Hasbro is expanding from toys into a broader play and intellectual-property business—not abandoning physical products for video games. Under CEO Chris Cocks, its strategy combines tabletop franchises, digital games, direct capabilities and licensing partners. The results show strong growth in Wizards of the Coast and Digital Gaming, led by Magic: The Gathering, alongside a clear warning: developing games is costly, and a recent portfolio refocus brought a $56 million impairment charge.
What Cocks means by making Hasbro more than a toy company
Cocks has been Hasbro’s CEO and a board member since February 2022. Before that, he led Wizards of the Coast and Digital Gaming, which Hasbro says more than doubled in growth during his tenure. His background helps explain why games now have a central place in the company’s plans, though the description of that earlier performance comes from Hasbro’s own executive biography.
In February 2025, Hasbro introduced Playing to Win, a strategy running through 2027. Its five pillars—Profitable Franchises, Aging Up, Everyone Plays, Digital & Direct, and Partner Scaled—describe a business seeking to serve fans across ages and price points, reach them where they play, and grow through partners as well as its own capabilities.
“Our new strategy is grounded in the key insights which will drive Hasbro’s evolution into a modern play company: serving fans of all ages around the world at every price point, and meeting fans where they are playing, which is increasingly online,” Cocks said in the February 20, 2025 announcement.
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In a GamesRadar+ interview, Cocks put the shift more plainly: “I could say we’re a toy company, and I think people would broadly understand that, but I think we’re much more than a toy company,” adding that Hasbro is a collectible and games company and is “increasingly” becoming a digital company. That is a strategic ambition, not evidence that the company has completed a transformation.
How much of Hasbro’s business is gaming now?
Hasbro’s reported figures show that gaming is an important growth engine, but the periods and businesses behind the numbers matter. The Wizards of the Coast and Digital Gaming segment includes both tabletop and digital activity; its growth should not be read as a measure of video games alone.
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| Period and measure | Reported result | What it indicates |
|---|---|---|
| Full-year 2025, versus 2024 | Total Hasbro revenue grew 14%; Wizards of the Coast and Digital Gaming revenue grew 45%; Magic: The Gathering revenue grew 59%; Digital and Licensed Gaming revenue grew 6%. | Magic was the leading reported growth driver. Monopoly GO! contributed $168 million in 2025. |
| Q2 2026, versus Q2 2025 | Total revenue grew 16%; Wizards and Digital Gaming revenue grew 27%; Magic revenue grew 32%; Digital and Licensed Gaming revenue grew 17%. | Magic generated more than $500 million in quarterly revenue for the first time in the brand’s 30-plus-year history, according to CEO Chris Cocks. |
The annual figures are from Hasbro’s February 10, 2026 full-year 2025 results. The quarterly figures are from its July 21, 2026 Q2 2026 results. These are company-reported year-over-year growth rates, and the annual and quarterly comparisons are not interchangeable. In particular, rapid growth in Wizards and Digital Gaming does not establish that every video-game initiative is succeeding: Magic is a major part of the reported performance.
How Hasbro combines its own games with licensed ones
Hasbro’s model spans physical tabletop products, digital experiences developed or published through its games business, and games made by outside developers using Hasbro-owned intellectual property. The company’s 2025 Form 10-K describes Wizards and Digital Gaming as developing trading-card, role-playing and digital experiences based on Hasbro and Wizards brands, while also licensing some brands to third parties.
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- Tabletop: Magic: The Gathering and Dungeons & Dragons connect the business to physical cards, rulebooks and other tabletop play.
- Digital and licensed games: Hasbro cites Monopoly GO! and Baldur’s Gate 3 as digital experiences based on its intellectual property. These examples do not mean both games were built entirely in-house.
- Partner-led expansion: Licensing lets outside developers extend Hasbro franchises into games while Hasbro participates through its IP. In the GamesRadar+ interview, Cocks said Hasbro gave Larian Studios substantial freedom to create a story and lore within the Baldur’s Gate world. That is his account of one partnership, not a universal rule for licensing deals.
The strategy’s Partner Scaled pillar makes this hybrid approach intentional: Hasbro can develop capabilities itself while using external studios and licensees to reach players through projects it does not produce entirely in-house.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the move into digital games carries risk
Video-game development is not simply an extension of making toys. Hasbro’s 2025 Form 10-K warns that digital games are competitive and costly to produce, rely on competencies and timelines different from traditional toys, and may fail to gain consumer acceptance or recover their development costs. A game can require substantial investment before its commercial prospects are known.
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That risk became visible in the Q2 2026 results: Hasbro recorded a $56 million impairment tied to a refocused Digital Games portfolio for 2028 and beyond. An impairment is an accounting charge reflecting a reduced value; it is not, by itself, a claim that Hasbro paid out $56 million as a cash loss. The release did not identify specific canceled or adjusted games, so the charge should not be attributed to named projects.
The same quarter still saw Wizards and Digital Gaming revenue rise 27% year over year, with Magic up 32% and Digital and Licensed Gaming up 17%. The contrast matters: strong current results and a costly portfolio adjustment can coexist. Neither proves that future planned games will succeed or that the broader strategy has already delivered all of its aims.
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What Hasbro has promised—and what it has not yet proved
When Hasbro announced Playing to Win in February 2025, it set forward targets through 2027: average mid-single-digit revenue growth, annual adjusted operating-margin expansion of 50–100 basis points, and $1 billion in gross cost savings by 2027. These were management projections, not reported outcomes. They should be assessed separately from the growth figures Hasbro has since reported.
The clearest evidence for Cocks’s direction is therefore a combination of an explicit strategy, strong reported results in a business led by Magic, and continued use of licensing partners to expand Hasbro’s franchises. The $56 million impairment and the company’s own risk disclosures show why that evidence is not yet a guarantee of a successful video-game pivot.
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