Hasbro raises full-year outlook as Magic: The Gathering tops $600M

Third-quarter profit beat estimates even as revenue of $1.45B fell short of the $1.49B expected

Hasbro reported third-quarter earnings per share of $2.90, beating estimates by $1.02. Revenue came in at $1.45 billion, below the $1.49 billion expected.

The company raised its full-year 2026 outlook. It now expects total revenue growth of 7% to 9% in constant currency, up from a prior 5% to 7%. It raised its adjusted operating margin outlook to 27% to 28%, from 25% to 26%, and its adjusted EBITDA outlook to a range of $1.575 billion to $1.625 billion, up from $1.45 billion to $1.50 billion. Hasbro also said it is doubling its 2026 share repurchase target, and the board declared a quarterly dividend of $0.70 per share, payable December 2, 2026 to shareholders of record as of November 18, 2026.

Chief executive Chris Cocks said Hasbro delivered a fourth consecutive quarter of double-digit revenue growth, with Magic: The Gathering topping $600 million in quarterly revenue for the first time. He said the company expects a strong finish to 2026 and continued growth in 2027.

The size of the increase, with EBITDA guidance up roughly $125 million at the midpoint alongside the doubled buyback target, points to Magic: The Gathering generating real operating leverage rather than Hasbro simply clearing a low bar. That gives the stock's recent rally, which had been linked to speculation over a Mattel takeover, an earnings foundation of its own. It also matters for how any bidder for Mattel might value the sector, if a figure above $20 a share is used as an anchor.