Hasbro (HAS) FY2023 results: revenue $5.0 billion, down 14.6% on the year

Hasbro, Inc. (HAS) reported revenue of $5.0 billion for fiscal 2023, the year ended 31 December 2023, down 14.6% on the year before. Net income was -$1.5 billion, and diluted earnings per share $-10.73. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$5.0 billion

-14.6% on the year

FY2016FY2023

Operating margin

-30.8%

7.0% a year earlier

FY2016FY2023

Net income

-$1.5 billion

FY2016FY2023

Diluted EPS

-$10.73

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,003	5,857	6,420	-14.6%
Cost of revenue	1,706	1,912	1,928	-10.8%
Gross profit	3,297	3,945	4,493	-16.4%
Gross margin	65.9%	67.4%	70.0%
Research and development	307	308	316	-0.3%
Selling, general and administrative	1,480	1,666	1,433	-11.1%
Operating income	-1,539	408	763
Operating margin	-30.8%	7.0%	11.9%
Interest expense	186	171	180	+8.9%
Pre-tax income	-1,709	262	582
Income tax	-221	58.5	147
Effective tax rate	n/a	22.4%	25.2%
Net income	-1,489	204	429
Net margin	-29.8%	3.5%	6.7%
Diluted EPS	-$10.73	$1.46	$3.10

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	726	373	818	+94.6%
Capital expenditure	136	128	133	+5.7%
Free cash flow	590	245	685	+141.2%
Free cash flow margin	11.8%	4.2%	10.7%
Cash from investing	118	-313	242
Cash from financing	-818	-553	-1,460
Depreciation and amortisation	211	232	280	-9.4%
Share-based compensation	72.4	83.4	97.8	-13.2%
Buybacks	0.0	125	0.0
Dividends paid	388	385	374	+0.7%
Dividend per share	$2.80	$2.80	$2.72	0.0%
Diluted shares, weighted	139m	139m	138m	-0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,087	2,862	3,063	-62.0%
Redeemable equity	0.0	0.0	23.9
Short-term borrowings	0.0	n/a	0.8
Debt	3,466	3,967	4,024	-12.6%
Operating lease liabilities	121	91.9	132	+31.8%
Other liabilities	1,867	2,375	2,793	-21.4%
Total liabilities and equity	6,541	9,296	10,038	-29.6%
Fixed assets	334	304	262	+9.8%
Goodwill	2,279	3,470	3,420	-34.3%
Intangible assets	588	815	1,172	-27.9%
Cash and equivalents	545	513	1,019	+6.3%
Receivables	1,029	1,132	1,500	-9.1%
Inventory	332	677	552	-50.9%
Other assets	1,433	2,384	2,113	-39.9%
Total assets	6,541	9,296	10,038	-29.6%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.