Hasbro Stock Soars 11% to a 7-Year High: A $600 Million Card Game Just Crushed Earnings

The direct answer

Hasbro stock jumped 11.2% to $109.52 after the toymaker reported third-quarter earnings that crushed Wall Street forecasts. Adjusted earnings were $2.90 per share, versus a consensus estimate of $1.86 — a 55.9% earnings surprise. Revenue rose 15% year over year to $1.6 billion, driven by Magic: The Gathering, which grew 34% and topped $600 million in quarterly revenue for the first time ever. Hasbro also raised its full-year outlook and doubled its share buyback target.

What happened

Hasbro reported its fiscal third quarter, which ended September 27, 2026, on Tuesday, October 20 — and the headline numbers beat expectations on almost every line. Revenue of $1.6 billion was up 15% from $1.39 billion a year earlier and came in 8.63% ahead of the consensus estimate of about $1.48 billion. Adjusted operating profit soared 52% to $541 million, helped by roughly $55 million in tariff refunds and strong sales of collectibles.

Adjusted earnings per share jumped 73% to $2.90, from $1.68 a year ago. On a reported basis, diluted earnings were $2.77 per share. It was Hasbro's fourth straight quarter beating consensus earnings estimates, and its fourth consecutive quarter of double-digit revenue growth, according to CEO Chris Cocks.

Investors reacted immediately. The shares rallied more than 11% on Tuesday, making Hasbro the second-best performer in the S&P 500 that day, and the stock moved toward its highest closing level in nearly seven years. Hasbro shares are now up about 20% since the start of the year, ahead of the S&P 500's gain.

Why it's blowing up

The story everyone is sharing is simple: a trading card game is now Hasbro's growth engine. Magic: The Gathering revenue rose 34% to more than $600 million in a single quarter — $616 million by one detailed breakdown — a milestone the game has never hit before. The Wizards of the Coast and Digital Gaming segment, which houses Magic, grew revenue 31% to about $747 million.

The rest of the business contributed too. Consumer Products revenue rose 4%, and Entertainment revenue grew 9%. That breadth matters, because it shows the beat was not a one-product accident. Coverage also linked Hasbro's surge to a wider collectibles boom, noting that trading cards and collectibles have become one of the strongest categories in toys and games this year.

The guidance raise turned a good quarter into a viral stock story. Hasbro now expects full-year revenue to grow 7% to 9% in constant currency, up from its previous outlook of 5% to 7%. It lifted its adjusted operating margin outlook to 27% to 28% and raised adjusted EBITDA guidance to $1.575 billion to $1.625 billion, from $1.45 billion to $1.50 billion previously. Management also doubled the year's share repurchase target, from $200 million to $400 million, citing continued strength in cash flow.

Key facts

Stock move: Hasbro (NASDAQ: HAS) rose 11.20% to $109.52 on Tuesday, October 20, 2026.
Earnings beat: Adjusted EPS of $2.90 vs. a $1.86 consensus estimate — a +55.91% surprise, per Zacks.
Revenue: $1.6 billion, up 15% year over year, beating estimates by 8.63%.
Magic milestone: Magic: The Gathering revenue up 34%, topping $600 million in a quarter for the first time.
Profit: Adjusted operating profit up 52% to $541 million.
Guidance raised: Full-year revenue growth now seen at 7% to 9% in constant currency; buyback target doubled to $400 million.

What's next

The next test is the holiday quarter. Hasbro heads into the most important selling season for toys with raised guidance, what management described as a healthy operating setup, and momentum in both games and consumer products. Cocks said the company expects a strong finish to 2026 and continued Magic growth in 2027, helped by a lineup of new sets and continued backlist demand.

Hasbro's result landed in a busy earnings week, ahead of results from Tesla and Meta — a reminder that this season's biggest moves are not only coming from Big Tech. This post reports what happened and how the market reacted; it is not financial advice.

FAQ

Why did Hasbro stock jump 11%?
Hasbro reported Q3 adjusted earnings of $2.90 per share, far above the $1.86 analysts expected, on revenue that rose 15% to $1.6 billion, and it raised its full-year guidance.

How much money did Magic: The Gathering make?
Magic: The Gathering revenue grew 34% year over year and topped $600 million in the quarter for the first time, according to Hasbro's CEO.

Did Hasbro raise its outlook for 2026?
Yes. Hasbro now expects full-year revenue growth of 7% to 9% in constant currency, an adjusted operating margin of 27% to 28%, and adjusted EBITDA of $1.575 billion to $1.625 billion.

Is Hasbro stock at a record high?
No. After the jump, shares were on track for their highest close in nearly seven years, according to Dow Jones Market Data cited by Barron's.