Hasbro is a games, IP, and toy company built around a portfolio of owned brands — Magic: The Gathering (MTG), Monopoly, Dungeons & Dragons, Nerf, Play-Doh, Transformers, and Peppa Pig — and licensed brands including Marvel and Star Wars. Hasbro operates through two meaningful segments: Wizards of the Coast and Digital Gaming (~47% of revenue), which includes MTG tabletop and digital, and Consumer Products (~51% of revenue), which covers toys, board games, and IP licensing. MTG is Hasbro's primary growth engine — a collectible trading card game with a loyal player base of over 30 years, driven by recurring multi-purchase card set releases several times per year. Hasbro's "Universes Beyond" strategy co-brands MTG sets with major entertainment franchises like Final Fantasy and Marvel to expand the addressable audience and push into mass-market retail. Hasbro monetizes its IP across several models: physical product sales, digital gaming licensing (most notably Monopoly Go!, which generated ~$168M in royalties in FY25), consumer product licensing for goods and location-based entertainment, and direct-to-consumer platforms like Secret Lair and Hasbro Pulse. Hasbro is also investing in self-published AAA video games, with two titles — Exodus and Warlock — targeted for 2027. The key dynamic in Hasbro's business is a widening margin gap between Wizards (~46% operating margin) and Consumer Products (~5%), and as mix shifts toward Wizards and licensing, overall margins expand. Consumer Products faces near-term headwinds from tariffs, since most toys are manufactured overseas.