Magic: The Gathering Is Officially Hasbro’s Biggest Profit-Maker
Hasbro’s third-quarter 2026 results show Magic: The Gathering has become the company’s biggest profit-maker, with the game surpassing $600 million in quarterly revenue for the first time. Wizards of the Coast, which publishes Magic and Dungeons & Dragons, generated almost 90% of Hasbro’s operating profits, highlighting how dependent the company has become on its games business.
Wizards’ revenue rose 31% year on year, led by the latest Magic sets, The Hobbit and Reality Fracture; The Hobbit was the game’s fourth best-selling set ever. Hasbro also reported that organised-play participation in the first nine months of 2026 was up 40% on all of 2024, though this includes casual events logged through the Companion app. The figures do not necessarily reflect the health of competitive play, where some players criticise rapid set releases and limited prize support.
In short
- Magic brought in more than $600 million in quarterly revenue.
- Wizards of the Coast supplied almost 90% of Hasbro’s operating profits.
- Organised-play growth includes casual events, leaving competitive play concerns unresolved.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Magic’s record sales and Wizards’ contribution to operating profits suggest that Hasbro’s investment in new sets and organised play is meeting strong demand. As a major source of earnings, the games business can fund further development and help sustain a long-running hobby that brings players together.
The case against
The figures also point to growing reliance on one business, leaving Hasbro more exposed if interest in Magic weakens. Revenue and app-logged event participation do not by themselves show whether competitive play is thriving; rapid releases and limited prizes may risk tiring players or weakening the community over time.