10.6%$1.11B$1.01B
Revenue Growth Driven by Core Business
Revenue increased 10.6% year-over-year to $1.11B in Q1 2026 from $1.01B in Q1 2025, suggesting meaningful top-line momentum across Hasbro's business segments.
来源: Source: 10-Q Income Statement
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AI核心结论
Hasbro delivered a strong Q1 2026, with revenue up 10.6% to $1.11B, net income more than doubling to $198.4M, and operating cash flow surging 144.5% to $337.7M, reflecting significant margin expansion and operational improvement.
营业收入
$1.11B
同比 ++10.64%
每股收益（基本）
$1.41
同比 ++98.59%
营业利润
$270.3M
同比 ++58.35%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Hasbro (HAS) Q1 FY2026 营收 $1.11B，同比增长 10.6%。 净利润 $198.4M，同比增长 101.2%，稀释每股收益 $1.39。
Revenue increased 10.6% year-over-year to $1.11B in Q1 2026 from $1.01B in Q1 2025, suggesting meaningful top-line momentum across Hasbro's business segments.
来源: Source: 10-Q Income Statement
Operating margin expanded approximately 7.3 percentage points to 24.3% from 17.0% in the prior year period, driven by revenue growth outpacing cost increases and a 3.9% reduction in SG&A expenses to $259.1M.
来源: Source: 10-Q Income Statement & Key Ratios
Net income surged 101.2% year-over-year to $198.4M from $98.6M, with diluted EPS rising 98.6% to $1.39 from $0.70, reflecting strong operating leverage and cost discipline.
来源: Source: 10-Q Income Statement
Operating cash flow jumped 144.5% to $337.7M from $138.1M in Q1 2025, demonstrating significantly improved cash generation capability and earnings quality.
来源: Source: 10-Q Cash Flow Statement
Investing cash outflows increased dramatically to -$472.1M from -$52.4M in the prior year period, suggesting significant capital deployment for acquisitions or investments, which warrants monitoring for return on investment.
来源: Source: 10-Q Cash Flow Statement
Hasbro carries $3.09B in long-term debt as of Q1 2026, representing a significant financial obligation. While long-term debt declined 7.1% year-over-year, total liabilities increased 8.5% to $5.26B, meaning liabilities represent approximately 88.6% of total assets, leaving limited financial flexibility.
来源: Source: 10-Q Balance Sheet
Investing cash outflows surged to -$472.1M in Q1 2026 from just -$52.4M in Q1 2025, an 801% increase. This sharp rise may indicate a large acquisition or strategic investment, which could introduce integration risk, goodwill impairment risk, or dilution of returns if the investment underperforms.
来源: Source: 10-Q Cash Flow Statement
Cost of revenue grew 15.5% year-over-year to $236.1M, outpacing revenue growth of 10.6%. This divergence in growth rates could pressure gross margins if sustained, particularly in an environment of tariff uncertainty or supply chain disruptions.
来源: Source: 10-Q Income Statement
Total liabilities of $5.26B exceed total assets of $5.93B by a narrow margin, resulting in a relatively thin equity cushion. Any deterioration in asset values or unexpected liabilities could materially impact the balance sheet.
来源: Source: 10-Q Balance Sheet
R&D expense declined 3.1% year-over-year to $78.0M, which could signal reduced investment in new product development. For a consumer entertainment and toy company, sustained underinvestment in innovation may affect long-term competitive positioning.
来源: Source: 10-Q Income Statement
Q1 FY2026 实际 EPS $1.47，分析师一致预期 $1.15，超预期 +28.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.11B | $1.01B | +10.64% |
营业成本 | $236.1M | $204.5M | +15.45% |
营业利润 | $270.3M | $170.7M | +58.35% |
净利润 | $198.4M | $98.6M | +101.22% |
每股收益（基本） | $1.41 | $0.71 | +98.59% |
每股收益（稀释） | $1.39 | $0.70 | +98.57% |
研发费用 | $78M | $80.5M | -3.11% |
销售及管理费用 | $259.1M | $269.6M | -3.89% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $5.93B | $6.04B | -1.82% |
流动资产 | $2.77B | $1.91B | +44.55% |
总负债 | $5.26B | $4.84B | +8.54% |
流动负债 | $1.67B | $1.16B | +44.58% |
长期债务 | $3.09B | $3.33B | -7.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $337.7M | $138.1M | +144.53% |
投资活动现金流 | $-472.1M | $-52.4M | -800.95% |
筹资活动现金流 | $215.1M | $-162.4M | +232.45% |
股息支出 | $98.5M | $97.9M | +0.61% |
股票回购 | $7.7M | $0 | — |
折旧及摊销 | $25.9M | $34.2M | -24.27% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 24.3% | 17.0% | +7.32% |
净利率 | 17.8% | — | — |
总资产收益率 | 3.3% | — | — |
流动比率 | $1.654 | — | — |
Hasbro had a strong Q1 2026, with revenue rising 10.6% to $1.11B and net income more than doubling to $198.4M. Diluted EPS came in at $1.39, up 98.6% from $0.70 in Q1 2025, driven by significant margin expansion and cost discipline.
The key takeaways from Hasbro's Q1 2026 report are: operating margin expanded sharply to 24.3% from 17.0%, operating cash flow surged 144.5% to $337.7M, and net income doubled year-over-year. However, investing cash outflows jumped dramatically to -$472.1M, suggesting significant capital deployment that investors should monitor.
Based on the financial data, key risks include Hasbro's high leverage with $3.09B in long-term debt and total liabilities of $5.26B representing ~88.6% of total assets. Additionally, cost of revenue grew faster than revenue (15.5% vs. 10.6%), and a dramatic surge in investing outflows to -$472.1M raises questions about the nature and return profile of recent capital deployment.
Hasbro generated $337.7M in operating cash flow in Q1 2026, a 144.5% increase from $138.1M in Q1 2025. The company also paid $98.5M in dividends and repurchased $7.7M in shares during the quarter.
Hasbro's short-term liquidity appears adequate with a current ratio of 1.65 and current assets of $2.77B versus current liabilities of $1.67B. However, the balance sheet carries significant leverage with $3.09B in long-term debt and total liabilities of $5.26B, leaving a relatively thin equity cushion of approximately $674M against total assets of $5.93B.