Magic: The Gathering Drives Hasbro Revenue to $4.7B on Record 59% Growth

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5.23.2026

Quick Facts

Magic: The Gathering revenue hit $1.7 billion in 2025, up 59% from the previous year
The Wizards of the Coast division grew 45% to $2.2 billion with a 46% operating margin
Final Fantasy became the best-selling Magic set of all time, surpassing Lord of the Rings

Magic: The Gathering powered Hasbro to $4.7 billion in total revenue for 2025, marking a 14% increase driven by the card game’s record-breaking performance.

The trading card game generated $1.72 billion in revenue, a 59% jump from $1.08 billion in 2024. Magic now represents over 60% of Hasbro’s gaming-related revenue and anchors the Wizards of the Coast division, which posted $2.2 billion in revenue with a 46% operating margin.

“Wizards was a standout, anchored by record Magic revenue,” said Hasbro CFO and COO Gina Goetter. “Wizards remains our primary growth engine.”

Universes Beyond Drives Growth

The company’s Universes Beyond strategy brought external franchises into Magic’s multiverse. Final Fantasy officially became the best-selling Magic set ever, while Avatar: The Last Airbender secured the third spot after its Q4 2025 release.

Fourth quarter Magic revenue doubled year-over-year to $502 million, largely due to these crossover releases. The strategy attracted legal scrutiny, with shareholders filing lawsuits alleging overprinting of premium sets. The case was dismissed without prejudice.

CEO Chris Cocks told shareholders that Magic’s growth stems from “a broad and active network of players.” The game now operates through more than 10,000 hobby and card retailers worldwide, a 20% increase year-over-year.

2026 Outlook

Hasbro plans three in-universe Magic releases and four Universes Beyond sets for 2026. The company projects 3-5% revenue growth at constant currency with an adjusted operating margin of 24-25%.

Nearly 15% of Hasbro’s toy sales now come from adult collectors, a demographic Magic has captured through premium Secret Lair drops and licensed crossovers.

“I am proud of the results our team delivered in 2025,” Cocks said. “We returned the company to growth, engaged one billion fans, and made progress in our evolution into a digital-first play and IP company.”