Hasbro Shares Jump on Strong Magic: The Gathering Results and Raised Forecast
Hasbro stock rose 11% after third-quarter adjusted earnings and revenue beat expectations, helped by Magic: The Gathering surpassing $600 million in quarterly revenue. The Wizards segment posted strong growth and high operating margin, while consumer products grew more modestly. Hasbro also raised its 2026 revenue outlook and buyback target.
Hasbro's third-quarter adjusted earnings per share reached $2.90, compared with the $1.85 analyst consensus, while revenue increased 15% to $1.6 billion. Magic: The Gathering exceeded $600 million in quarterly revenue for the first time, rising 34%, and the Wizards segment posted 31% revenue growth with a 49% operating margin.
Consumer products grew 4%, and about $55 million of tariff refunds, mostly in toys, aided the quarter. Hasbro lifted its 2026 constant-currency revenue growth outlook to 7%–9%, doubled its buyback target, and pointed to six major Magic releases next year, with a Star Trek set due in November.
The results may affect more than shareholders. A stronger Hasbro could support jobs and supplier relationships, while its growing reliance on Magic: The Gathering may shape product investment, retail shelf space, and what games and toys consumers see. Players could benefit from more Magic releases, but concentration risk may make the company more vulnerable to shifts in that game’s popularity, potentially affecting workers, partners, and local game stores tied to its ecosystem.