Hasbro Shares Jump 8.7% as Magic: The Gathering Tops $600 Million and Toymaker Raises 2026 Full-Year Outlook

NEW YORK — Shares of Hasbro Inc. jumped nearly 9% on Tuesday after the toy and game maker reported strong third-quarter results driven by its Magic: The Gathering card game and raised its full-year outlook.

Hasbro shares rose $8.56, or 8.70%, to $107.05 in early trading. The company's market value climbed to about $15.2 billion. The stock is up about 32% over the past year.

Magic powers results

Hasbro said Magic: The Gathering surpassed $600 million in quarterly revenue for the first time, a milestone for the trading card game that has become the company's most important growth engine.

The company said it delivered a fourth consecutive quarter of double-digit revenue growth.

"Inspiring a lifetime of play is our superpower, and this quarter showed what it can do," Hasbro CEO Chris Cocks said.

Cocks said the company expects a strong finish to 2026 and continued growth in 2027, pointing to an upcoming lineup of Magic releases.

Raised outlook and buybacks

Hasbro raised its financial outlook for 2026, citing strong momentum across its brand portfolio.

The company also doubled its share repurchase target for the year, saying it would balance investment in the business with returning cash to shareholders.

Wizards of the Coast leads growth

Hasbro's Wizards of the Coast and Digital Gaming segment, home to Magic: The Gathering and Dungeons & Dragons, has driven much of the company's growth this year.

Magic sales have been boosted by new releases and its Universes Beyond line, which features collaborations with popular entertainment franchises. Earlier this year, Hasbro released Magic sets including Lorwyn Eclipsed and a Teenage Mutant Ninja Turtles crossover.

Through the first half of 2026, Hasbro's revenue rose 15%, driven by a 27% increase in its Wizards and Digital Gaming segment. Its consumer products business, which includes toys such as Nerf, Play-Doh and Transformers, has been more modest.

Asset-light strategy

Hasbro has shifted toward what Cocks described as an asset-light licensing model, allowing partners to extend its brands while the company focuses on its core games and intellectual property.

The strategy follows a difficult period for Hasbro, which took a large goodwill impairment on its consumer products business in 2025. The company has since focused on higher-margin games and licensing.

Holiday season ahead

The results come ahead of the crucial holiday shopping season, which accounts for a large share of toy sales. Toy makers have faced challenges in recent years from tariffs, inflation and cautious consumer spending.

Hasbro's strong performance in games has helped offset weaker trends in traditional toys.

What's next

Investors will look for continued strength in Magic: The Gathering and for signs of how the holiday season unfolds for its toy business. They will also watch upcoming Magic releases expected to support growth into 2027.