Q3 2025: Hasbro Doubling Down on D&D's "Digital Games"

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Today, we’re covering Hasbro’s Q3 financial reports, which are a key source of info when it comes to Dungeons and Dragons and the hobby.

Dungeons and Dragons parent company Hasbro emphasized its commitment to building a digitally oriented future during a call with investors, including a focus on developing up to 5 video games and on continuing to expand DnDbeyond.com as a central hub for the hobby.

The 2024 Dungeon Master’s Guide and Monster Manual “are off to the strongest ever start for D&D books,” Cocks told investors in a Thursday call. He also noted that DnDbeyond’s new map VTT (not the canceled Project Sigil) has driven weekly traffic up 50% since the official September 2025 release. But what Cocks really emphasized for investors were the upcoming D&D video games.

“The big thing for Dungeons and Dragons is going to be digital games,” Cocks emphasized in response to a question from investors. “We have several games in development. We're working with some fantastic creators in that space. We tend to be a little gun-shy talking about projects too early, but you're going to start to see more of our digital ambitions come to life with D&D and understand some of the things we have in development over the next couple of quarters." We don’t really know anything about these projects yet, although one of them (a co-op game made by the team behind Payday 3) was canceled earlier this month.

Cocks pointed to Baldur’s Gate 3 as a project that “really showed that if we build something great, consumers will come.” The company has about five digital projects in the works right now, Cocks said, ranging from kid-oriented projects to more high-end action-adventure games.

He also emphasized a “continued focus on building out the core business of the core TTRPG with a special emphasis on DnDBeyond as the best place to play TTRPGs.”

Cocks’ remarks reflect those of Wizards of the Coast president John Hight, who has regularly spoken more about the video game side of D&D than about the TTRPG side. Hight, a former executive from World of Warcraft developer Blizzard Entertainment, has openly spoken about how important the digital properties of D&D are and how he desperately wants a D&D MMORPG (even though there is already one.) He’s also confirmed that the company wants to make Baldur’s Gate 4 without Larian Studios’ involvement.

The company released its Q3 2025 report on Thursday. Hasbro reported an 8% increase in revenue, driven primarily by growth in Wizards of the Coast and Digital Gaming. These two divisions within the toy-making company have proven to be a consistent source of growth compared to the rest of the brands, especially after the standout success of the Final Fantasy card set this summer. The majority of quarterly growth was attributed to Magic The Gathering, which saw its revenue grow 55% this quarter through the August 1 release of Edge of Eternities and the September 26 release of Marvel’s Spider-Man.

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What Happened With D&D in Q3 2025?

Dungeons and Dragons saw the release of the new 2024 D&D anthology Dragon Delves in August. It also released the new D&D starter set Heroes of the Borderlands in September. Neither of these projects was mentioned in the investor call.

D&D fans also saw the following:

• Paizo launched the Abomination Vaults adventure path on D&D Beyond, and Chaosium launched its Mythos-themed supplement Cthulhu by Torchlight

• Eberron: Forge of the Artificer was delayed until December 2025.

• The newly appointed D&D Head, Dan Ayoub, addressed the public in a new post, outlining the franchise’s “new direction,” which includes strengthening the SRD, collaborating with third-party creators, and creating a committee to provide community feedback.

Q4 will be jam-packed for the TTRPG. Not only was the Stranger Things tie-in starter set launched in October, but Forgotten Realms: Heroes of Faerun and Adventures in Faerun are scheduled for a November release alongside 3 DLC projects. Finally, the Eberron book in December. Video game fans can also keep their eyes out for the release of Demeo x Dungeons & Dragons: Battlemarked, a new strategy game for the space.

No details have been released yet about which projects are coming for D&D in 2026, though the current set of Unearthed Arcana texts seems to imply settings like the Domains of Dread or maybe even Dark Sun.

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