Guidance
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FY2025 Q3
Повышен
Отчётный звонок Hasbro, Inc.
Вывод Buzzberg
Full-year guidance raised, EBITDA ~$1.25B midpoint
Hasbro raised full-year guidance driven by Magic's 55% revenue growth and improving consumer products trajectory. Management highlighted supply chain diversification to reduce China exposure to 30% by 2026 and secured major IP partnerships including Netflix's K-pop Demon Hunters and multiple Universes Beyond for Magic. Magic revenue surged 55% in Q3, led by Universes Beyond sets like Final Fantasy (biggest set ever) and strong backlist performance.
Вывод Buzzberg Full-year guidance raised, EBITDA ~$1.25B midpoint Hasbro raised full-year guidance driven by Magic's 55% revenue growth and improving consumer products trajectory. Management highlighted supply chain diversification to reduce China exposure to 30% by 2026 and secured major IP partnerships including Netflix's K-pop Demon Hunters and multiple Universes Beyond for Magic. Magic revenue surged 55% in Q3, led by Universes Beyond sets like Final Fantasy (biggest set ever) and strong backlist performance. Читать полный анализСвернуть анализ
Hasbro raised full-year guidance driven by Magic's 55% revenue growth and improving consumer products trajectory. Management highlighted supply chain diversification to reduce China exposure to 30% by 2026 and secured major IP partnerships including Netflix's K-pop Demon Hunters and multiple Universes Beyond for Magic. Magic revenue surged 55% in Q3, led by Universes Beyond sets like Final Fantasy (biggest set ever) and strong backlist performance.
- Full-year guidance raised: total revenue growth high single digits, adj. operating margin 22-23%, Wizards revenue growth 36-38%.
- Consumer products down 7% in Q3 but expected to be flat-to-up in Q4 with accelerating POS and restocking, driven by innovation and shelf resets.
- Tariff mitigation playbook: aiming for only 30% of toy/game revenue from China by 2026, with 30% from US manufacturing.
CONSUMER_PRODUCTS Выручка$797MФакт
Выручка$1.3875BФакт
WIZARDS Выручка$572MФакт
EPS$1.68Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Magic: Final Fantasy set is biggest in history
Product Pipeline
At least one 2026 Magic set could rival Final Fantasy
Показать ещё 3 тезиса
Supply Chain
Tariff mitigation to keep 2025 P&L impact at $60M
Demand
Retail inventories down mid-teens, replenishment driving Q4
Capex
Exodus capitalized software ~$350M, 85% hit within first year
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| CONSUMER_PRODUCTS Выручка | $797M | Факт |
| Выручка | $1.3875B | Факт |
| WIZARDS Выручка | $572M | Факт |
| EPS | $1.68 | Факт |
| Валовая маржа | 68.37% | Факт |
| Операционная маржа | 24.58% | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Операционная маржа | FY2025 | 22%–23% | 22.5% | Повышен |
| Операционная маржаCONSUMER_PRODUCTS | FY2025 | 4%–6% | 5% | Подтверждён |
| Операционная маржаWIZARDS | FY2025 | 44% | 44% | Повышен |
| Выручка | FY2025 | 7%–9% | 8% | Повышен |
| ВыручкаWIZARDS | FY2025 | 36%–38% | 37% | Повышен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed strong confidence in the business, citing record engagement, raised guidance, and positive future outlook across Magic, consumer products, and digital initiatives.
Инвестиции и мощности
Management discussed the capitalized software on the balance sheet, which includes development costs for Exodus and other games. The company expects this cost to be depreciated over time once games launch, impacting gross margins but not EBITDA. They also noted that they are investing in digital gaming and strategic partners, with a disciplined, returns-driven approach.
все упомянутые компании ниже: 8
Компаниис момента звонка
Клиенты
Клиенты
Chris Cox
Hasbro's strong promotional partnerships with major US retailers are supporting order growth and POS momentum into the holidays.
Доказательства
“Amazon, Walmart, and Target in particular”
Клиенты
Chris Cox
Hasbro's supply chain diversification is enabling distribution into new retail formats globally, including Chilean bodegas (Cencosud chain).
Доказательства
“from bodegas in Santiago to dollar stores in Peoria”
Партнёры
Партнёры
Chris Cox
Hasbro secures a major licensing deal with Netflix for K-pop Demon Hunters, expanding its toy and game portfolio with a hot new entertainment property.
Доказательства
“we announced an exciting collaboration tied to Netflix hit film K-pop Demon Hunters product is expected to hit shelves in 2026”
Партнёры
Chris Cox
Hasbro's Universes Beyond for Magic includes TMNT (Paramount), Star Trek (Paramount), and The Hobbit (Warner Bros), signaling deepening IP partnerships.
Доказательства
“Teenage Mutant Ninja Turtles, The Hobbit, Star Trek, and Marvel Super Heroes”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Hasbro expects to source only 30% of toy/game revenue from China by 2026 and 30% from US manufacturing, drastically reducing tariff exposure.
Доказательства
“by 2026 we expect approximately 30% of our total Hasbro toy and game revenue will be sourced from China and 30% of our revenue will be based in the U.S.”
Hasbro's retail inventories are down mid-to-high teens entering Q4 but order book is accelerating, suggesting restocking demand that could boost Q4 CP revenue.
Доказательства
“our retail inventories were down kind of mid to high teens in the U.S. coming into fourth quarter. Our order book has accelerated versus what we've seen in previous fourth quarters.”
Final Fantasy is already Magic's biggest set ever, and management sees at least one 2026 set that could rival or beat it, suggesting the Universes Beyond growth runway is far from exhausted.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 8. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.