Hasbro reported its fourth quarter and full-year earnings for 2024 alongside a new strategic plan through 2027, dubbed “Playing to Win.”
Last year, Hasbro’s revenue declined 17% to $4.1 billion, down from $5 billion in 2023, primarily due to the divestiture of eOne. Absent the eOne business, revenue declined 7%, with 4% growth in Wizards of the Coast (WoTC) and Digital Gaming powered by successes in Magic: The Gathering and Monopoly Go! Declines in Consumer Products (-12%) and Entertainment (-88% or -4%, minus eOne) offset those numbers.
While revenue fell, the company’s under-the-hood improvements continued with a 76% spike in adjusted operating profit to $838 million.
I’m proud of our team for delivering what we promised in 2024: we grew in games and licensing, stepped up our operational efficiency, and vastly improved the performance of our toy business. In 2025, we’re excited to bring a stellar lineup of toys and games to fans, expanding the reach of our IP through outstanding partnerships while we continue to focus on operational rigor and anticipating the future of play.”
Over the past year, Hasbro addressed its inventory issues by streamlining its assortment, reducing SKUs, and improving its supply chain. The company reports that owned inventory in Q4 was down 17% compared to the same period in 2023 and fell below pre-pandemic levels, reducing the need for markdowns and closeouts. NERF and Star Wars had a rough year, offset by growth in Beyblade, Furby, and My Little Pony.
Playing to Win
Hasbro’s new strategic plan is designed to take the company through 2027. Its plan reflects a “mission to create joy and community through the magic of play,” through which it hopes to increase its reach from more than 500 million kids and families this year to more than 750 million by 2027.
The strategy includes five key building blocks:
- Partner Scaled: Driving profitable reach through outstanding retail and licensing partnerships.
- Profitable Franchises: Asserting the fundamentals of profitable, play-focused brands.
- Aging Up: Increasing the play and collectible appeal for fans aged 13 and up across Hasbro’s brands.
- Everyone Plays: Expanding reach in opportunity areas including girls and emerging markets.
- Digital & Direct: Building video games, services, and e-commerce capabilities.
“Playing to Win focuses our teams on Hasbro’s core strengths while continuing to transform the organization and drive operational excellence,” says Gina Goetter, Hasbro’s CFO and COO, “With this strategy, we expect to emerge as one of the most profitable toy and game companies globally, powered by a phenomenal set of diverse and multi-generational franchises.”
Hasbro expects a modest increase in revenue for 2025 as it looks toward mid-single-digit growth through 2027.
Hasbro executives will host an earnings call at 8:30 a.m. ET. Stay tuned to The Toy Book for additional information and details on the company’s new strategic plan coming later today.
