5 Insightful Analyst Questions From Hasbro's Q3 Earnings Call

Hasbro’s third quarter results were met with a positive market reaction, reflecting outperformance versus Wall Street’s expectations on both revenue and profit. Management attributed this outcome to strong momentum in its Wizards of the Coast segment, particularly from MAGIC: THE GATHERING, which saw exceptional growth through new collaborations and expanded player engagement. CEO Chris Cocks highlighted, “MAGIC continues to outperform expectations, posting 40% growth year-to-date,” with additional contributions from key brands like MONOPOLY, Marvel, and PEPPA PIG. Operational discipline and the company’s focus on cost transformation also supported improved margins, despite ongoing tariff pressures.

Is now the time to buy HAS? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Hasbro’s Q3 Earnings Call

• Megan Clapp (Morgan Stanley) asked about Q4 profitability drivers by segment. CEO Chris Cocks and CFO Gina Goetter attributed gains to continued MAGIC momentum and Consumer Products’ rebound, with revenue growth and margin leverage across both segments.
• Arpine Kocharyan (UBS) questioned the sustainability of MAGIC’s growth into 2026. Cocks responded that additional set releases and strong backlist performance, especially from Universes Beyond, provide a foundation for future expansion.
• Stephen Laszczyk (Goldman Sachs) inquired about tariff impact and margin outlook for Consumer Products. Goetter explained that while tariff costs will rise with full-year exposure, ongoing mitigation strategies and pricing adjustments are aimed at offsetting margin pressures.
• Christopher Horvers (JPMorgan Chase) asked about CP segment margin recovery. Goetter stated that top-line growth and supply chain productivity will help offset tariff headwinds, but long-term margins may remain in the high single-digit range if tariffs persist.
• Alexander Perry (Bank of America) probed future growth opportunities in Consumer Products and MAGIC’s mass channel. Cocks highlighted new licensing partnerships, a strong entertainment pipeline, and expanded retail distribution as key growth drivers.

Catalysts in Upcoming Quarters

Looking ahead, key factors to watch include (1) continued MAGIC set releases and the performance of Universes Beyond collaborations; (2) the pace and impact of supply chain diversification efforts to reduce tariff exposure; and (3) innovation and sell-through in Consumer Products, especially from new licenses like KPop Demon Hunters and upcoming entertainment tie-ins. Execution on digital initiatives and cost transformation will also be important indicators of Hasbro’s progress.

Hasbro currently trades at $79.01, up from $75.13 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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