Hasbro, Inc. reported their second quarter 2025 results this morning. The announcement was highlighted by a 16% increase in revenue for the Wizards segment of the company. This growth was primarily driven by a 23% increase in revenue for Magic: the Gathering specifically, which itself was largely due to the success of the Final Fantasy expansion. Another major contributor to the success of the Wizards segment was revenue from Monopoly Go!
The total quarterly reported revenue for Wizards of the Coast & Digital Gaming (the full name of the segment commonly shortened to just Wizards) was $522M while the rest of Hasbro’s business amounted to about $460M in total. Hasbro compared this favorably to Wizards’ six-month revenue total, which was reported as $985M (including $463M from the first quarter). It’s unclear how much of the $60M increase in quarter-over-quarter revenue is due to Final Fantasy sales.
The report does dive a bit deeper into Wizards revenues, splitting them out into the categories of Tabletop, Digital, Digital Licensing, and FX. From this perspective, Tabletop growth was up 21% while Digital and Digital Licensing were down 4% and 3% respectively. FX was up 1%. The graphic indicates that the total of these changes is 16% (even though math tells me that 21-4-3+1 is 15) so there’s some rounding happening in the background that seems unclear.
Wizards of the Coast revenue drivers. Slide from Hasbro, Inc.’s 2025 Second Quarter earnings presentation.
According to Hasbro’s slides, Tabletop is comprised of “Magic: the Gathering, Dungeons and Dragons, and other games” while Digital represents Magic Arena and D&D Beyond. Digital Licensing is the licensed games business, including presumably the announced licensing agreement with video game publisher Giant Skull.
It’s interesting to see that while Final Fantasy drove significant increases in revenue for Tabletop Magic the Gathering, the same growth did not translate to Magic Arena, as the Digital part of Wizards has now posted revenue losses for back-to-back quarters.
Magic the Gathering informational slide in Hasbro’s 2025 Second Quarter earnings presentation.
Later in the presentation Hasbro provided a look at the rest of the year’s releases for Magic as well as some statistics on the consumer demographics. This includes the average tabletop player age being 35, and that the average player tenure is 5 years. Also interesting is the 19k+ badges sold for MagicCon Las Vegas and the 20% increase in Play event tickets sold at the event.
Magic the Gathering informational slide in Hasbro’s 2025 First Quarter earnings presentation.
This is notable compared to Hasbro’s first quarter report where the average tabletop player was only 30 years old (how did that go up 5 years in only 3 months) and the badge numbers for MagicCon Chicago were not included (though we reported anecdotally back in February that the event was fairly large).
Hasbro stock was up in pre-market trading after the announcement. The stock closed at $77.67 yesterday.
Rich Stein (He/Him)Â has been playing Magic since the mid-90’s when he opened his first Ice Age starter decks and forced his little brother to play with him. Since then he’s successfully failed to ever make day two of a Grand Prix and began writing about the game instead in 2012. He has been running Hipsters of the Coast since 2015.