Hasbro
HAS · NasdaqGames, Toys & Children's Vehicles (No Dolls & Bicycles) · Fiscal year ends Dec 27
Hasbro reported revenue of $4.7B in the fiscal year ended Dec 2025, up 13.7% from the year before. Operating income was $11M, an operating margin of 0.2%, and net income was −$322M. Operating cash flow of $893M less capital expenditure of $63M left free cash flow of $830M. Net debt was $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.4B | $5.9B | $5B | $4.1B | $4.7B |
| Cost of revenue | $1.9B | $1.9B | $1.7B | $1.2B | $1.3B |
| Gross profit | $4.5B | $3.9B | $3.3B | $3B | $3.4B |
| Research & development | $316M | $308M | $307M | $294M | $386M |
| Selling, general & admin | $1.4B | $1.7B | $1.5B | $1.2B | $1.2B |
| Operating income | $763M | $408M | −$1.5B | $690M | $11M |
| Interest expense | $180M | $171M | $186M | $171M | $163M |
| Pre-tax income | $582M | $262M | −$1.7B | $497M | −$102M |
| Income tax | $147M | $59M | −$221M | $103M | $216M |
| Net income | $429M | $204M | −$1.5B | $386M | −$322M |
| Diluted EPS | 3.10 | 1.46 | −10.73 | 2.75 | −2.30 |
| Diluted shares | 138M | 139M | 139M | 140M | 140M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1B | $513M | $545M | $695M | $777M |
| Receivables | $1.5B | $1.1B | $1B | $920M | $1.1B |
| Inventory | $552M | $677M | $332M | $274M | $260M |
| Current assets | $3.7B | $3B | $2.3B | $2.2B | $2.6B |
| Net PP&E | $262M | $305M | $334M | $303M | $248M |
| Goodwill | $3.4B | $3.5B | $2.3B | $2.3B | $1.3B |
| Total assets | $10B | $9.3B | $6.5B | $6.3B | $5.6B |
| Payables | $580M | $427M | $341M | $342M | $335M |
| Deferred revenue | $114M | $111M | $102M | $237M | $191M |
| Current liabilities | $2.5B | $2.2B | $2.1B | $1.4B | $1.9B |
| Short-term debt | $200M | $113M | $500M | $0 | $497M |
| Long-term debt | $3.8B | $3.7B | $3B | $3.4B | $2.8B |
| Total liabilities | $7B | $6.4B | $5.5B | $5.2B | $5B |
| Shareholders' equity | $3.1B | $2.9B | $1.1B | $1.2B | $566M |
| Backlog (remaining obligations) | $304M | $274M | $12M | – | $965M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $818M | $373M | $726M | $847M | $893M |
| Capital expenditure | $133M | $128M | $136M | $87M | $63M |
| Free cash flow | $685M | $245M | $590M | $760M | $830M |
| Depreciation & amortisation | $280M | $233M | $211M | $163M | $136M |
| Stock-based compensation | $98M | $83M | $72M | $51M | $80M |
| Acquisitions | $0 | $146M | $0 | $0 | – |
| Share buybacks | $0 | $125M | $0 | $0 | – |
| Dividends paid | $375M | $385M | $388M | $390M | $393M |
| Dividend per share | 2.72 | 2.80 | 2.80 | 2.10 | 2.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.8% | −14.6% | −17.3% | 13.7% |
| Operating income growth (YoY) | – | −46.6% | −477.4% | – | −98.4% |
| EPS growth (YoY) | – | −52.9% | −834.9% | – | −183.6% |
| Gross margin | 70.0% | 67.4% | 65.9% | 71.5% | 72.4% |
| Operating margin | 11.9% | 7.0% | −30.8% | 16.7% | 0.2% |
| Net margin | 6.7% | 3.5% | −29.8% | 9.3% | −6.9% |
| Return on equityBlank when equity is negative | 14.0% | 7.1% | −137.0% | 32.5% | −57.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.1% | 5.7% | −34.3% | 14.0% | 0.3% |
| Free cash flow margin | 10.7% | 4.2% | 11.8% | 18.4% | 17.7% |
| Cash conversion (CFO ÷ net income) | 1.91x | 1.83x | −0.49x | 2.20x | −2.77x |
| Receivable days | 85 | 71 | 75 | 81 | 82 |
| Inventory days | 105 | 129 | 71 | 85 | 73 |
| Payable days | 110 | 82 | 73 | 106 | 94 |
| Interest cover | 4.25x | 2.38x | −8.26x | 4.03x | 0.07x |
| Debt ÷ equity | 1.31x | 1.34x | 3.19x | 2.85x | 5.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3B | $3.3B | $2.9B | $2.7B | $2.5B |
| Current ratio | 1.52x | 1.37x | 1.13x | 1.60x | 1.38x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.