On this page of StockholderLetter.com we present the latest annual shareholder letter from HASBRO, INC. — ticker symbol HAS. Reading current and past HAS letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2025 Letter Continued (Full PDF)
 •  4/3/2023 HAS Stockholder Letter
 •  4/3/2024 HAS Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  HAS Benford's Law Stock Score = 76

HAS Shareholder/Stockholder Letter Transcript:

2024
HASBRO ANNUAL
REPORT


Dear Fellow
Shareholder,
Play is a universal human need     something that
Hasbro has thrived on for well over 100 years.
Play educates, connects, inspires, and continues
to evolve. Hasbro has long been synonymous
with play, and as we kick o   2025, we are wellpositioned to remain at the forefront designing
its future along with our fans.
2024 was a year of great progress at Hasbro. We
began the year a healthier, stronger organization
with an improved balance sheet and operating
structure and ended it with momentum,
announcing a new strategic plan,    Playing to
Win   , outlining plans for greater cost savings and
reinvigorating the company   s innovation engine.
Our Wizards of the Coast and Digital Gaming
segment had another record year, buoyed by
strength in MAGIC: THE GATHERING and growth
in licensed digital gaming, led by Monopoly GO!
from our partners at Scopely. We saw strong
growth across our licensing business with a
standout performance from MY LITTLE PONY
trading cards and we accelerated innovation in
our Consumer Products pipeline with BEYBLADE
and TRANSFORMERS. The Company delivered
the best adjusted operating pro  t margin in
its history, eclipsing 20%, including a return to
pro  tability for our Consumer Products segment
through supply chain productivity and lean
inventory management.
MAGIC: THE GATHERING and
Monopoly GO! proved a potent one-two
punch, with Wizards of the Coast and
Digital Gaming up 4% YoY with an
operating margin of over 40%
Transformers One Power Flip
Optimus Prime (Orion Pax)
Action Figure of the Year at the 2025
Toy of the Year Awards
With a continued focus on operational excellence,
the team delivered approximately $600 million
of gross cost savings and $320 million of net
cost savings.*
We exceeded our guidance on nearly every
metric, and we are operating with renewed
discipline that positions Hasbro for multi-year
growth and margin expansion.
Consumer Products Licensing
was a standout, led by
MY LITTLE PONY trading cards
*cost savings are calculated using FY 2021 results as base year.
HASBRO 2024 ANNUAL REPORT

We also strengthened our management team with
the addition of John Hight and Holly Barbacovi, two
talented leaders each seasoned in their respective
  elds of gaming and human resources.
A Prudent Approach
to Capital
We ended the year with $695 million in cash on the
balance sheet, reduced debt by approximately
$83 million, and generated $847 million in operating
cash   ow     a year over year improvement of
$122 million.
From a capital allocation standpoint, our priorities
are to reinvest behind our core business, return cash
to shareholders, and continue to pay down debt.
We remain committed to our category-leading dividend,
and we were pleased to return $390 million to
shareholders in 2024.
We   ve set the stage for sustained future growth with
our new    Playing to Win    strategic plan. Anchored in
  ve strategic building blocks,    Playing to Win    marks an
important pivot point for Hasbro and focuses us on what
has always made us great: Play and Partners. Through
play-fueled engagement and partner-scaled coinvestment, we expect to expand Hasbro   s reach from
over 500 million kids, families and fans today to over
750 million by 2027. We   ll serve fans of all ages, across
all price points and platforms. We expect to emerge
as one of the most pro  table toy and game companies
globally, powered by a phenomenal set of diverse and
multi-generational franchises.
Aging Up
Digital Play
Playing
to
WIN
Everyone
Plays
Partnerships
Profitable
Franchises
HASBRO 2024 ANNUAL REPORT
Expanding the Bench
of Senior Talent to
Drive Innovation in
2025 and Beyond
Holly Barbacovi
Executive Vice
President and
Chief People O  cer
Holly previously served
as Wizards of the Coast   s
Vice President of Human
Resources from 2016 to 2020,
and returned in July 2024 to
lead Hasbro   s global human
resources organization. She
most recently served as Chief
Operating O  cer at Bungie
and previously held senior roles
at both Amazon Games and
Microsoft.
John Hight
President of Wizards
of the Coast and
Digital Gaming
A gaming industry titan, John
joined in July 2024 from
Blizzard Entertainment to
oversee Hasbro   s network of
gaming studios and digital
licensing agreements. He also
leads strategy for MAGIC: THE
GATHERING and DUNGEONS
& DRAGONS while driving
continued global growth for the
division and uncovering new
storytelling tabletop and digital
experiences.

Our strategy is powered by three competitive
advantages:
a broad and deep brand portfolio rooted
in play;
one of the biggest and most diverse licensing
businesses in the world; and
a pro  table games business anchored by
MAGIC: THE GATHERING, MONOPOLY,
DUNGEONS & DRAGONS, and Hasbro Games
classics.
Our competitive advantages reinforce one another.
Our toy and game brands fuel our licensing business.
Our licensing business strengthens our brands and
our bottom line. Our games business provides the
investment dollars to upgrade core capabilities and
explore new opportunities to expand our brands   
reach, particularly in digital.
To deliver the future of play, we will continue to build
on Hasbro   s culture of innovation and collaboration
while positively impacting our communities and the
environment.
Looking ahead, our strategic initiatives and
disciplined execution will drive continued growth,
pro  tability, and shareholder value     all as we deliver
magic moments through play. Thank you for your
ongoing support and trust in Hasbro. The best is yet
to come!
Sincerely,
Chris Cocks
Chief Executive O  cer and Director,
Hasbro
Keeping pace with the future of play,    Playing to
Win    will steer Hasbro   s evolution into a modern play
company as it advances into its next century
of growth.
Our
Purpose
To create joy and
community through the
magic of play.
HASBRO 2024 ANNUAL REPORT



 4/4/2025 Letter Continued (Full PDF)