HAS: 2Q26 Preview: Skew Cautious; Solid but Known Q2 Eclipsed by Marvel Risk + Exodus Marketing Ramp

研报英文原文证据摘录

HAS: 2Q26 Preview: Skew Cautious; Solid but Known Q2 Eclipsed by Marvel Risk + Exodus Marketing Ramp

Equity Research

Earnings Revised — June 30, 2026

Leisure

Hasbro, Inc.

2Q26 Preview: Skew Cautious; Solid but Known Q2 Eclipsed Equal Weight

by Marvel Risk + Exodus Marketing Ramp Price Target: $85.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

Q2 carries less uncertainty given a delayed Q1 update in May, but a MTG-driven beat Rev. (MM) 2026 4.94B 4.92B 0.3%

seems likely/expected. That said, we see growing risk around the Marvel release, tougher Rev. (MM) 2027 5.12B 5.10B 0.3%

MTG compares ahead, and ramping Exodus pressure. Cautious into the print. EBIT (MM) 2026 1,190.5 1,190.0 0.0%

EBIT (MM) 2027 1,246.5 1,246.0 0.0%

No Relief in Beleaguered CP Segment: $40-60m in rev shift from cyber issues disclosed

in late April and a disappointing Mandalorian performance should pressure Q2 CP top- Ticker HAS

line, although we see minimal risk to ~1% consensus growth against an easy compare. Upside/(Downside) to Target 0.7%

Margins are the bigger issue, with deleverage and tariff pressure expected to drive EBIT

Price (06/29/2026) $84.44margin to -MSD%, short of a -3.2% consensus estimate. That said, performance in the

segment seems moot at this point given it's likely <15% of F26 EBIT. 52 Week Range $69.50 - 106.98

Market Cap (MM) $12,092

Another Strong MTG Quarter; Marvel the Million Dollar Question: We expect a Enterprise Value (MM) $14,827

sizable WOTC beat on both top-line (Street +14% y/y vs. Q1 +26% y/y) and EBIT margin Average Daily Value (MM) $166

(-310bps y/y) supported by robust Strixhaven performance (strongest premier set of all- Dividend Yield 3.3%

time) and favorable checks (Exhibits 2-11). We see any color on Marvel as the key news

on the print.