Magic: The Gathering grew even faster in Q3 than in Q2, the quarter in which the record set of all time was released (see “Reports Record ‘Magic’ Sales“), Hasbro reported with its quarterly earnings on Thursday.
Magic: The Gathering sales (tabletop and digital combined) were up 55% in Q3, to $459.4 million, from $296.3 million in Q3 2024, which the company attributed to strong sales of the Edge of Eternities and Marvel’s Spider-Man sets, big increases in backlist sales, and contributions from Secret Lairs. Edge of Eternities set a record for a non-Universes Beyond set, the company said, and backlist sales are already 70% higher than backlist sales in the full year last year.
“Interest indicators like event attendance, search metrics, MagicCon participation, sales in new channels like mass and convenience, and player growth are all at record levels,” CEO Chris Cocks said of the brand in the conference call.
Cocks also discussed channels for the brand in the call, noting that “hobby store growth continues at pace,” which he attributed to more existing stores entering the Wizards Play Network program, rather than to new stores opening. That’s a positive sign for the future. “When it really adopts Magic, it becomes a big section of their mix and they help to propel player growth and player engagement in a positive way,” he said.
In the mass channel, Cocks said that the popularity of the Universes Beyond brands helped to improve placement and in-store promotion, and to add stores, particularly in Europe.
The growth rate for the full Wizards of the Coast and Digital Gaming segment was slower than Magic growth, at 42%, up from $404.0 million to $572.0 million. Tabletop gaming in the segment, which includes Magic: The Gathering and Dungeons & Dragons, was up 43%, to $1191.9 million from $832.6 million.
Operating profit for the Wizards of the Coast and Digital Gaming segment, at $251.5 million (up from $181.2 million), accounted for 74% of the total Hasbro operating profit for the quarter.
Consumer products, which include Hasbro’s toys and non-WotC games, was down 7%, from $860.1 million to $796.9 million in 2025, and is expected to end the year down mid-single digits, which Hasbro attributed to the tariffs enacted this year. The much smaller entertainment segment was up about 8%.
Overall, Hasbro sales were up 8% from a year ago to $1,387.5 million from $1,281.3 million in Q3 2024. Net earnings were $233.2 million for the quarter, up from $223.2 million a year ago.
Looking ahead, Hasbro raised guidance for the full year 2025, expecting overall growth for the company to come in at high single digit percentages, behind the Wizards of the Coast and Digital Gaming segment, which Hasbro expects to grow 36-38% for the year.
Asked about Magic: The Gathering in 2026, Cocks noted that there were roughly 6.5 Magic sets in 2025, due to partial shipments of one set at the end of 2024, but that there will be 7 sets in 2026. Cocks predicted that at least one of those sets would sell better than the Final Fantasy set this year, which was the biggest Magic: The Gathering set of all time.
Cocks confirmed that the KPop Demon Hunters product from Wizards of the Coast in 2026 will be a Secret Lair set, and said he expected it to do well, comparing it to the SpongeBob SquarePants Secret Lair, which he said was one of the best Secret Lairs ever. “If we can figure out how to get people jazzed up about SpongeBob SquarePants collectible cards, I’m pretty sure we can do it with one of the biggest movies of all time,” he said.
Cocks also shared his thoughts on the state of the American consumer heading into the holiday season, calling it a tale of two consumers. “The top 20% (particularly in the U.S., the top 20% of households continues to spend pretty robustly,” he said. “We’ve got a nice fan business with them. The balance of households are watching their wallets a bit more, a little bit more promotional and price-sensitive.”
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