Hasbro’s (HAS) Wizards segment remains a bright spot for the toymaker

Shares of Hasbro, Inc. (NASDAQ: HAS) were up 1% on Thursday. The stock has gained 33% year-to-date. The toymaker saw growth in its business during the first half of 2025 supported by its Playing to Win strategy, which focuses on high-growth, high-profit segments. The Wizards segment remains, in particular, an area of strength for the company.

Wizards – a winner

In the second quarter of 2025, Hasbro’s Wizards of the Coast and Digital Gaming segment delivered a 16% growth in revenue versus the prior-year period. This growth was driven by strong performance from MAGIC: THE GATHERING and gains from Monopoly Go!. MAGIC: THE GATHERING revenues increased 23% while Monopoly Go! contributed $44 million of revenue in Q2.

MAGIC continues to gain traction with momentum in Tarkir: Dragonstorm, Final Fantasy, its collectible business Secret Lair, and its backlist products. Engagement levels remain solid for this title. In Organized Play, the company saw a year-over-year increase of nearly 40% in unique players during the first half of 2025. Hasbro anticipates this momentum to continue in the latter half of 2025 and beyond.

A major investment area in Wizards is digital, which presents a new way for story-telling. Hasbro is making good progress on its sci-fi RPG Exodus and is aiming for a launch in the second half of calendar year 2026. The company has also entered into an agreement with Giant Skull, which is now developing a new Dungeons & Dragons game.

Hasbro anticipates continued strength in the Wizards segment during the latter half of the year and is now forecasting revenue for this division to grow in the high-20% range for fiscal year 2025.

Q2 performance

In the second quarter of 2025, Hasbro generated total revenue of $980.8 million, down 1% from the same period last year. Earnings, on an adjusted basis, rose 7% year-over-year to $1.30 per share.  

Outlook

For the full year of 2025, Hasbro expects total revenue to be up mid-single-digits in constant currency. Adjusted operating margin is expected to be 22-23%.