Hasbro Q3 2026: Magic: The Gathering, WOTC Remains Core to Success

Today, we’re diving into Hasbro’s Q3 2026 report and post-earnings call. Hasbro is the only publicly traded company making a TTRPG in-house, which makes the way it talks about Dungeons & Dragons a notably interesting and important issue. While D&D didn’t come up often on today's earnings call, there were flickers and factors that appear notable to Hasbro observers like me. The following is very detailed on finances and MTG discussion, so not a ton of TTRPG news. But it’s still kinda interesting.

Dungeons and Dragons was far from leadership’s mind during Hasbro’s latest earnings report, while Magic: The Gathering remained central to Hasbro and Wizards of the Coast’s economic future.

Hasbro reported another successful quarter in Q3 2026, posting a fourth consecutive revenue growth driven by Magic: The Gathering. The game released two major sets between July 2026 and September 2026; The Hobbit and Reality Fracture.

“Inspiring a lifetime of play is our superpower, and this quarter showed what it can do,” said Chris Cocks, Hasbro CEO, in a press statement.

Companywide revenue climbed 15% year over year, led by a 31% surge at Wizards of the Coast and Digital Gaming. Consumer Products gained 4%, while Entertainment rose 9%.

MTG-related revenue grew 34% year over year, and topped $600 million for the quarter for the first time in the game’s history.

Dungeons and Dragons, however, appeared not to play a major part in the company’s quarter despite WOTC hosting its first D&D keynote at GenCon and adopting its new Universes Beyond approach to content.

The tabletop roleplaying game was only mentioned twice by Hasbro CEO Chris Cocks during the Wednesday earnings call. First was the upcoming Warlock video game, reportedly the most-listed game announced at Gamescom 2026’s opening night. Warlock, alongside the future release of the science fiction video game and IP Exodus, were presented as two tentpole digital releases expected to come out in 2027

The second mention was in the context of Hasbro’s growing “asset-light licensing model.” Hasbro is scaling its licensed consumer products, according to Cocks, with IP properties like MTG and D&D acting as anchors alongside Peppa Pig, Transformers and My Little Pony.

During a question with an analyst, Cocks noted that Hasbro expects Wizards of the Coast to be down in the fourth quarter, but responded that the “bottom line on Wizards is that we manage the game [Magic: The Gathering] for the fans and not for quarterly results. That should be an expectation going forward.” This implies that Hasbro expects WOTC-related business to decrease in Q4, although no reason was given. Only one MTG set (Star Trek) is expected to be released that quarter, though this may be due to other business factors, such as holiday sales.

AI, which has come up on past quarterly calls, was not mentioned.

The following is analysis and opinion and solely reflects the author's views.

Why am I covering a call about Hasbro when D&D is barely covered? It tells us something about how Hasbro is thinking about the TTRPG-focused IP. The game’s ability to be licensed to third parties and incorporated into properties remains central to how the company hopes to make money from D&D, reflecting the growing emphasis on selling D&D as much a lifestyle as a game.

And yet the big hype events like the GenCon keynote were not important enough to mention. The game doesn’t appear to be a standout revenue driver for Hasbro, but Wizards continues to expand the IP’s offerings, as announced at the keynote. The game continues to see some short-term success, and Hasbro has provided little reason to believe it is losing interest in the tabletop roleplaying fantasy game.

It’s also interesting to note how much Warlock and Exodus contribute to the company’s conversations with banks and investors. They were both presented as tentpole events for the company in 2027, and will likely play a major role in its revenue going forward. Will they do well? I honestly don’t know, although the company’s regular shuffling of game studios and projects doesn't leave much faith on my end.

Exodus never won me over as a standout video game that I was excited about, and I’m unsure if it has enough hype to make a big splash during its April 2027 release.

Warlock feels about the same. The game looks fine from what we’ve seen in previews, but will it make its investment back right after release? It’s unclear. I honestly hope it does well, but also fear that a struggling performance could lead to layoffs at the studio, as has been the industry trend in recent years.

Now we wait to see if Hasbro moves forward with what appear to be planned layoffs at its Boston offices.

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A Look Back at Q2 2026

Hasbro reported in August that revenue grew 16% year-over-year to $1.14 billion in Q2, according to its filing. This was primarily driven by 27% growth in Wizards of the Coast-related sales and Digital Gaming, while Entertainment declined by 20%.

That growth was accompanied by a $56 million loss due to a “refocused digital games portfolio for 2028 and beyond,” following the cancellation of multiple projects and the promotion of others.

Magic: The Gathering remained a top source of revenue for the company.

"Hasbro posted another quarter of topline growth, led by Wizards of the Coast," said Cocks in a press statement. "Magic: The Gathering eclipsed $500 million in quarterly revenue for the first time in its 30-plus year history, led by the record-breaking debut of Marvel Super Heroes. With strong indications for our remaining releases and line of sight to continued growth in 2027, the Magic flywheel is firing on all cylinders.”

AI remained a topic that was not discussed much outside Sixth Wall, a new studio formed by Hasbro to help others access its IPs.

What are your thoughts? Send any scoops, tips or press releases to [email protected].