Americas Entertainment: Toys Earnings Preview: Key themes and expectations heading into 2Q26 results for HAS, MAT & FNKO

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Americas Entertainment: Toys Earnings Preview: Key themes and expectations heading into 2Q26 results for HAS, MAT & FNKO

Equity Research

25 June 2026 | 8:34AM EDT

Americas Entertainment: Toys Earnings Preview: Key themes and

expectations heading into 2Q26 results for HAS, MAT & FNKO

Within this report, we highlight key themes and our expectations heading into Stephen Laszczyk

+1(212)357-9225 |

2Q26 earnings for our Toys coverage, including Mattel (MAT), Hasbro (HAS), and stephen.laszczyk@gs.com

Goldman Sachs & Co. LLC

Funko (FNKO).

Antares Tobelem

+1(212)357-2497 |

antares.tobelem@gs.com

Earnings Previews Goldman Sachs & Co. LLC

Hasbro (HAS, Buy): We largely maintain our outlook for consolidated Revenue and Danni Kennedy

+1(212)902-7178 |

AOP (+/- ~1%) heading into 2Q26 results in July (GSe). On a segment level basis, we danni.kennedy@gs.com

modestly raise our outlook for WOTC Revenue and AOP for 2Q26E (by ~1%) and

2026E+ (by ~1%), and modestly lower our outlook for Consumer Products Revenue

for 2Q26E (by ~1%) and 2026E+ (by ~1%). Our improved outlook for WOTC largely

reflects increased confidence in Magic the Gathering, which we expect to benefit

from strong demand for news sets (e.g. Secrets of Strixhaven and Marvel Super

Heroes) as well as backlist. Our reduced outlook for Consumer Products reflects

weaker consumer sentiment over the last several weeks against the backdrop of

cybersecurity events that have made it more difficult for Hasbro to book orders in a

timely manner. On net, our outlook for 2Q26E Revenue/AOP is inline/~3% above

consensus. We maintain our Buy rating and our 12-month target price of $115.

Mattel (MAT, Neutral): We lower our outlook for Revenue, Gross Profit, and

Adjusted Diluted EPS heading into 2Q26E results in July (GSe). Our lower estimates