Hasbro (NASDAQ: HAS) 2025 results: MAGIC growth, $1B buyback and 2026 targets

Rhea-AI Filing Summary

Hasbro reported strong fourth quarter and full year 2025 results, driven by its Wizards of the Coast and Digital Gaming segment and MAGIC: THE GATHERING. Full year net revenues were $4.70 billion, up 14%, with Wizards revenue up 45% to $2.19 billion and MAGIC up 59%.

Despite a non-cash $1.02 billion goodwill impairment in Consumer Products that led to a GAAP net loss of $2.30 per share, adjusted operating profit rose 36% to $1.14 billion, with a 24.2% adjusted margin, and adjusted earnings reached $5.54 per diluted share. Operating cash flow improved to $893.2 million and the company reduced debt by $225 million.

In the fourth quarter, revenue grew 31% to $1.45 billion, GAAP EPS was $1.41, and adjusted EPS was $1.51. The board authorized a new $1.0 billion share repurchase program and declared a quarterly dividend of $0.70 per share. For 2026, Hasbro targets total revenue growth of 3%–5%, adjusted operating margin of 24%–25%, and adjusted EBITDA of $1.40–$1.45 billion.

Positive

• Strong 2025 adjusted performance: Net revenues rose 14% to $4.70 billion, adjusted operating profit increased 36% to $1.14 billion with a 24.2% margin, and adjusted earnings reached $5.54 per diluted share, driven largely by Wizards of the Coast and MAGIC: THE GATHERING.
• Capital return and balance sheet actions: The board approved a new $1.0 billion share repurchase program, Hasbro returned $393 million via dividends in 2025, and reduced debt by $225 million while generating $893.2 million in operating cash flow.

Negative

• Large goodwill impairment and segment pressure: A non-cash $1.0219 billion goodwill impairment in the Consumer Products segment contributed to a 2025 GAAP net loss of $322.4 million ($2.30 per share), while Consumer Products revenue declined 4% and Entertainment revenue fell 4%.

Insights

Equity research analyst

Hasbro posted robust 2025 growth led by Wizards, while absorbing a large non-cash impairment, and paired results with solid 2026 guidance and a $1B buyback.

Hasbro delivered a 14% revenue increase to $4.7013 billion in 2025, with Wizards of the Coast and Digital Gaming up 45% to $2.1869 billion. MAGIC: THE GATHERING revenue rose 59%, underscoring the strength of tabletop gaming and related IP.

Profitability improved meaningfully on an adjusted basis: adjusted operating profit reached $1.14 billion (24.2% margin) and adjusted EPS was $5.54, even though a non-cash goodwill impairment of $1.0219 billion in Consumer Products drove a GAAP net loss of $322.4 million. Cash generation was strong, with operating cash flow of $893.2 million and $225 million of debt reduction.

Looking to 2026, management guides to 3%–5% revenue growth, adjusted operating margin of 24%–25%, and adjusted EBITDA of $1.40–$1.45 billion. Alongside a quarterly dividend of $0.70 per share and a new $1.0 billion share repurchase authorization, these targets signal confidence in the durability of the core gaming-led model, while performance in Consumer Products and Entertainment remains an area to track through future disclosures.

2/10/20260000046080false00000460802026-02-102026-02-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 10, 2026

Hasbro, Inc.

(Exact name of registrant as specified in its charter)

Rhode Island

1-6682

05-0155090

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

1027 Newport Avenue

Pawtucket,

Rhode Island

02861

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code:   (401) 431-8697

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.50 par value per share			HAS			The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02              Results of Operations and Financial Condition.

On February 10, 2026, Hasbro, Inc. ("Hasbro" or "we") announced its financial results for the fiscal quarter and fiscal year ended December 28, 2025, and certain other financial information. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

The information furnished in Item 2.02, including the Exhibit attached hereto, shall not be deemed "filed" for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing.

Item 9.01              Financial Statements and Exhibits.

(d)  Exhibits

99.1     Hasbro, Inc. Press Release, dated February 10, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						HASBRO, INC.
			By:			/s/ Gina Goetter
			Name:			Gina Goetter
			Title:			Chief Financial Officer and Chief Operating Officer

Date: February 10, 2026

EXHIBIT 99.1

For Immediate Release

Hasbro Reports Fourth Quarter and Full Year 2025 Financial Results

Playing to Win Drives Revenue, Profit and Earnings Growth for the Full Year

Company Issues 2026 Guidance and Declares Dividend

Announces $1 Billion Share Repurchase Program

Pawtucket, R.I., February 10, 2026 -- Hasbro, Inc. (NASDAQ: HAS), a leading games, IP, and toy company, today reported financial results for the fourth quarter and full year 2025.

“I am proud of the results our team delivered in 2025 and the success of our Playing to Win strategy,” said Chris Cocks, Chief Executive Officer of Hasbro. “We returned the company to growth, engaged one billion fans, secured new partnerships, and made progress in our evolution into a digital-first play and IP company. We expect that momentum to carry into 2026.”

“2025 reflected strong operational execution, driven by progress on our transformation and cost savings initiatives. Wizards was a standout, anchored by record MAGIC revenue,” said Gina Goetter, Chief Financial Officer and Chief Operating Officer of Hasbro. “Looking ahead, we will continue to balance investment in the business with shareholder returns, including through a $1.0 billion share repurchase program.”

Full Year 2025 Highlights

•Full year Hasbro revenue increased 14% driven by record 45% growth in the Wizards of the Coast and Digital Gaming segment. Consumer Products declined 4% and Entertainment was down 4%.

•MAGIC: THE GATHERING finished its strongest year ever, up 59% vs. PY with a successful Q4 Avatar: The Last Airbender set and ongoing strength in backlist and Secret Lair.

•Operating profit of $11 million and operating margin of 0.2% reflects the second quarter 2025 non-cash goodwill impairment.

•Adjusted operating profit of $1,140 million (+36% vs. PY) and adjusted operating margin of 24.2% (+3.9 points vs. PY), driven by favorable business mix and benefits from cost transformation efforts.

•Reported net loss of $2.30 per share; adjusted net earnings of $5.54 per diluted share.

•Returned $393 million to shareholders via dividends.

•EBITDA of $197 million and Adjusted EBITDA of $1.36 billion, ahead of guidance.

•Spent $225 million on debt reduction through the combination of bond repurchases and prefunding maturities, achieving debt targets ahead of schedule.

•Operating cash flow of $893 million vs. $847 million in the prior year driven by improved profitability.

Full Year 2025 Segment Details

Wizards of the Coast and Digital Gaming Segment

•Revenue grew 45% driven by standout performance in MAGIC: THE GATHERING and growth in licensed digital gaming.

•MAGIC: THE GATHERING revenues increased 59% powered by Universes Beyond sets, backlist and Secret Lair.

•Digital and Licensed Gaming increased 6% with Monopoly Go! contributing $168 million for the full year 2025.

•Operating profit of $1,007 million increased 59%, with a 46.0% operating margin highlighting the over-performance and favorable business mix.

Consumer Products Segment

•Revenue decreased 4%, which was better than expected, as shifts in retail order timing impacted full year results.

•Highlights include growth in PEPPA PIG, HASBRO GAMING, TRANSFORMERS, Marvel and Beyblade.

•Operating loss of $943 million includes a second quarter 2025 non-cash goodwill impairment.

•Adjusted operating profit of $113 million, down 26% versus last year behind lower revenues and tariff costs.

Entertainment Segment

•Revenue decline of 4% driven by lower digital and ad revenues.

•Operating margin of 0.5%; adjusted operating margin of 51.4% down versus PY due to lower revenues.

Fourth Quarter 2025 Highlights

•Hasbro revenues increased 31% vs. PY, with growth in Wizards and Digital Gaming (+86%) and Consumer Products (+7%) partially offset by a decline in Entertainment (-5%).

•Operating profit of $298 million (+$238 million vs. PY) with an operating margin of 20.6%.

•Adjusted operating profit was $315 million (+$202 million vs. PY) with an operating margin of 21.8%, an approximate 12-point improvement versus last year.

•Net earnings of $1.41 per diluted share; adjusted net earnings of $1.51 per diluted share benefiting from favorable business mix and improved profitability.

See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.

2026 Company Outlook

For the full year, the Company expects:

•Total Hasbro revenue up 3%-5% in constant currency.

•Adjusted operating margin of 24%-25%.

•Adjusted EBITDA of $1.40 billion to $1.45 billion.

2026 Capital Allocation priorities:

•Invest in core business.

•Return cash to shareholders through dividends and share repurchases. The Board of Directors authorized a new share repurchase program of up to $1.0 billion, replacing the Company’s prior 2018 authorization.

•Continue to pay down debt.

Dividend Announcement

The Board of Directors has declared a quarterly cash dividend of $0.70 per common share payable on March 4, 2026, to shareholders of record at the close of business on February 18, 2026.

Conference Call Webcast

Hasbro will webcast its fourth quarter and full year 2025 earnings conference call at 8:30 a.m. Eastern Time today. To listen to the live webcast and access the accompanying presentation slides, please go to https://investor.hasbro.com. The replay of the call will be available on Hasbro’s website approximately 2 hours following completion of the call.

About Hasbro

Hasbro is a leading games, IP and toy company whose mission is to create joy and community through the magic of play. With 165 years of expertise, Hasbro delivers groundbreaking play experiences and reaches more than 1 billion fans annually around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more.

Through its franchise-first approach, Hasbro unlocks 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 its portfolio of thousands of iconic marks and a diversified network of partners and subsidiary studios, Hasbro brings fans together wherever they are, from tabletop to screen.

For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, a 2025 JUST Capital Industry Leader, one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50, and a Brand that Matters by Fast Company. For more information, visit https://corporate.hasbro.com or @Hasbro on LinkedIn.

© 2026 Hasbro, Inc. All Rights Reserved.

Forward Looking Statement Safe Harbor

Certain statements in this press release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our business strategies and plans; products, gaming and entertainment; anticipated cost savings; expected debt repayments and share

repurchases; expected impact of tariffs; anticipated benefits and potential impact of moving our Rhode Island operations to Boston, Massachusetts; expected impact of newly issued accounting pronouncements; financial targets; and expectations for our future performance. Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties.

Factors that might cause such a difference include, but are not limited to:

•our ability to successfully implement and execute on our Playing to Win business strategy;

•our ability to successfully compete in the play industry and further develop our digital gaming, licensing and consumer products businesses and partnerships;

•risks associated with the imposition, threat, or uncertainty of tariffs, including the impact of reciprocal or retaliatory tariffs, in markets in which we operate which could increase our product costs and other costs of doing business, result in higher prices of our products, impact consumer spending, lower our revenues, result in delays or reductions in purchases from our customers, result in goodwill impairments, reduce earnings and otherwise have an adverse impact on our business;

•risks associated with international operations, such as: the imposition or threat of tariffs; conflict in territories in which we operate or which affect areas in which we operate; currency conversion; currency fluctuations; quotas; shipping delays or difficulties; border adjustment taxes or other protectionist measures; and other challenges in the territories in which we operate;

•risks related to political, economic and public health conditions or regulatory changes in the markets in which we and our customers, partners, licensees, suppliers and manufacturers operate, such as inflation, fluctuating interest rates, tariffs, higher commodity prices, labor strikes, labor costs or transportation costs, or outbreaks of illness or disease, the occurrence of which could create work slowdowns, delays or shortages in production or shipment of products, increases in costs, reduced purchasing power or less discretionary income, or losses and delays in revenue and earnings;

•uncertain and unpredictable global and regional economic conditions impacting one or more of the markets in which we sell products, which can negatively impact our customers and consumers, result in lower employment levels, consumer disposable income, retailer inventories and spending, including lower spending on purchases of our products;

•our ability to transform our business and capabilities to address the changing global consumer landscape, including evolving demographics for our products and advancements in emerging technologies, such as the integration of artificial intelligence into our product development, marketing strategies, and consumer engagement, and the associated risks such as competition, ethical concerns, evolving regulatory standards, implementation challenges, and third-party dependencies on such technologies;

•our ability to design, develop, manufacture, and ship products on a timely, cost-effective and profitable basis;

•the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns;

•our dependence on third-party relationships, including with third-party partners, manufacturers, distributors, studios, content producers, licensors, licensees, and outsourcers, which creates reliance on others and loss of control;

•risks relating to the concentration of manufacturing for many of our products in the People’s Republic of China, which include the risks associated with increased tariffs imposed on trade between China and the U.S., and our ability to successfully diversify sourcing of our products to reduce reliance on sources of supply in China;

•the success of our key partner brands, including the ability to secure, maintain and extend agreements with our key partners or the risk of delays, increased costs or difficulties associated with any of our or our partners’ planned digital applications or media initiatives;

•our ability to attract and retain talented and diverse employees;

•our business could be adversely affected by challenges and disruptions arising from the loss of skills, knowledge or expertise, and from uncertainty regarding the continued employment of key personnel, particularly as a result of recent workforce reductions and the planned relocation of our Rhode Island operations to Boston, Massachusetts;

•our ability to realize the benefits of cost-savings and efficiency and/or revenue and operating profit enhancing initiatives;

•risks relating to the impairment and/or write-offs related to businesses, products and/or content we acquire and/or produce;

•the risk that acquisitions, dispositions and other investments we complete may not provide us with the benefits we expect, or the realization of such benefits may be significantly delayed or reduced;

•our ability to protect our assets and intellectual property, including as a result of infringement, theft, misappropriation, cyber-attacks or other acts compromising the integrity of our assets or intellectual property;

•fluctuations in our business due to seasonality;

•the risk of product recalls or product liability suits and costs associated with product safety regulations;

•the impact of litigation or arbitration decisions or settlement actions;

•the bankruptcy or other lack of success of one or more of our significant retailers, licensees and other partners; and

•other risks and uncertainties as may be detailed in our public announcements and U.S. Securities and Exchange Commission (“SEC”) filings.

The statements contained herein are based on our current beliefs and expectations. We undertake no obligation to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release.

Non-GAAP Financial Measures

The financial tables accompanying this press release include non-GAAP financial measures as defined under SEC rules, specifically Adjusted operating profit, Adjusted operating margin, Adjusted net earnings and Adjusted net earnings per diluted share, which exclude, where applicable, acquired intangible amortization, strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, and non-cash goodwill impairment charges, and Net loss on Discovery Investment. Also included in this press release are the non-GAAP financial measures of EBITDA and Adjusted EBITDA. EBITDA represents net earnings attributable to Hasbro, Inc. excluding interest expense, income tax expense, net earnings attributable to noncontrolling interests, depreciation and amortization of intangibles. Adjusted EBITDA also excludes strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, non-cash goodwill impairment charges, Net loss on Discovery Investment and the impact of stock compensation. As required by SEC rules, we have provided reconciliations on the attached schedules of these measures to the most directly comparable GAAP measure. Management believes that Adjusted net earnings, Adjusted net earnings per diluted share, Adjusted operating profit and Adjusted operating margin provide investors with an understanding of the underlying performance of our business absent unusual events. Management believes that EBITDA and Adjusted EBITDA are appropriate measures for evaluating the operating performance of our business because they reflect the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet and make strategic acquisitions. The Company is not able to reconcile its forward-looking non-GAAP adjusted operating margin and adjusted EBITDA measures because the Company cannot predict with certainty the timing and amounts of discrete items such as charges associated with its cost-savings program, which could impact GAAP results. Constant currency is also a non-GAAP financial measure. The impact of changes in foreign currency exchange rates used to translate the consolidated statements of operations is quantified by translating the current or future period

revenues at the prior period exchange rates and comparing this amount to the prior period reported revenues. The Company believes that the presentation of the impact of changes in exchange rates, which are beyond the Company’s control, is helpful to an investor’s understanding of the performance of the underlying business. These non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of financial performance prepared in accordance with GAAP as more fully discussed in our consolidated financial statements and filings with the SEC. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America.

HAS-E

Investors: Fred Wightman | Hasbro, Inc. | hasbro_investor_relations@hasbro.com

Media: Abby Hodes | Hasbro, Inc. | communications@hasbro.com

# # #

(Tables Attached)

HASBRO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (1)

(Unaudited)

(Millions of Dollars)

			December 28, 2025						December 29, 2024
ASSETS
Cash and cash equivalents			$	776.6					$	695.0
Short-term investments			105.4						—
Accounts receivable, net			1,059.8						919.8
Inventories			259.8						274.2
Prepaid expenses and other current assets			382.1						353.5
Total current assets			2,583.7						2,242.5
Property, plant and equipment, net			247.8						302.6
Goodwill			1,256.7						2,278.2
Other intangible assets, net			456.7						518.4
Other assets			1,007.1						998.6
Total assets			$	5,552.0					$	6,340.3
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Current portion of long-term debt			$	497.0					$	—
Accounts payable			335.4						341.5
Accrued liabilities			1,038.7						1,059.8
Total current liabilities			1,871.1						1,401.3
Long-term debt			2,767.9						3,380.8
Other liabilities			347.5						373.2
Total liabilities			4,986.5						5,155.3
Total shareholders’ equity			565.5						1,185.0
Total liabilities, noncontrolling interests and shareholders’ equity			$	5,552.0					$	6,340.3

(1) Amounts may not sum due to rounding

HASBRO, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (1)

(Unaudited)

(Millions of Dollars and Shares, Except Per Share Data)

						Three Months Ended																								Year Ended
						December 28, 2025												December 29, 2024												December 28, 2025												December 29, 2024
						Amount						% of Net Revenues						Amount						% of Net Revenues						Amount						% of Net Revenues						Amount						% of Net Revenues
Net revenues						$	1,445.9					100.0		%				$	1,101.6					100.0		%				$	4,701.3					100.0		%				$	4,135.5					100.0		%
Costs and expenses
Cost of sales						452.1						31.3		%				358.7						32.6		%				1,296.2						27.6		%				1,179.5						28.5		%
Program cost amortization						14.8						1.0		%				24.8						2.3		%				35.8						0.8		%				49.3						1.2		%
Royalties						113.1						7.8		%				80.0						7.3		%				368.9						7.8		%				284.2						6.9		%
Product development						130.0						9.0		%				81.9						7.4		%				385.6						8.2		%				294.1						7.1		%
Advertising						89.6						6.2		%				105.7						9.6		%				316.9						6.7		%				319.5						7.7		%
Amortization of intangible assets						14.6						1.0		%				17.1						1.6		%				66.0						1.4		%				68.3						1.7		%
Impairment of goodwill						—						0.0		%				—						0.0		%				1,021.9						21.7		%				—						0.0		%
Loss on disposal of business						—						0.0		%				13.0						1.2		%				25.0						0.5		%				37.4						0.9		%
Selling, distribution and administration						334.2						23.1		%				360.6						32.7		%				1,173.9						25.0		%				1,213.2						29.3		%
Total costs and expenses						1,148.4						79.4		%				1,041.8						94.6		%				4,690.2						99.8		%				3,445.5						83.3		%
Operating profit						297.5						20.6		%				59.8						5.4		%				11.1						0.2		%				690.0						16.7		%
Non-operating (income) expense
Interest expense						40.4						2.8		%				43.5						3.9		%				163.4						3.5		%				171.2						4.1		%
Interest income						(8.0)						-0.6		%				(11.3)						-1.0		%				(28.6)						-0.6		%				(47.3)						-1.1		%
Other (income) expense, net						(5.8)						-0.4		%				84.8						7.7		%				(21.7)						-0.5		%				69.1						1.7		%
Total non-operating expense, net						26.6						1.8		%				117.0						10.6		%				113.1						2.4		%				193.0						4.7		%
Earnings (loss) before income taxes						270.9						18.7		%				(57.2)						-5.2		%				(102.0)						-2.2		%				497.0						12.0		%
Income tax expense (benefit)						67.8						4.7		%				(30.7)						-2.8		%				216.2						4.6		%				102.6						2.5		%
Net earnings (loss)						203.1						14.0		%				(26.5)						-2.4		%				(318.2)						-6.8		%				394.4						9.5		%
Net earnings attributable to noncontrolling interests						1.5						0.1		%				7.8						0.7		%				4.2						0.1		%				8.8						0.2		%
Net earnings (loss) attributable to Hasbro, Inc.						$	201.6					13.9		%				$	(34.3)					-3.1		%				$	(322.4)					-6.9		%				$	385.6					9.3		%
Net earnings (loss) per common share:
Basic						$	1.44											$	(0.25)											$	(2.30)											$	2.77
Diluted						$	1.41											$	(0.25)											$	(2.30)											$	2.75
Cash dividends declared per common share						$	0.70											$	0.70											$	2.80											$	2.10
Weighted Average Number of Shares
Basic						140.5												139.6												140.2												139.4
Diluted						142.6												139.6												140.2												140.3

(1) Amounts may not sum due to rounding

HASBRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1)

(Unaudited)

(Millions of Dollars)

			Year Ended
			December 28, 2025						December 29, 2024
Cash flows from operating activities:
Net (loss) earnings			$	(318.2)					$	394.4
Impairment of goodwill			1,021.9						—
Loss on disposal of business			25.0						37.4
Other non-cash adjustments			484.8						356.1
Changes in operating assets and liabilities			(320.3)						59.5
Net cash provided by operating activities			893.2						847.4
Cash flows from investing activities:
Additions to property, plant and equipment			(63.3)						(87.2)
Additions to software development			(135.0)						(110.3)
Net settlement from sale of business			—						(12.0)
Purchase of investments			(105.4)						(571.0)
Maturity of investments			—						583.0
Other			19.3						(6.2)
Net cash utilized by investing activities			(284.4)						(203.7)
Cash flows from financing activities:
Proceeds from long-term debt			—						498.6
Repayments of borrowings			(118.2)						(581.3)
Stock-based compensation transactions			9.6						7.6
Dividends paid			(392.5)						(389.9)
Payments related to tax withholding for share-based compensation			(23.7)						(14.4)
Payments of financing costs			—						(5.3)
Other			(6.5)						(12.8)
Net cash utilized by financing activities			(531.3)						(497.5)
Effect of exchange rate changes on cash			4.1						3.4
Net increase in cash, cash equivalents and restricted cash			81.6						149.6
Cash, cash equivalents and restricted cash, beginning of year			695.0						545.4
Cash, cash equivalents and restricted cash, end of year			$	776.6					$	695.0

(1) Amounts may not sum due to rounding

HASBRO, INC.

SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED (1)

(Unaudited)

(Millions of Dollars)

			Three Months Ended December 28, 2025																		Three Months Ended December 29, 2024
Operating Results			As Reported						Non-GAAP Adjustments						Adjusted						As Reported						Non-GAAP Adjustments						Adjusted						% Change
Total company results
External net revenues			$	1,445.9					$	—					$	1,445.9					$	1,101.6					$	—					$	1,101.6					31%
Operating profit			297.5						17.3						314.8						59.8						52.9						112.7						>100%
Operating margin			20.6		%				1.2		%				21.8		%				5.4		%				4.8		%				10.2		%
Segment results
Wizards of the Coast and Digital Gaming:
External net revenues			$	630.4					$	—					$	630.4					$	339.0					$	—					$	339.0					86%
Operating profit			283.5						—						283.5						80.9						—						80.9						>100%
Operating margin			45.0		%				—						45.0		%				23.9		%				—						23.9		%
Consumer Products:
External net revenues			$	800.0					$	—					$	800.0					$	746.3					$	—					$	746.3					7%
Operating profit			50.8						2.8						53.6						50.5						9.1						59.6						-10%
Operating margin			6.4		%				0.4		%				6.7		%				6.8		%				1.2		%				8.0		%
Entertainment:
External net revenues			$	15.5					$	—					$	15.5					$	16.3					$	—					$	16.3					-5%
Operating profit (loss)			(2.2)						2.9						0.7						(16.2)						16.4						0.2						>100%
Operating margin			-14.2%						18.7		%				4.5		%				-99.4		%				>100%						1.2		%
Corporate and Other:
Operating loss			$	(34.6)					$	11.6					$	(23.0)					$	(55.4)					$	27.4					$	(28.0)					18%

(1) Amounts may not sum due to rounding

						Three Months Ended
Wizards of the Coast and Digital Gaming net revenues by category						December 28, 2025						December 29, 2024						% Change
Tabletop Gaming						$	494.7					$	207.0					139		%
Digital and Licensed Gaming						135.7						132.0						3		%
Net revenues						$	630.4					$	339.0

						Three Months Ended
Consumer Products net revenues by major geographic region						December 28, 2025						December 29, 2024						% Change
North America						$	471.3					$	421.0					12		%
Europe						204.2						177.9						15		%
Asia Pacific						70.8						93.4						-24		%
Latin America						53.7						54.0						-1		%
Net revenues						$	800.0					$	746.3

						Three Months Ended
Entertainment net revenues by category						December 28, 2025						December 29, 2024						% Change
Family Brands						$	13.1					$	13.1					0		%
Film and TV						2.4						3.2						-25		%
Net revenues						$	15.5					$	16.3

						Three Months Ended
Supplementary Hasbro Gaming information:						December 28, 2025						December 29, 2024						% Change
MAGIC: THE GATHERING						$	502.4					$	208.4					141		%
Hasbro Total Gaming (1)						$	867.8					$	542.5					60		%

(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.

			Year Ended December 28, 2025																		Year Ended December 29, 2024
Operating Results (1)			As Reported						Non-GAAP Adjustments						Adjusted						As Reported						Non-GAAP Adjustments						Adjusted						% Change
Total company results
External net revenues			$	4,701.3					$	—					$	4,701.3					$	4,135.5					$	—					$	4,135.5					14%
Operating profit			11.1						1,128.9						1,140.0						690.0						148.8						838.8						36%
Operating margin			0.2		%				24.0		%				24.2		%				16.7		%				3.6		%				20.3		%
Segment results
Wizards of the Coast and Digital Gaming:
External net revenues			$	2,186.9					$	—					$	2,186.9					$	1,511.3					$	—					$	1,511.3					45%
Operating profit			1,006.8						—						1,006.8						632.0						—						632.0						59%
Operating margin			46.0		%				—						46.0		%				41.8		%				—						41.8		%
Consumer Products:
External net revenues			$	2,437.6					$	—					$	2,437.6					$	2,543.9					$	—					$	2,543.9					-4%
Operating (loss) profit			(942.6)						1,055.3						112.7						115.3						36.3						151.6						-26%
Operating margin			-38.7		%				43.3		%				4.6		%				4.5		%				1.4		%				6.0		%
Entertainment:
External net revenues			$	76.8					$	—					$	76.8					$	80.3					$	—					$	80.3					-4%
Operating profit (loss)			0.4						39.1						39.5						(1.6)						50.9						49.3						-20%
Operating margin			0.5		%				50.9		%				51.4		%				-2.0		%				63.4		%				61.4		%
Corporate and Other:
Operating (loss) profit			$	(53.5)					$	34.5					$	(19.0)					$	(55.7)					$	61.6					$	5.9					>-100%

(1) Amounts may not sum due to rounding

						Year Ended
Wizards of the Coast and Digital Gaming net revenues by category						December 28, 2025						December 29, 2024						% Change
Tabletop Gaming						$	1,686.6					$	1,039.6					62		%
Digital and Licensed Gaming						500.3						471.7						6		%
Net revenues						$	2,186.9					$	1,511.3

						Year Ended
Consumer Products net revenues by major geographic region						December 28, 2025						December 29, 2024						% Change
North America						$	1,421.7					$	1,493.0					-5		%
Europe						566.0						519.7						9		%
Asia Pacific						249.4						286.7						-13		%
Latin America						200.5						244.5						-18		%
Net revenues						$	2,437.6					$	2,543.9

						Year Ended
Entertainment net revenues by category						December 28, 2025						December 29, 2024						% Change
Family Brands						$	66.7					$	73.7					-9		%
Film and TV						10.1						6.6						53		%
Net revenues						$	76.8					$	80.3

						Year Ended
Supplementary Hasbro Gaming Information:						December 28, 2025						December 29, 2024						% Change
MAGIC: THE GATHERING						$	1,720.1					$	1,078.6					59		%
Hasbro Total Gaming (1)						$	2,788.2					$	2,092.1					33		%

(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.

HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Millions of Dollars)
			Three Months Ended												Year Ended
Reconciliation of EBITDA and Adjusted EBITDA(1)			December 28, 2025						December 29, 2024						December 28, 2025						December 29, 2024
Net earnings (loss) attributable to Hasbro, Inc.			$	201.6					$	(34.3)					$	(322.4)					$	385.6
Interest expense			40.4						43.5						163.4						171.2
Income tax expense (benefit)			67.8						(30.7)						216.2						102.6
Net earnings attributable to noncontrolling interests			1.5						7.8						4.2						8.8
Depreciation			13.8						20.7						69.5						94.7
Amortization of intangibles			14.6						17.1						66.0						68.3
EBITDA			$	339.7					$	24.1					$	196.9					$	831.2
Stock compensation			$	25.0					$	22.1					$	78.9					$	49.0
Strategic transformation initiatives(2)			7.7						9.8						23.9						28.3
Restructuring and severance costs(3)			(0.2)						14.4						9.3						22.2
Loss on disposal of business(4)			—						13.0						25.0						37.4
eOne Film and TV business divestiture related costs(5)			—						3.2						5.6						11.1
Impairment of goodwill(6)			—						—						1,021.9						—
Net loss on Discovery investment(7)			—						78.2						—						78.2
Adjusted EBITDA			$	372.2					$	164.8					$	1,361.5					$	1,057.4

(1) Amounts may not sum due to rounding

(2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations.

(3) Restructuring and severance costs associated with cost-savings initiatives across the Company.

(4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.

(5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities.

(6) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.

(7) Net loss on Discovery investment represents non-cash charges incurred within Corporate and Other related to the impairment of the Discovery JV investment.

HASBRO, INC.

NON-GAAP RECONCILIATION

(Unaudited)

(Millions of Dollars)

			Three Months Ended												Year Ended
Reconciliation of Adjusted Operating Profit(1)			December 28, 2025						December 29, 2024						December 28, 2025						December 29, 2024
Operating profit (loss)			$	297.5					$	59.8					$	11.1					$	690.0
Wizards of the Coast and Digital Gaming			283.5						80.9						1,006.8						632.0
Consumer Products			50.8						50.5						(942.6)						115.3
Entertainment			(2.2)						(16.2)						0.4						(1.6)
Corporate and Other			(34.6)						(55.4)						(53.5)						(55.7)
Non-GAAP adjustments			$	17.3					$	52.9					$	1,128.9					$	148.8
Consumer Products			2.8						9.1						1,055.3						36.3
Entertainment			2.9						16.4						39.1						50.9
Corporate and Other			11.6						27.4						34.5						61.6
Adjusted operating profit (loss)			$	314.8					$	112.7					$	1,140.0					$	838.8
Wizards of the Coast and Digital Gaming			283.5						80.9						1,006.8						632.0
Consumer Products			53.6						59.6						112.7						151.6
Entertainment			0.7						0.2						39.5						49.3
Corporate and Other			(23.0)						(28.0)						(19.0)						5.9
Non-GAAP Adjustments include the following:
Acquired intangible amortization(2)			$	9.8					$	12.5					$	47.4					$	49.8
Strategic transformation initiatives(3)			7.7						9.8						23.9						28.3
Restructuring and severance costs(4)			(0.2)						14.4						9.3						22.2
Loss on disposal of business(5)			—						13.0						25.0						37.4
eOne Film and TV business divestiture related costs(6)			—						3.2						1.4						11.1
Impairment of goodwill(7)			—						—						1,021.9						—
			$	17.3					$	52.9					$	1,128.9					$	148.8

(1) Amounts may not sum due to rounding

(2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute.

(3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations.

(4) Restructuring and severance costs associated with cost-savings initiatives across the Company.

(5) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.

(6) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities.

(7) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.

HASBRO, INC.

NON-GAAP RECONCILIATION

(Unaudited)

(Millions of Dollars and Shares, Except Per Share Data)

Reconciliation of Net Earnings and Earnings per Share(1)
			Three Months Ended
(all adjustments reported after-tax)			December 28, 2025						Diluted Per Share Amount						December 29, 2024						Diluted Per Share Amount
Net earnings (loss) attributable to Hasbro, Inc.			$	201.6					$	1.41					$	(34.3)					$	(0.25)
Acquired intangible amortization (2)			7.4						0.05						9.4						0.07
Strategic transformation initiatives (3)			5.9						0.04						7.5						0.05
Restructuring and severance costs (4)			(0.1)						—						11.0						0.08
Loss on disposal of business (5)			—						—						8.5						0.06
eOne Film and TV divestiture related costs (6)			—						—						2.4						0.02
Impairment of goodwill (7)			—						—						—						—
Net loss on Discovery investment (8)			—						—						59.8						0.43
Net earnings attributable to Hasbro, Inc. as adjusted			$	214.8					$	1.51					$	64.3					$	0.46
			Year Ended
(all adjustments reported after-tax)			December 28, 2025						Diluted Per Share Amount						December 29, 2024						Diluted Per Share Amount
Net (loss) earnings attributable to Hasbro, Inc.			$	(322.4)					$	(2.30)					$	385.6					$	2.75
Acquired intangible amortization (2)			35.6						0.25						37.4						0.27
Strategic transformation initiatives (3)			18.3						0.13						21.6						0.15
Restructuring and severance costs (4)			7.2						0.05						17.0						0.12
Loss on disposal of business (5)			25.0						0.18						32.9						0.23
eOne Film and TV divestiture related costs (6)			4.2						0.03						8.5						0.06
Impairment of goodwill (7)			1,016.5						7.17						—						—
Net loss on Discovery investment (8)			—						—						59.8						0.43
Net earnings attributable to Hasbro, Inc. as adjusted			$	784.4					$	5.54					$	562.8					$	4.01

(1) Amounts may not sum due to rounding

(2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute.

(3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $7.7 ($5.9 after-tax) and $23.9 ($18.3 after-tax) for three months and year ended December 28, 2025, respectively, and $9.8 ($7.5 after-tax) and $28.3 ($21.6 after-tax) for the three months and year ended December 29, 2024, respectively.

(4) Restructuring and severance costs of ($0.2) (($0.1) after-tax) and $9.3 ($7.2 after-tax) for three months and year ended December 28, 2025, respectively, and $14.4 ($11.0 after-tax) and $22.2 ($17.0 after-tax) for the three months and year ended December 29, 2024, respectively, associated with cost-savings initiatives across the Company.

(5) Loss on disposal of a business of $25.0 ($25.0 after-tax) for year ended December 28, 2025 and $13.0 ($8.5 after-tax) and $37.4 (32.9 after-tax) for the three months and year ended December 29, 2024, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.

(6) eOne Film and TV business divestiture related costs of $5.6 ($4.2 after-tax) for year ended December 28, 2025 and $3.2 ($2.4 after-tax) and $11.1 ($8.5 after-tax) for three months and year ended December 29, 2024, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities.

(7) Non-cash goodwill impairment tax impact of $1,021.9 ($1,016.5 after-tax) for the year ended December 28, 2025, in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.

(8) Impairment of the Company's Discovery JV investment of $78.2 ($59.8 after tax) for the three months and year ended December 29, 2024. This impairment charge is included in other (income) expense, net within Corporate and Other.

FAQ

How did Hasbro (HAS) perform financially in full year 2025?

Hasbro grew full year 2025 net revenues 14% to $4.7013 billion. Adjusted operating profit increased to $1.14 billion with a 24.2% margin, and adjusted net earnings were $784.4 million, or $5.54 per diluted share, despite a GAAP net loss driven by a goodwill impairment.

How did Wizards of the Coast and MAGIC: THE GATHERING perform for Hasbro (HAS) in 2025?

Wizards of the Coast and Digital Gaming was Hasbro’s standout segment in 2025. Segment revenue rose 45% to $2.1869 billion, with MAGIC: THE GATHERING delivering its strongest year ever at $1.7201 billion, up 59% versus the prior year, supported by successful Universes Beyond sets.

What guidance did Hasbro (HAS) provide for 2026 revenue and profitability?

For 2026, Hasbro expects moderate growth with solid margins. The company targets total revenue up 3%–5% in constant currency, adjusted operating margin of 24%–25%, and adjusted EBITDA between $1.40 billion and $1.45 billion, extending its Playing to Win strategy focus.

What share repurchase program did Hasbro (HAS) announce with its 2025 results?

Hasbro’s board authorized a new $1.0 billion share repurchase program. This new authorization replaces the company’s prior 2018 program and sits alongside ongoing dividends and debt reduction as part of 2026 capital allocation priorities aimed at returning cash to shareholders and strengthening the balance sheet.

What dividend did Hasbro (HAS) declare in February 2026?

Hasbro declared a quarterly cash dividend of $0.70 per common share. The dividend is payable on March 4, 2026, to shareholders of record as of the close of business on February 18, 2026, continuing the company’s long-standing practice of returning cash via dividends.

How did Hasbro’s (HAS) fourth quarter 2025 results compare to the prior year?

Fourth quarter 2025 was significantly stronger than the prior year. Net revenues rose 31% to $1.4459 billion, operating profit improved to $297.5 million, and diluted EPS reached $1.41, with adjusted diluted EPS of $1.51 driven by growth in Wizards and Consumer Products.

What were Hasbro’s (HAS) key cash flow and debt metrics for 2025?

Hasbro generated solid cash flow and reduced debt in 2025. Net cash provided by operating activities was $893.2 million, up from $847.4 million, and the company spent $225 million on debt reduction through bond repurchases and prefunding maturities, achieving stated debt targets ahead of schedule.

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