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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteHasbro CEO Chris Cocks is steering the company toward a broader play-and-franchise business—not abandoning toys for video games. Its strategy combines physical products and tabletop games with digital publishing, licensed games and partnerships. The shift is showing up in growth: Wizards of the Coast and Digital Gaming revenue rose 45% for full-year 2025 and 27% in the second quarter of 2026. But that growth does not mean every digital project is succeeding: Hasbro also reported a $56 million impairment tied to its refocused digital-games portfolio.
What Cocks wants Hasbro to become
Cocks has been Hasbro’s CEO and a board member since February 2022. Before becoming CEO, he led Wizards of the Coast and Digital Gaming; Hasbro says the division more than doubled in growth under his leadership. That background helps explain the prominence of games in the company’s current strategy, though the description of his prior results comes from Hasbro’s own executive biography.
Hasbro introduced its “Playing to Win” strategy in February 2025, setting out a plan through 2027. Its five pillars are Profitable Franchises, Aging Up, Everyone Plays, Digital & Direct, and Partner Scaled. Together, they describe a company seeking to serve fans at different ages and price points, reach them across the places they play, and grow franchises through both its own capabilities and partners. The goal is broader than making video games: toys, tabletop games, digital products and licensing all fit the approach.
“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 Hasbro’s February 20, 2025 strategy announcement.
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The announcement also set management targets—not guarantees—for average mid-single-digit revenue growth through 2027, annual adjusted operating-margin expansion of 50–100 basis points, and $1 billion in gross cost savings by 2027. These projections should be distinguished from results already reported.
How much of the growth is coming from games?
Hasbro’s reported figures show strong growth in Wizards of the Coast and Digital Gaming, but the periods and businesses are not interchangeable. Full-year figures compare 2025 with 2024; second-quarter figures compare Q2 2026 with Q2 2025.
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| Measure | Reported result | What it indicates |
|---|---|---|
| Hasbro total revenue, full-year 2025 | Up 14% year over year | Company-wide growth, not a games-only figure. Hasbro reported this in its February 10, 2026 full-year results. |
| Wizards of the Coast and Digital Gaming revenue, full-year 2025 | Up 45% year over year | Growth in the combined segment, which includes tabletop and digital activities. |
| Magic: The Gathering revenue, full-year 2025 | Up 59% year over year | Magic was a major driver of the segment’s reported growth. |
| Digital and Licensed Gaming revenue, full-year 2025 | Up 6% year over year | Monopoly GO! contributed $168 million in 2025, according to Hasbro. |
| Hasbro total revenue, Q2 2026 | Up 16% year over year | A single-quarter comparison, not the full-year growth rate. |
| Wizards of the Coast and Digital Gaming revenue, Q2 2026 | Up 27% year over year | Magic revenue was up 32%; Digital and Licensed Gaming revenue was up 17%. |
In the same July 21, 2026 second-quarter release, Hasbro said Magic: The Gathering generated more than $500 million in quarterly revenue for the first time in the brand’s 30-plus-year history. CEO Chris Cocks made that claim in the company’s release. It is a brand-level revenue milestone, not evidence that every video-game initiative is profitable or growing at the same pace.
Hasbro’s games business is a mix of its own work and partnerships
Hasbro describes Wizards of the Coast and Digital Gaming as developing trading-card, role-playing and digital experiences based on Hasbro and Wizards brands, while also licensing some brands to outside developers. The company’s 2025 Form 10-K cites Monopoly GO! and Baldur’s Gate 3 as digital experiences based on Hasbro-owned intellectual property. These examples illustrate a hybrid model; they should not be mistaken for games built entirely in-house.
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Tabletop franchises remain part of the strategy
Magic: The Gathering is a physical trading-card game as well as a digital property, and the company reports tabletop and digital Magic revenue. Dungeons & Dragons is another tabletop franchise connected to Hasbro’s wider games and digital ambitions. This mix lets Hasbro extend established worlds across formats rather than treating “games” as synonymous with video games.
Partners can make games using Hasbro-owned worlds
Licensing gives outside developers a route to build digital games around Hasbro franchises, while Hasbro participates through its intellectual property and licensing arrangements. In a GamesRadar+ interview, Cocks said Hasbro gave Larian Studios substantial freedom to tell a story and create lore within the Baldur’s Gate world. That is his account of one partnership, not a universal description of Hasbro’s contracts.
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In the same interview, Cocks said Hasbro is “much more than a toy company,” describing it as a collectible and games company that is “increasingly” becoming digital. The direction is an expansion of the company’s identity and reach, rather than a claim that physical play is over.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the growth story carries execution risk
Digital games can take substantial investment and time to develop, and success is uncertain. Hasbro’s 2025 Form 10-K warns that executing its digital-gaming strategy and developing, publishing and commercializing games depend on capabilities and timelines different from those required for traditional toys. It also says games may fail to gain consumer acceptance or recover their costs. Those company-disclosed risks matter alongside segment growth.
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The second-quarter 2026 results provide a concrete example of portfolio risk. Hasbro recorded a $56 million impairment related to a refocused Digital Games portfolio for 2028 and beyond. An impairment is an accounting charge reflecting a reduction in the value of assets; the reported charge is not itself a statement that Hasbro paid out $56 million in cash losses. The release does not name the specific projects affected, so the charge should not be attributed to particular games.
That charge came in the same quarter that Wizards and Digital Gaming revenue rose 27% year over year, with Magic up 32% and Digital and Licensed Gaming up 17%. The two facts can coexist: an established franchise can grow strongly while the company reassesses other projects with longer development horizons.
Quick Recap
How to read Hasbro’s pivot
- It is wider than video games: Playing to Win links toys, tabletop play, digital products and licensing partnerships.
- Growth is uneven across the portfolio: the strongest recent results cited here are for Magic, while the combined digital and licensed gaming business grew more slowly in full-year 2025.
- Hasbro uses more than one route to market: it develops and publishes some experiences and licenses intellectual property to external developers for others.
- Targets are not outcomes: the strategy’s 2027 growth, margin and savings figures were management projections, while reported revenue and impairment figures describe completed periods.
- The pivot remains in progress: growth and an impairment charge together show both opportunity and the cost of choosing and developing digital projects.
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