Hasbro (HAS) Q4 2025 earnings summary

Executive summary

• Achieved 14% year-over-year revenue growth in 2025, led by a 45% surge in Wizards of the Coast & Digital Gaming, with MAGIC: THE GATHERING posting record results and Monopoly Go! contributing significantly.

• Q4 2025 revenue increased 31% year-over-year, with Wizards up 86% and Consumer Products up 7%.

• Adjusted operating profit and EPS improved, with Q4 adjusted operating profit up $202M and full-year adjusted EPS at $5.54.

• Announced major new partnerships, including Harry Potter, Voltron, and Street Fighter, and expanded collaborations with Disney and others.

• Deployed AI across operations, freeing up over 1 million hours for innovation and productivity.

Financial highlights

• Q4 net revenue was $1.5 billion, up 31% year-over-year; adjusted operating profit was $315 million, up 180%, with a 21.8% margin.

• Full-year net revenue grew 14% to $4.7 billion; adjusted operating profit rose 36% to $1.14 billion, with a 24.2% margin.

• Wizards segment Q4 revenue grew 86% to $630 million; full-year revenue up 45% to $2.19 billion, with a 46% operating margin.

• Consumer Products Q4 revenue up 7% to $800 million; full-year revenue down 4% to $2.44 billion, with improved cost structure.

• Generated $893 million in operating cash flow and ended the year with $777 million in cash.

Outlook and guidance

• 2026 consolidated revenue expected to grow 3%-5% YoY on a constant currency basis, with growth across all segments.

• Operating margins projected at 24%-25%; adjusted EBITDA guidance of $1.4-$1.45 billion.

• Wizards segment to deliver mid-single-digit revenue growth; consumer products to grow low single digits, with 6%-8% operating margins.

• Entertainment revenue to be slightly positive YoY, with ~50% operating margin.

• $150 million in gross cost savings targeted for 2026; margin expansion expected in the second half.