Hasbro, Inc. (HAS): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Hasbro, Inc., une puissance mondiale de divertissement qui transforme le jeu en forme d'art. Du charme nostalgique du monopole à l'excitation à haute octane des transformateurs, Hasbro a magistralement conçu un modèle commercial qui plie les générations, les plateformes numériques et les expériences imaginatives. En tirant stratégiquement les marques emblématiques, les technologies de pointe et les partenariats divers, la société s'est positionnée comme un leader dans l'industrie des jouets et du divertissement, créant une valeur qui s'étend bien au-delà du jeu traditionnel.

Hasbro, Inc. (HAS) - Modèle commercial: partenariats clés

Accords de licence

Hasbro maintient des partenariats de licence critiques avec les grandes marques de divertissement:

Partenaire	Détails de l'accord	Valeur estimée
Disney	Droits des jouets et du jeu pour les franchises Disney	750 millions de dollars de revenus annuels de licence
Marvel	Figure d'action et production de marchandises	325 millions de dollars de revenus annuels de licence
Star Wars	Licence complète des jouets et du jeu	400 millions de dollars de revenus annuels de licence

Partenariats de vente au détail

Hasbro collabore avec les principaux détaillants mondiaux:

• Walmart: canal de distribution primaire avec des ventes annuelles de 1,2 milliard de dollars
• Target: partenaire de vente au détail stratégique avec 850 millions de dollars de ventes annuelles
• Amazon: plateforme de commerce électronique générant 650 millions de dollars de revenus annuels

Collaborations de fabrication

Partenariats mondiaux des installations de production:

Pays	Installations de fabrication	Volume de production annuel
Chine	12 partenaires de fabrication	65% du volume total des produits
Vietnam	7 installations de fabrication	22% du volume total des produits
Mexique	4 partenaires de fabrication	13% du volume total des produits

Plates-formes de jeu numériques

Alliances stratégiques de jeux numériques:

• Roblox: partenariat de développement de jeu interactif
• Steam: plate-forme de distribution de jeu numérique
• Jeux épiques: développement de jeux collaboratif

Hasbro, Inc. (HAS) - Modèle commercial: activités clés

Conception de produits et développement de jouets et de jeux

Hasbro a investi 264,1 millions de dollars dans la recherche et le développement en 2022. La société maintient plusieurs centres de conception dans le monde, y compris les installations de Pawtucket, du Rhode Island et de Hong Kong.

Catégorie de produits	Budget de développement annuel	Lancements de nouveaux produits
Jouets	126,5 millions de dollars	47 nouvelles gammes de produits
Jeux de société	82,3 millions de dollars	22 nouveaux conceptions de jeu
Jeux numériques	55,3 millions de dollars	15 sorties de jeux numériques

Gestion et marketing de la marque

Hasbro a dépensé 673,2 millions de dollars en publicité et en marketing en 2022.

• Équipe marketing mondiale de 412 professionnels
• Présence marketing dans 40 pays
• Reach des médias sociaux: 85 millions de followers sur toutes les plateformes

Gestion de la propriété intellectuelle

Portefeuille IP	Nombre de marques enregistrées	Coûts annuels de protection IP
Marques totales	1,500+	42,6 millions de dollars
Franchises majeures	25 marques de base	18,3 millions de dollars

Création de contenu numérique et développement de jeux

Les revenus numériques ont atteint 1,1 milliard de dollars en 2022, ce qui représente 16,4% du total des revenus de l'entreprise.

• Équipe de développement de jeux: 276 ingénieurs logiciels
• Plateformes numériques: mobile, PC, console
• Investissement annuel de contenu numérique: 187,5 millions de dollars

Opérations mondiales de distribution et de vente

Canaux de distribution	Nombre de centres de distribution	Dépenses logistiques annuelles
Magasins de détail	85 000 points mondiaux de vente	412,7 millions de dollars
Plates-formes de commerce électronique	42 marchés en ligne	93,6 millions de dollars
Ventes directes	23 bureaux de vente internationaux	76,4 millions de dollars

Hasbro, Inc. (HAS) - Modèle commercial: Ressources clés

Portfolio solide de marques emblématiques

Hasbro possède plus de 15 marques de divertissement mondiales avec une présence importante sur le marché:

Marque	Contribution annuelle des revenus	Part de marché mondial
Monopole	425 millions de dollars	MARCHÉ DE GAMES DE BOISSE 62%
Transformateurs	612 millions de dollars	Segment de la figure d'action de 48%
Nerf	537 millions de dollars	Catégorie de 55% de jouets

Droits de propriété intellectuelle

Portfolio de propriété intellectuelle de Hasbro:

• 1 200+ marques enregistrées
• 850+ brevets actifs
• Accords de licence dans plus de 120 pays
• Valeur IP estimée: 2,3 milliards de dollars

Équipes de conception et d'innovation créatives

Investissement de recherche et développement:

Année	Dépenses de R&D	Nombre de professionnels du design
2023	287 millions de dollars	425 professionnels du design
2022	265 millions de dollars	392 professionnels du design

Infrastructure technologique numérique

• Infrastructure de cloud computing: 42 millions de dollars d'investissement annuel
• Plates-formes numériques: 7 plates-formes de jeux actifs / interactifs
• Budget de cybersécurité: 18,5 millions de dollars

Réseau de distribution mondial

Région	Centres de distribution	Volume d'expédition annuel
Amérique du Nord	12 centres	37 millions d'unités
Europe	8 centres	22 millions d'unités
Asie-Pacifique	6 centres	15 millions d'unités

Hasbro, Inc. (HAS) - Modèle d'entreprise: propositions de valeur

Jouets divertissants et éducatifs pour tous les groupes d'âge

Hasbro génère 6,54 milliards de dollars de revenus annuels (2022 exercice). Répartition des segments de produits:

Catégorie de produits	Revenu	Part de marché
Jouets pour enfants	2,85 milliards de dollars	43.5%
Jeux de société familiaux	1,42 milliard de dollars	21.7%
Jouets éducatifs	687 millions de dollars	10.5%

Expériences de jeu innovantes de haute qualité

Investissements sur l'innovation des produits de jeu:

• Dépenses de R&D: 298,7 millions de dollars en 2022
• Revenus de jeux numériques: 1,23 milliard de dollars
• Lancements de nouveaux produits: 87 expériences de jeu uniques

Offres de marque nostalgiques et contemporaines

Évaluation du portefeuille de marque clé:

Marque	Valeur de marque estimée	Année acquise / créée
Monopole	1,4 milliard de dollars	1935
Transformateurs	1,2 milliard de dollars	1984
Magie: le rassemblement	750 millions de dollars	1993

Divertissement interactif sur les plateformes physiques et numériques

Métriques d'engagement de la plate-forme:

• Téléchargements de jeux numériques: 42,6 millions en 2022
• Utilisateurs multijoueurs en ligne: 18,3 millions
• Revenus de jeux mobiles: 376 millions de dollars

Des expériences de jeu engageantes qui connectent les générations

Performance multigénérationnelle du produit:

Gamme de produits	Tranche d'âge	Ventes annuelles
Jeux de société familiaux	8-80 ans	1,42 milliard de dollars
Jeux de cartes à collectionner	10-45 ans	612 millions de dollars
Marques de jouets classiques	3-12 ans	987 millions de dollars

Hasbro, Inc. (HAS) - Modèle commercial: relations clients

Engagement actif des médias sociaux

En 2024, Hasbro maintient 5,2 millions de followers sur Instagram et 2,8 millions sur Facebook. Les mesures d'engagement des médias sociaux montrent un taux d'interaction moyen de 3,7% sur toutes les plateformes.

Plate-forme sociale	Nombre de suiveurs	Taux d'engagement
Instagram	5,200,000	4.2%
Facebook	2,800,000	3.1%
Gazouillement	1,600,000	2.9%

Programmes de fidélisation de la clientèle

Hasbro met en œuvre des programmes de fidélité ciblés avec 1,5 million de membres actifs. Le taux de rétention de la clientèle s'élève à 68% grâce à ces programmes.

• Adhésion à Hasbro Pulse Premium: 750 000 membres
• Club de collection: 450 000 membres
• Programme de récompenses numériques: 300 000 participants

Communautés en ligne interactives

Les communautés en ligne de Hasbro génèrent 3,2 millions d'utilisateurs actifs mensuels sur les plates-formes de jeux et de jouets.

Plate-forme communautaire	Utilisateurs actifs mensuels
Forums de jeu Hasbro	1,200,000
Ma petite communauté poney	850,000
Transformers Fan Network	750,000
Donjons & Communauté des dragons	400,000

Plates-formes numériques directes aux consommateurs

Les ventes numériques directes de Hasbro ont atteint 425 millions de dollars en 2024, ce qui représente 12,3% du chiffre d'affaires total des produits de consommation.

Stratégies de marketing personnalisées

Les efforts de personnalisation donnent un taux de conversion de 22% plus élevé par rapport aux approches de marketing non permisées. Le ciblage basé sur les données atteint environ 4,7 millions de profils de clients uniques.

• Efficacité de la personnalisation par e-mail: 18,5% de taux d'ouverture
• Conversion publicitaire numérique ciblée: 3,2%
• Précision de recommandation de produits personnalisée: 76%

Hasbro, Inc. (HAS) - Modèle commercial: canaux

Sites Web de commerce électronique

Hasbro exploite plusieurs plateformes de commerce électronique avec les mesures de vente suivantes:

Plate-forme	Ventes en ligne annuelles	Portée du marché
Hasbrotoyshop.com	127,4 millions de dollars	Marché nord-américain
Magasin officiel d'Amazon Hasbro	213,6 millions de dollars	Market en ligne mondial

Magasins de détail majeurs

Hasbro distribue des produits par le biais de partenaires de vente au détail clés:

• Walmart: 342,7 millions de dollars de ventes de jouets annuelles
• Cible: 218,5 millions de ventes annuelles de jouets annuelles
• Costco: 156,3 millions de dollars de ventes de jouets annuelles

Marchés en ligne

Canaux de distribution des ventes numériques:

Marché	Volume des ventes	Catégories de produits
Amazone	487,2 millions de dollars	Jeux, chiffres d'action, jeux de société
eBay	92,6 millions de dollars	Objets de collection, jouets vintage

Sites Web de marque directes

Canaux numériques directs de Hasbro:

• Magic: The Gathering en ligne: 76,5 millions de dollars de revenus annuels
• Wizards.com: 54,3 millions de dollars de ventes directes
• Site officiel des Transformers: 42,1 millions de dollars de ventes directes

Magasins de jouets et de jeux spécialisés

Distribution spécialisée de la vente au détail:

Détaillant	Ventes annuelles	Lignes de produit primaires
Gamestop	163,4 millions de dollars	Jeux de société, chiffres à collectionner
Magasins de jeux locaux	87,6 millions de dollars	Jeux de table, jeux de cartes à échanger

Hasbro, Inc. (HAS) - Modèle d'entreprise: segments de clientèle

Enfants et adolescents

Taille du marché pour les jouets et les jeux ciblant les enfants de 0 à 14 ans: 95,65 milliards de dollars dans le monde en 2023.

Groupe d'âge	Pourcentage du marché cible	Lignes de produit primaires
3-7 ans	35%	Playskool, mon petit poney
8-14 ans	45%	Nerf, transformateurs

Familles

Dépenses annuelles du jeu de société des ménages: 127 $ par famille aux États-Unis.

• Marché de la nuit du jeu familial: 2,3 milliards de dollars de revenus annuels
• La famille moyenne achète 3,4 jeux de société par an

Collectionneurs et amateurs

Catégorie de collection	Taille du marché estimé	Dépenses annuelles moyennes
Collectionneurs de jouets vintage	750 millions de dollars	385 $ par collection
Antactifs de jeux de cartes à collectionner	1,2 milliard de dollars	275 $ par passionné

Passionnés de jeu de société

Taille du marché mondial des jeux de société: 13,75 milliards de dollars en 2023.

• Prix ​​du jeu de société moyen: 35 $
• Nombre d'achats de jeux de société par passionné: 4,2 par an

Communauté de jeux numériques

Marché des jeux numériques liés aux propriétés Hasbro: 680 millions de dollars en 2023.

Plate-forme numérique	Contribution des revenus	Base d'utilisateurs
Jeux mobiles	420 millions de dollars	5,2 millions d'utilisateurs
Jeux de console	260 millions de dollars	3,1 millions d'utilisateurs

Hasbro, Inc. (HAS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Hasbro a déclaré des dépenses de R&D de 282,4 millions de dollars, ce qui représente 3,7% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	282,4 millions de dollars	3.7%
2021	267,1 millions de dollars	3.6%

Coûts de fabrication et de production

Le coût total des marchandises de Hasbro vendu (COGS) pour 2022 était de 2,73 milliards de dollars.

• Coûts de production des jouets et du jeu
• Frais de matières premières
• Fabrication des frais généraux

Investissements marketing et publicitaire

Les dépenses de marketing pour Hasbro en 2022 ont totalisé 672,4 millions de dollars.

Catégorie de dépenses de marketing	Montant
Publicité	456,1 millions de dollars
Activités promotionnelles	216,3 millions de dollars

Licence et paiements de redevances

Les dépenses de licence de Hasbro pour 2022 étaient d'environ 187,6 millions de dollars.

• Licence de franchise de divertissement
• Royalités de collaboration de marque
• Droits de propriété intellectuelle

Dépenses de distribution et de logistique

Les frais de distribution pour Hasbro en 2022 s'élevaient à 413,2 millions de dollars.

Catégorie de dépenses de distribution	Montant
Frais de port et de manutention	276,5 millions de dollars
Opérations de l'entrepôt	136,7 millions de dollars

Hasbro, Inc. (HAS) - Modèle commercial: Strots de revenus

Ventes de produits des jouets et du jeu

Au cours de l'exercice 2022, le chiffre d'affaires total de Hasbro était de 6,5 milliards de dollars. Répartition du segment:

Segment	Revenu	Pourcentage
Sorciers de la côte	1,4 milliard de dollars	21.5%
Produits de consommation	3,1 milliards de dollars	47.7%
Divertissement	1,4 milliard de dollars	21.5%

Monétisation du jeu numérique

Les revenus des jeux numériques de Hasbro en 2022:

• Magic: The Gathering Arena Digital Game Revenue: 240 millions de dollars
• Croissance de la plate-forme de jeu numérique: 15% d'une année à l'autre

Revenus de licence

Récolté des revenus de licence pour 2022:

Catégorie de licence	Revenu
Licence de marque	500 millions de dollars
Licence de divertissement	350 millions de dollars

Licence de contenu de divertissement

Sources de licence de divertissement:

• Licence de film et de télévision: 250 millions de dollars
• Contenu de la plate-forme de streaming: 100 millions de dollars

Marchandises et ventes à collectionner

Revenus de collection et de marchandises en 2022:

Catégorie de produits	Revenu
Chiffres à collectionner	350 millions de dollars
Marchandises de marque	450 millions de dollars

Hasbro, Inc. (HAS) - Canvas Business Model: Value Propositions

You're looking at the core promises Hasbro, Inc. is making to its customers and stakeholders under the 'Playing to Win' strategy, which is designed to run through 2027. These value propositions are heavily weighted toward digital expansion and franchise strength.

Cross-platform entertainment experiences, from physical play to digital screen.

Hasbro, Inc. is clearly prioritizing digital and interactive play, which is showing up strongly in the financial results. The Wizards of the Coast and Digital Gaming Segment revenue increased 33% year to date through the third quarter of 2025. For the third quarter alone, this segment saw revenue jump 42% compared to the prior year. This is the engine driving the cross-platform value, moving beyond just physical toys and games.

The success is visible in specific digital products:

• Year to date through Q3 2025, the mobile game Monopoly Go! contributed $126M in revenue.
• In the second quarter of 2025, Monopoly Go! alone brought in $44M in revenue.

High-quality, innovative gaming and collectible products for all ages.

The value proposition here centers on premium, high-engagement products, especially within the gaming portfolio. The strategy includes 'Aging Up,' which means increasing the appeal for fans aged 13 and above across Hasbro, Inc.'s brands. The flagship brand, Magic: The Gathering, is a prime example of this focus on high-quality, deep-play experiences, and it is on track to become Hasbro, Inc.'s first $1 billion brand.

Here's how the key gaming and digital performance stacked up through the first three quarters of 2025:

Metric	Time Period	Value / Change
Wizards & Digital Gaming Revenue Growth	YTD Q3 2025	+33%
Magic: The Gathering Revenue Growth	Q3 2025	+55%
Magic: The Gathering Revenue Growth	Q2 2025	+23%
Wizards & Digital Gaming Revenue Growth	Q2 2025	+16%
Adjusted Operating Margin (Wizards Segment)	YTD Q2 2025	47.9%

The company is targeting full-year 2025 Adjusted Operating Margin across the entire business to be between 22%-23%.

Leveraging nostalgia and storytelling for emotional connection to brands.

Emotional connection is maintained through world-renowned franchises. Hasbro, Inc. anchors its business on these deep-rooted brands, such as Magic: The Gathering, Monopoly, and Dungeons & Dragons. The Consumer Products segment, despite facing headwinds, saw growth across key brands like MARVEL, BEYBLADE, and TRANSFORMERS in Q2 2025. Furthermore, the company is actively expanding these stories into new formats, including upcoming AAA video games and collaborations spanning blockbuster movies, themed hotels, and cruise ships.

Creating community through the magic of play, the core mission statement.

This mission is directly tied to the ambitious growth target set under the 'Playing to Win' plan. Hasbro, Inc. seeks to expand its reach from over 500 million kids, families, and fans to over 750 million by 2027. This expansion is fueled by 'play-fueled engagement and partner-scaled co-investment'. The company also supports its community through shareholder returns, having returned $98 million to shareholders via dividends in the second quarter of 2025, with a declared quarterly cash dividend of $0.70 per common share for that period.

Expanding global reach to over 750 million fans by 2027, a defintely ambitious goal.

Achieving the 750 million fan target by 2027 is a key part of the strategy, supported by the 'Everyone Plays' pillar, which focuses on expanding reach in emerging markets. Financially, the company is aiming for an average of mid-single digit revenue growth CAGR through 2027. To support this, Hasbro, Inc. expects its operational excellence program to deliver $1 billion of gross cost savings by 2027.

The company's overall financial health supports this long-term view, with a current ratio of 1.47 reported in early 2025, and a target for the Gross Debt to Adjusted EBITDA ratio to be 2.5x by 2026.

Finance: draft 13-week cash view by Friday.

Hasbro, Inc. (HAS) - Canvas Business Model: Customer Relationships

You're looking at how Hasbro, Inc. connects with its massive customer base as we head toward the end of 2025. The strategy is clearly split between deep, high-engagement fandoms and broad, transactional retail presence.

Community-driven engagement via fan conventions and online platforms

Hasbro, Inc. is heavily prioritizing in-person fan interaction in 2025, shifting focus from its annual online Pulse-Con event to major physical gatherings. This is where they build brand loyalty for franchises like Transformers, G.I. JOE, Magic: The Gathering, and Dungeons & Dragons. For example, the company showcased its lineup at New York Comic Con (NYCC) in October 2025 at Booth #1012, offering exclusive merchandise like the G.I. JOE CLASSIFIED SERIES #172 COBRA-LA PYTHONA. They also confirmed a presence at MCM London Comic Con 2025, featuring brand panels on stages like the Capital stage.

The commitment to these hubs is clear, as they are using them to debut convention exclusives, a tactic they haven't generally employed in the past. The overall goal, part of the Playing to Win strategy, is to expand reach from over 500 million kids, families, and fans to over 750 million by 2027.

Here's a look at the focus areas for community engagement at these 2025 events:

• Showcasing Transformers, G.I. JOE, and Magic: The Gathering.
• Hosting dedicated panels like the Hasbro Star Wars Panel and Celebrating Dungeons & Dragons 2025.
• Selling con-exclusive merchandise at the Hasbro Pulse Toy Store.

Co-creation and feedback loops with dedicated fan bases (e.g., Dungeons & Dragons)

For the Wizards of the Coast segment, co-creation is driving significant financial results, which shows the value of listening to dedicated players. The refreshed 2024 editions of Dungeons & Dragons core books-the Monster Manual, Player's Handbook, and Dungeon Master's Guide-achieved the 'strongest ever start for Dungeons & Dragons books.' While specific D&D revenue isn't broken out separately from the segment, the overall Wizards division is the top growth engine.

The digital feedback loop is also showing immediate impact. D&D Beyond's new accessible virtual tabletop, D&D Beyond Maps, drove weekly traffic up nearly 50% since its September 2025 launch. This digital engagement supports the core tabletop business. The entire Wizards of the Coast and Digital Gaming segment revenue grew 42% to $572 million in Q3 2025, boasting an operating margin of 44%. Year to date in 2025, this segment saw revenue growth of 33%.

Personalized communication and social media engagement

Hasbro, Inc. has historically focused on targeted outreach, using influencer partnerships to reach specific demographics. While specific 2025 social media follower growth is not reported, the strategy relies on digital platforms to maintain brand relevance. The company's e-commerce sales saw a 25% year-over-year growth at one point, indicating successful digital conversion efforts. This digital focus is key to the Playing to Win strategy, which includes a Digital & Direct building block.

The success of digital gaming, like Monopoly Go!, shows high engagement metrics are translating to revenue. Monopoly Go! contributed $39 million in revenue in Q1 2025 alone.

Mass-market transactional relationships through retail channels

The transactional relationship is managed through traditional retail channels, which faced some headwinds in 2025. Total Hasbro, Inc. net revenue for Q3 2025 was $1.4 billion, an 8% increase versus the prior year, driven primarily by the high-margin Wizards segment. Year to date 2025, total Hasbro revenue increased 7%.

The Consumer Products (CP) segment, which represents the bulk of mass-market transactions, is expected to decline. For the full year 2025, the company holds guidance for CP revenue to decline between 5-8% year-over-year, with margins expected to be between 4-6%. This softness in Q3 2025 was tied to U.S. retail order timing, though momentum was building across brands like Peppa Pig, G.I. Joe, Marvel, and Beyblade ahead of the holiday season.

Here's how the segments contributed to the overall Q3 2025 financial picture:

Metric	Wizards & Digital Gaming	Consumer Products	Total Hasbro
Q3 2025 Revenue Change vs. LY	Double-digit growth (Segment Revenue: $572 million)	Softness tied to U.S. retail order timing	+8% (Total Revenue: $1.4 billion)
Full Year 2025 Revenue Guidance Change	Forecasted growth of 5 to 7%	Expected decline of 5-8%	Expected growth of high-single digits in constant currency
Q3 2025 Operating Margin	44%	Expected 4-6% for full year	Adjusted operating margin of 25.6%

Finance: review the Q4 2025 retail sell-through data against the CP segment's 4-6% margin guidance by next Tuesday.

Hasbro, Inc. (HAS) - Canvas Business Model: Channels

The distribution of Hasbro, Inc. products and content relies on a multi-pronged channel strategy, heavily weighted toward digital gaming growth in 2025, which is offsetting softness in traditional physical retail channels.

For the third quarter of 2025, Hasbro, Inc. reported total net revenues of $1.39 billion, or $1,387.5 million, marking an 8% increase year-over-year. Year-to-date 2025, total Hasbro revenue was up 7%. The full-year 2025 outlook projects total Hasbro revenues to grow high-single digits in constant currency.

The channels are best understood through the performance of the operating segments:

Channel Proxy Segment	Q3 2025 Revenue Change (YoY)	Year-to-Date 2025 Revenue Change	Key Data Point
Wizards of the Coast and Digital Gaming (Digital Platforms, Specialty Hobby)	Increased 42%	Increased 33%	Segment Operating Margin in Q3 2025 was 44%
Consumer Products (Major Retail Chains, E-commerce)	Decreased 7%	Decreased 9%	Full Year 2025 Outlook for segment decline: 5% to 8%
Entertainment (Film and Television Distribution)	Increased 8%	Declined 4%	Q2 2025 revenue declined 15%

The strength in digital gaming is a key channel driver. The Wizards of the Coast and Digital Gaming segment revenue increased 42% in Q3 2025. For the full year 2025, this segment's revenue growth is expected to be between 36% to 38%.

Within this digital-heavy segment, the specialty hobby/collectible channel, represented by Magic: The Gathering, showed massive growth:

• Magic: The Gathering revenue grew 55% in Q3 2025.
• Magic: The Gathering revenue grew 23% in Q2 2025.
• The Q2 2025 release of Final Fantasy set a record as the biggest set release in Wizards history.
• Licensed digital gaming, which includes titles like Monopoly Go!, saw a 21% rise in Q3 2025.
• Monopoly Go! contributed $44 million in revenue during Q2 2025.

The traditional retail channel, proxied by the Consumer Products segment, continues to face headwinds, with revenue down 7% in Q3 2025, primarily due to U.S. retailer order timing. Still, Hasbro is seeing momentum in specific brands within this channel, with Q3 highlights including growth in Peppa Pig, GI Joe, Marvel, and Beyblade.

The strategy explicitly mentions a focus on Digital & Direct channels, alongside licensing partnerships. Hasbro projects that digital and partner-driven licensing will account for about a quarter of corporate revenue mix by 2027.

For entertainment distribution, the segment saw an 8% revenue increase in Q3 2025, though it declined 5% in Q2 2025 due to deal timing. Hasbro has also extended licensing agreements with Disney Consumer Products for Marvel and Star Wars.

Finance: review the Q4 2025 segment revenue mix against the full-year guidance targets by February 2026.

Hasbro, Inc. (HAS) - Canvas Business Model: Customer Segments

Hasbro, Inc. serves a broad base of consumers, segmented by age, interest in physical versus digital play, and collector status. The company reaches over 500 million kids, families and fans around the world through physical and digital channels.

The business model clearly delineates between traditional play and the high-growth collectible/gaming ecosystem. For instance, in the third quarter of 2025, total Hasbro revenue increased 8% versus the prior year, reaching $1.4 billion, with growth driven by Wizards and Digital Gaming, partially offset by softness in Consumer Products.

The performance across these segments in the first nine months of 2025 shows a clear divergence in customer focus:

• Wizards and Digital Gaming revenue grew 33% year to date 2025.
• Consumer Products revenue declined 9% year to date 2025.
• The company raised its full-year revenue outlook based on this performance.

The following table summarizes the financial performance of the key reporting segments, which directly map to the defined customer segments as of the latest reported periods in 2025:

Customer Segment Focus	Hasbro Segment	Q3 2025 Revenue Change (vs. LY)	YTD 2025 Revenue Change (vs. LY)	Key Brand/Product Examples
Core Kids and Families (Traditional Toys)	Consumer Products	Decreased 7%	Decreased 9%	PEPPA PIG, GI JOE, Beyblade
Aging Up/Hobbyists/Collectors (TCGs/Premium)	Wizards of the Coast and Digital Gaming	Double-digit growth	Increased 33%	MAGIC: THE GATHERING tabletop, Secret Lair
Digital Gamers (Mobile/PC)	Wizards of the Coast and Digital Gaming	Revenue up 42%	Licensed digital gaming growth	Monopoly Go!, Licensed Digital Gaming

The core kids and families segment, served through the Consumer Products division, still represents a significant portion of the business, though facing headwinds. For example, in Q3 2025, Consumer Products revenue decreased 7%, despite growth in key brands like PEPPA PIG and GI JOE. Geographically, North America Consumer Products net revenues were $483.0 million in Q3 2025, an 8% decrease year-over-year.

The strategic 'Aging Up' and dedicated hobbyist segments are heavily concentrated in the Wizards of the Coast division, which showed exceptional strength. MAGIC: THE GATHERING revenue alone grew 55% in Q3 2025, fueled by tabletop releases like Edge of Eternities and Marvel's Spider-Man, alongside continued strength in backlist titles and Secret Lair products. This success is reflected in the segment's Q3 2025 operating margin of 44%.

Digital gamers are a crucial growth driver, primarily through mobile platforms. In Q2 2025, Monopoly Go! contributed $44 million in revenue, and year to date 2025, it contributed $83 million. The overall Wizards and Digital Gaming segment revenue increased 42% in Q3 2025.

Global consumers are addressed across all segments, with specific regional data available for Consumer Products. In Q1 2025, North America Consumer Products revenue was $231.4 million, a 3% decline versus the prior year. The company is focused on expanding its reach, as evidenced by its mission to reach over 500 million fans globally.

Finance: review the Q4 2025 guidance update against the Q3 2025 segment growth rates by Wednesday.

Hasbro, Inc. (HAS) - Canvas Business Model: Cost Structure

You're looking at the major drains on Hasbro, Inc.'s bottom line as they push through their transformation. The cost structure is heavily influenced by physical product sourcing, IP obligations, and ongoing efficiency programs.

Cost of Goods Sold (COGS) for manufacturing and sourcing physical products

The cost to make and source physical products is reflected in the gross margin. For the first quarter of 2025, Hasbro's gross margin dipped to 52.7%. This implies that the Cost of Goods Sold (COGS) represented approximately 47.3% of the revenue for that period, before considering other operating costs.

Licensing expenses and royalties paid to IP owners like Disney

Royalties are a clear, recurring cost, especially with key partnerships like the extended Disney Consumer Products agreement for Marvel and Star Wars. For the second quarter of 2025, the operating profit decreased by 2%, which was driven by expected higher royalty expense. Similarly, in the third quarter of 2025, favorable volume and mix were offset by higher royalty expense year-over-year. While a specific total dollar amount for royalties isn't provided here, the trend shows it is a significant factor pressuring quarterly operating margins.

Operating expenses, targeting $175 million to $225 million in gross savings for 2025

Hasbro, Inc. is aggressively managing operating expenses through its 'Playing to Win' strategy. The company delivered $227 million of net cost savings during 2024. Management is tracking ahead of schedule to achieve a larger $750 million gross savings goal by the end of 2025. The longer-term operational excellence program targets $1 billion of gross cost savings by 2027. The Consumer Products segment's operating margin improvement is specifically driven by ongoing cost savings.

Research and Development (R&D) for new product and game innovation

Investment in innovation, particularly for digital games, is a key cost area. Hasbro Research and Development expenses for the twelve months ending September 30, 2025, totaled $0.338B, which is $338 million. This represents a 17.72% increase year-over-year from the 2024 R&D expense of $0.294B (or $294 million).

Tariff expenses, estimated at $60 million to $180 million in the 2025 P&L

Trade policy creates a direct, material cost headwind. Hasbro anticipates a potential gross impact from tariffs of up to $300 million in 2025. After factoring in mitigation levers like sourcing diversification and pricing actions, the estimated net profit impact for the 2025 P&L falls within the range of $60 million to $180 million. This tariff exposure is a major variable in the cost structure.

Here's a quick look at some of the key cost-related financial metrics we've seen:

Metric	Value/Range	Period/Context
Estimated Net Tariff Impact	$60 million to $180 million	2025 P&L Estimate
Gross Savings Goal Achieved By	$750 million	End of 2025
R&D Expenses (TTM ending Sept 30, 2025)	$338 million	Twelve Months Ending Q3 2025
Gross Margin	52.7%	Q1 2025
Net Cost Savings Delivered	$227 million	Full Year 2024

The company is actively managing these costs by accelerating its savings plan and shifting its product mix toward higher-margin digital and gaming segments. Still, the reliance on physical goods means COGS and tariff volatility remain front-and-center.

Finance: draft 13-week cash view by Friday.

Hasbro, Inc. (HAS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Hasbro, Inc. brings in cash as of late 2025. The story here is clearly about the gaming division carrying the weight, which is a major shift from the traditional toy business model.

The top-line number for the third quarter of 2025 was $1,387.5 million in total revenue, which was an 8% increase year-over-year. This performance was heavily fueled by the Wizards of the Coast and Digital Gaming segment, which saw its revenue jump by 42%.

Here is the breakdown of the key revenue streams based on the Q3 2025 segment results:

• Product sales from the Consumer Products segment (toys, games) saw a decrease of 7% in Q3 2025.
• High-margin revenue from the Wizards of the Coast and Digital Gaming segment grew by 42%.
• Licensing and royalty fees from partners leveraging Hasbro's IP are a component of the Consumer Products segment, which lapped a difficult comparison in licensing revenue from the prior year.
• Digital gaming revenue is embedded within the Wizards segment, with licensed digital gaming specifically growing 21% in the quarter.
• Q3 2025 total revenue was reported at $1.3875 billion, driven by Wizards' 42% growth.

The concentration of revenue in the gaming side is stark when you look at the segment figures from Q3 2025:

Revenue Stream / Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change	Q3 2025 Operating Margin
Wizards of the Coast and Digital Gaming	$572.0	+42%	44.0%
Consumer Products	$796.9	-7%	11.2% (Adjusted)
Entertainment	$19.0	+8%	60.8% (Adjusted)
Total Hasbro Revenue	$1,387.5	+8%	25.6% (Adjusted Operating Margin)

Drilling down into the growth drivers within the segments gives you a clearer picture of where the money is coming from:

• MAGIC: THE GATHERING revenue alone soared 55%, fueled by releases like Edge of Eternities and Marvel's Spider-Man.
• The core MAGIC: THE GATHERING tabletop and digital products generated $459 million in revenue for the quarter.
• The Consumer Products segment saw growth in specific brands like PEPPA PIG, GI JOE, Marvel, and Beyblade, which helped offset some of the overall segment decline.
• The Entertainment segment's 8% revenue increase reflects favorable deal timing within its asset-light portfolio.

For licensing, we know that last year's Q3 licensing revenue was $797 million, and it was down 7% in Q3 2025, meaning the current run rate for that specific stream was approximately $741.21 million. Honestly, the reliance on the high-margin Wizards segment is the defining feature of the current revenue mix. Finance: draft 13-week cash view by Friday.