Hasbro Reports Fourth Quarter and Full Year 2025 Financial Results
PAWTUCKET, R.I.--( BUSINESS WIRE)--Hasbro, Inc. (NASDAQ: HAS), a leading games, IP, and toy company, today reported financial results for the fourth quarter and full year 2025.
Hasbro Reports Q4 and Full Year 2025 Financial Results; Playing to Win Drives Revenue, Profit and Earnings Growth for the Full Year
“I am proud of the results our team delivered in 2025 and the success of our Playing to Win strategy,” said Chris Cocks, Chief Executive Officer of Hasbro. “We returned the company to growth, engaged one billion fans, secured new partnerships, and made progress in our evolution into a digital-first play and IP company. We expect that momentum to carry into 2026.”
“2025 reflected strong operational execution, driven by progress on our transformation and cost savings initiatives. Wizards was a standout, anchored by record MAGIC revenue,” said Gina Goetter, Chief Financial Officer and Chief Operating Officer of Hasbro. “Looking ahead, we will continue to balance investment in the business with shareholder returns, including through a $1.0 billion share repurchase program.”
Full Year 2025 Highlights
Full Year 2025 Segment Details
Wizards of the Coast and Digital Gaming Segment
Consumer Products Segment
Entertainment Segment
Fourth Quarter 2025 Highlights
See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.
2026 Company Outlook
For the full year, the Company expects:
2026 Capital Allocation priorities:
Dividend Announcement
The Board of Directors has declared a quarterly cash dividend of $0.70 per common share payable on March 4, 2026, to shareholders of record at the close of business on February 18, 2026.
Conference Call Webcast
Hasbro will webcast its fourth quarter and full year 2025 earnings conference call at 8:30 a.m. Eastern Time today. To listen to the live webcast and access the accompanying presentation slides, please go to https://investor.hasbro.com. The replay of the call will be available on Hasbro’s website approximately 2 hours following completion of the call.
About Hasbro
Hasbro is a leading games, IP and toy company whose mission is to create joy and community through the magic of play. With 165 years of expertise, Hasbro delivers groundbreaking play experiences and reaches more than 1 billion fans annually around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more.
Through its franchise-first approach, Hasbro unlocks value from both new and legacy IP, including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, MONOPOLY, HASBRO GAMES, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands. Powered by its portfolio of thousands of iconic marks and a diversified network of partners and subsidiary studios, Hasbro brings fans together wherever they are, from tabletop to screen.
For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, a 2025 JUST Capital Industry Leader, one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50, and a Brand that Matters by Fast Company. For more information, visit https://corporate.hasbro.com or @Hasbro on LinkedIn.
© 2026 Hasbro, Inc. All Rights Reserved.
Forward Looking Statement Safe Harbor
Certain statements in this press release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our business strategies and plans; products, gaming and entertainment; anticipated cost savings; expected debt repayments and share repurchases; expected impact of tariffs; anticipated benefits and potential impact of moving our Rhode Island operations to Boston, Massachusetts; expected impact of newly issued accounting pronouncements; financial targets; and expectations for our future performance. Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties.
Factors that might cause such a difference include, but are not limited to:
The statements contained herein are based on our current beliefs and expectations. We undertake no obligation to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release.
Non-GAAP Financial Measures
The financial tables accompanying this press release include non-GAAP financial measures as defined under SEC rules, specifically Adjusted operating profit, Adjusted operating margin, Adjusted net earnings and Adjusted net earnings per diluted share, which exclude, where applicable, acquired intangible amortization, strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, and non-cash goodwill impairment charges, and Net loss on Discovery Investment. Also included in this press release are the non-GAAP financial measures of EBITDA and Adjusted EBITDA. EBITDA represents net earnings attributable to Hasbro, Inc. excluding interest expense, income tax expense, net earnings attributable to noncontrolling interests, depreciation and amortization of intangibles. Adjusted EBITDA also excludes strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, non-cash goodwill impairment charges, Net loss on Discovery Investment and the impact of stock compensation. As required by SEC rules, we have provided reconciliations on the attached schedules of these measures to the most directly comparable GAAP measure. Management believes that Adjusted net earnings, Adjusted net earnings per diluted share, Adjusted operating profit and Adjusted operating margin provide investors with an understanding of the underlying performance of our business absent unusual events. Management believes that EBITDA and Adjusted EBITDA are appropriate measures for evaluating the operating performance of our business because they reflect the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet and make strategic acquisitions. The Company is not able to reconcile its forward-looking non-GAAP adjusted operating margin and adjusted EBITDA measures because the Company cannot predict with certainty the timing and amounts of discrete items such as charges associated with its cost-savings program, which could impact GAAP results. Constant currency is also a non-GAAP financial measure. The impact of changes in foreign currency exchange rates used to translate the consolidated statements of operations is quantified by translating the current or future period revenues at the prior period exchange rates and comparing this amount to the prior period reported revenues. The Company believes that the presentation of the impact of changes in exchange rates, which are beyond the Company’s control, is helpful to an investor’s understanding of the performance of the underlying business. These non-GAAP measures should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of financial performance prepared in accordance with GAAP as more fully discussed in our consolidated financial statements and filings with the SEC. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America.
HAS-E
(Tables Attached)
HASBRO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (1)
(Unaudited)
(Millions of Dollars)
December 28, 2025
December 29, 2024
ASSETS
Cash and cash equivalents
$
776.6
$
695.0
Short-term investments
105.4
—
Accounts receivable, net
1,059.8
919.8
Inventories
259.8
274.2
Prepaid expenses and other current assets
382.1
353.5
Total current assets
2,583.7
2,242.5
Property, plant and equipment, net
247.8
302.6
Goodwill
1,256.7
2,278.2
Other intangible assets, net
456.7
518.4
Other assets
1,007.1
998.6
Total assets
$
5,552.0
$
6,340.3
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Current portion of long-term debt
$
497.0
$
—
Accounts payable
335.4
341.5
Accrued liabilities
1,038.7
1,059.8
Total current liabilities
1,871.1
1,401.3
Long-term debt
2,767.9
3,380.8
Other liabilities
347.5
373.2
Total liabilities
4,986.5
5,155.3
Total shareholders’ equity
565.5
1,185.0
Total liabilities, noncontrolling interests and shareholders’ equity
$
5,552.0
$
6,340.3
(1) Amounts may not sum due to rounding
HASBRO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (1)
(Unaudited)
(Millions of Dollars and Shares, Except Per Share Data)
Three Months Ended
Year Ended
December 28, 2025
December 29, 2024
December 28, 2025
December 29, 2024
Amount
% of Net Revenues
Amount
% of Net Revenues
Amount
% of Net Revenues
Amount
% of Net Revenues
Net revenues
$
1,445.9
100.0
%
$
1,101.6
100.0
%
$
4,701.3
100.0
%
$
4,135.5
100.0
%
Costs and expenses
Cost of sales
452.1
31.3
%
358.7
32.6
%
1,296.2
27.6
%
1,179.5
28.5
%
Program cost amortization
14.8
1.0
%
24.8
2.3
%
35.8
0.8
%
49.3
1.2
%
Royalties
113.1
7.8
%
80.0
7.3
%
368.9
7.8
%
284.2
6.9
%
Product development
130.0
9.0
%
81.9
7.4
%
385.6
8.2
%
294.1
7.1
%
Advertising
89.6
6.2
%
105.7
9.6
%
316.9
6.7
%
319.5
7.7
%
Amortization of intangible assets
14.6
1.0
%
17.1
1.6
%
66.0
1.4
%
68.3
1.7
%
Impairment of goodwill
—
0.0
%
—
0.0
%
1,021.9
21.7
%
—
0.0
%
Loss on disposal of business
—
0.0
%
13.0
1.2
%
25.0
0.5
%
37.4
0.9
%
Selling, distribution and administration
334.2
23.1
%
360.6
32.7
%
1,173.9
25.0
%
1,213.2
29.3
%
Total costs and expenses
1,148.4
79.4
%
1,041.8
94.6
%
4,690.2
99.8
%
3,445.5
83.3
%
Operating profit
297.5
20.6
%
59.8
5.4
%
11.1
0.2
%
690.0
16.7
%
Non-operating (income) expense
Interest expense
40.4
2.8
%
43.5
3.9
%
163.4
3.5
%
171.2
4.1
%
Interest income
(8.0
)
-0.6
%
(11.3
)
-1.0
%
(28.6
)
-0.6
%
(47.3
)
-1.1
%
Other (income) expense, net
(5.8
)
-0.4
%
84.8
7.7
%
(21.7
)
-0.5
%
69.1
1.7
%
Total non-operating expense, net
26.6
1.8
%
117.0
10.6
%
113.1
2.4
%
193.0
4.7
%
Earnings (loss) before income taxes
270.9
18.7
%
(57.2
)
-5.2
%
(102.0
)
-2.2
%
497.0
12.0
%
Income tax expense (benefit)
67.8
4.7
%
(30.7
)
-2.8
%
216.2
4.6
%
102.6
2.5
%
Net earnings (loss)
203.1
14.0
%
(26.5
)
-2.4
%
(318.2
)
-6.8
%
394.4
9.5
%
Net earnings attributable to noncontrolling interests
1.5
0.1
%
7.8
0.7
%
4.2
0.1
%
8.8
0.2
%
Net earnings (loss) attributable to Hasbro, Inc.
$
201.6
13.9
%
$
(34.3
)
-3.1
%
$
(322.4
)
-6.9
%
$
385.6
9.3
%
Net earnings (loss) per common share:
Basic
$
1.44
$
(0.25
)
$
(2.30
)
$
2.77
Diluted
$
1.41
$
(0.25
)
$
(2.30
)
$
2.75
Cash dividends declared per common share
$
0.70
$
0.70
$
2.80
$
2.10
Weighted Average Number of Shares
Basic
140.5
139.6
140.2
139.4
Diluted
142.6
139.6
140.2
140.3
(1) Amounts may not sum due to rounding
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1)
(Unaudited)
(Millions of Dollars)
Year Ended
December 28, 2025
December 29, 2024
Cash flows from operating activities:
Net (loss) earnings
$
(318.2
)
$
394.4
Impairment of goodwill
1,021.9
—
Loss on disposal of business
25.0
37.4
Other non-cash adjustments
484.8
356.1
Changes in operating assets and liabilities
(320.3
)
59.5
Net cash provided by operating activities
893.2
847.4
Cash flows from investing activities:
Additions to property, plant and equipment
(63.3
)
(87.2
)
Additions to software development
(135.0
)
(110.3
)
Net settlement from sale of business
—
(12.0
)
Purchase of investments
(105.4
)
(571.0
)
Maturity of investments
—
583.0
Other
19.3
(6.2
)
Net cash utilized by investing activities
(284.4
)
(203.7
)
Cash flows from financing activities:
Proceeds from long-term debt
—
498.6
Repayments of borrowings
(118.2
)
(581.3
)
Stock-based compensation transactions
9.6
7.6
Dividends paid
(392.5
)
(389.9
)
Payments related to tax withholding for share-based compensation
(23.7
)
(14.4
)
Payments of financing costs
—
(5.3
)
Other
(6.5
)
(12.8
)
Net cash utilized by financing activities
(531.3
)
(497.5
)
Effect of exchange rate changes on cash
4.1
3.4
Net increase in cash, cash equivalents and restricted cash
81.6
149.6
Cash, cash equivalents and restricted cash, beginning of year
695.0
545.4
Cash, cash equivalents and restricted cash, end of year
$
776.6
$
695.0
(1) Amounts may not sum due to rounding
HASBRO, INC.
SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED (1)
(Unaudited)
(Millions of Dollars)
Three Months Ended December 28, 2025
Three Months Ended December 29, 2024
Operating Results
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total company results
External net revenues
$
1,445.9
$
—
$
1,445.9
$
1,101.6
$
—
$
1,101.6
31
%
Operating profit
297.5
17.3
314.8
59.8
52.9
112.7
>100%
Operating margin
20.6
%
1.2
%
21.8
%
5.4
%
4.8
%
10.2
%
Segment results
Wizards of the Coast and Digital Gaming:
External net revenues
$
630.4
$
—
$
630.4
$
339.0
$
—
$
339.0
86
%
Operating profit
283.5
—
283.5
80.9
—
80.9
>100%
Operating margin
45.0
%
—
45.0
%
23.9
%
—
23.9
%
Consumer Products:
External net revenues
$
800.0
$
—
$
800.0
$
746.3
$
—
$
746.3
7
%
Operating profit
50.8
2.8
53.6
50.5
9.1
59.6
-10
%
Operating margin
6.4
%
0.4
%
6.7
%
6.8
%
1.2
%
8.0
%
Entertainment:
External net revenues
$
15.5
$
—
$
15.5
$
16.3
$
—
$
16.3
-5
%
Operating profit (loss)
(2.2
)
2.9
0.7
(16.2
)
16.4
0.2
>100%
Operating margin
-14.2
%
18.7
%
4.5
%
-99.4
%
>100%
1.2
%
Corporate and Other:
Operating loss
$
(34.6
)
$
11.6
$
(23.0
)
$
(55.4
)
$
27.4
$
(28.0
)
18
%
(1) Amounts may not sum due to rounding
Three Months Ended
Wizards of the Coast and Digital Gaming net revenues by category
December 28, 2025
December 29, 2024
% Change
Tabletop Gaming
$
494.7
$
207.0
139
%
Digital and Licensed Gaming
135.7
132.0
3
%
Net revenues
$
630.4
$
339.0
Three Months Ended
Consumer Products net revenues by major geographic region
December 28, 2025
December 29, 2024
% Change
North America
$
471.3
$
421.0
12
%
Europe
204.2
177.9
15
%
Asia Pacific
70.8
93.4
-24
%
Latin America
53.7
54.0
-1
%
Net revenues
$
800.0
$
746.3
Three Months Ended
Entertainment net revenues by category
December 28, 2025
December 29, 2024
% Change
Family Brands
$
13.1
$
13.1
0
%
Film and TV
2.4
3.2
-25
%
Net revenues
$
15.5
$
16.3
Three Months Ended
Supplementary Hasbro Gaming information:
December 28, 2025
December 29, 2024
% Change
MAGIC: THE GATHERING
$
502.4
$
208.4
141
%
Hasbro Total Gaming (1)
$
867.8
$
542.5
60
%
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.
Year Ended December 28, 2025
Year Ended December 29, 2024
Operating Results (1)
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total company results
External net revenues
$
4,701.3
$
—
$
4,701.3
$
4,135.5
$
—
$
4,135.5
14
%
Operating profit
11.1
1,128.9
1,140.0
690.0
148.8
838.8
36
%
Operating margin
0.2
%
24.0
%
24.2
%
16.7
%
3.6
%
20.3
%
Segment results
Wizards of the Coast and Digital Gaming:
External net revenues
$
2,186.9
$
—
$
2,186.9
$
1,511.3
$
—
$
1,511.3
45
%
Operating profit
1,006.8
—
1,006.8
632.0
—
632.0
59
%
Operating margin
46.0
%
—
46.0
%
41.8
%
—
41.8
%
Consumer Products:
External net revenues
$
2,437.6
$
—
$
2,437.6
$
2,543.9
$
—
$
2,543.9
-4
%
Operating (loss) profit
(942.6
)
1,055.3
112.7
115.3
36.3
151.6
-26
%
Operating margin
-38.7
%
43.3
%
4.6
%
4.5
%
1.4
%
6.0
%
Entertainment:
External net revenues
$
76.8
$
—
$
76.8
$
80.3
$
—
$
80.3
-4
%
Operating profit (loss)
0.4
39.1
39.5
(1.6
)
50.9
49.3
-20
%
Operating margin
0.5
%
50.9
%
51.4
%
-2.0
%
63.4
%
61.4
%
Corporate and Other:
Operating (loss) profit
$
(53.5
)
$
34.5
$
(19.0
)
$
(55.7
)
$
61.6
$
5.9
>-100%
(1) Amounts may not sum due to rounding
Year Ended
Wizards of the Coast and Digital Gaming net revenues by category
December 28, 2025
December 29, 2024
% Change
Tabletop Gaming
$
1,686.6
$
1,039.6
62
%
Digital and Licensed Gaming
500.3
471.7
6
%
Net revenues
$
2,186.9
$
1,511.3
Year Ended
Consumer Products net revenues by major geographic region
December 28, 2025
December 29, 2024
% Change
North America
$
1,421.7
$
1,493.0
-5
%
Europe
566.0
519.7
9
%
Asia Pacific
249.4
286.7
-13
%
Latin America
200.5
244.5
-18
%
Net revenues
$
2,437.6
$
2,543.9
Year Ended
Entertainment net revenues by category
December 28, 2025
December 29, 2024
% Change
Family Brands
$
66.7
$
73.7
-9
%
Film and TV
10.1
6.6
53
%
Net revenues
$
76.8
$
80.3
Year Ended
Supplementary Hasbro Gaming Information:
December 28, 2025
December 29, 2024
% Change
MAGIC: THE GATHERING
$
1,720.1
$
1,078.6
59
%
Hasbro Total Gaming (1)
$
2,788.2
$
2,092.1
33
%
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Millions of Dollars)
Three Months Ended
Year Ended
Reconciliation of EBITDA and Adjusted EBITDA (1)
December 28, 2025
December 29, 2024
December 28, 2025
December 29, 2024
Net earnings (loss) attributable to Hasbro, Inc.
$
201.6
$
(34.3
)
$
(322.4
)
$
385.6
Interest expense
40.4
43.5
163.4
171.2
Income tax expense (benefit)
67.8
(30.7
)
216.2
102.6
Net earnings attributable to noncontrolling interests
1.5
7.8
4.2
8.8
Depreciation
13.8
20.7
69.5
94.7
Amortization of intangibles
14.6
17.1
66.0
68.3
EBITDA
$
339.7
$
24.1
$
196.9
$
831.2
Stock compensation
$
25.0
$
22.1
$
78.9
$
49.0
Strategic transformation initiatives (2)
7.7
9.8
23.9
28.3
Restructuring and severance costs (3)
(0.2
)
14.4
9.3
22.2
Loss on disposal of business (4)
—
13.0
25.0
37.4
eOne Film and TV business divestiture related costs (5)
—
3.2
5.6
11.1
Impairment of goodwill (6)
—
—
1,021.9
—
Net loss on Discovery investment (7)
—
78.2
—
78.2
Adjusted EBITDA
$
372.2
$
164.8
$
1,361.5
$
1,057.4
(1) Amounts may not sum due to rounding
(2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations.
(3) Restructuring and severance costs associated with cost-savings initiatives across the Company.
(4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.
(5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities.
(6) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.
(7) Net loss on Discovery investment represents non-cash charges incurred within Corporate and Other related to the impairment of the Discovery JV investment.
HASBRO, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Millions of Dollars)
Three Months Ended
Year Ended
Reconciliation of Adjusted Operating Profit (1)
December 28, 2025
December 29, 2024
December 28, 2025
December 29, 2024
Operating profit (loss)
$
297.5
$
59.8
$
11.1
$
690.0
Wizards of the Coast and Digital Gaming
283.5
80.9
1,006.8
632.0
Consumer Products
50.8
50.5
(942.6
)
115.3
Entertainment
(2.2
)
(16.2
)
0.4
(1.6
)
Corporate and Other
(34.6
)
(55.4
)
(53.5
)
(55.7
)
Non-GAAP adjustments
$
17.3
$
52.9
$
1,128.9
$
148.8
Consumer Products
2.8
9.1
1,055.3
36.3
Entertainment
2.9
16.4
39.1
50.9
Corporate and Other
11.6
27.4
34.5
61.6
Adjusted operating profit (loss)
$
314.8
$
112.7
$
1,140.0
$
838.8
Wizards of the Coast and Digital Gaming
283.5
80.9
1,006.8
632.0
Consumer Products
53.6
59.6
112.7
151.6
Entertainment
0.7
0.2
39.5
49.3
Corporate and Other
(23.0
)
(28.0
)
(19.0
)
5.9
Non-GAAP Adjustments include the following:
Acquired intangible amortization (2)
$
9.8
$
12.5
$
47.4
$
49.8
Strategic transformation initiatives (3)
7.7
9.8
23.9
28.3
Restructuring and severance costs (4)
(0.2
)
14.4
9.3
22.2
Loss on disposal of business (5)
—
13.0
25.0
37.4
eOne Film and TV business divestiture related costs (6)
—
3.2
1.4
11.1
Impairment of goodwill (7)
—
—
1,021.9
—
$
17.3
$
52.9
$
1,128.9
$
148.8
(1) Amounts may not sum due to rounding
(2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute.
(3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations.
(4) Restructuring and severance costs associated with cost-savings initiatives across the Company.
(5) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.
(6) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities.
(7) During Q2 2025, Hasbro recorded a non-cash goodwill impairment charge of $1,021.9 million in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.
HASBRO, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Millions of Dollars and Shares, Except Per Share Data)
Reconciliation of Net Earnings and Earnings per Share (1)
Three Months Ended
(all adjustments reported after-tax)
December 28, 2025
Diluted Per Share Amount
December 29, 2024
Diluted Per Share Amount
Net earnings (loss) attributable to Hasbro, Inc.
$
201.6
$
1.41
$
(34.3
)
$
(0.25
)
Acquired intangible amortization (2)
7.4
0.05
9.4
0.07
Strategic transformation initiatives (3)
5.9
0.04
7.5
0.05
Restructuring and severance costs (4)
(0.1
)
—
11.0
0.08
Loss on disposal of business (5)
—
—
8.5
0.06
eOne Film and TV divestiture related costs (6)
—
—
2.4
0.02
Impairment of goodwill (7)
—
—
—
—
Net loss on Discovery investment (8)
—
—
59.8
0.43
Net earnings attributable to Hasbro, Inc. as adjusted
$
214.8
$
1.51
$
64.3
$
0.46
Year Ended
(all adjustments reported after-tax)
December 28, 2025
Diluted Per Share Amount
December 29, 2024
Diluted Per Share Amount
Net (loss) earnings attributable to Hasbro, Inc.
$
(322.4
)
$
(2.30
)
$
385.6
$
2.75
Acquired intangible amortization (2)
35.6
0.25
37.4
0.27
Strategic transformation initiatives (3)
18.3
0.13
21.6
0.15
Restructuring and severance costs (4)
7.2
0.05
17.0
0.12
Loss on disposal of business (5)
25.0
0.18
32.9
0.23
eOne Film and TV divestiture related costs (6)
4.2
0.03
8.5
0.06
Impairment of goodwill (7)
1,016.5
7.17
—
—
Net loss on Discovery investment (8)
—
—
59.8
0.43
Net earnings attributable to Hasbro, Inc. as adjusted
$
784.4
$
5.54
$
562.8
$
4.01
(1) Amounts may not sum due to rounding
(2) Represents intangible amortization costs related to the intangible assets acquired in the eOne acquisition. The Company has allocated certain of these intangible amortization costs between the Consumer Products and Entertainment segments, to match the revenue generated from such intangible assets. While amortization of acquired intangibles is being excluded from the related GAAP financial measure, the revenue of the acquired company is reflected within the Company's operating results to which these assets contribute.
(3) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $7.7 ($5.9 after-tax) and $23.9 ($18.3 after-tax) for three months and year ended December 28, 2025, respectively, and $9.8 ($7.5 after-tax) and $28.3 ($21.6 after-tax) for the three months and year ended December 29, 2024, respectively.
(4) Restructuring and severance costs of ($0.2) (($0.1) after-tax) and $9.3 ($7.2 after-tax) for three months and year ended December 28, 2025, respectively, and $14.4 ($11.0 after-tax) and $22.2 ($17.0 after-tax) for the three months and year ended December 29, 2024, respectively, associated with cost-savings initiatives across the Company.
(5) Loss on disposal of a business of $25.0 ($25.0 after-tax) for year ended December 28, 2025 and $13.0 ($8.5 after-tax) and $37.4 (32.9 after-tax) for the three months and year ended December 29, 2024, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment.
(6) eOne Film and TV business divestiture related costs of $5.6 ($4.2 after-tax) for year ended December 28, 2025 and $3.2 ($2.4 after-tax) and $11.1 ($8.5 after-tax) for three months and year ended December 29, 2024, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities.
(7) Non-cash goodwill impairment tax impact of $1,021.9 ($1,016.5 after-tax) for the year ended December 28, 2025, in the Consumer Products segment, following completion of an interim quantitative assessment of goodwill triggered by the implementation of tariffs.
(8) Impairment of the Company's Discovery JV investment of $78.2 ($59.8 after tax) for the three months and year ended December 29, 2024. This impairment charge is included in other (income) expense, net within Corporate and Other.