# Hasbro Q3 Earnings: Magic Tops $600M, Buyback Doubled

> Hasbro's Magic: The Gathering revenue hits $600 million for the first time in Q3 2026, boosting profits and doubling share buyback target to $400 million.
- Title: Hasbro Q3 Earnings: Magic Tops $600M, Buyback Doubled
- Summary: Hasbro's Magic: The Gathering revenue hits $600 million for the first time in Q3 2026, boosting profits and doubling share buyback target to $400 million…
- Keywords: hasbro, magic the gathering, q3 2026, revenue, share repurchase, wizards of the coast, adjusted operating profit, adjusted eps, magic revenue, exodus, warlock, finance
- Source: BigGo Finance — https://finance.biggo.com/news/US_HAS_2026-10-20
- Author: BigGo Finance
- Published: 2026-10-20T14:14:18+00:00
- Read time: 2 min
- Topics: hasbro, magic the gathering, q3 2026, revenue, share repurchase, wizards of the coast, adjusted operating profit, adjusted eps, magic revenue, exodus, warlock, finance
## Hasbro Q3 2026 Results
Hasbro reported third-quarter 2026 net revenue of $1.6 billion, up 15% year-over-year, with adjusted operating profit surging 52% to $541 million.
## Magic: The Gathering Revenue
Magic: The Gathering crossed $600 million in quarterly revenue for the first time, growing 34% year-over-year.
## Wizards Segment Performance
Wizards of the Coast revenue rose 31% to $747 million with operating profit up 46% to $367 million at a 49.2% margin.
## Consumer Products Growth
Consumer products delivered fourth consecutive quarter of growth with revenue up 4% to $828 million and adjusted operating profit doubling to $178 million.
## Q3 Financial Highlights
Adjusted operating margin expanded to 33.9% from 25.6%, and adjusted eps jumped 73% to $2.90.
## Full-Year Guidance Raised
Hasbro raised full-year revenue guidance to 7%-9% constant-currency growth and adjusted EBITDA to $1.575-$1.625 billion.
## Share Repurchase Target Doubled
Share repurchase target increased from $200 million to $400 million for the year.
## 2027 Digital Game Launches
Exodus and Warlock digital games will launch in 2027, tempering Wizards margins to the high 30s due to non-cash amortization.
## Magic Revenue Drivers
The Hobbit set, Reality Fracture, and record backlist sales drove Magic's 34% growth in Q3 2026.
## Q3 Timing Shift
Approximately $40 million of Magic sales shifted from Q4 into Q3 due to early shipments of Reality Fracture.
## Consumer Products Margin Improvement
Consumer products adjusted operating margin expanded to 21.5% from 11.2% aided by $48 million in tariff refunds.
## Licensing Revenue
Licensing revenue was $144 million in Q3 2026, down 4% year-to-date due to non-recurring items and comparisons.
## Q4 Outlook
Q4 revenue expected to be up low single digits with Q4 'flattish, maybe slightly positive' due to tariff-related changes.
## 2027 Margin Outlook
Wizards margins expected to be in the high 30s due to non-cash amortization from Exodus and Warlock.
## Share Repurchase Progress
Hasbro repurchased $149 million of shares through the first nine months of 2026, with $400 million target for the year.
## Q3 Execution
Q3 was described as a quarter of execution with Wizards scaling profitably and consumer products turning the corner on margin.
## Key takeaway

Hasbro reported Q3 2026 revenue of $1.6 billion with Magic: The Gathering crossing $600 million, raising full-year guidance and doubling share repurchase target to $400 million.