HAS +9% to a 52-week high: Magic tops $600M in a quarter, guide raised and buyback target doubled — but check the $55M t
Posted: Tue Oct 20, 2026 6:33 pm
Hasbro is up ~9% around $107.60, above its prior 52-week high of ~$107, after a beat and raise before the open.
The numbers
- Revenue $1.595bn, +15% y/y, vs ~$1.48bn LSEG consensus
- Adj EPS $2.90 vs ~$1.86 consensus (Benzinga)
- Wizards & Digital Gaming +31%, with Magic: The Gathering +34% and above $600M in a quarter for the first time (The Hobbit, Reality Fracture sets). Segment operating margin was 49%
- Consumer Products only +4%, though adjusted segment operating profit doubled on cost productivity
- FY26 guide: revenue +7–9% cc (was +5–7%), adj operating margin 27–28% (was 25–26%), adj EBITDA $1.575–1.625bn (was $1.45–1.50bn)
- 2026 buyback target doubled
The caveat: results include about $55M of tariff refunds, $48M of it in Consumer Products. So part of that huge EPS beat is one-off. The underlying driver is Magic, which is basically a high-margin card business that happens to sit inside a toy company.
For the tape: new 52-week highs on a clean guide raise usually attract trend followers. Volume was ~5M by midday against a ~1.8M three-month average, so this isn't a thin move. Toys going into the holiday quarter also get headline risk from tariff news.
Sources: [Hasbro Q3 release](https://investor.hasbro.com/news-releas ... al-results) | [Reuters via StreetInsider](https://www.streetinsider.com/Reuters/H ... 06176.html) | [Benzinga movers](https://www.benzinga.com/trading-ideas/ ... on-tuesday)
Do you strip out the tariff refund when you judge the beat, or does the guide raise make it irrelevant? And is anyone looking at MAT in sympathy, or is this purely a Magic story?
The numbers
- Revenue $1.595bn, +15% y/y, vs ~$1.48bn LSEG consensus
- Adj EPS $2.90 vs ~$1.86 consensus (Benzinga)
- Wizards & Digital Gaming +31%, with Magic: The Gathering +34% and above $600M in a quarter for the first time (The Hobbit, Reality Fracture sets). Segment operating margin was 49%
- Consumer Products only +4%, though adjusted segment operating profit doubled on cost productivity
- FY26 guide: revenue +7–9% cc (was +5–7%), adj operating margin 27–28% (was 25–26%), adj EBITDA $1.575–1.625bn (was $1.45–1.50bn)
- 2026 buyback target doubled
The caveat: results include about $55M of tariff refunds, $48M of it in Consumer Products. So part of that huge EPS beat is one-off. The underlying driver is Magic, which is basically a high-margin card business that happens to sit inside a toy company.
For the tape: new 52-week highs on a clean guide raise usually attract trend followers. Volume was ~5M by midday against a ~1.8M three-month average, so this isn't a thin move. Toys going into the holiday quarter also get headline risk from tariff news.
Sources: [Hasbro Q3 release](https://investor.hasbro.com/news-releas ... al-results) | [Reuters via StreetInsider](https://www.streetinsider.com/Reuters/H ... 06176.html) | [Benzinga movers](https://www.benzinga.com/trading-ideas/ ... on-tuesday)
Do you strip out the tariff refund when you judge the beat, or does the guide raise make it irrelevant? And is anyone looking at MAT in sympathy, or is this purely a Magic story?