Hasbro, Inc. (tem): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Hasbro, Inc., uma potência global de entretenimento que transforma o jogo em uma forma de arte. Do charme nostálgico do monopólio à excitação de alta octanagem dos transformadores, a Hasbro criou magistralmente um modelo de negócios que preenche gerações, plataformas digitais e experiências imaginativas. Ao alavancar estrategicamente marcas icônicas, tecnologia de ponta e diversas parcerias, a empresa se posicionou como líder na indústria de brinquedos e entretenimento, criando um valor que se estende muito além do jogo tradicional.

Hasbro, Inc. (Has) - Modelo de Negócios: Parcerias -Chaves

Acordos de licenciamento

A Hasbro mantém parcerias críticas de licenciamento com as principais marcas de entretenimento:

Parceiro	Detalhes do acordo	Valor estimado
Disney	Direitos de brinquedo e jogo para franquias da Disney	Receita anual de licenciamento anual de US $ 750 milhões
Marvel	Figura de ação e produção de mercadorias	Receita anual de licenciamento anual de US $ 325 milhões
Guerra nas Estrelas	Licenciamento abrangente de brinquedos e jogos	Receita anual de licenciamento anual de US $ 400 milhões

Parcerias de varejo

A Hasbro colabora com os principais varejistas globais:

• Walmart: canal de distribuição primária com vendas anuais de US $ 1,2 bilhão
• Target: parceiro estratégico de varejo com vendas anuais de US $ 850 milhões
• Amazon: plataforma de comércio eletrônico gerando US $ 650 milhões em receita anual

Colaborações de fabricação

Parcerias de instalações de produção global:

País	Instalações de fabricação	Volume anual de produção
China	12 parceiros de fabricação	65% do volume total do produto
Vietnã	7 instalações de fabricação	22% do volume total do produto
México	4 parceiros de fabricação	13% do volume total do produto

Plataformas de jogos digitais

Alianças de jogos digitais estratégicos:

• ROBLOX: Parceria de Desenvolvimento de Jogos Interativos
• Steam: plataforma de distribuição de jogos digitais
• Jogos épicos: desenvolvimento colaborativo de jogos

Hasbro, Inc. (HAS) - Modelo de negócios: atividades -chave

Design de produtos e desenvolvimento de brinquedos e jogos

A Hasbro investiu US $ 264,1 milhões em pesquisa e desenvolvimento em 2022. A empresa mantém vários centros de design em todo o mundo, incluindo instalações em Pawtucket, Rhode Island e Hong Kong.

Categoria de produto	Orçamento anual de desenvolvimento	Novos lançamentos de produtos
Brinquedos	US $ 126,5 milhões	47 novas linhas de produtos
Jogos de tabuleiro	US $ 82,3 milhões	22 novos designs de jogos
Jogos digitais	US $ 55,3 milhões	15 lançamentos de jogos digitais

Gerenciamento e marketing de marca

A Hasbro gastou US $ 673,2 milhões em publicidade e marketing em 2022.

• Equipe de marketing global de 412 profissionais
• Presença de marketing em 40 países
• Alcance das mídias sociais: 85 milhões de seguidores entre plataformas

Gerenciamento de propriedade intelectual

Portfólio IP	Número de marcas registradas	Custos anuais de proteção de IP
Marcas de propriedade total	1,500+	US $ 42,6 milhões
Principais franquias	25 marcas principais	US $ 18,3 milhões

Criação de conteúdo digital e desenvolvimento de jogos

A receita digital atingiu US $ 1,1 bilhão em 2022, representando 16,4% da receita total da empresa.

• Equipe de desenvolvimento de jogos: 276 engenheiros de software
• Plataformas digitais: celular, PC, console
• Investimento anual de conteúdo digital: US $ 187,5 milhões

Operações globais de distribuição e vendas

Canais de distribuição	Número de centros de distribuição	Despesas de logística anuais
Lojas de varejo	85.000 pontos globais de venda globais	US $ 412,7 milhões
Plataformas de comércio eletrônico	42 mercados on -line	US $ 93,6 milhões
Vendas diretas	23 escritórios de vendas internacionais	US $ 76,4 milhões

Hasbro, Inc. (HAS) - Modelo de negócios: Recursos -chave

Portfólio forte de marcas icônicas

A Hasbro possui mais de 15 marcas globais de entretenimento com presença significativa no mercado:

Marca	Contribuição anual da receita	Participação de mercado global
Monopólio	US $ 425 milhões	62% de mercado de jogos de tabuleiro
Transformadores	US $ 612 milhões	48% de ação figura segmento
Nerf	US $ 537 milhões	Categoria de blaster de 55% de brinquedo

Direitos de Propriedade Intelectual

Portfólio de propriedade intelectual da Hasbro:

• 1.200 mais de marcas registradas
• 850+ patentes ativas
• Acordos de licenciamento em mais de 120 países
• Valor de IP estimado: US $ 2,3 bilhões

Equipes criativas de design e inovação

Investimento de pesquisa e desenvolvimento:

Ano	Despesas de P&D	Número de profissionais de design
2023	US $ 287 milhões	425 Profissionais de Design
2022	US $ 265 milhões	392 Profissionais de design

Infraestrutura de tecnologia digital

• Infraestrutura de computação em nuvem: investimento anual de US $ 42 milhões
• Plataformas digitais: 7 plataformas de jogos ativos/interativos
• Orçamento de segurança cibernética: US $ 18,5 milhões

Rede de distribuição global

Região	Centros de distribuição	Volume de envio anual
América do Norte	12 centros	37 milhões de unidades
Europa	8 centros	22 milhões de unidades
Ásia-Pacífico	6 centros	15 milhões de unidades

Hasbro, Inc. (Has) - Modelo de Negócios: Proposições de Valor

Brinquedos divertidos e educacionais para todas as faixas etárias

A Hasbro gera US $ 6,54 bilhões em receita anual (ano fiscal de 2022). Remutação de segmentos de produto:

Categoria de produto	Receita	Quota de mercado
Brinquedos infantis	US $ 2,85 bilhões	43.5%
Jogos de tabuleiro da família	US $ 1,42 bilhão	21.7%
Brinquedos educacionais	US $ 687 milhões	10.5%

Experiências de jogos inovadoras de alta qualidade

Investimentos de inovação de produtos para jogos:

• Gastos de P&D: US $ 298,7 milhões em 2022
• Receita de jogos digitais: US $ 1,23 bilhão
• Novos lançamentos de produtos: 87 experiências de jogo exclusivas

Ofertas de marca nostálgicas e contemporâneas

Avaliação do portfólio de principais marcas:

Marca	Valor estimado da marca	Ano adquirido/criado
Monopólio	US $ 1,4 bilhão	1935
Transformadores	US $ 1,2 bilhão	1984
Magic: a reunião	US $ 750 milhões	1993

Entretenimento interativo em plataformas físicas e digitais

Métricas de engajamento da plataforma:

• Downloads de jogos digitais: 42,6 milhões em 2022
• Usuários multiplayer online: 18,3 milhões
• Receita para jogos para celular: US $ 376 milhões

Envolver experiências de jogo que conectam gerações

Desempenho multigeracional do produto:

Linha de produtos	Faixa etária	Vendas anuais
Jogos de tabuleiro da família	8-80 anos	US $ 1,42 bilhão
Jogos de cartas colecionáveis	10-45 anos	US $ 612 milhões
Marcas de brinquedos clássicos	3-12 anos	US $ 987 milhões

Hasbro, Inc. (Has) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento ativo da mídia social

Em 2024, a Hasbro mantém 5,2 milhões de seguidores no Instagram e 2,8 milhões no Facebook. As métricas de engajamento de mídia social mostram uma taxa de interação média de 3,7% nas plataformas.

Plataforma social	Contagem de seguidores	Taxa de engajamento
Instagram	5,200,000	4.2%
Facebook	2,800,000	3.1%
Twitter	1,600,000	2.9%

Programas de fidelidade do cliente

A Hasbro implementa programas de fidelidade direcionados com 1,5 milhão de membros ativos. A taxa de retenção de clientes é de 68% através desses programas.

• Associação Premium de Pulse Hasbro: 750.000 membros
• Clube do Colecionador: 450.000 membros
• Programa de recompensas digitais: 300.000 participantes

Comunidades online interativas

As comunidades on-line da Hasbro geram 3,2 milhões de usuários ativos mensais em jogos e plataformas relacionadas a brinquedos.

Plataforma comunitária	Usuários ativos mensais
Fóruns de jogos Hasbro	1,200,000
Minha pequena comunidade de pônei	850,000
Rede de fãs Transformers	750,000
Masmorras & Comunidade de Dragões	400,000

Plataformas digitais diretas ao consumidor

As vendas digitais diretas da Hasbro atingiram US $ 425 milhões em 2024, representando 12,3% do total de receita de produtos de consumo.

Estratégias de marketing personalizadas

Os esforços de personalização produzem uma taxa de conversão 22% mais alta em comparação com as abordagens de marketing não personalizadas. A segmentação orientada a dados atinge aproximadamente 4,7 milhões de perfis exclusivos de clientes.

• Eficácia de personalização por e -mail: 18,5% de taxa de abertura
• Conversão de publicidade digital direcionada: 3,2%
• Precisão de recomendação de produto personalizada: 76%

Hasbro, Inc. (Has) - Modelo de Negócios: Canais

Sites de comércio eletrônico

A Hasbro opera várias plataformas de comércio eletrônico com as seguintes métricas de vendas:

Plataforma	Vendas on -line anuais	Alcance do mercado
Hasbrotoyshop.com	US $ 127,4 milhões	Mercado norte -americano
Amazon Hasbro Official Store	US $ 213,6 milhões	Mercado on -line global

Principais lojas de varejo

A Hasbro distribui os produtos por meio de principais parceiros de varejo:

• Walmart: US $ 342,7 milhões anuais de vendas de brinquedos
• Alvo: US $ 218,5 milhões de vendas anuais de brinquedos
• Costco: US $ 156,3 milhões de vendas anuais de brinquedos

Mercados on -line

Canais de distribuição de vendas digitais:

Marketplace	Volume de vendas	Categorias de produtos
Amazon	US $ 487,2 milhões	Jogos, figuras de ação, jogos de tabuleiro
eBay	US $ 92,6 milhões	Colecionáveis, brinquedos vintage

Sites de marca direta

Os canais digitais diretos da Hasbro:

• Magic: The Gathering Online: Receita anual de US $ 76,5 milhões
• Wizards.com: US $ 54,3 milhões de vendas diretas
• Site oficial dos Transformers: US $ 42,1 milhões de vendas diretas

Lojas de brinquedos e jogos especiais

Distribuição de varejo especializada:

Varejista	Vendas anuais	Linhas de produtos primárias
Gamestop	US $ 163,4 milhões	Jogos de tabuleiro, números colecionáveis
Lojas de jogos locais	US $ 87,6 milhões	Jogos de mesa, jogos de cartas de negociação

Hasbro, Inc. (Has) - Modelo de Negócios: Segmentos de Clientes

Crianças e adolescentes

Tamanho do mercado para brinquedos e jogos direcionados a crianças de 0 a 14 anos: US $ 95,65 bilhões globalmente em 2023.

Faixa etária	Porcentagem do mercado -alvo	Linhas de produtos primárias
Idades 3-7	35%	Playskool, meu pequeno pônei
Idades 8-14	45%	Nerf, Transformers

Famílias

Gastos anuais para jogos de tabuleiro: US $ 127 por família nos Estados Unidos.

• Mercado noturno de jogo em família: receita anual de US $ 2,3 bilhões
• Compras familiares médias de 3,4 jogos de tabuleiro por ano

Colecionadores e entusiastas

Categoria de colecionador	Tamanho estimado do mercado	Gastos médios anuais
Colecionadores de brinquedos vintage	US $ 750 milhões	US $ 385 por colecionador
Entusiastas do jogo de cartas colecionáveis	US $ 1,2 bilhão	US $ 275 por entusiasta

Entusiastas dos jogos de tabuleiro

Tamanho do mercado global de jogos de tabuleiro: US $ 13,75 bilhões em 2023.

• Preço médio do jogo de tabuleiro: $ 35
• Número de compras de jogos de tabuleiro por entusiasta: 4.2 anualmente

Comunidade de jogos digitais

Mercado de jogos digitais relacionados às propriedades HASBRO: US $ 680 milhões em 2023.

Plataforma digital	Contribuição da receita	Base de usuários
Jogos para celular	US $ 420 milhões	5,2 milhões de usuários
Jogos de console	US $ 260 milhões	3,1 milhões de usuários

Hasbro, Inc. (Has) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Hasbro registrou despesas de P&D de US $ 282,4 milhões, representando 3,7% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 282,4 milhões	3.7%
2021	US $ 267,1 milhões	3.6%

Custos de fabricação e produção

O custo total dos bens da Hasbro vendido (COGS) para 2022 foi de US $ 2,73 bilhões.

• Custos de produção de brinquedos e jogos
• Despesas de matéria -prima
• Manufatura de sobrecarga

Investimentos de marketing e publicidade

As despesas de marketing da Hasbro em 2022 totalizaram US $ 672,4 milhões.

Categoria de despesa de marketing	Quantia
Anúncio	US $ 456,1 milhões
Atividades promocionais	US $ 216,3 milhões

Licenciamento e pagamento de royalties

As despesas de licenciamento da Hasbro em 2022 foram de aproximadamente US $ 187,6 milhões.

• LICENCIONO DE FRANCHISE DE ENTRETENÇÃO
• Royalties de colaboração da marca
• Direitos de Propriedade Intelectual

Despesas de distribuição e logística

Os custos de distribuição da Hasbro em 2022 totalizaram US $ 413,2 milhões.

Categoria de despesa de distribuição	Quantia
Envio e manipulação	US $ 276,5 milhões
Operações de armazém	US $ 136,7 milhões

Hasbro, Inc. (HAS) - Modelo de negócios: fluxos de receita

Vendas de produtos para brinquedos e jogos

No ano fiscal de 2022, a receita total da Hasbro foi de US $ 6,5 bilhões. Aparelhamento do segmento:

Segmento	Receita	Percentagem
Wizards of the Coast	US $ 1,4 bilhão	21.5%
Produtos de consumo	US $ 3,1 bilhões	47.7%
Entretenimento	US $ 1,4 bilhão	21.5%

Monetização do jogo digital

Receita de jogos digitais da Hasbro em 2022:

• Magic: The Gathering Arena Digital Game Receita: US $ 240 milhões
• Crescimento da plataforma de jogo digital: 15% ano a ano

Receita de licenciamento

Receita de licenciamento para 2022:

Categoria de licenciamento	Receita
Licenciamento da marca	US $ 500 milhões
Licenciamento de entretenimento	US $ 350 milhões

Licenciamento de conteúdo de entretenimento

Fontes de licenciamento de entretenimento:

• Licenciamento de cinema e TV: US $ 250 milhões
• Conteúdo da plataforma de streaming: US $ 100 milhões

Mercadoria e vendas colecionáveis

Receita colecionável e de mercadorias em 2022:

Categoria de produto	Receita
Números colecionáveis	US $ 350 milhões
Mercadoria de marca	US $ 450 milhões

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.