HAS FY2025 Q4 개선

Hasbro, Inc. 실적 발표

Feb 10, 2026 · 03:30 ET Chris CoxFred WhitemanGina Getter earningscall_biz

Buzzberg 분석

Hasbro reaches over 1 billion people annually, per survey

Hasbro reported a strong Q4 and full-year 2025, with revenue up 31% in Q4 and record adjusted operating profit exceeding $1.1B. Management guided 2026 revenue growth of 3-5% and operating margins of 24-25%, driven by a rich entertainment slate and continued strength in Magic: The Gathering. Key cross-company signals include securing the Harry Potter toy license from Warner Bros. Discovery and deepening partnerships with Disney, Netflix, and Amazon. AI deployment is expected to free up 1 million hours of low-value work and cut prototype turnaround by 80%. Q4 2025 revenue $1.5B (+31% YoY), adjusted operating profit $315M (+180%).

Buzzberg 분석 Hasbro reaches over 1 billion people annually, per survey Hasbro reported a strong Q4 and full-year 2025, with revenue up 31% in Q4 and record adjusted operating profit exceeding $1.1B. Management guided 2026 revenue growth of 3-5% and operating margins of 24-25%, driven by a rich entertainment slate and continued strength in Magic: The Gathering. Key cross-company signals include securing the Harry Potter toy license from Warner Bros. Discovery and deepening partnerships with Disney, Netflix, and Amazon. AI deployment is expected to free up 1 million hours of low-value work and cut prototype turnaround by 80%. Q4 2025 revenue $1.5B (+31% YoY), adjusted operating profit $315M (+180%). 전체 분석 보기분석 접기

Full-year 2025 revenue $4.7B (+14%), adjusted operating margin 24.2%, EPS $5.54.
Wizards segment (Magic) was the standout: Q4 revenue +86%, full year +45%, with Magic itself up nearly 60%.
2026 guidance: revenue +3-5% constant currency, operating margin 24-25%, adjusted EBITDA $1.4-1.45B.

매출$1.4459B+4% 전분기 대비

주당순이익(EPS)$1.51-10% 전분기 대비

매출총이익률68.95%보고값

영업이익률22.3%보고값

근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

Brand Reach

Hasbro reaches over 1 billion people annually, per survey

Magic

Magic: The Gathering set 'Avatar: The Last Airbender' is third best-selling ever

Margins

2026 guidance implies ~1 point margin drag from higher royalties

핵심 내용 3개 더 보기

AI-assisted design cuts prototype time by ~80%

Partnerships

New partners include Harry Potter, K-pop Demon Hunters, Voltron, Street Fighter

Tariffs

Tariffs to cost ~$60M in 2026, up from ~$40M in 2025

보고 기간

보고 실적

지표	보고값	변화
매출	$1.4459B	+4% 전분기 대비
주당순이익(EPS)	$1.51	-10% 전분기 대비
매출총이익률	68.95%	보고값
영업이익률	22.3%	보고값
잉여현금흐름	$0.3895B	+49% 전분기 대비
자본지출	$0.0137B	보고값

향후 전망

향후 가이던스

지표	기간	범위	중간값	상태
잉여현금흐름	FY2026	$1.4B–$1.45B	$1.425B	제시
영업이익률	FY2026	24%–25%	24.5%	제시

AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management expressed strong confidence in the strategy and momentum, citing record results, new partnerships, and growth guidance, while acknowledging macro volatility and a mixed consumer environment.

경영진의 AI 분석

Management framed AI as a productivity and innovation tool, deployed across the enterprise with human oversight. They cited AI-assisted design and 3D printing reducing concept-to-prototype time by ~80%, and expect AI workflows to free up over 1 million hours of lower-value work in 2026, reinvested into higher-value activities. They believe Hasbro's combination of deep IP, creative talent, and disc

자본지출

투자 및 생산능력

Capital allocation focuses on investing in highest-return growth opportunities led by Wizards and digital gaming, while paying down debt and returning cash via dividends and a new $1 billion buyback. No specific capex or infrastructure numbers were disclosed.

아래에 언급된 기업 7개 모두 표시

기업발표 이후 수익률

고객

NFLX -7.9%

고객

Hasbro is licensing a major Netflix IP, indicating Netflix's confidence in Hasbro's toy capabilities.

근거

“In toys, we added K-pop Demon Hunters, the global phenomenon and Netflix's most popular film, as a co-master toy licensee.”

Chris Cox

파트너

DIS -5.6%

파트너

Disney is Hasbro's longest-standing partner; the relationship is deepening with products tied to four major film releases in 2026.

근거

“We have worked with Premier Partners for more than 70 years, beginning with the Walt Disney Company in 1954.”

Chris Cox

WBD -5.2%

파트너

Hasbro secured the primary toy license for Harry Potter from Warner Bros. Discovery, a competitive win against peers like Mattel. — Harry Potter is one of the most valuable entertainment franchises; Hasbro's capture of this license signals a shift in toy licensing market share toward Hasbro.

근거

“This morning we also announced the primary toy license for the world of Harry Potter and the upcoming HBO original Harry Potter series with Warner Brothers Discovery.”

Chris Cox

AMZN

파트너

Hasbro is collaborating with Amazon's studio on a Voltron license, expanding its partner-driven toy pipeline.

근거

“Joining new recently announced partnerships for Voltron with Amazon MGM Studios and Street Fighter with Legendary Pictures.”

Chris Cox

OPENAI GOOGL +18.9%

파트너

Hasbro is integrating OpenAI's technology into its enterprise operations, a sign of OpenAI's enterprise adoption.

근거

“We're partnering with best-in-class platforms, including Google Gemini, OpenAI, and Eleven Labs, to embed AI into workflows.”

Chris Cox

공급망

MAT

공급망

Chris Cox

외부 신호

공급망 알파 · 3발표 이후 수익률

Hasbro secured the primary toy license for Harry Potter from Warner Bros. Discovery, a competitive win against peers like Mattel.

Chris Cox

MAT WBD-5.2%

Magic: The Gathering was rate-constrained in 2025 due to production capacity, limiting sales growth.

Chris Cox

HAS-7.1%

근거

“Actually Magic was rate constrained last year based on our ability to just produce and drive reprints.”

AI-driven design processes have reduced concept-to-prototype time by roughly 80%, accelerating product iteration.

Chris Cox

HAS-7.1%

근거

“We've reduced time from concept to physical prototype by roughly 80%, enabling faster iteration and more experimentation.”

방법론 및 범위

경영진 발언만 분석합니다. 검증된 기업 언급 7개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.