Hasbro (HAS) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 15.0% to $1.595B; adjusted operating profit increased 52% to $541.2M, and adjusted diluted EPS was $2.90.

• Magic: The Gathering exceeded $600M in quarterly revenue for the first time; Consumer Products delivered its fourth consecutive quarter of growth.

• FY 2026 revenue, adjusted operating margin and adjusted EBITDA guidance increased; the annual share repurchase target doubled to $400M.

Financial highlights

• Q3 reported operating profit was $517.3M, up from $341.1M; reported diluted EPS was $2.77, versus $1.64.

• Q3 adjusted operating margin was 33.9%, up from 25.6%; adjusted EBITDA was $604.5M, up 46%.

• 9M net revenue rose 14.7% to $3.735B; adjusted operating profit increased 35% to $1.110B and adjusted diluted EPS was $5.65.

• 9M reported net earnings were $753.8M versus a $524.0M loss; the prior period included a $1.022B non-cash goodwill impairment.

• Q3 results included $54.5M of IEEPA tariff recoveries recognized as a reduction to cost of sales, plus $1.9M of related interest income.

Outlook and guidance

• FY 2026 constant-currency revenue growth guidance rose to 7%–9% from 5%–7%.

• FY 2026 adjusted operating margin guidance increased to 27%–28% from 25%–26%; adjusted EBITDA guidance rose to $1.575B–$1.625B from $1.45B–$1.50B.

• FY Wizards revenue growth guidance was 16%–18%, with operating margin of 44%–45%; Q4 includes higher royalties and ~$15M of game-launch marketing.

• FY Consumer Products revenue growth guidance was 1%–3%, with adjusted operating margin of 8%–10%; Q4 margin is expected to step down from Q3.

• FY Entertainment revenue growth guidance was 3%–5%, with operating margin of ~65%; 2027 Magic growth was expected at a mid-to-high single-digit rate.