Revenue growth accelerated to 16.2% year-over-year in 2026Q2 with gross margin expanding to 76.1%, reflecting a favorable mix shift toward high-margin digital gaming, though net income volatility persists with a -87.3% net margin in 2025Q2.
Hasbro, Inc. (HAS) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 4.97B | 4.7B | 4.14B | 5B | 5.86B | 6.42B | 5.47B | 4.72B | 4.58B | 5.21B | 5.02B | 4.45B | 4.28B | 4.08B | 4.09B | 4.29B | 4B | 4.07B | 4.02B | 3.84B | 3.15B | 3.09B | 3B | 3.14B | 2.82B | 2.86B | 3.79B | 4.23B | 3.3B | 3.19B | 3B |
| Revenue Growth % | 28.95% | 13.68% | -17.34% | -14.57% | -8.78% | 17.47% | 15.79% | 3.07% | -12.1% | 3.78% | 12.87% | 3.98% | 4.78% | -0.17% | -4.59% | 7.08% | -1.62% | 1.15% | 4.79% | 21.77% | 2.07% | 3.01% | -4.5% | 11.45% | -1.4% | -24.58% | -10.52% | 28.08% | 3.63% | 6.2% | 5.05% |
| Cost of Goods Sold | 1.48B | 1.4B | 1.46B | 2.13B | 2.4B | 2.55B | 2.29B | 2.22B | 2.2B | 2.44B | 2.31B | 2.06B | 2B | 2.01B | 1.97B | 2.18B | 1.94B | 2.01B | 1.69B | 1.58B | 1.3B | 1.29B | 1.25B | 1.29B | 1.1B | 1.22B | 1.67B | 1.59B | 1.27B | 1.25B | 1.23B |
| COGS % of Revenue | - | 29.74% | 35.39% | 42.66% | 41.06% | 39.68% | 41.88% | 47.08% | 48.09% | 46.82% | 46.12% | 46.23% | 46.85% | 49.28% | 48.28% | 50.76% | 48.44% | 49.34% | 42.09% | 41.08% | 41.37% | 41.66% | 41.76% | 41.04% | 39.03% | 42.83% | 44.2% | 37.67% | 38.41% | 39.08% | 40.99% |
| Gross Profit | 3.5B | 3.3B | 2.67B | 2.87B | 3.45B | 3.87B | 3.18B | 2.5B | 2.38B | 2.77B | 2.7B | 2.39B | 2.27B | 2.07B | 2.11B | 2.11B | 2.06B | 2.06B | 2.33B | 2.26B | 1.85B | 1.8B | 1.75B | 1.85B | 1.72B | 1.63B | 2.11B | 2.64B | 2.04B | 1.94B | 1.77B |
| Gross Margin % | 70.28% | 70.26% | 64.61% | 57.34% | 58.94% | 60.32% | 58.12% | 52.92% | 51.91% | 53.18% | 53.88% | 53.77% | 53.15% | 50.72% | 51.72% | 49.24% | 51.56% | 50.66% | 57.91% | 58.92% | 58.63% | 58.34% | 58.24% | 58.96% | 60.97% | 57.17% | 55.8% | 62.33% | 61.59% | 60.92% | 59.01% |
| Gross Profit Growth % | - | 23.64% | -6.87% | -16.89% | -10.86% | 21.91% | 27.17% | 5.07% | -14.2% | 2.43% | 13.11% | 5.18% | 9.81% | -2.11% | 0.23% | 2.26% | 0.12% | -11.5% | 3% | 22.37% | 2.57% | 3.18% | -5.67% | 7.78% | 5.16% | -22.73% | -19.89% | 29.6% | 4.79% | 9.63% | 3.46% |
| Operating Expenses | 2.31B | 2.25B | 1.98B | 4.41B | 3.04B | 3.11B | 2.67B | 1.85B | 2.05B | 1.96B | 1.92B | 1.7B | 1.64B | 1.6B | 1.56B | 1.52B | 1.48B | 1.47B | 1.83B | 1.74B | 1.47B | 1.49B | 1.45B | 1.51B | 1.5B | 1.42B | 2.22B | 2.25B | 1.69B | 1.58B | 1.44B |
| OpEx % of Revenue | - | 47.76% | 47.92% | 88.1% | 51.98% | 48.43% | 48.94% | 39.1% | 44.68% | 37.63% | 38.18% | 38.21% | 38.3% | 39.27% | 38.23% | 35.38% | 36.87% | 36.19% | 45.62% | 45.38% | 46.68% | 48.28% | 48.47% | 47.98% | 53.18% | 49.77% | 58.55% | 53.07% | 51.16% | 49.62% | 47.94% |
| Selling, General & Admin | 856.1M | 316.9M | 1.53B | 1.84B | 2.05B | 1.94B | 1.66B | 1.45B | 1.73B | 1.63B | 1.58B | 1.37B | 1.32B | 1.27B | 1.27B | 1.24B | 1.2B | 1.21B | 1.56B | 1.19B | 1.05B | 990.93M | 1B | 1.29B | 1.25B | 1.18B | 1.74B | 1.26B | 1.1B | 1.03B | 1.3B |
| SG&A % of Revenue | - | 6.74% | 37.06% | 36.75% | 35.06% | 30.21% | 30.46% | 30.73% | 37.72% | 31.22% | 31.47% | 30.81% | 30.76% | 31.11% | 31.05% | 28.84% | 30.03% | 29.65% | 38.91% | 31.01% | 33.36% | 32.09% | 33.43% | 41% | 44.37% | 41.17% | 46.03% | 29.7% | 33.19% | 32.26% | 43.34% |
| Research & Development | 399.2M | 385.6M | 294.1M | 306.9M | 307.9M | 315.7M | 259.5M | 262.2M | 246.16M | 269.02M | 266.38M | 242.94M | 222.56M | 207.59M | 201.2M | 197.64M | 201.36M | 181.19M | 191.42M | 167.19M | 171.36M | 150.59M | 157.16M | 143.18M | 153.78M | 125.63M | 208.49M | 711.8M | 424.7M | 386.9M | 0 |
| R&D % of Revenue | - | 8.2% | 7.11% | 6.13% | 5.26% | 4.92% | 4.75% | 5.55% | 5.38% | 5.16% | 5.31% | 5.46% | 5.2% | 5.09% | 4.92% | 4.61% | 5.03% | 4.45% | 4.76% | 4.36% | 5.44% | 4.88% | 5.24% | 4.56% | 5.46% | 4.4% | 5.5% | 16.82% | 12.85% | 12.13% | - |
| Other Operating Expenses | 4M | 1.54B | 155M | 2.26B | 682.9M | 854.2M | 750.4M | 132.9M | 72.61M | 64.62M | 70.69M | 86.17M | 99.79M | 125.88M | 92.37M | 82.44M | 72.47M | 85.03M | 78.27M | 384.52M | 248.66M | 349.32M | 293.75M | 76.05M | 94.58M | 119.86M | 265.68M | 277.3M | 169.2M | 166.6M | 138.3M |
| Operating Income | 1.19B | 1.06B | 690M | -1.54B | 407.7M | 763.3M | 501.8M | 652.1M | 331.05M | 810.36M | 788.05M | 691.93M | 635.38M | 467.09M | 551.78M | 593.98M | 587.86M | 588.6M | 494.3M | 519.35M | 376.36M | 310.52M | 293.01M | 344.62M | 219.29M | 211.33M | -104.28M | 391.9M | 344.9M | 360.2M | 332.3M |
| Operating Margin % | 23.86% | 22.5% | 16.68% | -30.76% | 6.96% | 11.89% | 9.18% | 13.82% | 7.23% | 15.55% | 15.7% | 15.56% | 14.85% | 11.44% | 13.49% | 13.86% | 14.69% | 14.47% | 12.29% | 13.53% | 11.94% | 10.06% | 9.78% | 10.98% | 7.79% | 7.4% | -2.75% | 9.26% | 10.44% | 11.3% | 11.07% |
| Operating Income Growth % | - | 53.33% | 144.84% | -477.43% | -46.59% | 52.11% | -23.05% | 96.98% | -59.15% | 2.83% | 13.89% | 8.9% | 36.03% | -15.35% | -7.1% | 1.04% | -0.13% | 19.08% | -4.82% | 37.99% | 21.2% | 5.98% | -14.97% | 57.15% | 3.77% | 302.66% | -126.61% | 13.63% | -4.25% | 8.4% | 9.09% |
| EBITDA | 1.31B | 1.23B | 902.3M | -879.2M | 1.2B | 1.67B | 1.15B | 918.5M | 542.92M | 1.02B | 978.45M | 889.71M | 840.43M | 695.77M | 743.87M | 790.25M | 756.26M | 769.56M | 660.43M | 675.87M | 523.07M | 490.65M | 439.19M | 508.74M | 403.13M | 437.23M | 159.94M | 669.2M | 514.1M | 526.8M | 470.6M |
| EBITDA Margin % | 26.27% | 26.15% | 21.82% | -17.57% | 20.42% | 26.04% | 21.11% | 19.46% | 11.86% | 19.54% | 19.49% | 20% | 19.65% | 17.04% | 18.19% | 18.44% | 18.9% | 18.92% | 16.42% | 17.61% | 16.6% | 15.89% | 14.65% | 16.21% | 14.31% | 15.31% | 4.22% | 15.81% | 15.56% | 16.52% | 15.67% |
| EBITDA Growth % | 61.48% | 36.24% | 202.63% | -173.52% | -28.48% | 44.91% | 25.62% | 69.18% | -46.67% | 4.04% | 9.97% | 5.86% | 20.79% | -6.47% | -5.87% | 4.49% | -1.73% | 16.52% | -2.28% | 29.21% | 6.61% | 11.72% | -13.67% | 26.2% | -7.8% | 173.36% | -76.1% | 30.17% | -2.41% | 11.94% | 8.31% |
| D&A (Non-Cash Add-back) | 117.3M | 171.3M | 212.3M | 659.6M | 788.1M | 908.7M | 652M | 266.4M | 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 |
| EBIT | 1.2B | 61.4M | 668.2M | -1.52B | 432.5M | 761.6M | 523.2M | 696.2M | 361.23M | 884.42M | 789.89M | 701.04M | 633.09M | 457.41M | 544.54M | 575.41M | 589.83M | 591.3M | 488.2M | 497M | 376.36M | 310.52M | 293.01M | 344.62M | 219.29M | 209.53M | -40.33M | 391.9M | 344.9M | 360.2M | 332.3M |
| Net Interest Income | -132.2M | -134.8M | -123.9M | -163.3M | -159.2M | -174.3M | -193.7M | -71.8M | -68.47M | -76.11M | -88.04M | -93.98M | -89.34M | -100.66M | -84.81M | -82.19M | -76.46M | -58.74M | -29.49M | -4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 37.3M | 28.6M | 47.3M | 23M | 11.8M | 5.4M | 7.4M | 30.1M | 22.36M | 22.16M | 9.37M | 3.15M | 3.76M | 4.92M | 6.33M | 6.83M | 5.65M | 2.86M | 17.65M | 29.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 169.5M | 163.4M | 171.2M | 186.3M | 171M | 179.7M | 201.1M | 101.9M | 90.83M | 98.27M | 97.41M | 97.12M | 93.1M | 105.58M | 91.14M | 89.02M | 82.11M | 61.6M | 47.14M | 34.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -157.5M | -1.16B | -193M | -170.3M | -146.2M | -181.4M | -179.7M | -57.8M | -60.65M | -24.21M | -95.56M | -88.02M | -95.39M | -115.27M | -98.38M | -107.59M | -80.14M | -58.9M | -53.24M | -56.97M | -34.89M | 392K | -32.92M | -100.55M | -115.2M | -115.13M | -121.71M | -118M | -41.4M | -155.7M | -25.4M |
| Pretax Income | 1.03B | -102M | 497M | -1.71B | 261.5M | 581.9M | 322.1M | 594.3M | 270.4M | 786.15M | 692.49M | 603.91M | 539.99M | 351.82M | 453.4M | 486.39M | 507.72M | 529.7M | 441.06M | 462.38M | 341.47M | 310.91M | 260.09M | 244.06M | 104.09M | 96.2M | -225.99M | 273.9M | 303.5M | 204.5M | 306.9M |
| Pretax Margin % | 20.69% | -2.17% | 12.02% | -34.16% | 4.46% | 9.06% | 5.89% | 12.59% | 5.9% | 15.09% | 13.8% | 13.58% | 12.62% | 8.62% | 11.09% | 11.35% | 12.69% | 13.02% | 10.97% | 12.05% | 10.84% | 10.07% | 8.68% | 7.78% | 3.7% | 3.37% | -5.97% | 6.47% | 9.18% | 6.41% | 10.22% |
| Income Tax | 231.1M | 216.2M | 102.6M | -221.3M | 58.5M | 146.6M | 96.7M | 73.8M | 49.97M | 389.54M | 159.34M | 157.04M | 126.68M | 67.89M | 117.4M | 101.03M | 109.97M | 154.77M | 134.29M | 129.38M | 111.42M | 98.84M | 64.11M | 69.05M | 29.03M | 35.4M | -81.36M | 84.9M | 97.1M | 69.5M | 107M |
| Effective Tax Rate % | 22.46% | -211.96% | 20.64% | 12.95% | 22.37% | 25.19% | 30.02% | 12.42% | 18.48% | 49.55% | 23.01% | 26% | 23.46% | 19.3% | 25.89% | 20.77% | 21.66% | 29.22% | 30.45% | 27.98% | 32.63% | 31.79% | 24.65% | 28.29% | 27.89% | 36.8% | 36% | 31% | 31.99% | 33.99% | 34.86% |
| Net Income | 795.2M | -322.4M | 385.6M | -1.49B | 203.5M | 428.7M | 222.5M | 520.5M | 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 |
| Net Margin % | 15.99% | -6.86% | 9.32% | -29.77% | 3.47% | 6.68% | 4.07% | 11.03% | 4.81% | 7.61% | 10.98% | 10.16% | 9.72% | 7.01% | 8.22% | 8.99% | 9.94% | 9.22% | 7.63% | 8.68% | 7.3% | 6.87% | 6.54% | 5.02% | -6.06% | 2.09% | -3.82% | 4.47% | 6.25% | 4.23% | 6.66% |
| Net Income Growth % | 214.76% | -183.61% | 125.89% | -831.84% | -52.53% | 92.67% | -57.25% | 136.13% | -44.42% | -28.07% | 22.03% | 8.63% | 45.33% | -14.82% | -12.81% | -3.11% | 6.09% | 22.22% | -7.88% | 44.75% | 8.48% | 8.21% | 24.3% | 192.38% | -385.73% | 141.3% | -176.52% | -8.43% | 52.89% | -32.47% | 28.47% |
| Net Income (Continuing) | 797.8M | -318.2M | 394.4M | -1.49B | 203M | 435.3M | 225.4M | 520.5M | 220.43M | 396.61M | 533.15M | 446.87M | 413.31M | 283.93M | 336M | 385.37M | 397.75M | 374.93M | 306.77M | 333M | 230.06M | 212.07M | 195.98M | 175.01M | 75.06M | 60.8M | -144.63M | 189M | 206.4M | 135M | 199.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 25.1M | 27M | 27.4M | 25.1M | 29.1M | 61.1M | 64.4M | 0 | 0 | 0 | 22.7M | 40.17M | 42.73M | 45.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.55 | -2.30 | 2.75 | -10.73 | 1.47 | 3.10 | 1.62 | 4.05 | 1.74 | 3.12 | 4.34 | 3.57 | 3.20 | 2.17 | 2.55 | 2.82 | 2.74 | 2.48 | 2.00 | 1.97 | 1.29 | 1.09 | 0.96 | 0.85 | -0.98 | 0.35 | -0.82 | 0.93 | 1.00 | 0.68 | 0.98 |
| EPS Growth % | 212.32% | -183.64% | 125.63% | -829.93% | -52.58% | 91.36% | -60% | 132.76% | -44.23% | -28.11% | 21.57% | 11.56% | 47.47% | -14.9% | -9.57% | 2.92% | 10.48% | 24% | 1.52% | 52.71% | 18.35% | 13.54% | 12.94% | 186.73% | -380% | 142.68% | -188.17% | -7% | 47.06% | -30.61% | 27.27% |
| EPS (Basic) | - | -2.30 | 2.77 | -10.73 | 1.47 | 3.11 | 1.62 | 4.07 | 1.75 | 3.17 | 4.40 | 3.61 | 3.24 | 2.20 | 2.58 | 2.88 | 2.86 | 2.69 | 2.18 | 2.13 | 1.38 | 1.19 | 1.11 | 0.91 | -0.99 | 0.35 | -0.82 | 0.97 | 1.04 | 0.70 | 1.03 |
| Diluted Shares Outstanding | 143.2M | 140.2M | 140.3M | 138.8M | 138.9M | 138.4M | 137.55M | 128.5M | 126.89M | 127.03M | 126.97M | 126.69M | 129.89M | 131.79M | 131.93M | 136.7M | 145.67M | 152.78M | 155.23M | 171.21M | 178.34M | 194.56M | 204.14M | 185.49M | 174.16M | 170.66M | 176.38M | 203.23M | 206.4M | 198.53M | 203.98M |
| Basic Shares Outstanding | 141.2M | 140.2M | 139.4M | 138.8M | 138.7M | 138M | 137.26M | 127.9M | 126.13M | 125.04M | 125.29M | 125.01M | 128.41M | 130.19M | 130.07M | 133.82M | 139.08M | 139.49M | 140.88M | 156.05M | 166.71M | 178.21M | 176.56M | 173.26M | 172.4M | 170.66M | 176.38M | 194.85M | 198.46M | 192.86M | 194.08M |
| Dividend Payout Ratio | - | - | 101.12% | - | 189.34% | 87.36% | 167.48% | 64.67% | 140.3% | 69.84% | 45.14% | 49.97% | 52.14% | 54.55% | 67.1% | 39.97% | 33.45% | 29.73% | 34.9% | 28.26% | 32.72% | 27.77% | 18.92% | 13.23% | - | 34.67% | - | 24.07% | 20.49% | 29.41% | 16.51% |
Quick answers to the most common questions about buying HAS stock.
For fiscal year 2025, Hasbro, Inc. (HAS) reported total revenue of $4.70B. This represents a 56.6% increase compared to $3.00B in 1996.
Hasbro, Inc. (HAS) reported a net loss of $322.4M for the fiscal year ending 2025.
Hasbro, Inc. (HAS) reported an operating income of $1.06B, resulting in an operating profit margin of 22.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Hasbro, Inc. (HAS) generated $3.30B in gross profit for the year, representing a gross profit margin of 70.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Below-the-line charges persist
Metrics are mathematically derived from official filings.
Revenue Momentum Rebounding on Gaming Strength
Hasbro's revenue growth accelerated to 16.2% year-over-year in 2026Q2, up from 12.7% in the prior quarter, according to recent financial statements, signaling sustained momentum in the Wizards of the Coast segment.
The sequential acceleration from 12.7% to 16.2% YoY growth suggests the digital licensing and collectible card strategies are gaining traction, likely driven by successful IP collaborations. The 31.3% growth in 2025Q4 further confirms a multi-quarter upswing, though the comparison base includes prior-year declines, so investors should monitor whether this pace is sustainable as lapping becomes more difficult.
Gross Margin Expansion Reflects Mix Shift
Gross margin reached 76.1% in 2026Q2, up from 74.6% a year earlier, based on reported figures, indicating a favorable shift toward high-margin digital and gaming revenue versus traditional toys.
The sustained gross margin above 70% in recent quarters, compared to 60-66% in 2024, suggests the divestiture of lower-margin entertainment assets and the growth of Wizards of the Coast are structurally improving profitability. This margin profile far exceeds peers like Mattel at 48.9%, reinforcing the moat around Hasbro's IP ecosystem, though the cyclicality of collectible card releases could introduce volatility.
Operating Leverage Emerging Despite SG&A Swings
Operating income grew 12.9% in 2026Q2 to $252.5M, while SG&A rose only 6.1% from the prior year, per financial statements, suggesting overhead efficiency is improving as revenue scales.
The operating margin of 22.2% in 2026Q2, though slightly below the 27.0% in 2026Q1, remains well above the 15-21% range seen in 2024, indicating that fixed costs are being spread over a larger revenue base. The unusually low SG&A in 2025 quarters (e.g., $63.6M in 2025Q2) likely reflects one-time adjustments or reclassifications, so investors should treat those figures with caution and focus on the more recent normalized levels.
Net Income Volatility Masks Underlying Strength
Net income swung from a -$855.8M loss in 2025Q2 to a $160.9M profit in 2026Q2, as reported in financial statements, highlighting the impact of one-time impairments on reported earnings quality.
The negative net margin of -6.9% on a TTM basis, despite a 22.5% operating margin, suggests substantial below-the-line charges, likely from the eOne divestiture or asset impairments. The absence of stock-based compensation in 2025 quarters and the sudden appearance of $17.6M in 2026Q2 warrants scrutiny, as it may indicate a change in accounting treatment or vesting schedules that could affect future EPS comparability.
2025Q2 Loss Marks Strategic Turning Point
The -$855.8M net loss in 2025Q2, driven by a -87.3% net margin, represents the clearest inflection point in the income statement history, per reported data, likely tied to the eOne divestiture.
This quarter appears to have been a clearing event, as subsequent quarters show a return to profitability with net margins of 11-20%, suggesting the company absorbed the bulk of restructuring charges. The lasting impact is a leaner cost base and a sharper focus on high-margin gaming, which is reflected in the improved gross margins and revenue growth since then, though the full benefit may take several more quarters to materialize.
Below-the-Line Drags Could Undermine Recovery
Despite strong revenue growth, Hasbro's persistent negative net margin and ROE of -36.8%, based on recent filings, suggest that below-the-line costs may continue to erode shareholder value.
Short-sellers could argue that the divergence between operating income and net income indicates recurring impairments or interest costs that are not yet resolved, potentially signaling that the company's core profitability is overstated. The elevated debt-to-equity ratio of 6.01, if accurate, raises concerns about interest coverage, especially in a rising rate environment, and could force management to prioritize debt reduction over reinvestment in growth initiatives.