Magic: The Gathering delivered its strongest financial performance in history during 2025, posting a dramatic 59% year-over-year revenue increase that cemented the trading card game’s position as Hasbro’s most reliable growth engine. Hasbro, the parent company of Wizards of the Coast, announced the milestone during its earnings call on February 10, 2026, where executives highlighted how strategic partnerships and innovative product releases transformed the franchise into a powerhouse amid broader challenges in the consumer products market.
The Wizards of the Coast and Digital Gaming segment, led overwhelmingly by Magic: The Gathering, posted a 45% revenue gain for the full year. Hasbro’s total company revenue rose 14% to $4.7 billion in 2025, with the fourth quarter showing a particularly robust 31% increase to $1.45 billion. Adjusted earnings per share for the quarter came in at $1.51, beating analyst expectations and driving an 8%+ jump in the company’s stock price during midday trading. While the Consumer Products and Entertainment divisions each saw modest 4% declines, the outsized contribution from Wizards of the Coast offset those headwinds and fueled Hasbro’s overall recovery.
At the heart of this record-breaking year was the continued expansion of the Universes Beyond program, which brings characters and themes from major entertainment franchises into the Magic: The Gathering framework. These crossover sets have proven exceptionally popular, blending familiar gameplay mechanics with fresh storytelling and artwork that appeal to both longtime players and newcomers. The 2025 release of the Avatar: The Last Airbender set ranked as the third highest-selling expansion ever, surpassed only by the earlier Final Fantasy and The Lord of the Rings collaborations. Strong backlist sales of evergreen products, combined with the premium Secret Lair limited-edition drops, further amplified the 59% revenue leap. Secret Lair has become a cornerstone of the strategy, offering exclusive card variants and themed crossovers that generate significant demand through scarcity and collector appeal.
Since its debut in 1993, Magic: The Gathering has defined the collectible card game category with its blend of deep strategy, deck-building, and collectibility. The game’s digital platform, Magic: The Gathering Arena, has broadened access, while organized play events and a thriving secondary market for rare cards have sustained community engagement. The Universes Beyond initiative, however, represents the most significant evolution in recent years, introducing commander decks and mechanics tailored to external IPs and attracting fans who might not otherwise enter the Magic ecosystem. This approach has demonstrably widened the player base and driven sales across physical and digital channels.
Hasbro has faced scrutiny over its printing and distribution decisions, including a shareholder lawsuit alleging that excessive production of Universes Beyond sets and Secret Lair products diminished card value and created artificial scarcity. The company has consistently rejected those claims.
As we shared when you covered the matter in January, these claims have no merit. Our strategic plan for Magic was implemented, and the results underscore the strength of that strategy. As further reflected in our earnings results released this morning, Magic: The Gathering just completed its most successful year ever
Hasbro expressed confidence in sustained momentum, forecasting 3% to 5% revenue growth in constant currency for 2026 and adjusted EBITDA in the range of $1.40 billion to $1.45 billion. The company plans to focus on core brand investment, debt reduction, and returning capital to shareholders, including a $0.70 per share quarterly dividend payable on March 4, 2026.
The pipeline remains strong, with the next Universes Beyond release, Magic: The Gathering | Teenage Mutant Ninja Turtles, scheduled to launch on March 6, 2026, as a set of commander decks featuring the iconic heroes in a half-shell. Additional crossovers are slated for later in the year, including Marvel Super Heroes, The Hobbit, and Star Trek, each poised to merge distinctive universes with the strategic richness of Magic: The Gathering.
Source: Hasbro
