Short answer
Hasbro (HAS) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $4.7B (+13.7% year over year) and net income of −$322M.
- Top risk flagged: Tariffs on China-sourced toys create direct cost pressure; shift from direct import to domestic orders raises costs and risks lost orders
FY2025 key financial metrics · XBRL
- Revenue
- $4.7B
- +13.7% YoY
- Net income
- −$322M
- −183.6% YoY
- Operating margin
- 0.2%
- −16.4 pp YoY
- EPS (diluted)
- −$2.30
- −183.6% YoY
- ROE
- -57.0%
- −89.6 pp YoY
- Operating cash flow
- $893M
- +5.4% YoY
Source: XBRL data from the Hasbro (HAS) FY2025 10-K on SEC EDGAR. USD.
Hasbro FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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