HASBRO, INC.HAS
HASBRO, INC. Segments Disclosure
Segment Reporting
The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because the business requires different technology and marketing strategies. The Company's reportable segments are as follows:
•The Wizards of the Coast and Digital Gaming business engages in the promotion of the Company's brands through the development of trading card, role-playing and digital game experiences based on Hasbro and Wizards of the Coast games. Additionally, we license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences.
•The Consumer Products segment engages in the sourcing, marketing and sales of toy and game products around the world. The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel. Additionally, through license agreements with third parties, we develop and sell products based on popular third-party brands.
•The Entertainment segment engages in the development and production of Hasbro-branded entertainment content including film, television, children’s programming, digital content and live entertainment focused on Hasbro-owned properties.
Corporate and Other, which does not meet the criteria to be an operating segment, provides management and administrative services to the Company's principal reporting segments described above and consists of unallocated corporate expenses and administrative costs and activities not considered when evaluating segment performance as well as certain assets benefiting more than one segment.
Segment performance is measured at the operating profit level. Intersegment sales and transfers are reflected in management reports at amounts approximating cost. Certain shared costs, including global development and marketing expenses and corporate administration, are allocated to segments based upon expenses and foreign exchange rates fixed at the beginning of the year, with adjustments to actual expenses and foreign exchange rates included in Corporate and Other. The accounting policies of the segments are the same as those referenced in Note
1, Summary of Significant Accounting Policies.
The chief operating decision maker ("CODM"), the Company's Chief Executive Officer, primarily uses the segments' operating profit or loss to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decision about allocating resources to the segments. Results shown for fiscal years 2025, 2024 and 2023 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. We do not present a measure of total assets for our reportable segments as this information is not used by the CODM to allocate resources and assess performance.
Information by segment and a reconciliation to reported amounts are as follows for fiscal year 2025:
| (In millions) | Wizards of the Coast and Digital Gaming | Consumer Products | Entertainment | Corporate and Other | Total | |||||||||||||||||||||||||||
| Revenues | $ | 2,405.7 | $ | 2,650.4 | $ | 125.4 | $ | 184.4 | $ | 5,365.9 | ||||||||||||||||||||||
| Less: Intersegment revenue | 218.8 | 212.8 | 48.6 | 184.4 | 664.6 | |||||||||||||||||||||||||||
| Total net revenues | 2,186.9 | 2,437.6 | 76.8 | — | 4,701.3 | |||||||||||||||||||||||||||
Cost of sales | 370.9 | 917.2 | 6.6 | 1.5 | 1,296.2 | |||||||||||||||||||||||||||
| Program cost amortization | — | — | 35.8 | — | 35.8 | |||||||||||||||||||||||||||
| Royalties | 116.2 | 288.9 | (42.3) | 6.1 | 368.9 | |||||||||||||||||||||||||||
| Advertising | 124.0 | 193.0 | 0.7 | (0.8) | 316.9 | |||||||||||||||||||||||||||
| Amortization of intangible assets | 8.5 | 39.6 | 18.3 | (0.4) | 66.0 | |||||||||||||||||||||||||||
Distribution (1) | 44.2 | 163.2 | — | 0.5 | 207.9 | |||||||||||||||||||||||||||
Managed expense (2) | 516.3 | 1,778.3 | 57.3 | 46.6 | 2,398.5 | |||||||||||||||||||||||||||
Operating profit (loss) | $ | 1,006.8 | $ | (942.6) | $ | 0.4 | $ | (53.5) | $ | 11.1 | ||||||||||||||||||||||
Reconciliation to Loss before income taxes: | ||||||||||||||||||||||||||||||||
| Interest expense | 163.4 | |||||||||||||||||||||||||||||||
| Interest income | (28.6) | |||||||||||||||||||||||||||||||
Other (income) expense, net | (21.7) | |||||||||||||||||||||||||||||||
Loss before income taxes | $ | (102.0) | ||||||||||||||||||||||||||||||
(1) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations.
(2) Managed expenses consist of product development, selling and administrative expense, impairment of goodwill, and loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Impairment of goodwill is included in the Impairment of goodwill in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Managed expenses for the Consumer Products segment included a $1,021.9 million non-cash loss associated with the impairment of the reporting units within the Consumer Products segment. Refer to Note 8, Goodwill and Intangible Assets, for further information. Managed expenses for the Entertainment segment included a $25.0 million non-cash loss associated with the sale of the eOne Film and TV business.
Information by segment and a reconciliation to reported amounts are follows for fiscal year 2024:
| (In millions) | Wizards of the Coast and Digital Gaming | Consumer Products | Entertainment | Corporate and Other | Total | |||||||||||||||||||||||||||
| Revenues | $ | 1,666.0 | $ | 2,786.1 | $ | 132.6 | $ | 161.2 | $ | 4,745.9 | ||||||||||||||||||||||
| Less: Intersegment revenue | 154.7 | 242.2 | 52.3 | 161.2 | 610.4 | |||||||||||||||||||||||||||
| Total net revenues | 1,511.3 | 2,543.9 | 80.3 | — | 4,135.5 | |||||||||||||||||||||||||||
Cost of sales (1) | 269.9 | 931.2 | 5.8 | (27.4) | 1,179.5 | |||||||||||||||||||||||||||
| Program cost amortization | — | — | 49.3 | — | 49.3 | |||||||||||||||||||||||||||
| Royalties | 42.3 | 297.3 | (58.5) | 3.1 | 284.2 | |||||||||||||||||||||||||||
| Advertising | 95.2 | 223.3 | 1.0 | — | 319.5 | |||||||||||||||||||||||||||
| Amortization of intangible assets | 8.2 | 44.5 | 15.3 | 0.3 | 68.3 | |||||||||||||||||||||||||||
Distribution (2) | 31.4 | 165.7 | — | 2.1 | 199.2 | |||||||||||||||||||||||||||
Managed expense (1) (3) | 432.3 | 766.6 | 69.0 | 77.6 | 1,345.5 | |||||||||||||||||||||||||||
| Operating profit (loss) | $ | 632.0 | $ | 115.3 | $ | (1.6) | $ | (55.7) | $ | 690.0 | ||||||||||||||||||||||
| Reconciliation to Earnings before income taxes: | ||||||||||||||||||||||||||||||||
| Interest expense | 171.2 | |||||||||||||||||||||||||||||||
| Interest income | (47.3) | |||||||||||||||||||||||||||||||
Other expense (income), net | 69.1 | |||||||||||||||||||||||||||||||
| Earnings before income taxes | $ | 497.0 | ||||||||||||||||||||||||||||||
(1) During the year ended December 29, 2024, the Company recorded three non-recurring prior year adjustments: (i) a $31.1 million expense related to historical environmental liabilities that was recorded in managed expense, (ii) a $26.7 million benefit related to over-accrual of vendor commitment liabilities that was recorded in Cost of sales, and (iii) an $18.1 million benefit related to the reversal of stock compensation expense for the Company's performance stock awards that was recorded in managed expense within Corporate and Other. Refer to Note 1, Summary of Significant Accounting Policies, for further information. Items (i) and (ii) originally related to the Consumer Products segment; however, because the non-recurring nature of these adjustments are related to historical periods and not associated with the ongoing future
operations of the Consumer Products segment, the Company recorded the error corrections within Corporate and Other.
(2) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations.
(3) Managed expenses consist of product development, selling and administrative expense, and loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Managed expenses for the Entertainment segment included a $37.4 million loss associated with the sale of the eOne Film and TV business.
Information by segment and a reconciliation to reported amounts are as follows for fiscal year 2023:
| (In millions) | Wizards of the Coast and Digital Gaming | Consumer Products | Entertainment | Corporate and Other | Total | |||||||||||||||||||||||||||
| Revenues | $ | 1,641.2 | $ | 3,171.1 | $ | 711.1 | $ | 187.2 | $ | 5,710.6 | ||||||||||||||||||||||
| Less: Intersegment revenue | 183.6 | 284.7 | 51.8 | 187.2 | 707.3 | |||||||||||||||||||||||||||
| Total net revenues | 1,457.6 | 2,886.4 | 659.3 | — | 5,003.3 | |||||||||||||||||||||||||||
| Cost of sales | 321.9 | 1,371.0 | 12.0 | 1.1 | 1,706.0 | |||||||||||||||||||||||||||
| Program cost amortization | 3.5 | — | 445.4 | — | 448.9 | |||||||||||||||||||||||||||
| Royalties | 57.4 | 315.0 | 55.8 | 0.1 | 428.3 | |||||||||||||||||||||||||||
| Advertising | 92.6 | 227.8 | 36.3 | 1.7 | 358.4 | |||||||||||||||||||||||||||
| Amortization of intangible assets | 7.7 | 53.3 | 21.4 | 0.6 | 83.0 | |||||||||||||||||||||||||||
Distribution (1) | 28.2 | 197.2 | — | 0.2 | 225.6 | |||||||||||||||||||||||||||
Managed expense (2) | 420.6 | 786.8 | 1,999.9 | 84.6 | 3,291.9 | |||||||||||||||||||||||||||
Operating profit (loss) | $ | 525.7 | $ | (64.7) | $ | (1,911.5) | $ | (88.3) | $ | (1,538.8) | ||||||||||||||||||||||
| Reconciliation to Loss before income taxes: | ||||||||||||||||||||||||||||||||
| Interest expense | 186.3 | |||||||||||||||||||||||||||||||
| Interest income | (23.0) | |||||||||||||||||||||||||||||||
Other expense (income), net | 7.0 | |||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (1,709.1) | ||||||||||||||||||||||||||||||
(1) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations.
(2) Managed expenses consist of product development, selling and administrative expense, impairment of goodwill, and loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Impairment of goodwill is included in the Impairment of goodwill in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Managed expenses for the Entertainment segment included a $1,191.2 million non-cash loss associated with the impairment of the Family Brands and Film and TV reporting units and a $539.0 million non-cash loss associated with the sale of the eOne Film and TV business.
Other supplemental information by segment is as follows:
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
Depreciation and intangible asset amortization: (1) | ||||||||||||||||||||
| Wizards of the Coast and Digital Gaming | $ | 17.6 | $ | 17.6 | $ | 27.8 | ||||||||||||||
| Consumer Products | 92.7 | 105.1 | 130.0 | |||||||||||||||||
| Entertainment | 19.8 | 16.7 | 28.5 | |||||||||||||||||
| Corporate and Other | 5.4 | 23.6 | 24.4 | |||||||||||||||||
| Total | $ | 135.5 | $ | 163.0 | $ | 210.7 | ||||||||||||||
Additions to property, plant and equipment: | ||||||||||||||||||||
| Wizards of the Coast and Digital Gaming | $ | 12.9 | $ | 21.8 | $ | 48.7 | ||||||||||||||
| Consumer Products | 45.2 | 50.6 | 60.0 | |||||||||||||||||
| Entertainment | 0.1 | 0.1 | 0.4 | |||||||||||||||||
| Corporate and Other | 5.1 | 14.7 | 26.4 | |||||||||||||||||
| Total | $ | 63.3 | $ | 87.2 | $ | 135.5 | ||||||||||||||
(1) The amounts of depreciation disclosed by reportable segments are included within Cost of sales and Selling, distribution and administration. Intangible asset amortization is included within Amortization of intangible assets.
Information as to Hasbro’s operations in different geographical areas is presented below on the basis the Company uses to manage its business. Net revenues are categorized based on the location of the customer, while long-lived assets are categorized based on their location. Principal international markets include Europe, Canada, Mexico and Latin America, Australia, China and Hong Kong.
Net revenue to external customers by geographic area were as follows:
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 2,806.1 | $ | 2,599.8 | $ | 3,010.1 | |||||||||||
| International | 1,895.2 | 1,535.7 | 1,993.2 | ||||||||||||||
Total | $ | 4,701.3 | $ | 4,135.5 | $ | 5,003.3 | |||||||||||
Long-lived assets, which represent property, plant and equipment, by geographic area were as follows:
| (In millions) | 2025 | 2024 | |||||||||
| United States | $ | 136.1 | $ | 185.9 | |||||||
| International | 111.7 | 116.7 | |||||||||
Total | $ | 247.8 | $ | 302.6 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.