Business
Under mounting toy pressures, Hasbro has a secret sauce that Mattel hasn’t matched
The gap is widening between rival toy makers Hasbro and Mattel — thanks in part to a 30-year-old trading card game.
The toy giants have flip-flopped dominance in the space for decades, jockeying for the most coveted master licenses to put new fan favorites — Disney princesses and “Star Wars” characters among them — on store shelves. But as the industry recovers from a period of declining sales, Hasbro is the one winning over Wall Street.
For the fiscal year 2025, Hasbro reported revenue gains of 14%, reaching $4.7 billion, while Mattel saw its net sales drop 1% to $5.3 billion.
Though Mattel’s revenue is larger than Hasbro’s, its growth has been stagnating, according to Eric Handler, managing director and senior research analyst at Roth Capital Partners.
“[Mattel’s] revenue has been in a very tight range for five years now, and 2026, on an organic basis, is the same,” he told CNBC.
Mattel shares are down more than 20% in the last 12 months, trading at around $17. Meanwhile, Hasbro’s stock is up roughly 46% over the same period, with shares trading at around $100.
Of course, Hasbro’s journey post-pandemic has not been without its own headwinds. The company’s revenue took a hit when it divested its film and TV business, eOne. Also, its entertainment segment, which includes film and TV licenses, was deeply impacted by Hollywood’s dual labor strikes in 2023.
“Despite market volatility and a shifting consumer environment, we returned this company to growth in a meaningful way,” Hasbro CEO Chris Cocks told investors during an earnings call earlier this month.
Throughout these changes, one key piece of Hasbro’s business has been steadily growing — Wizards of the Coast.
A dash of Magic
The Hasbro division includes Dungeons & Dragons, Magic: The Gathering and the company’s portfolio of digital and video games.
In 2025, Wizards’ revenue grew 45% to $2.1 billion, fueled by sales of sets tied to Magic’s Universe Beyond and smaller, limited-edition Secret Lair packs — some that sell for close to $200.
While the segment accounts for less than half of the company’s revenue, it represents 88% of its adjusted profits.
Magic: The Gathering playing cards form a light fixture at the Wizards of the Coast headquarters in Renton, Washington, Sept. 11, 2025. With traditional toy and game sales lagging, Hasbro has found a growth engine in role-playing games such as Dungeons and Dragons, trading card games like Magic: The Gathering and a growing portfolio of digital and video games.
Bloomberg | Bloomberg | Getty Images
The strategic trading card game Magic, which was created in 1993, typically features two players going head-to-head using custom decks of collectible cards to cast spells, unleash creatures or use artifacts to defeat their opponent.
In the last five years, Hasbro has expanded beyond the lore of the initial game to launch card sets based on intellectual property from third parties, including “Avatar: The Last Airbender,” Marvel’s “Spider-Man” and “Lord of the Rings.”
These sets are not only popular with long-standing Magic fans, but act as a gateway for consumers from other fanbases into the world of Magic. In mid-2025, Hasbro released a “Final Fantasy” set that became the fastest-selling expansion pack in Magic: The Gathering history, generating $200 million in sales in a single day.
“They have done a fantastic job of widening the funnel in the last couple years, and it’s become a multigenerational type of product,” Handler said. “The player base is growing. It’s a sticky player base that is showing eagerness with new products and new ways to play.”
Through the end of 2025, more than 1 million unique players participated in organized play — meaning sanctioned tournaments — according to Cocks. That’s a 22% year-over-year increase, he said.
Additionally, the number of game stores that host events, called the Wizards Play Network, has grown to more than 10,000, a 20% increase from 2024.
“Taken together, this reinforces our confidence in Magic’s long-term growth,” Cocks said on the company’s earnings call. “We are building a system of play with multiple entry points, product types, and engagement paths, and that system is positioned to continue driving growth into 2026 and beyond.”
In 2026, Hasbro plans to launch new Magic sets based on “The Hobbit,” “Teenage Mutant Ninja Turtles” and “Star Trek.”
The company has forecast mid-single-digit growth for its Wizards business in 2026, but Keegan Cox, associate vice president and research analyst at D.A. Davidson, in a research note published shortly after the company’s earnings, called that estimate “conservative.”
The digital frontier
Hasbro’s Wizards unit also includes the digital and licensed gaming space, which saw revenues jump 6% in 2025, fueled by the success of “Monopoly Go!”
Cocks has previously noted that modern consumers and modern play is increasingly moving into online forums, and the company has launched new games and an in-person video game studio in Montreal to boost play.
While Hasbro’s digital gaming division is growing, Mattel is just getting its own digital unit off the ground.
Earlier this month, Mattel announced it would buy out partner NetEase from its 50% stake in their Mattel163 joint venture, taking full ownership of the business. Mattel163 develops digital games based on the toy company’s brands and since 2018 has launched four digital games: Uno, Uno Wonder, Phase 10 and Skip-Bo.
“In our view, [Mattel] is in the early stages of an investment similar to Hasbro’s investment in gaming over 7 years ago,” D.A. Davidson’s Cox wrote. “While we do not think [Mattel] will be chasing to compete with Hasbro … we do believe [Mattel] can make successful mobile games tied to their IP and should add to profit margins over time.”
An industry in flux
Mattel’s push into digital comes as two of its flagship brands struggle to make sales.
“Barbie’s been on a meaningful decline, as has Fisher-Price,” Handler noted. “That’s sort of been negating a lot of the good news that’s been happening with Hot Wheels.”
The vehicles division saw gross billings jump 11% in 2025, while the dolls segment fell 7% and the infant, toddler and preschool space slipped 17%.
That segment for the youngest consumers has been in decline for over a decade, the result of shrinking population growth and the fact that children are being introduced to electronics earlier in their development. Shifting play habits have meant toy makers have to adapt, and fast.
But there’s hope for Mattel and the toy industry as a whole. In 2025, total annual dollar sales were up 6% in the U.S., according to data from Circana. And, perhaps more importantly, the number of units sold increased 3%, quelling fears that price-conscious consumers are pulling back on toy purchases.
“Unit sales being up, I think, is the most important metric we can look at,” said James Zahn, senior editor of The Toy Insider and The Toy Book. “If unit sales were down, that’s when you know people are really buying less, and that didn’t happen.”
Mattel and Hasbro, alongside other toy companies, are also expected to get a boost from a robust theatrical calendar this year.
Mattel has two of its own brands being represented at the box office with “Masters of the Universe” coming in June and “Matchbox” arriving in October. While Mattel won’t see a major bump from ticket sales, its toy sales could get a boost. After all, the 2023 release of “Barbie” helped fuel a 16% increase in gross billings of the doll in the quarter after it hit cinemas.
Mattel also holds the master toy licenses for “Toy Story” and Disney princesses, meaning it’ll handle the bulk of the product for “Toy Story 5” and the live-action “Moana.”
Hasbro will have toy lines for “The Mandalorian and Grogu,” “Spider-Man: Brand New Day” and “Avengers: Doomsday.”
Together, Mattel and Hasbro have also collaborated on the much anticipated product line for Netflix’s hit animated film “KPop Demon Hunters,” promising dolls, foam roleplay items, games and plush items.
“‘KPop Demon Hunters’ is gonna do big business for both Hasbro and Mattel,” Zahn said.
Business
Slovakia threatens to cut Ukraine electricity | The Express Tribune
Slovakia’s Prime Minister and leader of Smer party Robert Fico. PHOTO: REUTERS
BENGALURU:
Slovakia’s Prime Minister Robert Fico threatened on Saturday to cut off emergency electricity supplies to Ukraine unless Kyiv acts within two days to resume the pumping of Russian oil to Slovakia over Ukraine’s territory, cut off for nearly a month.
Slovakia, along with Hungary, is one of just two EU countries that still rely on significant amounts of Russian oil shipped via the Soviet-era Druzhba pipeline over Ukraine. Both also have leaders that have maintained close relations with Moscow, bucking a largely pro-Ukrainian European consensus.
Russian oil through the main Druzhba pipe has been cut off since January 27, when Kyiv says a Russian drone strike hit pipeline equipment in Western Ukraine. Slovakia and Hungary have become increasingly vocal this week in demanding it resume.
Slovakia, meanwhile, is also a major source of European electricity for Ukraine, needed as Russian attacks have damaged its grid. Energy sector experts say Slovakia provided 18% of record-setting Ukrainian electricity imports last month.
“If oil supplies to Slovakia are not resumed on Monday, I will ask SEPS, the state-owned joint-stock company, to stop emergency electricity supplies to Ukraine,” Fico said in a post on X.
Ukraine has proposed alternative transit routes to ship oil to Europe while emergency pipeline repair works are under way. In a letter seen by Reuters, the Ukrainian mission to the EU proposed shipments through Ukraine’s oil transportation system or a maritime route, potentially including the Odesa-Brody pipeline linking Ukraine’s main Black Sea port to the EU.
Business
US Supreme Court tariff ruling adds uncertainty to global trade outlook, offers limited relief: Analysts – The Times of India
The US Supreme Court’s decision striking down tariffs imposed by President Donald Trump has done little to ease pressures on the global economy, with analysts warning that uncertainty over future trade policy may instead intensify. Economists said the ruling, while limiting Trump’s use of tariffs under emergency powers, is unlikely to change the broader trajectory of global trade tensions as Washington explores alternative ways to impose duties, reported Reuters.
“In general, I think it will just bring in a new period of high uncertainty in world trade, as everybody tries to figure out what the U.S. tariff policy will be going forward,” said Varg Folkman, analyst at the European Policy Centre think tank. “In the end it’s going to look pretty much the same.”Following the judgment, Trump announced new global tariffs of 10 per cent for an initial 150-day period and acknowledged uncertainty over whether funds collected under the annulled levies would be refunded.Analysts said multiple questions remain unresolved, including what new tariffs could emerge and whether countries that negotiated agreements with the US to soften tariff impacts may reopen those arrangements.Economists at ING bank said, as quoted Reuters, the ruling does not mark an end to tariff-driven trade policy. “The scaffolding has come down, but the building remains under construction. No matter how today’s ruling reads, tariffs are here to stay.”The court’s decision applies only to tariffs introduced under the International Emergency Economic Powers Act (IEEPA), legislation designed for national emergencies. Those levies are estimated to have generated more than $175 billion in revenue.According to Global Trade Alert, the ruling reduces the trade-weighted average US tariff rate from 15.4 per cent to 8.3 per cent. Countries facing higher tariffs — including China, Brazil and India — could see double-digit percentage-point reductions, though duties remain elevated.Countries that struck bilateral deals with Washington to mitigate tariff impacts are now expected to assess whether the ruling offers grounds to renegotiate terms.Bernd Lange, chair of the European Parliament’s trade committee, said lawmakers would evaluate the implications while moving toward ratification of the EU-US trade pact.“The era of unlimited, arbitrary tariffs … might now be coming to an end,” Lange said on X. “We must now carefully evaluate the ruling and its consequences.”Britain, meanwhile, said it expects its preferential trading arrangement with the United States — including a baseline 10 per cent tariff — to remain unchanged.Despite years of tariff disruptions, the global economy has broadly held up. A Federal Reserve Bank of New York report indicated that much of the tariff burden has been absorbed by US consumers.The International Monetary Fund projected global growth at a “resilient” 3.3 per cent in 2026 in its latest World Economic Outlook update.China reported a record trade surplus of nearly $1.2 trillion in 2025, supported by stronger exports to markets outside the United States as producers adapted to tariff pressures.Some countries may therefore opt to retain existing bilateral deals rather than risk renewed instability, Folkman said, referring to the uncertainty triggered by Trump’s “reciprocal” tariffs in 2025.However, Niclas Poitiers, research fellow at economic think tank Bruegel, told Reuters political uncertainties surrounding the EU-US trade agreement remain significant.“There could be circumstances in which the deal unravels,” he noted.
Business
Donald Trump ups tariffs day after Supreme Court ruling against him
The president will increase import taxes to 15% on most products coming into the US from Tuesday.
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