Hasbro (HAS) FY2025 10-K Annual Report
Filed: Feb 25, 2026
Consumer Discretionary
Games, Toys & Children's Vehicles (No Dolls & Bicycles)SEC EDGAR Hasbro (HAS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Hasbro FY2025 10-K Analysis
Business Overview
- • Franchise-first IP licensor and toy/game company monetizing owned brands (MAGIC, MONOPOLY, NERF, etc.) via physical products, digital licensing, and location-based entertainment
- • MAGIC: THE GATHERING hit all-time record; Final Fantasy Universes Beyond set highest-selling set ever by net revenues; Marvel's Spider-Man set also released in 2025
- • "Playing to Win" strategy formally launched 2025 — reframes Hasbro as games/IP/toy company, adding casino floor licensing partnerships and explicit "Aging Up" focus on consumers 13+
- • ~$800M gross cost savings delivered through 2025 Operational Excellence program, tracking toward $1.0B commitment; top 5 customers ~35% of revenues, Amazon (11%) and Walmart (9%) largest
- • New casino floor licensing slate announced 2025 — reimagines Hasbro brands for adult gamblers, a notably unconventional channel for a company historically centered on children's play
Management Discussion & Analysis
- • Revenue $4,701.3M, up 13.7% YoY ($+565.8M), driven by Wizards of the Coast & Digital Gaming +44.7% ($+675.6M)
- • Operating margin collapsed to 0.2% vs 16.7% in 2024, dragged by $1,021.9M non-cash goodwill impairment in Consumer Products; net loss $322.4M vs net income $385.6M
- • Best segment: Wizards of the Coast & Digital Gaming — revenue $2,186.9M (+44.7%), operating margin 46.0% vs 41.8%; worst: Consumer Products — operating margin (38.7)% vs 4.5%, $942.6M operating loss
- • Operating cash flow $893.2M vs $847.4M; capex $63.3M PP&E + $135.0M software; dividends paid $392.5M; debt repurchased $119.9M principal of 2026/2027 Notes; 2026 capex guidance ~$250M
- • Key risks: tariffs ($44.9M cost in 2025, outcome uncertain post-Feb 2026 Supreme Court IEEPA ruling); U.S. Supreme Court ruling may enable tariff refund — accounting impact under evaluation
Risk Factors
- • Tariffs on China-sourced toys create direct cost pressure; shift from direct import to domestic orders raises costs and risks lost orders
- • Total long-term debt ~$3,281.9M strains cash flow, limits dividends/buybacks, and risks covenant breach during revenue downturns
- • Amazon and Walmart combined ~20% of consolidated net revenues; loss or reduction by either major customer materially impacts results
- • AI-driven low-barrier entry (e.g., TikTok-amplified indie creators) rapidly threatening market share with minimal traditional overhead
- • HQ relocation from Rhode Island to Boston risks loss of experienced personnel unwilling to relocate amid already tight creative talent market
Hasbro FY2025 Key Financial MetricsXBRL
Revenue
$4.7B
▲ +13.7% YoY
Net Income
-$322M
▼ -183.6% YoY
Operating Margin
0.2%
▼ -1645bp YoY
Net Margin
-6.9%
▼ -1618bp YoY
ROE
-57.0%
▼ -8955bp YoY
Total Assets
$5.6B
▼ -12.4% YoY
EPS (Diluted)
$-2.30
▼ -183.6% YoY
Operating Cash Flow
$893M
▲ +5.4% YoY
Source: XBRL data from Hasbro FY2025 10-K filing on SEC EDGAR. All figures in USD.
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