 2026 are denominated in the U.S. dollar.
Previous wording
The Company’s revolving credit facility with Bank of America, provides the Company with commitments having a maximum aggregate principal amount of $1.25 billion. The revolving credit facility also provides for a potential additional incremental commitment increase of up to $500.0 million subject to agreement of the lenders. The Company's revolving credit facility contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Company was in compliance with all covenants as of September 28, 2025. The Company had no borrowings outstanding under its revolving credit facility as of September 28, 2025. However, letters of credit outstanding under this facility as of September 28, 2025 were approximately $3.7 million. Amounts available and unused under the revolving credit facility at September 28, 2025 were approximately $1.25 billion, inclusive of borrowings under the Company’s commercial paper program. The Company also has other uncommitted lines from various banks, of which approximately $8.4 million was utilized as of September 28, 2025. Of the amount utilized under, or supported by, the uncommitted lines, the full $8.4 million represented letters of credit.
Current wording
On February 20, 2026, the Company entered into a Fourth Amended and Restated Revolving Credit Agreement which amended and restated the third amended and restated revolving credit agreement to extend the maturity date through February 20, 2031 and reduce the aggregate principal amount to $1.1 billion. The revolving credit facility also provides for a potential additional incremental commitment increase of up to $550.0 million subject to agreement of the lenders. The Company's revolving credit facility contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Company was in compliance with all covenants as of March 29, 2026. The Company had no borrowings outstanding under its revolving credit facility as of March 29, 2026. However, letters of credit outstanding under this facility as of March 29, 2026 were approximately $3.3 million. Amounts available and unused under the revolving credit facility at March 29, 2026 were approximately $1.1 billion, inclusive of borrowings under the Company’s commercial paper program. The Company also has other uncommitted lines from various banks, of which approximately $8.4 million was utilized as of March 29, 2026. Of the amount utilized under, or supported by, the uncommitted lines, the full $8.4 million represented letters of credit.
Previous wording
As of September 28, 2025, the Company had $3.3 billion of Long-term debt due at varying times from 2026 through 2044. From time to time, the Company or its affiliates may seek to retire or purchase outstanding debt through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. During 2025, the Company has repurchased $65.0 million of its outstanding debt.
Current wording
From time to time, the Company or its affiliates may seek to retire or purchase outstanding debt through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. During 2026, the Company has repurchased $69.8 million of outstanding debt.
Previous wording
The amount of obligations confirmed under the supplier finance program that remain unpaid by the Company were $100.1 million, $118.7 million, and $66.2 millionas of September 28, 2025, September 29, 2024 and December 29, 2024, respectively. These obligations are presented within Accounts payable in the Company's Consolidated Balance Sheets. The activity related to this program is reflected within the operating activities section of the Consolidated Statements of Cash Flows.
Current wording
The amount of obligations confirmed under the supplier finance program that remain unpaid by the Company were $48.1 million, $51.2 million, and $45.7 millionas of March 29, 2026, March 30, 2025 and December 28, 2025, respectively. These obligations are presented within Accounts payable in the Company's Consolidated Balance Sheets. The activity related to this program is reflected within the operating activities section of the Consolidated Statements of Cash Flows.
Previous wording
The following table summarizes the changes in the Consolidated Statement of Cash Flows:
Current wording
The following table summarizes the changes in the Consolidated Statements of Cash Flows:
Previous wording
Net cash provided by Operating activities in the first nine months of 2025 was $490.0 million compared to $587.6 million in the first nine months of 2024. The $97.6 million decrease in net cash provided by Operating activities after adjusting for non-cash items, was primarily attributable to changes in net working capital, specifically inventory purchases, which have increased period over period as the result of a strategic decision to build increased flexibility to better match product demand during higher seasonal periods, along with the impact of tariffs. Operating cash flow was also impacted by the timing and magnitude of tax payments, including the payment of the net deemed repatriation tax, in the first nine months of 2025 when compared to first nine months of 2024.
Current wording
Net cash provided by Operating activities in the first three months of 2026 was $337.7 million compared to $138.1 million in the first three months of 2025. The $199.6 million increase in net cash provided by Operating activities after adjusting for non-cash items, was primarily attributable to changes in net working capital, specifically the collection of Accounts receivable, which was a direct result of sales growth in 2025.
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Previous report — wording carried elsewhere
The following table presents the consolidated results of operations for the nine months ended September 28, 2025 and September 29, 2024:
Previous report — wording carried elsewhere
The following table presents net revenues by brand portfolio category:
Previous report — wording carried elsewhere
Product development– Product development expense for the first nine months of 2025 was $255.6 million, or 7.9% of net revenues, compared to $212.2 million, or 7.0% of net revenues, for the first nine months of 2024. The increase in Product development expense during the first nine months of 2025 was primarily due to higher incremental investment in the development of Grow Brands under the Company's Playing to Win strategy.
Previous report — wording carried elsewhere
Advertising– Advertising expense for the first nine months of 2025 was $227.3 million, or 7.0% of net revenues, compared to $213.8 million, or 7.0% of net revenues, for the first nine months of 2024. The increase in Advertising expense during the first nine months of 2025 was primarily driven by additional spend necessary to support top line growth opportunities within the Grow Brands category, specifically within the Wizards of the Coast and Digital Gaming segment.
Previous report — wording carried elsewhere
Absent discrete items, the tax rates for the first nine months of 2025 and 2024 were 23.8% and 22.7%, respectively. The increase in the base rate to 23.8% for the first nine months of 2025 relative to the first nine months of 2024 is primarily due to the mix of jurisdictions where the Company earned its profits.
Previous report — wording carried elsewhere
The following table presents net external revenues and operating (loss) profit for the Company's reportable segments for the nine months ended September 28, 2025 and September 29, 2024:
Previous report — wording carried elsewhere
Wizards of the Coast and Digital Gaming Segment
Previous report — wording carried elsewhere
The following table presents the Consumer Products segment net revenues by major geographic region for the nine months ended September 28, 2025 and September 29, 2024: