Hasbro Raises Full-Year Outlook as Magic: The Gathering Tops $500M in Quarterly Revenue
HAS sits 20% above its 52-week low of $69.5 on elevated volume (2.7× avg).
Summary
Hasbro reported Q2 2026 revenue of $1.14B (+16% YoY) and raised full-year guidance, powered by a record $500M+ quarter for Magic: The Gathering. Adjusted EPS of $1.28 beat expectations despite a $56M impairment and cyber-related disruptions.
Key Events · Earnings and Guidance · HAS
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Record Magic: The Gathering Quarter
Magic: The Gathering revenue exceeded $500 million in a single quarter for the first time, growing 32% year-over-year, driven by the Marvel Super Heroes set and Secrets of Strixhaven.
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Full-Year Guidance Raised
Hasbro increased its 2026 outlook: constant-currency revenue growth now 5-7% (up from 3-5%), adjusted operating margin 25-26% (up from 24-25%), and adjusted EBITDA $1.45B-$1.50B (up from $1.40B-$1.45B).
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Q2 Revenue and Earnings Beat
Total revenue rose 16% to $1.14B; adjusted EPS of $1.28 compared to $1.30 a year ago, with the slight decline reflecting a $56M digital games impairment and $11M in cyber incident costs.
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Cyber Incident Impact Quantified
The previously disclosed unauthorized network access caused an estimated $25M in lost revenue and $11M in direct incremental expenses during Q2, with operations now restored to pre-incident levels.
Analysis · HAS · Manufacturing
Hasbro delivered a strong Q2, with revenue up 16% to $1.14 billion, driven by a record quarter for Magic: The Gathering, which surpassed $500 million in revenue for the first time. Adjusted EPS of $1.28 beat expectations, and management raised full-year guidance across revenue, margin, and EBITDA. The quarter included a $56 million impairment charge tied to a refocused digital games portfolio and an estimated $25 million revenue hit from a previously disclosed cyber incident, making the underlying performance even stronger. The company also leaned into its $1 billion buyback authorization, returning $41.5 million to shareholders year-to-date. This report confirms the Magic flywheel is accelerating and that Hasbro's turnaround is gaining traction.
At the time of this filing, HAS was trading at $83.35 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $11.5B. The 52-week trading range was $69.50 to $106.98. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.