Total Revenue

+17% (from $757.3M in Q1 2024 to $887.1M in Q1 2025)

Total Revenue increased by 17% driven primarily by robust performance in the Wizards of the Coast and Digital Gaming segment, which offset a slight decline in Consumer Products. This improvement builds on past underperformance in the digital gaming space, where new product initiatives and favorable market dynamics propelled growth. " "

Wizards of the Coast & Digital Gaming

+46% (from $316.3M in Q1 2024 to $462.1M in Q1 2025)

The segment’s revenue surged by 46% YoY due to strong demand for high-margin products like MAGIC: THE GATHERING and DUNGEONS & DRAGONS, reflecting a shift from previous quarters that had lower digital and licensed gaming performance. "

Consumer Products

-3.7% (from $413.0M in Q1 2024 to $398.3M in Q1 2025)

Consumer Products experienced a modest decline as planned reductions in Toys & Games sales and weaker performance in certain regional markets (notably Latin America) played a role, continuing the trend from earlier periods of adjusting product mix and inventory strategies. "

Operating Profit

+47% (from $116.2M in Q1 2024 to $170.7M in Q1 2025)

Operating Profit improved by 47% YoY as cost-saving initiatives and an improved business mix—particularly from the high-margin Wizards of the Coast Digital Gaming segment—helped boost profitability compared to the previous period. " "

Net Earnings

+68% (from $59.1M in Q1 2024 to $99.5M in Q1 2025)

Substantial improvement in Net Earnings (68% increase) resulted from enhanced revenue generation and superior operating margins, combined with efficiencies that reduced non-recurring expenses seen in prior quarters. " "

Asia Pacific Revenue (Consumer Products)

+10% (from $48.8M in Q1 2024 to $53.8M in Q1 2025)

Asia Pacific revenue grew by 10% YoY likely due to positive market conditions and effective localized strategies that built on past incremental gains in this region. "

Latin America Revenue (Consumer Products)

-25% (from $37.6M in Q1 2024 to $28.1M in Q1 2025)

Latin America revenue fell by 25% YoY as ongoing regional challenges and market headwinds continued to impact sales, reflecting persistent issues that were evident in previous results. "

Cash Position

-$73.9M decrease (ending at $621.1M)

The decline in cash by $73.9M was influenced by reduced operating cash flow generation, increased outflows in financing and investing activities, and a less favorable mix of cash-generating activities compared to the previous period. "

Wizards Revenue

FY 2025

Forecasted growth of 5% to 7% "

Raised significantly " "

raised

Wizards Operating Margin

FY 2025

Expected between 39% and 40% "

Raised to 49.8% "

raised

Consumer Products Revenue

FY 2025

Expected to be flat to down 4% "

Outlook remains unchanged, with potential revenue impact of $60M–$180M "

no change

Consumer Products Operating Margin

FY 2025

Expected between 8% and 10% "

Expected to decline to mid‐single‐digit range "

lowered

MONOPOLY GO Revenue

FY 2025

no prior guidance

Approximately $10 million per month "

no prior guidance

Cost Savings Guidance

FY 2025

no prior guidance

$22 million of gross cost savings from operational excellence initiatives "

no prior guidance

Q2 Revenue

Q2 2025

no prior guidance

Expected to be down due to changes in order patterns and unfavorable comps; low single‐digit declines "

no prior guidance

Q3 Revenue

Q3 2025

no prior guidance

Expected to be stronger, with inventory moving to retailers in the back half "

no prior guidance

MAGIC: THE GATHERING

Previous earnings calls in Q2–Q4 2024 highlighted strong performance, notable set releases (e.g. Modern Horizons 3, absence of a blockbuster in Q3), and robust ecosystem/engagement. " " " " " "

Q1 2025 reported a 45% revenue growth, economic resilience, an expanding player base, and successful strategic collaborations (e.g. Final Fantasy Universes Beyond). " " "

Consistent growth with increased emphasis on strategic collaborations and network effects to drive even higher revenue and engagement.

MONOPOLY GO! Digital Performance

Across Q2–Q4 2024, discussions emphasized steady revenue performance, strong licensing revenue, a successful TV campaign, and resilience despite falling download trends in Q3. " " " "

In Q1 2025, MONOPOLY GO! continued its robust digital performance with a reported stable monthly revenue ($10 million) and a new high-profile collaboration with Star Wars. " "

Steady performance with evolving digital partnerships and enhanced user engagement offsetting minor volatility in download trends.

Digital Gaming and Licensing Expansion

Q2 2024 discussions emphasized digital efforts with Baldur's Gate 3 and broad investments in digital licensing, while Q3 and Q4 highlighted emerging projects such as Exodus and continued growth in digital revenues. " " "

Q1 2025 focused on overall digital growth in the Wizards segment driven by MAGIC and digital licensing, though without specific mention of Baldur’s Gate 3 or Exodus. "

Sustained focus on digital expansion with Q4 innovations (BG3/Exodus) setting the stage; Q1 builds on overall digital licensing strength while specifics shift toward a broader revenue mix.

Tariff Pressure & Supply Chain Diversification Risks

Q2 and Q3 had little to no explicit discussion; Q4 addressed China tariff pressures briefly with emphasis on cost productivity and design-to-value measures. " "

Q1 2025 provided detailed modeling of tariffs (50–145% for China and 10% for other countries), outlined significant mitigation strategies and supply chain diversification plans. " " " "

Enhanced focus: While earlier discussions were minimal or brief, Q1 2025 shows a more detailed and proactive approach to managing tariff impacts and diversifying the supply chain.

Consumer Products & Core Toy Performance

Q2 2024 highlighted a 20% revenue decline but noted innovation in toys (Beyblade, PLAY-DOH, Transformers), while Q3 and Q4 discussed leaner inventories, improved margins, and licensing successes. " " " "

Q1 2025 showed a slight 4% revenue decline but improved operating margins and strong licensing performance along with targeted new product launches at key price points. " " " "

Consistent innovation with efforts to improve profitability; despite moderate revenue challenges, emphasis on product launches and licensing is driving better margins and strategic positioning.

Margin Dynamics

In Q2 2024, margins improved with a favorable mix and cost savings; Q3 highlighted expansion initiatives but forecast Q4 compression due to mix shifts and royalty expenses; Q4 detailed significant cost savings and compression. " " " "

Q1 2025 reported significant margin expansion initiatives (improved adjusted operating profit and margins) alongside modeled tariff impacts creating compression risks. " " "

Balanced dynamic: Continuous margin expansion efforts are in play while compression concerns from tariffs and mix shifts persist, illustrating an ongoing balancing act between cost savings and external pressures.

Strategic Partnerships & Licensing

Q2 emphasized long-standing relationships (e.g. Disney, Power Rangers) and Q3 showcased innovations with Marvel, LEGO, and increased licensing revenue; Q4 announced new video game partnerships and expanded licensing initiatives. " " " "

Q1 2025 highlighted an extension of the Disney licensing agreement (Marvel and Star Wars) and ongoing initiatives with MONOPOLY GO! partnering with Lucas Films/Star Wars. " " " "

Strengthening and broadening: The strategy remains robust with partnerships deepening and new high-profile collaborations emerging, reinforcing Hasbro’s market leadership in leveraging popular entertainment brands.

Retailer Order Disruptions & Inventory Patterns

Q2 mentioned healthy retail inventory levels and improved supply planning; Q3 briefly noted a leaner inventory structure without detailed disruptions; Q4 contained no discussion on these aspects. " " "

Q1 2025 included detailed commentary on dynamic retailer order adjustments, shifting order patterns (DI vs. DOM), and anticipated impacts on Q2 with recovery expected later in the year. " "

Emerging concern: While earlier periods noted solid inventory management, Q1 2025 shows a new focus on retailer order disruptions and shifting inventory patterns, indicating evolving supply chain dynamics in reaction to external pressures.

Reliance on Non-Recurring Items

Q2 and Q3 did not address non-recurring items, and Q4 only briefly mentioned their impact on profitability without emphasis in revenue guidance. "

Q1 2025 did not provide specific commentary on reliance on non-recurring items in revenue guidance.

Negligible focus: This topic has had consistently minimal discussion across periods, suggesting it remains a non-critical factor in revenue guidance.

Future Growth Initiatives & Pipeline Expansion

Q2 focused on digital and toy innovations (e.g. MONOPOLY GO!, digital projects, Beyblade, PLAY-DOH), Q3 emphasized structural shifts toward digital, licensing, and upcoming releases (MAGIC, D&D, new board games), and Q4 highlighted future video games (Exodus) and entertainment projects. " " " "

Q1 2025 underscored investments in core growth engines such as MAGIC and Digital Games, cost transformation initiatives, and a robust pipeline in digital and licensing areas that drive future profitability. " " "

Persistent and evolving: The pipeline continues to expand with a strong emphasis on digital, content-driven growth, and IP-led initiatives—with each period building on previous innovation strategies toward long-term growth.