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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Hasbro (HAS) investor relations material
Hasbro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 revenue grew 8–8.3% year-over-year to $1.4 billion, led by 42% growth in Wizards of the Coast & Digital Gaming, especially Magic: The Gathering, while Consumer Products declined 7% due to retail order timing.
Operating profit for Q3 rose 13% to $341 million, with adjusted operating profit up 8% to $356 million and a 25.6% margin, reflecting strong Magic performance and cost discipline.
Year-to-date revenue increased 7–7.3%, with adjusted operating profit up 14%, but a $1.02 billion non-cash goodwill impairment in Consumer Products led to a net loss.
Magic: The Gathering posted 40%+ year-to-date growth, fueled by new player acquisition and successful collaborations, with Universes Beyond strategy driving record engagement.
Paid $98 million in Q3 dividends and $294 million year-to-date, with $120 million spent on debt repayment.
Financial highlights
Q3 2025 net revenue: $1,388M–$1,387.5M (+8–8.3% YoY); adjusted operating profit: $356M (+8% YoY); adjusted EPS: $1.68; Q3 net earnings: $233.2M.
Year-to-date net revenue: $3,255M–$3,255.4M (+7–7.3% YoY); adjusted operating profit: $825M (+14% YoY); adjusted EPS: $4.03 (+$0.47 YoY).
EBITDA for Q3: $413M (+2% YoY); YTD: $989M (+11% YoY).
Q3 2025 operating margin: 24.6% reported, 25.6% adjusted; YTD adjusted operating margin: 25.3%.
Q3 2025 gross margin: 69.6–70.1%; cash and cash equivalents at September 28, 2025: $620.9M.
Outlook and guidance
Full-year 2025 revenue expected to grow high single digits in constant currency, with adjusted operating margin between 22% and 23%.
Adjusted EBITDA guidance raised to $1.24–$1.26 billion.
Wizards full-year revenue growth expected at 36–38% with a 44% margin.
Consumer Products revenue expected to decline 5–8% year-over-year, with margins between 4–6%.
Medium-term (2025–2027): mid-single digit revenue CAGR, 50–100bps annual margin expansion, $1B gross cost savings, and 2.5x gross debt to adjusted EBITDA by 2026.
Hasbro's plan to mitigate tariff impact?
Future strategy for Monopoly Go! revenue?
Drivers for increased full-year outlook?
What drives MAGIC's growth beyond 2025?
Long-term CP margin impact from tariffs?
Detail EXODUS's 2026 P&L impact
What drives Magic: The Gathering's 2026 growth?
2026 tariff impact on Consumer Products margin?
D&D digital games' long-term growth potential?
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Frequently asked questions
Toys and Games
Hasbro is an American multinational holding company operating globally and the company’s shares are listed on the Nasdaq. The company is headquartered in Pawtucket, Rhode Island, but has regional and local offices spread out across the world. The company owns several large IPs within the toy and entertainment world, including world-famous products like Transformers, Power Rangers, Nerf, My Little Pony, Monopoly, Wizards of the Coast, and several others.
The Hassenfeld Brothers
Hasbro, founded in 1923 by the Hassenfeld brothers, initially began as a textile remnant company in Providence, Rhode Island. The name is an abbreviation for “Hassenfield brothers, and over the years it evolved into a massive player in the world of toys and entertainment. In the 1950s, Hasbro achieved its first major success with the release of Mr. Potato Head, the first toy to be advertised on television. By the 1980s, Hasbro further solidified its position with popular toys like Transformers, My Little Pony, and GI Joe. Through strategic acquisitions and consistent innovation, Hasbro transitioned from a simple toy manufacturer to a global entertainment powerhouse, producing not only toys but also television shows, movies, and board games.
A Line of Iconic IPs
As previously mentioned, Hasbro owns several large and world-famous IPs. Some of these have been on sale in one form or another for decades, and have become household names in many corners of the world. Hasbro does not only sell toys but also produces various board games such as Twister and Monopoly. When looking at Hasbro’s publicly traded peers, one finds names such as Mattel, Jakks, and Spin Master.
Wizards of the Coast
Wizards of the Coast (WotC) is one of Hasbro’s most important IPs and a major source of revenue for the company. WotC’s claim to fame is Magic: The Gathering (MTG). Launched in 1993, MTG not only pioneered the collectible card game genre but also became a staple of popular culture. Its intricate gameplay, combined with a rich narrative universe, has cultivated a passionate and loyal global community of players.
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