Hasbro (NASDAQ: HAS) raises outlook as Magic tops $600 million for first time

What happened

Hasbro, Inc. (NASDAQ: HAS) said third-quarter revenue rose 15% and raised full-year 2026 guidance on October 20, 2026. The company also said Magic The Gathering topped $600 million in quarterly revenue for the first time.

Net revenues were $1.6 billion. Operating profit was $517.3 million, and adjusted operating profit was $541.2 million. Reported net earnings were $2.77 per diluted share. Adjusted operating margin was 33.9%. Management said the quarter was the fourth straight quarter of double-digit revenue growth.

Wizards and Digital Gaming rose 31%. Consumer Products rose 4%. Entertainment rose 9%. Hasbro now expects total revenue up 7% to 9% in constant currency, adjusted operating margin of 27% to 28%, and adjusted EBITDA of $1.58 billion to $1.63 billion.

Management also doubled its share repurchase target for 2026. The release said the company returned $206 million to shareholders through the quarterly dividend and share repurchases.

Key numbers

Metric	Latest	Change	Source
Net revenues	$1.6 billion	from $1.39 billion, +15%	SEC 8-K earnings release
Operating profit	$517.3 million	from $341.1 million, +52%	SEC 8-K earnings release
Adjusted operating profit	$541.2 million	from $355.6 million, +52%	SEC 8-K earnings release
Magic The Gathering quarterly revenue	$616.1 million	from $459.4 million, +34%	SEC 8-K earnings release
Full-year revenue outlook	up 7% to 9% in constant currency	from up 5% to 7% in constant currency, +2 percentage points	SEC 8-K earnings release
Adjusted EBITDA outlook	$1.58 billion to $1.63 billion	from $1.45 billion to $1.50 billion, +$130 million	SEC 8-K earnings release

Read more: Hasbro (HAS) stock analysis and investment case

Why it matters

The raised outlook gives investors a higher bar for the rest of 2026. The company previously expected revenue up 5% to 7% in constant currency, adjusted operating margin of 25% to 26%, and adjusted EBITDA of $1.45 billion to $1.50 billion.

Adjusted operating profit rose 52% to $541.2 million from $355.6 million a year earlier. That supports the turnaround case. Magic The Gathering drove the result, with quarterly revenue of $616.1 million, up 34%. Wizards and Digital Gaming revenue rose 31% to $747.2 million.

The company returned $206 million to shareholders and used $79 million to reduce debt in the quarter. Hasbro said it had $850.7 million of cash and cash equivalents at quarter end.

The quarter also included about $55 million of tariff refunds. Year-to-date results still include a $1.02 billion goodwill impairment charge and a $56 million digital-games impairment.

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What's next

The board declared a quarterly cash dividend of $0.70 per common share, payable on December 2, 2026, to shareholders of record at the close of business on November 18, 2026.

Hasbro will webcast its third-quarter 2026 earnings conference call at 8:30 a.m. Eastern Time today.

The next update will matter most if it shows the higher revenue and margin outlook without tariff refunds or other one-time items. If the company can keep cash flowing and debt moving lower, the raised guidance looks more durable.

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