Free cash flow generation has demonstrated resilience with a 31.5% margin in 2026Q1, though operating cash flow remains volatile due to inconsistent working capital changes, such as the $137.2 million outflow recorded in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.09B | 893.2M | 847.4M | 725.6M | 372.9M | 817.9M | 976.34M | 653.06M | 646M | 724.38M | 774.87M | 552.45M | 454.41M | 401.13M | 534.8M | 396.07M | 367.98M | 265.62M | 593.18M | 601.79M | 320.65M | 496.62M | 358.51M | 454.15M | 473.14M | 372.48M | 162.56M | 391.5M | 126.6M | 543.8M | 280M |
| Operating CF Margin % | - | 19% | 20.49% | 14.5% | 6.37% | 12.74% | 17.86% | 13.84% | 14.11% | 13.9% | 15.44% | 12.42% | 10.62% | 9.83% | 13.08% | 9.24% | 9.19% | 6.53% | 14.75% | 15.68% | 10.17% | 16.08% | 11.96% | 14.47% | 16.8% | 13.04% | 4.29% | 9.25% | 3.83% | 17.05% | 9.33% |
| Operating CF Growth % | 163.91% | 5.4% | 16.79% | 94.58% | -54.41% | -16.23% | 49.5% | 1.09% | -10.82% | -6.52% | 40.26% | 21.57% | 13.28% | -24.99% | 35.03% | 7.63% | 38.54% | -55.22% | -1.43% | 87.68% | -35.43% | 38.53% | -21.06% | -4.01% | 27.03% | 129.14% | -58.48% | 209.24% | -76.72% | 94.21% | 23.13% |
| Net Income | -221.5M | -322.4M | 385.6M | -1.49B | 203.5M | 428.7M | 222.52M | 520.45M | 220.43M | 396.61M | 551.38M | 451.84M | 415.93M | 286.2M | 336M | 385.37M | 397.75M | 374.93M | 306.77M | 333M | 230.06M | 212.07M | 195.98M | 157.66M | -170.67M | 59.73M | -144.63M | 189M | 206.4M | 135M | 199.9M |
| Depreciation & Amortization | 155.6M | 171.3M | 212.3M | 659.6M | 788.1M | 908.7M | 652.03M | 266.37M | 211.86M | 207.63M | 190.4M | 197.78M | 205.05M | 228.68M | 192.09M | 196.27M | 168.4M | 180.96M | 166.14M | 156.52M | 146.71M | 180.13M | 146.18M | 164.12M | 183.84M | 225.9M | 264.22M | 277.3M | 169.2M | 166.6M | 138.3M |
| Stock-Based Compensation | 21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.91M | 35.22M | 29.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 78.6M | 0 | -20.6M | -243.5M | -130.1M | 36M | 30.32M | -14.96M | -11.09M | 112.11M | -662K | -18.95M | -9.76M | -19.18M | -16.09M | -2.92M | 25.17M | 19.14M | 24.99M | 37.58M | 24.97M | -24.03M | 34.62M | 22.77M | 5.44M | 38.7M | -67.69M | -38.7M | 1.7M | -40.6M | -8.1M |
| Other Non-Cash Items | 1.23B | 1.36B | 210.6M | 2.01B | 389.2M | 265.7M | 131.61M | 84.82M | 126.57M | 12.03M | 76.25M | 48.91M | 33.53M | 19M | 19.43M | 12.46M | 33.39M | 0 | 0 | 44.37M | 42.27M | -2.01M | -2.31M | 51.49M | 290.4M | 2.53M | 46.72M | 2.2M | -100K | 9.5M | 2.2M |
| Working Capital Changes | -173M | -320.3M | 59.5M | -206.4M | -877.8M | -821.2M | -60.13M | -203.63M | 98.22M | -4M | -42.5M | -127.13M | -190.35M | -113.56M | 3.36M | -195.11M | -256.73M | -339.32M | 60.07M | 921K | -123.35M | 130.46M | -15.97M | 58.1M | 164.13M | 45.62M | 63.94M | -38.3M | -270.6M | 273.3M | -52.3M |
| Change in Receivables | 12.7M | 0 | 77.3M | 15.5M | 339.6M | -159.5M | 210.82M | -211.45M | 180.11M | -50.38M | -149.92M | -227.81M | -112.37M | -86.62M | 28.69M | -108.84M | 71.17M | -422.56M | -14.22M | -74.94M | -10.71M | 39.34M | 75.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -139.3M | 0 | 22.1M | 257.1M | -139.5M | -173.9M | 62.76M | -4.63M | -37.21M | -25.3M | -12.06M | -99.35M | -28.94M | -37.51M | 22.55M | 17.46M | -151.63M | 105.33M | -69.87M | -44.27M | -17.62M | 10.68M | -15.84M | 34.85M | 38.78M | 109M | 69.66M | -44.2M | -44.6M | 40.7M | 43M |
| Change in Payables | 65.4M | 0 | -78.8M | -109.7M | -278.7M | 313.2M | 49.29M | 62.28M | 107.43M | -80.46M | 203.78M | 149.66M | -957K | 140.09M | -22.36M | 75.59M | -129.53M | 5.97M | 56.14M | 64.94M | -20.68M | 33.21M | -89.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -704.1M | -284.4M | -203.7M | 117.6M | -313M | 242M | -4.5B | -60.95M | -286.48M | -131.48M | -138.39M | -103.65M | -485K | -217.74M | -106.17M | -107.61M | -104.19M | -497.51M | -271.92M | -112.47M | -83.6M | -120.67M | -84.97M | -64.88M | -62.31M | -57.78M | -180.71M | -429.1M | -792.7M | -269.3M | -127.3M |
| Capital Expenditures | -177.3M | -198.3M | -197.5M | -209.3M | -174.2M | -132.7M | -125.75M | -133.64M | -140.43M | -134.88M | -154.9M | -142.02M | -113.39M | -112.03M | -112.09M | -99.4M | -112.6M | -104.13M | -117.14M | -91.53M | -82.1M | -70.58M | -79.24M | -63.07M | -58.66M | -50.05M | -125.06M | -107.5M | -809.7M | -99.4M | -101.9M |
| CapEx % of Revenue | 3.68% | 4.22% | 4.78% | 4.18% | 2.97% | 2.07% | 2.3% | 2.83% | 3.07% | 2.59% | 3.09% | 3.19% | 2.65% | 2.74% | 2.74% | 2.32% | 2.81% | 2.56% | 2.91% | 2.39% | 2.61% | 2.29% | 2.64% | 2.01% | 2.08% | 1.75% | 3.3% | 2.54% | 24.5% | 3.12% | 3.39% |
| Acquisitions | 0 | 0 | -12M | 329.6M | -146.3M | 378.5M | -4.41B | -8.76M | -155.45M | 0 | -12.44M | 18.63M | 64.4M | -110.7M | 0 | 0 | 0 | -371.48M | -154.76M | -18M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.4M | 19.3M | -6.2M | -2.7M | 7.5M | -3.8M | 38.47M | 81.44M | 9.4M | 3.4M | 28.95M | 19.74M | 48.5M | 4.99M | 5.92M | 3.37M | 8.41M | -3.9M | -20K | -3.52M | -2.7M | -3.99M | 4.1M | -1.81M | -3.65M | -7.73M | -55.66M | -321.6M | 17M | -169.9M | -25.7M |
| Cash from Financing | -153.8M | -531.3M | -497.5M | -818.1M | -553.3M | -1.46B | 405.95M | 2.81B | -737.1M | -312.17M | -333.06M | -346.46M | -230.96M | -341.01M | -219.38M | -375.69M | -170.59M | 236.78M | -457.39M | -433.92M | -467.28M | -158.64M | -75.82M | -373.31M | -159.34M | -202.66M | -127.84M | 145.6M | 491.6M | -125.5M | -95.6M |
| Debt Issued (Net) | 262M | -118.2M | -88M | -398.6M | -60.5M | -1.08B | 828.51M | 2.32B | -142.36M | 125.46M | 8.98M | -87.31M | 381.04M | -215.27M | 43.11M | 167.34M | 491.96M | 425.42M | -135.74M | 344.86M | -36.47M | -96.99M | -64.57M | -388.97M | -141.66M | -190.34M | 279.68M | 378.3M | 654.4M | 11.8M | 3.2M |
| Equity Issued (Net) | -1.9M | 9.6M | 7.6M | 0 | -50.8M | 30.6M | 16.59M | 945.58M | -220.06M | -121.88M | -107.87M | -43.9M | -399.05M | 14.63M | -43.04M | -393.21M | -546.04M | -78.92M | -239.35M | -701.69M | -370.49M | -2.75M | 25.84M | 36.51M | 3.1M | 8.39M | -365.02M | -187.1M | -120.6M | -97.6M | -66M |
| Dividends Paid | -393.1M | -392.5M | -389.9M | -388M | -385.3M | -374.5M | -372.65M | -336.6M | -309.26M | -276.97M | -248.88M | -225.8M | -216.85M | -156.13M | -225.46M | -154.03M | -133.05M | -111.46M | -107.06M | -94.1M | -75.28M | -58.9M | -37.09M | -20.85M | -20.77M | -20.71M | -42.49M | -45.5M | -42.3M | -39.7M | -33M |
| Share Repurchases | -7.7M | 0 | 0 | 0 | -125M | 0 | 0 | -61.39M | -250.05M | -151.31M | -150.07M | -87.22M | -459.56M | -103.49M | -98M | -423.01M | -639.56M | -88.11M | -360.24M | -784.35M | -456.74M | -48.03M | 0 | -3.38M | 0 | 0 | -367.55M | -237.5M | -179M | -134.9M | -83.7M |
| Other Financing | -20.8M | -30.2M | -27.2M | -31.5M | -56.7M | -34.2M | -66.5M | -117.88M | -65.43M | -38.78M | 14.71M | 10.55M | 3.9M | 15.76M | 6.02M | 4.21M | 16.53M | 1.73M | 24.76M | 17.01M | 14.96M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 0 | 200K |
| Net Change in Cash | 236M | 81.6M | 149.6M | 32.3M | -506.1M | -430.48M | -3.13B | 3.4B | -398.86M | 298.95M | 305.54M | 83.58M | 210.72M | -167.25M | 208.01M | -86.11M | 91.75M | 5.66M | -144.07M | 59.06M | -226.87M | 942.27M | 0 | 25.38M | 262.28M | 105.98M | -153.04M | 102.5M | -184.1M | 142.8M | 57.9M |
| Free Cash Flow | 1.02B | 829.9M | 760.2M | 516.3M | 198.7M | 685.2M | 850.59M | 519.42M | 505.57M | 589.5M | 619.97M | 410.42M | 341.02M | 289.1M | 422.7M | 296.67M | 255.38M | 161.49M | 476.04M | 510.26M | 238.54M | 426.04M | 279.27M | 391.08M | 414.48M | 322.43M | 37.5M | 284M | -683.1M | 444.4M | 178.1M |
| FCF Margin % | 21.21% | 17.65% | 18.38% | 10.32% | 3.39% | 10.67% | 15.56% | 11% | 11.04% | 11.32% | 12.35% | 9.23% | 7.97% | 7.08% | 10.34% | 6.92% | 6.38% | 3.97% | 11.84% | 13.3% | 7.57% | 13.8% | 9.32% | 12.46% | 14.72% | 11.29% | 0.99% | 6.71% | -20.67% | 13.94% | 5.93% |
| FCF Growth % | 59% | 9.17% | 47.24% | 159.84% | -71% | -19.44% | 63.76% | 2.74% | -14.24% | -4.92% | 51.06% | 20.35% | 17.96% | -31.61% | 42.48% | 16.17% | 58.14% | -66.08% | -6.71% | 113.91% | -44.01% | 52.56% | -28.59% | -5.64% | 28.55% | 759.79% | -86.8% | 141.58% | -253.71% | 149.52% | 40.46% |
| FCF per Share | 7.16 | 5.92 | 5.42 | 3.72 | 1.43 | 4.95 | 6.18 | 4.04 | 3.98 | 4.64 | 4.88 | 3.24 | 2.63 | 2.19 | 3.20 | 2.17 | 1.75 | 1.06 | 3.07 | 2.98 | 1.34 | 2.19 | 1.37 | 2.11 | 2.38 | 1.89 | 0.21 | 1.40 | -3.31 | 2.24 | 0.87 |
| FCF Conversion (FCF/Net Income) | -4.61x | -2.77x | 2.20x | -0.49x | 1.83x | 1.91x | 4.39x | 1.25x | 2.93x | 1.83x | 1.41x | 1.22x | 1.09x | 1.40x | 1.59x | 1.03x | 0.93x | 0.71x | 1.93x | 1.81x | 1.39x | 2.34x | 1.83x | 2.88x | -2.77x | 6.24x | -1.12x | 2.07x | 0.61x | 4.03x | 1.40x |
| Interest Paid | 79.4M | 0 | 162.2M | 179M | 161.7M | 171.9M | 182.9M | 82.2M | 82.26M | 89.29M | 88.53M | 93.11M | 106.75M | 90.61M | 93.96M | 91.05M | 72.93M | 54.58M | 50.7M | 27.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 148.9M | 0 | 92.7M | 119.8M | 177.2M | 160.5M | 81.6M | 103.1M | 117.85M | 115.75M | 98.91M | 144.14M | 182.16M | 88.19M | 110.54M | 78.1M | 94M | 107.95M | 49.15M | 123.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Earnings and Cash Divergence
As reported in recent financial statements, Hasbro's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme swings, such as the -7.57x observed in 2024Q4, indicating that non-cash charges and restructuring costs significantly distort the company's underlying cash-generating capability for investors.
The persistent gap between net income and operating cash flow suggests that reported earnings are heavily influenced by non-recurring items, particularly divestiture-related impairments. Investors should monitor whether the recent stabilization in the OCF/NI ratio reflects a genuine improvement in cash conversion or merely a temporary lull in restructuring activity.
Based on the provided cash flow data, Hasbro has maintained positive free cash flow in every quarter since 2023Q4, with FCF margins peaking at 31.5% in 2026Q1, demonstrating that the core business remains capable of self-funding despite significant volatility in reported net income figures.
The trajectory of free cash flow appears to be decoupling from the cyclicality of the traditional toy business, likely supported by the high-margin digital licensing revenue stream. This trend suggests that the company's pivot toward a leaner, IP-focused model may be successfully enhancing the cash-generative efficiency of its operations.
According to historical cash flow filings, Hasbro's working capital changes have been highly inconsistent, ranging from a $281.5 million inflow in 2023Q4 to a $137.2 million outflow in 2025Q3, reflecting the inherent difficulty in managing inventory levels across both physical toy and digital gaming segments.
The significant swings in working capital suggest that inventory management remains a primary operational challenge, particularly as the company navigates the transition away from large-scale entertainment production. Analysts should investigate whether these fluctuations are driven by seasonal retail stocking requirements or deeper issues with inventory obsolescence.
As indicated by the quarterly cash flow data, Hasbro has consistently paid out approximately $98 million in dividends per quarter, a commitment that appears increasingly reliant on the company's ability to maintain robust free cash flow during periods of significant net income volatility and restructuring.
The consistency of dividend payments despite substantial earnings fluctuations warrants further investigation into the company's long-term capital allocation priorities. While the current cash flow levels appear to support this payout, any sustained contraction in FCF could force management to re-evaluate its commitment to shareholders versus debt reduction.
Quick answers to the most common questions about buying HAS stock.
Hasbro, Inc. (HAS) generated $893.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hasbro, Inc. (HAS) generated $829.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Hasbro, Inc. (HAS) spent $198.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Hasbro, Inc. (HAS) returned $392.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.