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# Hasbro Lifts 2026 Outlook, Doubles Buyback Target After Magic: The Gathering Revenue Tops $600 Million
- URL: https://www.bullished.co/hasbro-lifts-2026-outlook-doubles-buyback-target-after-magic-the-gathering-revenue-tops-c6c3e122/
- Published: 2026-10-20T10:51:23.000Z
- Updated: 2026-10-20T10:51:22.000Z
- Description: Third-quarter adjusted operating profit rose 52% to $541 million, and the results include about $55 million of tariff refunds.
- Author: Matteo Parrino
- Tags: Earnings, HAS, Industry: Consumer Discretionary

Hasbro raised its 2026 forecast and doubled its share repurchase target for the year after third-quarter revenue rose 15% and [adjusted operating profit climbed 52% to $541 million](https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000058/exhibit991q32026.htm?ref=bullished.co), the company said in an [8-K filed Tuesday](https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000058/has-20261020.htm?ref=bullished.co). Magic: The Gathering revenue reached $616.1 million, up 34%.

## What the quarter shows

Reported earnings were $2.77 per diluted share, against $1.64 a year earlier. Adjusted earnings were $2.90, against $1.68\. Operating profit on a reported basis was $517 million.

The Wizards and Digital Gaming segment grew revenue 31% to $747.2 million, with a 49% operating margin. Hasbro said Magic growth was fueled by The Hobbit and Reality Fracture, and that Monopoly Go! contributed $41 million of revenue in the quarter, against $127 million for the first nine months. The company said Magic topped $600 million in quarterly revenue for the first time.

Consumer Products revenue rose 4%, led by Marvel, KPop Demon Hunters and Transformers. Its adjusted operating profit of $178 million was up 100%, which the company attributed to productivity initiatives. Entertainment revenue rose 9%.

The results include about $55 million of tariff refunds. Of that, $48 million sits in Consumer Products and $7 million in Wizards and Digital Gaming.

## Outlook, buyback and cash

Hasbro now expects 2026 revenue up 7-9% in constant currency, previously 5-7%. It expects an adjusted operating margin of 27-28%, previously 25-26%, and adjusted EBITDA of $1.575 billion to $1.625 billion, previously $1.45 billion to $1.50 billion.

The release gives no dollar figure for the repurchase target. Chief Financial Officer and Chief Operating Officer Gina Goetter said: "Given this momentum, we are raising our 2026 outlook and doubling our share repurchase target for the year."

The company returned $206 million to shareholders in the quarter through dividends and buybacks, and $445 million over nine months. It also put $79 million toward debt reduction in the quarter, and $226 million over nine months.

Chief Executive Chris Cocks said the company delivered "a fourth consecutive quarter of double-digit revenue growth."

## What to watch

The board declared a $0.70 quarterly dividend, payable December 2 to holders of record on November 18\. Hasbro scheduled its earnings call and webcast for 8:30 a.m. ET Tuesday.

Hasbro's own risk list flags Magic as a brand in which it has seen an increasing concentration of sales and profits, and it warns that the tariff refunds could be delayed, reduced or not received.

### Sources

- [8-K Filing — HASBRO, INC. (HAS)](https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000058/has-20261020.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit exhibit991q32026.htm — HASBRO, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000058/exhibit991q32026.htm?ref=bullished.co) — SEC EDGAR