Hasbro Financial Health Held Up by MTG/Final Fantasy Success

We have an early issue this week in light of Hasbro’s quarterly financial report, which is an important financial health metric for the popular TTRPG. While it’s not very TTRPG-heavy when it comes to content, I do think it’s worth some coverage. So take a look!

Dungeons and Dragons company owner Hasbro published its second quarter 2025 results on Wednesday, July 23rd. The report covered the status of the company from April 1 to June 30, 2025.

In short, the company reported a 1% decrease in revenue that likely would have been a bigger loss if not for the outstanding success of the Magic the Gathering set Universes Beyond: Final Fantasy, which Hasbro CEO Chris Cocks declared in an investor call to be the “best-selling MTG card set to date.” MTG revenue grew 23% in Q2, primarily driven by the release of Final Fantasy.

The WOTC/Digital Gaming (which contains Dungeons and Dragons, MTG and other board gaming) segment increased its revenue 16% due to record growth in MTG and the ongoing success of Monopoly Go! MTG’s revenue alone went from $336 million in Q2 2024 to $412 million in Q2 2025. Hasbro Total Gaming (which included D&D and MTG) went from $548 million in Q2 2024 to $615 in Q2 2025.

“Hasbro’s return to growth in the first half of 2025 is clear validation that our Playing to Win strategy is working,” said Chris Cocks, Hasbro CEO said in a press release. “We delivered record-setting results from [MTG], alongside strong contributions from our games portfolio, licensing partnerships, and digital initiatives. With this momentum, we’re increasing our full-year outlook and positioning Hasbro for sustained growth in 2025 and beyond.” (TTRPG Insider note: The “Playing to Win” strategy was proposed in Feb. 2025 and describes initiatives to expand Hasbro’s reach from 500 million kids to 750 million by 2027)

“We are raising our full-year revenue and adjusted [Earnings before interest, taxes, depreciation and amortization] guidance, fueled by performance in our Wizards business. Despite a dynamic macro environment, the strength of our diversified business and cost productivity initiatives support our updated outlook,” said Gina Goetter, Hasbro CFO/COO.

The company expects revenue to go up “mid-single digits” by the end of 2025.

Q2 2025 was the first quarter where Hasbro has been fully affected by Trump’s “Liberation Day” tariffs, which placed multiple tariffs on countries around the world. Hasbro has maintained that they would be able to handle the cost of tariffs due to its reliance on US-based manufacturing and the heavy presence of digital content. and appeared confident that tariffs will continue to not have a substantial impact on the company’s bottom line.

Dungeons and Dragons was not discussed in the initial press release or investor call, although this shouldn’t be interpreted as evidence of the game struggling. Rather, it is reflective of the lack of new D&D products released in the period. The 2024 Monster Manual was released in February 2025 (Q1) while the latest anthology (Dragon Delves) was a July release (aka Q3.)

Looking Back at Q1 2025

Hasbro’s first quarter revenue (reported on April 24) grew 17%, with that profit driven primarily by a 46% growth in the Wizards of the Coast and Digital Gaming segments. That revenue was also driven mostly by Magic the Gathering, but there was also “ongoing momentum” when it came to the company’s digital licensing as well as D&D. Total Gaming (which included D&D) revenue grew from $408 million to $550 million year-over-year, a 35% growth at the time.

Hasbro CEO Chris Cocks spoke during an April 2025 earnings call about how the company’s heavy investments in digital licensing and Hasbro’s strong US-based production within the United States meant that it felt pretty well buffered when it came to Trump’s tariffs. That thread appears to resonate through the investment call on Wednesday.

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Second Quarter 2025 Timeline

So, what happened in Q2 2025 at Wizards of the Coast?

Wizards of the Coast released two major sets of Magic the Gathering cards in Q2 2025;

• Tarkir Dragonstorm (released in April)

• Universes Beyond: Final Fantasy (released in June)

Both are considered strong sellers compared to past sets, and Final Fantasy is a particularly successful set with what appear to be some of the biggest sales numbers for the game.

Dungeons and Dragons, meanwhile, was dry when it came to new content. There were no new releases between April 1 and June 30.

There was plenty of news for the game, however:

1. D&D lead designers Chris Perkins and Jeremy Crawford leaving the company after completing 2024 D&D’s big update (only to join Darrington Press about a month later.)

2. WOTC’s partnership with the video game developer Giant Skull to create a new game.

3. The release of multiple Unearthed Arcanas, including the updated D&D’s first new class, the psion.

4. The updated Standard Rules Document (SRD) launched, offering D&D designers the tools to create new games.

5. There was a new one-shot released in celebration of the International Day of Play.

Hasbro cut 3% of their workforce in June in order to align its structure with long term goals. These cuts impacted D&D’s Todd Kenreck and possibly its VP of franchise, Jess Lanzillo.

What Does This Mean for D&D Players?

Financial reports are some of the dryest content on the internet, and this is no different. Here’s what I believe is important to take away from this report.

The centrality of MTG’s Final Fantasy set in Hasbro’s success isn’t terribly shocking, and reinforces how the popular card game really does carry D&D and other aspects of WOTC financially.

WOTC makes it hard to determine how successful D&D is through its categorization and reports. I doubt it’s due to any desire to obfuscate, but rather because they treat the property the same way they treat Monopoly; It’s part of a larger segment of games in the eyes of investors and doesn’t make a big enough financial impact to deserve its own category. As a TTRPG fan, I’d love to know more. But these reports are for investors, not myself.

I suspect we may learn more about D&D interest and sales in Q3 since it will include the release of the 2024 D&D starter set Heroes of the Borderlands as well as Dragon Delves. The upcoming Eberron book was also scheduled to be released in this period, but was delayed until Dec 2025 (aka Q4) due to printing issues. Q4 should include the two upcoming Forgotten Realms books, (which are expected to be previewed at GenCon. Sales may also be buffered by the recently announced Stranger Things starter set tie-in.

What are your thoughts on the new report? Did we miss something? Send any scoops, tips or press releases to [email protected].