Hasbro (HAS) FY2025 results: revenue $4.7 billion, up 13.7% on the year

Hasbro is a game, intellectual property and toy company with over 100 years of history, selling physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film and television. It works in three lines of business, games, intellectual property and toys, and claims three advantages: a broad brand portfolio rooted in play, one of the biggest licensing businesses in the world, and a profitable games business anchored by MAGIC: THE GATHERING, DUNGEONS & DRAGONS and MONOPOLY. Owned and partner brands include MONOPOLY, PLAY-DOH, TRANSFORMERS, NERF, PEPPA PIG, BEYBLADE and LUCASFILMS' STAR WARS, which is owned by The Walt Disney Company. The programme the company terms Operational Excellence, an enterprise-wide cost-saving effort covering targeted savings, supply chain change and restructuring, had delivered almost 800 million dollars of gross savings through 2025 against a one billion dollar commitment.

Games

Products run from games, trading cards and collectibles to action figures, arts and crafts, dolls, play sets, preschool toys, plush and vehicles, sold at retail stores, through e-commerce and through the company's own Hasbro PULSE and SECRET LAIR platforms. The Wizards of the Coast subsidiary drives the gaming side with role-playing and card-collecting games. MAGIC: THE GATHERING is a strategic trading card game that keeps expanding through new sets, including Universes Beyond sets built with brands such as Final Fantasy, Avatar: The Last Airbender and Marvel's Spider-Man in 2025, and the line has widened to competitive and casual players, collectors, digital players and fans of adjacent universes. DUNGEONS & DRAGONS is a cooperative tabletop storytelling game played with dice, basic rules, maps and miniatures or tokens. Other game brands include JENGA, CONNECT 4, THE GAME OF LIFE, SCRABBLE, CLUE and TRIVIAL PURSUIT.

Digital gaming

The digital business covers AAA and AA games, games as a service and licensed games, spanning action role-playing for web, personal computers and consoles as well as branded mobile applications. Recent examples are MONOPOLY GO!, the free-to-play mobile game released in 2023 by Scopely, and Baldur's Gate 3, the DUNGEONS & DRAGONS role-playing video game from Larian Studios released the same year. In-house development includes EXODUS, a science fiction role-playing game, and WARLOCK: DUNGEONS & DRAGONS, a single-player action-adventure game, both in development for personal computers, PlayStation 5 and Xbox.

Licensing and entertainment

Consumer products licensing covers promotional events and products including apparel, publishing, home goods and electronics, and in some cases toys where out-licensing works better than making the products in-house, with a MONOPOLY promotion returning to McDonald's in a digital-first format. Digital games licensing puts brands in the hands of outside developers, as with MONOPOLY GO! and Baldur's Gate 3, and a slate of multi-year partnerships announced in 2025 extends the brands onto the casino floor. Location-based entertainment licenses the brands into theme parks, hotels and resorts, family entertainment centres, retail, dining and shows, including TRANSFORMERS at Universal Studios parks, seven Peppa Pig theme parks and Peppa Pig World of Play sites with Merlin Entertainment, and Hasbro City in Mexico, with the operators making the investment. The entertainment strategy reinforces brand storylines through television, film and digital content, led by PEPPA PIG and MY LITTLE PONY, and in 2025 a cinematic event introduced baby Evie with ten new episodes and six new songs.

Selling direct and through retail

Hasbro Direct reaches fans through Magic: The Gathering Arena, the free-to-play online version of the card game, SECRET LAIR, a storefront for exclusive and limited card versions, D&D Beyond, the digital platform carrying rule books, character sheets and adventures, and Hasbro PULSE, the fan store for limited runs and crowd-funded projects. Many products are made under licences based on partners' trademarks and copyrights for characters from films and television, with fees generally paid as a royalty on net sales, sometimes with advance royalties and minimum guarantees. In 2025 the top five customers were approximately 35% of consolidated global net revenues, with Amazon at 11% and Walmart at 9%. Advertising runs through digital marketing, social media and television, and spending shifts with the product mix: brands tied to a major film release need less, while a large gaming launch needs much more.

Making the products and people

Most products are made by third-party manufacturers in China, Vietnam, India, Japan, Belgium, the United States, Mexico and Indonesia, mostly from basic raw materials such as plastic, paper and cardboard, with electronic components in certain items. In 2025 the company employed approximately 4,520 people worldwide, approximately 58% in North America, 19% in Europe, 18% in Asia Pacific and 5% in Latin America, with approximately 2% covered by unions or collective bargaining agreements.

From Hasbro's annual report on Form 10-K for the year ended 28 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.