Transcript: Hasbro Q2 2026 Earnings Conference Call

Hasbro (NASDAQ: HAS ) released second-quarter financial results and hosted an earnings call on Tuesday. Read the complete transcript below. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

View the webcast at Summary Hasbro Inc. 14 billion, driven by the Wizards segment and Consumer Products. Magic: The Gathering showed a significant increase, with a 32% rise in Q2, leading to raised full-year expectations for the Wizards segment. The company announced a multi-year licensing agreement with Nintendo for The Legend of Zelda franchise, set to commence in 2027.

Hasbro's digital strategy includes a $56 million non-cash write-down as it refocuses on key franchises and reduces digital spending by 25% annually by 2028. 5 billion. Hasbro is enhancing its digital game portfolio, with new releases like Exodus and Warlock planned for 2027, and plans to reduce digital investment. The company is on track with its cost transformation program, contributing $70 million towards the full-year target of $150 million in savings.

Hasbro returned $239 million to shareholders through dividends and share repurchases and plans to increase share repurchase targets from $100 million to at least $200 million. Full Transcript OPERATOR Good morning and welcome to the Hasbro second quarter 2026 earnings conference call. At this time, all parties will be in listen-only mode. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad.

Today's conference is being recorded. If you have any objections, you may disconnect at this time. At this time, I'd like to turn the call over to Fred Whiteman, Vice President, Hasbro Investor Relations. Please go ahead.

Fred Whiteman, Vice President, Investor Relations Thank you and good morning everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer, and Gina Goetter, Hasbro's Chief Financial Officer and Chief Operating Officer. We'll begin today's call with Chris and Gina providing commentary on the company's performance before taking your questions. Our earnings release and presentation slides for today's call are posted on our investor website.

The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures. Our call today will discuss certain adjusted measures which exclude these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share or EPS, we're referring to earnings per diluted share.

Before we begin, I would like to remind you that during this call and the question and answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results and events or other expectations expressed in these forward-looking statements. These factors include those set forth in our Annual Report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures.

We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call. I'd now like to introduce Chris Cocks. Chris Cocks — Chief Executive Officer Thanks, Fred, and good morning everyone. Hasbro delivered another strong quarter, capping off a remarkable first half of 2026.

Despite headwinds from oil and trade policy, the business delivered 15% growth for the first half with profits up appreciably. Wizards continues to grow at a strong clip. The toy business posted another quarter of growth and our momentum is broad-based, with Magic, D&D, Hasbro Games, Peppa Pig, Star Wars and Marvel all showing solid year-over-year performance. Magic is off to a ripping start, up over 32% in Q2 and over 34% in the first half.

And on that strength, we're raising our full-year Wizards outlook, which Gina will size in her section. Marvel Super Heroes set a record for day one and month one revenue and became the fastest set to reach $300 million in revenue with solid reorders and sell-through. The Hobbit is also tracking like a fan favorite and the growth is broad-based: expanded distribution, real player growth and Universes Beyond continuing to pull new fans in through IP they already love. I'm not surprised by the level of interest and questions we get about Magic.

While it's by far our biggest brand in many ways, it's also the least understood. So let's define it. While Magic's roots are based in the thousands of local game stores around the world, Magic is not a niche hobby business. It is a mega franchise.

Magic: The Gathering belongs in the same company as Pokémon, EA Sports, World of Warcraft and Minecraft—profitable, durable franchises built to compound for decades. What sets Magic apart is longevity. Magic has been compounding for more than 30 years. It's also a deep game, and that depth and complexity is precisely what our players love.

Magic fans play and collect for years because mastery never ends, and that retention is what powers a robust secondary market and a passionate community of tens of millions of fans who treat the game as a lifelong pursuit rather than a passing trend. The numbers bear it out. Since 2009, our tabletop and digital Magic businesses compounded revenue at over 17% a year and grew in 15 of the last 17 years. And those two years it didn't grow, each were declines of less than 3%.

Step back and look at Magic over any real horizon and you see