Hasbro Raises 2026 Outlook After Magic Tops $600 Million

The Tip Desk · October 22, 2026 · 3 min read

The games company now expects full-year revenue up 7-9% in constant currency, adjusted operating margin of 27-28%, and adjusted EBITDA of $1.575 billion to $1.625 billion.

Hasbro, Inc. (HAS) raised its 2026 outlook and doubled its share-repurchase target after Magic: The Gathering posted $616.1 million of quarterly revenue, the first time the franchise has cleared $600 million in a quarter.

The games, IP and toy company said third-quarter net revenues were $1.595 billion, up 15% from a year earlier, a fourth consecutive quarter of double-digit growth. Wizards and Digital Gaming revenue rose 31%, Consumer Products rose 4%, and Entertainment rose 9%.

Chief Executive Officer Chris Cocks said the quarter showed the company’s “superpower” of inspiring play and that, with a Magic lineup that keeps building, the company expects a strong finish to 2026 and continued growth in 2027. Chief Financial Officer Gina Goetter said the company is raising the 2026 outlook and doubling the share-repurchase target, balancing investment with cash returns.

Magic: The Gathering growth was fueled by The Hobbit and Reality Fracture. Tabletop gaming revenue in Wizards and Digital Gaming was $613.1 million. Digital and licensed gaming grew 3%. Monopoly Go! contributed $41 million of revenue. Segment operating profit was $367 million, with a 49% operating margin, including a $7 million benefit from tariff refunds.

Consumer Products swung to operating profit of $174 million after a $15 million operating loss in the second quarter. Adjusted operating profit was $178 million, up 100% from a year earlier, and included a $48 million benefit from tariff refunds. The company said sales were led by Marvel, KPop Demon Hunters and Transformers, with entertainment releases including Spider-Man: Brand New Day and continued momentum in GEM2 categories.

Entertainment revenue was $20.2 million, reversing year-over-year declines of 20% in the second quarter and 24% in the first quarter. Operating profit was $17 million and adjusted operating profit was $18 million, up 63%, due to favorable licensing mix.

Company operating profit was $517 million. Adjusted operating profit was $541 million, up 52% from a year earlier, reflecting topline momentum, favorable mix and cost productivity. Results included approximately $55 million of tariff refunds. Reported net earnings were $2.77 a share and adjusted net earnings were $2.90 a share.

The company returned $206 million to shareholders through the quarterly dividend and share repurchases. It deployed $79 million toward debt reduction through open-market bond repurchases and U.S. Treasury purchases to prefund 2026 and 2027 bond maturities. Cash and cash equivalents were $850.7 million at September 27, 2026.

For the full year, Hasbro now expects total revenue up 7-9% in constant currency, previously 5-7%; an adjusted operating margin of 27-28%, previously 25-26%; and adjusted EBITDA of $1.575 billion to $1.625 billion, previously $1.45 billion to $1.50 billion. The board declared a quarterly cash dividend of $0.70 a share payable December 2, 2026.

Capital-allocation priorities remain investment in the core business, cash returns through dividends and repurchases, and continued debt paydown.