孩之宝三季度营收15.95亿美元增15%：调整后每股收益2.90美元大超预期，《万智牌》收入6.161亿美元创纪录，全年指引上调
孩之宝公司（Hasbro, Inc.）周二（10月20日）公布2026年第三季度业绩：营收15.95亿美元，同比增长15%，高于分析师预期的约14.8亿美元；净利润3.945亿美元，摊薄每股收益2.77美元，去年同期为净利润2.332亿美元、每股1.64美元；调整后每股收益为2.90美元，同比增长73%，远高于预期的约1.85至1.86美元。经营利润为5.17亿美元，调整后经营利润为5.412亿美元、同比增长52%；业绩中包含约5,500万美元的关税退税收益。孩之宝股价周二上涨逾11%，创约七年新高。
分板块看，威世智与数字游戏板块营收7.472亿美元、同比增长31%，其中《万智牌》（Magic: The Gathering）收入6.161亿美元、同比增长34%，单季收入首次突破6亿美元，由《霍比特人》、Reality Fracture等新品与长销产品带动；该板块经营利润3.674亿美元，利润率达49.2%。数字授权游戏Monopoly Go!当季贡献收入4,100万美元。消费品板块营收8.279亿美元、同比增长4%，为连续第四个季度增长，受漫威、变形金刚等授权业务带动，调整后经营利润1.777亿美元、同比翻倍，其中包含约4,800万美元关税退税。娱乐板块营收2,020万美元、增长9%。库存为3.589亿美元、同比下降10%。
指引方面，孩之宝将2026年全年营收增速预期（固定汇率口径）由5%至7%上调至7%至9%，调整后营业利润率预期为27%至28%，调整后EBITDA由14.5亿至15亿美元上调至15.75亿至16.25亿美元。公司同时将全年股票回购目标由2亿美元翻倍至4亿美元；三季度以分红与回购形式向股东返还2.06亿美元，并拨出7,900万美元用于债券回购与到期债务预筹。今年前九个月，公司经营现金流达9.073亿美元、同比增长85%，成本节约实现1.05亿美元、全年目标为1.5亿美元。
首席执行官Chris Cocks在业绩会上表示，公司已连续四个季度实现两位数营收增长；首席财务官兼首席运营官Gina Goetter出席了业绩会。公司预计《万智牌》2027年将继续增长，全年安排六个大型系列发售。
Hasbro Third-Quarter Revenue Rises 15% to $1.595 Billion as Adjusted EPS of $2.90 Beats Estimates, Magic: The Gathering Revenue Hits a Record $616.1 Million and Full-Year Guidance Is Raised
Hasbro, Inc. reported third-quarter 2026 results on Tuesday, October 20. Revenue rose 15% to $1.595 billion, above the roughly $1.48 billion analysts expected. Net earnings were $394.5 million, or $2.77 a diluted share, compared with $233.2 million, or $1.64 a share, a year earlier; adjusted earnings reached $2.90 a share, up 73% and well above estimates of about $1.85 to $1.86. Operating profit was $517 million and adjusted operating profit rose 52% to $541.2 million; results included a benefit of about $55 million from tariff refunds. Hasbro shares gained more than 11% on Tuesday to a roughly seven-year high.
By segment, Wizards of the Coast and Digital Gaming revenue rose 31% to $747.2 million, with Magic: The Gathering revenue up 34% to a record $616.1 million, surpassing $600 million in a quarter for the first time on releases including The Hobbit and Reality Fracture and on backlist sales; the segment's operating profit was $367.4 million at a 49.2% margin. The digital licensing title Monopoly Go! contributed $41 million in the quarter. Consumer Products revenue grew 4% to $827.9 million, a fourth consecutive quarter of growth, led by Marvel and Transformers licensing; its adjusted operating profit doubled to $177.7 million, including a $48 million tariff-refund benefit. Entertainment revenue rose 9% to $20.2 million. Inventories were $358.9 million, down 10% from a year earlier.
Hasbro raised its full-year 2026 outlook: constant-currency revenue growth is now expected at 7% to 9%, up from 5% to 7%, with an adjusted operating margin of 27% to 28% and adjusted EBITDA of $1.575 billion to $1.625 billion, up from $1.45 billion to $1.50 billion. The company doubled its full-year share repurchase target to $400 million from $200 million, returned $206 million to shareholders through dividends and buybacks in the quarter, and deployed $79 million toward bond repurchases and prefunding upcoming maturities. Operating cash flow for the first nine months reached $907.3 million, up 85%, with $105 million of cost savings realized against a full-year target of $150 million.
Chief Executive Chris Cocks told analysts the company has now delivered double-digit revenue growth for four consecutive quarters; Chief Financial Officer and Chief Operating Officer Gina Goetter also took part in the earnings call. Management expects Magic: The Gathering to grow again in 2027, supported by six major releases.
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图片来源：孩之宝位于罗得岛州波塔基特的全球总部资料图。照片：Kenneth C. Zirkel 摄，CC BY 4.0，经维基共享资源。 / File photo: Hasbro's world headquarters in Pawtucket, Rhode Island. Photo by Kenneth C. Zirkel, CC BY 4.0, via Wikimedia Commons.
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