Hasbro, Inc. (HAS): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Hasbro, Inc., and honestly, the story here in late 2025 isn't just about Nerf guns and board games; it's a calculated financial shift toward high-margin digital and licensing deals. As someone who's watched this space for two decades, I see a clear strategy: transforming that deep Intellectual Property vault into recurring revenue, which is why Q3 2025 revenue hit $1.39 billion, powered by the 42% growth in their Wizards segment. This Business Model Canvas lays out precisely how they are executing this pivot across all nine building blocks, so stick around to see the concrete partnerships and cost controls driving their current valuation story.

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

You're looking at the core relationships that keep Hasbro, Inc.'s diverse portfolio moving, especially as they navigate the shift to a more asset-light, IP-focused model. These partnerships are critical for both revenue generation and supply chain stability.

Major Licensing with Disney for Marvel and Star Wars Toys

The relationship with Disney Consumer Products remains foundational for the Consumer Products (CP) segment. Hasbro recently secured a multi-year extension for its longstanding licensing agreement covering Star Wars and Marvel franchises. This ensures continuity for key lines like The Black Series and Marvel Legends action figures. While the CP segment revenue saw a 10% decrease in the second quarter of 2025, growth within its licensing component helped offset declines in toy sales driven by retailer order timing. Also, the strategic collaboration deepens with a separate licensing deal bringing Marvel characters into the Magic: The Gathering trading card game. Hasbro's total expected revenue for the full year 2025 is projected to stabilize around $4.1 billion, with licensing being a key component supporting this figure.

Digital Gaming Co-Development

Digital partnerships are a significant growth driver, particularly the mobile game MONOPOLY GO!, developed with Scopely. This single title is making a measurable impact on the Digital and Licensed Gaming segment. For the third quarter of 2025, this segment revenue hit $130.2 million, marking a 21% increase. Specifically, royalties from MONOPOLY GO! amounted to approximately $40 million for the June to September 2025 period alone, bringing the year-to-date contribution to $126 million. To be fair, the overall company revenue for Q3 2025 was $1.38 billion, up 8%, showing that while gaming is growing fast, it's still a fraction of the total. Hasbro also has more than 40 new video games in its pipeline, both internal and third-party, including the anticipated release of Exodus from its studio Archetype Entertainment next year.

Strategic Retail Alliances for Distribution

Distribution relies heavily on the largest mass merchants. While specific 2025 contribution data isn't public, historical importance shows the scale: in 2017, Walmart Inc. represented 19% of Hasbro's revenue, and Target Corp. represented 9%. These mass merchants continue to dominate, capturing 83% of parents' back-to-school shopping plans in 2025. Still, retailer order timing creates volatility; the Consumer Products segment saw revenue down 7% year-over-year in Q3 2025 due to some order delays. The company estimates the total tariff impact for 2025 will be $60 million, which is managed partly through these large retail relationships.

New Casino Licensing Partners for IP Monetization

Hasbro is actively expanding its IP into adult gaming formats through new, multi-year casino licensing agreements announced in July 2025. This builds on a history of licensing to the gambling sector spanning nearly 30 years. These new partners join existing licensee SciPlay. New titles are scheduled to launch in January 2026.

• Evolution: Developing online slots and live casino formats for Monopoly and Hasbro Games.
• Bally's Corporation: Secured exclusive global B2C online casino gaming rights for the Monopoly brand.
• Galaxy Gaming: Developing casino table games for Monopoly, Yahtzee, and Battleship.
• Aristocrat Technologies: Creating branded land-based slot machines featuring Monopoly.

Global Manufacturing Collaborations

Supply chain diversification is a major focus, especially given tariff risks. As of May 2025, Hasbro sources roughly 50% of its U.S. toy and game volume from China. The company has a stated goal to reduce this share to under 40% by 2026. The estimated gross impact from China tariffs for 2025 was between $100 million and $300 million before mitigation. Hasbro is currently sourcing products from eight countries and plans to expand to nine or 10. The long-term supply chain strategy targets that by year-end 2026, no single country outside the U.S. will represent more than a third of the total supply chain.

Here's a quick look at the key partnership structures and associated figures:

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Hasbro, Inc. takes to run its business as of late 2025. It's all about turning intellectual property (IP) into cash and keeping the operational engine clean.

High-margin IP monetization through global licensing and royalties

Hasbro, Inc. focuses heavily on leveraging its brands through partnerships. The company is recognized as the third largest entertainment licensor on the planet and the biggest in digital games, which is the fastest-growing entertainment category of the last decade. Key licensing agreements, such as the extension with Disney Consumer Products for Marvel and Star Wars, are critical.

The strength of this activity is visible in the segment results:

Developing and publishing high-growth digital and tabletop games like Magic: The Gathering

The Wizards of the Coast and Digital Gaming segment is the primary growth engine. Magic: The Gathering (MTG) continues to break records, fueling this activity. The success of collaborative sets like Final Fantasy and Marvel: Spider-Man drives this performance.

The financial scale of this key activity is substantial:

• Magic: The Gathering revenue growth was 45% in Q1 2025.
• Magic: The Gathering revenue growth was 23% in Q2 2025.
• Magic: The Gathering revenue growth was 55% in Q3 2025.
• Magic: The Gathering Q2 2025 revenue reached $412 million.
• Wizards of the Coast and Digital Gaming segment revenue increased 16% to $522 million in Q2 2025.
• Wizards of the Coast and Digital Gaming segment revenue increased 42% in Q3 2025.
• Monopoly Go! contributed $44 million in revenue in Q2 2025.
• The segment's operating margin reached 49.8% in Q1 2025.

This segment is structurally resilient due to lower reliance on international sourcing for its digital and board game components.

Product design and innovation for core Consumer Products (e.g., Nerf, Play-Doh)

While the Consumer Products segment faces headwinds, design and innovation efforts are focused on core brands and category expansion. Hasbro announced a Play-Doh and Barbie collaboration with Mattel. Momentum was noted across key brands including Beyblade, Transformers, and Monopoly.

The segment's financial performance in 2025 reflects the challenges and the ongoing mix shift:

Executing the Playing to Win strategy for operational excellence and cost transformation

The Playing to Win strategy, unveiled in February 2025, centers on operational excellence. The goal is to deliver $1 billion of gross cost savings by 2027. Approximately half of these savings are expected to drop to the bottom line.

Early results and guidance reflect this focus:

• Net cost savings delivered in 2024 totaled $227 million.
• Gross cost savings realized in Q1 2025 from operational initiatives were $22 million.
• Full-year 2025 Adjusted Operating Margin guidance is set at 22% to 23%.
• Adjusted Operating Profit for Q2 2025 was $247 million, stable year-over-year.
• Adjusted Operating Profit for Q3 2025 was $356 million, up 8% year-over-year.

The strategy also involved exiting non-core businesses like eOne film and TV, which helped take out $600 million of costs.

Supply chain diversification to mitigate tariff and geopolitical risks

Hasbro, Inc. is actively shifting production away from China to manage tariff risks, which management estimated could have a gross impact of $100 million to $300 million annually in 2025. The company is moving hundreds of U.S.-destined SKUs to alternate locations.

The supply chain shift targets are concrete:

The estimated net profit impact from tariffs after mitigation measures for 2025 was estimated at $60 million to $180 million. For Q3 2025, the tariff impact was estimated at $20 million, with a full-year estimate of $60 million.

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

The foundation of Hasbro, Inc.'s business model rests upon a collection of deeply embedded, high-value assets. These resources are the core differentiators that drive current performance and future strategy.

Iconic and deep portfolio of Intellectual Property (IP): Hasbro maintains ownership or rights to thousands of iconic marks that serve as the bedrock for its product lines across toys, games, and entertainment. Key examples include the enduring board game Monopoly, the fantasy role-playing and card game universe of Dungeons & Dragons, and the transforming robots of Transformers.

The high-margin Wizards of the Coast and Digital Gaming segment has become the primary engine for growth and profitability as of late 2025. This segment's performance is overwhelmingly driven by Magic: The Gathering (MTG).

The success of specific IP releases demonstrates resource leverage; for instance, the Magic: The Gathering Final Fantasy release generated $200,000,000 in revenue in one day, compared to the Lord of the Rings release which took six months to achieve that figure.

Global distribution network and retail shelf space access. Hasbro powers its reach through a diversified network of partners and subsidiary studios, bringing its products to fans across physical and digital platforms. The company's strategy aims to expand its reach from over 500 million kids, families, and fans today to over 750 million by 2027.

Large, engaged fan communities for key franchises like Magic: The Gathering. Community engagement metrics show significant near-term growth, indicating the IP is resonating deeply with its player base.

• Unique players participating in organized play increased nearly 40% year-over-year in the first half of 2025.
• The Wizards Play Network (WPN) totals nearly 9,000 locations globally.
• MagicCon: Las Vegas drew record attendance with over 19,000 badges sold.

Financial capital to return $196 million to shareholders via dividends year-to-date 2025. Capital allocation priorities include returning cash to shareholders. The company returned $196 million via dividends year-to-date (through Q2 2025). By the end of Q3 2025, the cumulative amount returned via dividends year-to-date reached $294 million. The expected dividend payment for December 3, 2025, is set at $0.70 USD per share. Full-year 2025 guidance anticipates Adjusted EBITDA between $1.24 billion and $1.26 billion.

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:

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:

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:

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:

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:

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:

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.