The raised guidance and record Magic performance are strong bullish signals. Watch for continued momentum in Magic releases (Marvel Super Heroes) and recovery from the cyber incident. The $1B buyback authorization provides a floor. Key risk is tariff exposure and concentration on Magic revenue.
Price Chart
Executive Summary
Hasbro reported Q2 2026 results with revenue of $1.14B (+16% YoY) and adjusted EPS of $1.28, beating the $1.13 consensus by 13.3%. The company raised full-year guidance: revenue growth now 5-7% (from 3-5%), adjusted operating margin 25-26% (from 24-25%), and adjusted EBITDA $1.45B-$1.50B (from $1.40B-$1.45B). Magic: The Gathering revenue hit a record $545M (+32%), and the board authorized a $1B share repurchase program. The beat and raised guidance are strongly bullish, though a $56M digital games impairment and lingering cyber-related costs temper the magnitude slightly.
Key Financial Metrics
Key Facts
- Q2 revenue $1.14B, +16% YoY, beating $1.07B consensus
- Adjusted EPS $1.28 vs consensus $1.13, a +13.3% beat
- Magic: The Gathering revenue $545M, +32% YoY, a record quarter
- Full-year guidance raised: revenue +5-7% (from +3-5%), adj. operating margin 25-26% (from 24-25%), adj. EBITDA $1.45B-$1.50B (from $1.40B-$1.45B)
- Board authorized $1B share repurchase program
- Consumer Products revenue +5% YoY despite ~$25M revenue impact from cyber incident
- Wizards & Digital Gaming operating profit $270M, +12% YoY, includes $56M digital games impairment
- Entertainment revenue -20% YoY on deal timing
Financial Impact
Q2 revenue beat consensus by ~$70M (6.5%); adjusted EPS beat by $0.15 (13.3%); full-year guidance raised by ~2% on revenue and ~1% on margin
Risk Factors
- Concentration risk: Magic: The Gathering now 48% of total revenue
- Tariff exposure on China-sourced manufacturing
- Cyber incident costs ($11M in Q2) and potential further disruption
- Entertainment segment continues to decline (-20% YoY)
- Consumer Products segment remains unprofitable on an adjusted basis
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000046080-26-000044 |
| Document: has-20260721.htm | 0000046080-26-000044 |
| Document: 0000046080-26-000044-index-headers.html | 0000046080-26-000044 |
| Document: 0000046080-26-000044.txt | 0000046080-26-000044 |
| 8-K Data (Synthetic) | 0000046080-26-000044 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | Insider Cluster | $96.70 $91.54 | ▼ −5.34% | ▼ −3.59% | $89.54 (−7.40%) |
Jul 31, 2026 9w ago | Insider Cluster | $93.94 $94.23 | ▲ +0.31% | ▼ −2.68% | $89.54 (−4.68%) |
Jul 30, 2026 9w ago | Insider Cluster | $94.53 $94.18 | ▼ −0.37% | ▼ −4.34% | $89.54 (−5.28%) |
Jul 29, 2026 9w ago | Insider Cluster | $95.17 $96.29 | ▲ +1.18% | ▼ −3.84% | $89.54 (−5.92%) |
Jul 27, 2026 9w ago | 8-K | $96.34 $96.74 | ▲ +0.42% | ▼ −2.97% | $89.54 (−7.06%) |
Jul 21, 2026 10w ago | 8-K | $88.78 $93.99 | ▲ +5.87% | ▲ +3.31% | $89.54 (+0.86%) |
Apr 23, 2026 23w ago | 8-K | $96.58 $88.60 | ▼ −8.26% | ▼ −12.90% | $89.54 (−7.29%) |
Apr 17, 2026 24w ago | DEFA14A | $97.15 $95.65 | ▼ −1.54% | ▼ −6.91% | $89.54 (−7.83%) |
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