Hasbro Earnings Review: Magic Outperformance and Macro Volatility

Hasbro reported a strong 1Q26 beat led by Magic: The Gathering outperformance but maintained its 2026 guidance due to macro volatility and cybersecurity event fallout. Goldman Sachs maintains a Buy rating with a $115 price target.

Key Takeaways

• 1.Hasbro delivered a significant 1Q26 beat on Revenue ($1,000M vs $964M consensus) and EPS ($1.47 vs $0.98 consensus), primarily driven by Wizards of the Coast and Magic: The Gathering.
• 2.Management reiterated full-year 2026 guidance despite the 1Q beat, citing conservatism due to cybersecurity remediation, tariff uncertainties, and rising oil costs impacting logistics.
• 3.Wizards of the Coast (WOTC) continues to outperform, with 'Magic: The Gathering' seeing record IP set performance and significant growth in backlist demand.

Table of Contents

• Key takeaways from 1Q26 results
• We have several key takeaways from the release and earnings call
• Reiterated 2026 Guidance and Maintained Medium-Term (through 2027) Guidance
• Valuation & Risks
• Related Research
• Appendix: Estimate Revisions
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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