Analyst Consensus ?
ConsensusBuy31 ratings
Bullish1651.6%
Neutral1548.4%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
Hasbro, Inc. · HAS · FY2026 Q2 · Calendar Q3 2026
Hasbro Q2: Magic Drives 16% Revenue Growth, Full-Year Guidance Raised
Hasbro's Q2 2026 confirms that the Wizards of the Coast flywheel is accelerating, not cooling. Magic: The Gathering revenue grew 32% year-over-year, driving the Wizards segment up 27%, while the Marvel Super Heroes set became the fastest Magic release to reach $300 million. Revenue of $1.14 billion beat consensus by 6.6% and EPS of $1.28 exceeded estimates by 10.3%, prompting management to raise full-year guidance to 5-7% revenue growth and 25-26% adjusted operating margin — a meaningful upgrade from Q1's maintained stance. The stock responded with an 8.8% gain on roughly 4x normal volume and continued to drift higher. The key question is whether Magic's momentum and new licensing agreements — particularly the Nintendo Zelda deal — can sustain this pace into 2027, even as the company absorbs a $56 million digital impairment and ramps marketing spend for upcoming video game launches.
Reported Before market openNASDAQConsumer Cyclical
$13.38B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.28
Consensus $1.16
EPS surprise
+10.3%
Reported versus consensus
Reported revenue
$1.14B
Consensus $1.07B
Revenue surprise
+6.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.8%
Event window
SPY move
+0.8%
Same window
Abnormal move
+8.0%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
+6.5%
Up to 20 sessions
HASSPY benchmark
Ask FN2 about HAS FY2026 Q2
Transcript, numbers and history already loaded
Why did HAS rise 8.8% after beating EPS estimates in FY2026 Q2?What changed in HAS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for HAS after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue growth accelerated from 13% in Q1 to 16% in Q2, with Wizards segment growth rising from 26% to 27%. Guidance moved from maintained to raised, reflecting management's increased confidence. The cyber incident impact was disclosed as approximately $25 million with operations fully restored, an improvement from Q1's $20 million in costs plus $40-60 million in delayed Consumer Products revenue. Cost transformation savings grew from $37 million to $70 million. New developments include a $56 million non-cash digital impairment, the Nintendo Zelda licensing agreement, Marvel Super Heroes' record performance, and an increased share repurchase target of at least $200 million.
Guidance delta
Management shifted from maintaining full-year guidance in Q1 to raising it in Q2, now targeting 5-7% revenue growth and 25-26% adjusted operating margin. The upgrade reflects stronger-than-expected Wizards performance and confidence that delayed Consumer Products revenue from the cyber incident is recovering. Cost transformation savings have accelerated from $37 million to $70 million year-to-date.
Key takeaways
- Revenue grew 16% year-over-year with Wizards segment up 27%, as Magic: The Gathering revenue surged 32%.
- Full-year guidance was raised to 5-7% revenue growth and 25-26% adjusted operating margin, a clear upgrade from Q1's maintained stance.
- Marvel Super Heroes became the fastest Magic set to reach $300 million in day-one and month-one revenue.
- A $56 million non-cash impairment was recorded for digital game projects beyond 2027, signaling a tighter digital portfolio focus.
- Hasbro signed a multi-year Nintendo licensing deal for Zelda-inspired products launching in 2027, adding a new IP pillar.
Management priorities
- Increase initial print runs and expand production capacity for Magic with print partners to meet demand
- Launch Zelda-inspired licensed products at San Diego Comic-Con in 2027
- Release Exodus and Warlock digital games in 2027 with peak marketing spend in 2026
- Raise share repurchase target to a minimum of $200 million while maintaining the dividend
- Expand the CharacterOS licensing platform for new digital contexts and brand extensions
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$119.57Current
$61Low
$97.96Average
$137High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 28, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 21, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 21, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Oct 21, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 22, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Jul 22, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 16, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 16, 2026 |
| Roth Capital | Buy | Buy | Maintain | Jul 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 14, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 11, 2026 |
| Roth MKM | Buy | Buy | Maintain | Feb 21, 2025 |
| Stifel | Buy | Buy | Maintain | Jan 3, 2025 |
| MKM Partners | Buy | Buy | Maintain | Jan 13, 2023 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jan 4, 2023 |
| Truist Securities | Hold | Hold | Maintain | Oct 5, 2022 |
| Keybanc | Overweight | Downgrade | Jul 13, 2022 | |
| Consumer Edge Research | Equal Weight | Overweight | Downgrade | Jun 9, 2020 |
| Barclays | Overweight | Overweight | Maintain | May 4, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 30, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Oct 1, 2019 |
| Argus | Hold | Buy | Downgrade | Apr 25, 2019 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Jul 24, 2018 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Jul 24, 2018 |
| B. Riley Securities | Buy | Buy | Maintain | Jul 24, 2018 |
| B. Riley FBR | Buy | Buy | Maintain | Jul 24, 2018 |
| PiperJaffray | Neutral | Overweight | Downgrade | Nov 28, 2016 |
| Piper Sandler | Neutral | Overweight | Downgrade | Nov 28, 2016 |
| Oppenheimer | Perform | Perform | Maintain | Aug 20, 2015 |
| Needham | Hold | Buy | Downgrade | Apr 4, 2014 |
| Sterne Agee | Neutral | Buy | Downgrade | Feb 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $119.57. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Arpine Kocharyan | $137 | $118.33 | +14.6% | Oct 28, 2026 |
| UBS | Analyst unavailable | $125 | $111.6 | +4.5% | Oct 21, 2026 |
| Wells Fargo | Analyst unavailable | $100 | $109.52 | -16.4% | Oct 21, 2026 |
| Wells Fargo | Anthony Bonadio | $90 | $93.33 | -24.7% | Aug 20, 2026 |
| UBS | Arpine Kocharyan | $120 | $89.3 | +0.4% | Jul 27, 2026 |
| D.A. Davidson | Analyst unavailable | $95 | $88.09 | -20.5% | Jul 22, 2026 |
| Jefferies | Analyst unavailable | $110 | $81.76 | -8.0% | Jul 16, 2026 |
| UBS | Arpine Kocharyan | $110 | $84.72 | -8.0% | Jun 18, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $83.54 | -28.9% | Jun 9, 2026 |
| Wells Fargo | Anthony Bonadio | $92 | $88.6 | -23.1% | May 21, 2026 |
| Morgan Stanley | Analyst unavailable | $123 | $96.73 | +2.9% | May 14, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $122 | $96.56 | +2.0% | Apr 24, 2026 |
| Argus Research | Christine Dooley | $105 | $95.11 | -12.2% | Mar 13, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $106.35 | -0.5% | Feb 11, 2026 |
| Roth Capital | Analyst unavailable | $120 | $105.25 | +0.4% | Feb 11, 2026 |
| D.A. Davidson | Analyst unavailable | $110 | $104.44 | -8.0% | Feb 11, 2026 |
| Goldman Sachs | Stephen Laszczyk | $114 | $104 | -4.7% | Feb 11, 2026 |
| Roth Capital | Analyst unavailable | $105 | $96.4 | -12.2% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $103 | $90.47 | -13.9% | Feb 2, 2026 |
| UBS | Analyst unavailable | $99 | $87.06 | -17.2% | Jan 7, 2026 |
| Morgan Stanley | Megan Alexander | $94 | $81.55 | -21.4% | Dec 14, 2025 |
| Morgan Stanley | Analyst unavailable | $87 | $79.25 | -27.2% | Oct 24, 2025 |
| Roth Capital | Eric Handler | $96 | $77.94 | -19.7% | Oct 24, 2025 |
| Goldman Sachs | Michael Ng | $85 | $73.82 | -28.9% | Jun 30, 2025 |
| D.A. Davidson | Keegan Cox | $75 | $65.21 | -37.3% | May 14, 2025 |
| CFRA | Zachary Warring | $90 | $66.1 | -24.7% | Oct 24, 2024 |
| Bank of America Securities | Alexander Perry | $95 | $71.57 | -20.5% | Oct 15, 2024 |
| Bank of America Securities | Jason Haas | $90 | $68.73 | -24.7% | Sep 16, 2024 |
| Morgan Stanley | Megan Alexander | $79 | $62.05 | -33.9% | Jul 26, 2024 |
| CFRA | Zachary Warring | $72 | $61.52 | -39.8% | Jul 25, 2024 |
| Morgan Stanley | Megan Alexander | $77 | $65.03 | -35.6% | Apr 24, 2024 |
| Stifel Nicolaus | Drew Crum | $67 | $55.8 | -44.0% | Apr 15, 2024 |
| CFRA | Zachary Warring | $59 | $55.85 | -50.7% | Apr 4, 2024 |
| Jefferies | Stephanie Wissink | $61 | $53.31 | -49.0% | Mar 15, 2024 |
| D.A. Davidson | Linda Bolton Weiser | $80 | $52.06 | -33.1% | Apr 5, 2023 |
| MKM Partners | Analyst unavailable | $80 | $65.36 | -33.1% | Jan 13, 2023 |
| BMO Capital | Analyst unavailable | $66 | $61.95 | -44.8% | Jan 4, 2023 |
| Stifel Nicolaus | Drew Crum | $84 | $68.42 | -29.7% | Oct 5, 2022 |
| BMO Capital | Analyst unavailable | $80 | $81.31 | -33.1% | Jul 21, 2022 |
| Truist Financial | Analyst unavailable | $88 | $80.57 | -26.4% | Jul 20, 2022 |
| Jefferies | Analyst unavailable | $100 | $78.32 | -16.4% | Jul 15, 2022 |
| MKM Partners | Analyst unavailable | $105 | $82.58 | -12.2% | Jul 7, 2022 |
| Jefferies | Stephanie Wissink | $115 | $91.84 | -3.8% | May 3, 2022 |
| D.A. Davidson | Linda Bolton Weiser | $128 | $87.93 | +7.1% | Apr 25, 2022 |
| KeyBanc | Brett Andress | $105 | $88.86 | -12.2% | Apr 20, 2022 |
| Goldman Sachs | Michael Ng | $100 | $87.02 | -16.4% | Apr 19, 2022 |
| Jefferies | Matthew Catton | $120 | $92.29 | +0.4% | Feb 8, 2022 |
| Truist Financial | Michael Swartz | $100 | $93.22 | -16.4% | Oct 27, 2021 |
| Bank of America Securities | Devin Brisco | $110 | $99.22 | -8.0% | Jul 27, 2021 |
Track every rating change on HAS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHasbro, Inc., alongside its various subsidiaries, operates as a global leader in the play and entertainment industry. Its Consumer Products segment focuses on the procurement, marketing, and global distribution of toys and games. This division further amplifies its brands by out-licensing trademarks, characters, and intellectual property rights to third parties, enabling the creation and sale of a diverse range of branded consumer goods, such as apparel and toys. Its extensive product catalog encompasses action figures, arts and crafts supplies, fashion dolls and other figurines, playsets, preschool toys, plush items, sports-action blasters and accessories, toy vehicles, and specialty play items, in addition to various traditional games. The company also offers licensed merchandise spanning apparel, publishing, home goods, electronics, and toy products.…
Historical context
All HAS earningsConsumer Cyclical peers this season
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| ORLY O'Reilly Automotive, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.3% | -2.7% | O'Reilly raises guidance as comparable sales accelerate |
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| F Ford Motor Company | FY2026 Q3 · Calendar Q4 2026 | +19.5% | +1.4% | Ford raises EBIT outlook as trucks and auto adjacencies strengthen |
| EBAY eBay Inc. | FY2026 Q3 · Calendar Q4 2026 | +7.1% | +0.2% | eBay sustains double-digit GMV growth while maintaining guidance |
| F-PB Ford Motor Company 6.20% Notes | FY2026 Q3 · Calendar Q4 2026 | +19.5% | — | Ford Q3: EBIT guidance raised as trucks and services lead |
| F-PC Ford Motor Company 6% Notes due | FY2026 Q3 · Calendar Q4 2026 | +19.5% | — | Ford raises EBIT outlook as trucks and adjacencies support Q3 |
Latest beats and misses
Who reports nextBeat on EPS
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
Get the HAS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-21T17:05:35.128578+00:00
- FN2 earnings calendar · 2026-07-31T01:23:16.182055+00:00
- Polygon adjusted daily market bars · 2026-07-31T13:32:20.815343+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T13:32:20.812200+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-31. For educational purposes only; not investment advice.