$HAS (+4.16%)

⠀

📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $2.90 (Est. $1.85) ✅

• Revenue: +15% YoY.

• GAAP EPS: $2.77.

• Operating Profit: $517M.

• Adj. Operating Profit: $541M, +52% YoY.

• Wizards & Digital Gaming Revenue: +31% YoY.

• Consumer Products Revenue: +4% YoY.

• Entertainment Revenue: +9% YoY.

⠀

🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Revenue Growth: +7%–9% constant currency (previously +5%–7%).

• FY2026 Adj. Operating Margin: 27%–28% (previously 25%–26%).

• FY2026 Adj. EBITDA: $1.575B–$1.625B (previously $1.45B–$1.50B).

• FY2026 Share Repurchase Target: Doubled.

⠀

📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 Adj. EPS beat consensus by ~56.8%, with company-wide revenue growing 15% YoY for the fourth consecutive quarter of double-digit growth.

• Magic: The Gathering exceeded $600M in quarterly revenue for the first time, growing 34% YoY, fueled by The Hobbit and Reality Fracture.

• Wizards & Digital Gaming revenue increased 31%, with operating profit up 46% and an operating margin of 49%.

• Consumer Products Adj. operating profit doubled YoY to $178M, supported by productivity initiatives and tariff refunds.

• Results included ~$55M in tariff refunds, benefiting operating profitability.

• Hasbro raised its FY2026 Adj. EBITDA midpoint by $125M to $1.60B, an ~8.5% increase from its previous outlook.

• The company returned $206M to shareholders during Q3 and doubled its FY2026 share repurchase target.

⠀

💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“We delivered a fourth consecutive quarter of double-digit revenue growth, and Magic: The Gathering topped $600 million in quarterly revenue for the first time.”

$HAS (+4.16%)

🔹 Revenue: $1.39B (Est. $1.35B) 🟢; UP +8% YoY

🔹 Adjusted EPS: $1.68 (Est. $1.63) 🟢

FY25 Guidance

🔹 Total Revenue: High-single-digit growth (cc)

🔹 Adjusted Operating Margin: 22%–23%

🔹 Adjusted EBITDA: $1.24B–$1.26B

Segment:

Wizards of the Coast & Digital Gaming

🔹 Revenue: UP +42% YoY (MAGIC: THE GATHERING +55%; Licensed digital gaming +21%)

🔹 Operating Profit: $252M; UP +39% YoY (Operating Margin 44%)

Consumer Products

🔹 Revenue: DOWN -7% YoY (timing of U.S. retailer orders)

🔹 Operating Profit: $80M; Adjusted Operating Profit: $89M; DOWN -32% YoY

Entertainment

🔹 Revenue: UP +8% YoY

🔹 Operating Profit: $8M; Adjusted Operating Profit: $11M; DOWN -14% YoY

Other Metrics

🔹 Adjusted Operating Profit: $356M; UP +8% YoY

🔹 Dividend Paid: $98M in Q3; Board declared $0.70/share payable Dec 3, 2025 (record Nov 19, 2025)

Commentary

🔸 “Hasbro delivered another quarter of growth… Wizards led the way as MAGIC continues to break records. We’re poised to enter 2026 with momentum.”

🔸 “We managed tariff volatility, protected margins, and advanced transformation initiatives; we remain on track to achieve our mid-term commitments.”

$HAS (+4.16%)

🔹 Revenue: $980.8M (Est. $874.66M) 🟢

🔹 Adj. EPS: $1.30 (Est. $0.78) 🟢

Raised FY25 Outlook: 🟢

🔹 Revenue: UP mid-single digits (prev. UP slightly)

🔹 Adj. Operating Margin: 22%–23% (prev. 21%–22%)

🔹 Adj. EBITDA: $1.17B–$1.20B (prev. $1.1B–$1.15B)

Q2 Segment:

Wizards of the Coast & Digital Gaming

🔹 Revenue: +16% YoY

🔹 MAGIC: THE GATHERING: +23% YoY (record Final Fantasy set)

🔹 Monopoly Go!: $44M Q2 revenue

🔹 Operating Profit: DOWN -2% YoY (higher royalties)

🔹 Margin: 46.3%; DOWN -840 bps YoY

Consumer Products

🔹 Revenue: DOWN -16% YoY

🔹 Adjusted Op. Profit: $1.2M

🔹 Brands: Growth in BEYBLADE, TRANSFORMERS, MONOPOLY

🔹 GAAP Operating Loss: -$1.03B (includes goodwill impairment)

Entertainment

🔹 Revenue: DOWN -15% YoY

🔹 Adj. Operating Profit: $10M (vs. $18M YoY)

Other Key Metrics:

🔹 Adj. Operating Profit: $247M (flat YoY)

🔹 Adjusted Net Earnings: UP +$0.08 YoY

🔹 Dividend Paid: $98M; $0.70/share declared for Q3

🔹 Debt Reduction: $12M in Q2

CEO Commentary

🔸 “Our return to growth proves the Playing to Win strategy is delivering.”

🔸 “MAGIC: THE GATHERING set new records, and digital/brand licensing growth continues to fuel performance.”

🔸 “With cost discipline and brand strength, we’re upgrading our outlook for 2025 and beyond.”

Heute:

• $PG (-1.28%) Procter & Gamble Q3'25 Earnings Highlights

• EPS: $1.54 (Est. $1.55) ❌
• Revenue: $19.78B (Est. $20.36B) ❌; DOWN -2% YoY
• Organic Sales: +1% YoY

• $CMCSA (-1.2%) Comcast Q1 2025 Earnings Highlights

• Adjusted EPS: $1.09 (Est. $0.99) ✅; UP +4.5% YoY
• Revenue: $29.89B (Est. $29.8B) ✅; DOWN -0.6% YoY
• Domestic Broadband Net Loss: -199K (Est. -144K) ❌

• $HAS (+4.16%) Hasbro Q1 2025 Earnings Highlights

• EPS: $0.70 (Est. $0.69) ✅
• Revenue: $887.1M (Est. $771.15M) ✅; UP +17% YoY
• Operating Profit: $171M (19.2% margin)
• Adjusted Operating Profit: $222M (25.1% margin); UP +5.5pp YoY
• Operating Cash Flow: $138M (vs. $178M YoY)
• Returned $98M to shareholders via dividends, reduced debt by $50M

• $MRK (+1.06%) Q1 2025 Earnings Highlights

• Adjusted EPS: $2.22 (Est. $2.13) ✅; UP +7% YoY
• Revenue: $15.53B (Est. $15.33B) ✅; DOWN -2% YoY, UP +1% ex-FX
• Gross Margin: 78.0% (vs. 77.6% YoY) ✅

• $PEP (-0.69%) PepsiCo Q1'25 Earnings Highlights

• Core EPS: $1.48 (Est. $1.49) ❌; DOWN -4% YoY
• Revenue: $17.92B (Est. $17.78B) ✅
• Organic Revenue Growth: +1.2% YoY

• $AAL (+1.39%) American Airlines Q1'25 Earnings Highlights

• Revenue: $12.60B (Est. $12.68B) ❌
• Adj. EPS: ($0.59) (Est. ($0.62)) ✅
• Passenger Rev: $11.39B (Est. $11.36B) ✅
• Load Factor: 80.6% (Est. 81.9%) ❌
• ASM: 69.90B (Est. 69.91B) 🟡
• Withdrew FY guidance due to macro uncertainty
• Previously guided FY25 EPS: $1.70–$2.70

Gestern Abend:

• $NOW (+3.7%) ServiceNow Q1'25 Earnings Highlights

• Adj EPS: $4.04 (Est: $3.83) ✅
• Total Revenue: $3.09B (Est: $3.08B) ✅; UP +18.5% YoY
• Subscription Revenue: $3.01B (Est: $3.00B) ✅; UP +19% YoY
• Adjusted Gross Profit: $2.54B (Est: $2.53B) ✅
• Adjusted Gross Margin: 82% (Est: 81.8%) ✅; DOWN from 83% YoY
• Adjusted Subscription Gross Margin: 84.5% (Est: 83.9%) ✅; DOWN from 86% YoY
• Adj. Free Cash Flow: $1.48B (Est: $1.32B) ✅; UP +21% YoY

$CMG (-5.3%) Chipotle Q1'25 Earnings Highlights

• Revenue: $2.88B (Est: $2.94B) ❌ ; UP +6.4% YoY
• Adj EPS: $0.29 (Est: $0.28) ✅; UP +7.4% YoY
• Comparable Sales: DOWN -0.4% (Est: +1.74%) ❌
• Operating Margin: 16.7% (Est: 16.4%) ✅; UP +40 bps YoY
• Restaurant-Level Margin: 26.2% (Est: 25.9%) ✅; DOWN -130 bps YoY
• Average Restaurant Sales: $3.19M (Est: $3.17M) ✅
• Digital Sales Mix: 35.4% of total food & beverage revenue

$IBM (+7.25%) Q1'25 Earnings Highlights

• Revenue: $14.54B (Est: $14.41B) ✅; UP +0.5% YoY
• Operating EPS: $1.60 (Est: $1.42) ✅; DOWN -5% YoY
• Adj Gross Margin: 56.6% (Est: 55.6%) ✅; UP +190 bps YoY

• $LRCX (-7.72%) Q3'25 Earnings Highlights

Key Metrics

• EPS (Non-GAAP): $1.04 (Est: $1.00) ✅; UP +14% QoQ
• Revenue: $4.72B (Est: $4.63B) ✅; UP +8% QoQ

• $TXN (+1.26%) Instruments Q1'25 Earnings Highlights

• EPS: $1.28 (Est: $1.06) ✅; UP +7% YoY
• Revenue: $4.07B (Est: $3.91B) ✅; UP +11% YoY
• Operating Profit: $1.32B (Est: $1.18B) ✅; UP +3% YoY

$HAS (+4.16%)

🔹 EPS: $0.70 (Est. $0.69) 🟢

🔹 Revenue: $887.1M (Est. $771.15M) 🟢; UP +17% YoY

🔹 Operating Profit: $171M (19.2% margin)

🔹 Adjusted Operating Profit: $222M (25.1% margin); UP +5.5pp YoY

🔹 Operating Cash Flow: $138M (vs. $178M YoY)

🔹 Returned $98M to shareholders via dividends, reduced debt by $50M

Segment Highlights:

Wizards of the Coast and Digital Gaming:

🔹 Revenue: UP +46% YoY

🔹 Magic: The Gathering Revenue: UP +45%

🔹 Monopoly Go! Revenue: $39M

🔹 Operating Profit: UP +87% YoY

🔹 Operating Margin: 49.8% (UP +11.0pp YoY)

Consumer Products:

🔹 Revenue: DOWN -4% YoY

🔹 Operating Margin: -11.0%; Adjusted Margin: -7.8% (Improved +1.4pp YoY)

🔹 Growth brands: Marvel, Beyblade, Transformers, Monopoly, licensed IP

Entertainment:

🔹 Revenue: DOWN -5% YoY (timing-related)

🔹 Operating Loss: $11M (vs. $6M profit YoY) 🔴

🔹 Adjusted Operating Profit: $17M (vs. $18M YoY)

Strategic & Macro Commentary:

🔸 CEO Chris Cocks: “Our Playing to Win strategy is delivering. We’re outperforming in a tough environment and investing in long-term bets with strong early returns.”

🔸 CFO Gina Goetter: “Higher-margin segments like Wizards and licensing are offsetting tariff risks and driving margin expansion.”

🔸 Tariffs: No material Q1 impact due to timing

🔸 Hasbro reaffirms its $1B cost savings target

🔸 Board declared a quarterly dividend of $0.70/share, payable June 4, 2025

Disney Partnership Update:

🔸 Extended multi-year strategic licensing deal with Disney Consumer Products

🔸 Covers Star Wars and Marvel toys, collectibles, board games

🔸 Continued integration of Marvel characters into Magic: The Gathering

🔸 Includes major toy lines: The Black Series, Vintage Collection, Marvel Legends

$HAS (+4.16%)

🔹 Adj. EPS: $0.46 (Est. $0.36) 🟢

🔹 Revenue: $1.1B (Est. $1.027B) 🟢

🔹 Adj. Operating Profit: $113M (Est. $95.85M) 🟢

🔸 Announced "Playing to Win" strategy aiming for mid-single-digit revenue growth (2025-2027)

Q4 Segment Revenue:

🔹 Consumer Products: $709M; DOWN -1% YoY

🔹 Entertainment: $8M; DOWN -88% YoY

🔹 Wizards of the Coast and Digital Gaming: $267.8M; DOWN -7% YoY

FY25 Guidance :

🔹 Revenue: Slight growth (Constant Currency)

🔹 Adj. Operating Margin: 21%-22%

🔹 Adj. EBITDA: $1.1B-$1.15B (Est. $1.116B)

Medium-Term Guidance (2025-2027):

🔹 Revenue: Mid-Single Digit Growth CAGR

🔹 Adjusted Operating Margin: +50-100bps YoY expansion

🔹 Cost Savings: $1B gross savings

Capital Allocation:

🔹 Quarterly Dividend: $0.70/share payable March 12, 2025

🔹 Paid $390M in dividends in 2024

🔹 Reduced Debt by $83M

Strategic & Shareholder Updates:

🔹 Adj. Operating Margin: 10.2% (+14.1 pts YoY)

🔸 Targeting $1B gross cost savings by 2027

🔸 Paid $390M in dividends and reduced debt by $83M in 2024

🔸 Declared Q1 2025 dividend of $0.70/share (Payable Mar 12, 2025)

CEO Chris Cocks' Commentary:

🔸 "We executed our 2024 plan, improving profitability while positioning Hasbro for future growth. In 2025, we're excited to deliver an exceptional lineup of toys and games, bolstered by strong partnerships and a focus on operational efficiency."