Hasbro, Inc. stock research
FY2025 Q4
Hasbro (HAS) Gross Margin — Quarter Ended Dec 28, 2025
In the current quarter, revenue was stable compared to the prior quarter while cost of revenue increased, causing gross margin to weaken. Relative to the same quarter a year ago, revenue grew faster than cost of revenue, resulting in an improved gross margin.
Gross margin takeaway
Quarter ended Dec 28, 2025 · FY2025 Q4
In the current quarter, revenue was stable compared to the prior quarter while cost of revenue increased, causing gross margin to weaken. Relative to the same quarter a year ago, revenue grew faster than cost of revenue, resulting in an improved gross margin.
- The most notable margin driver is the change in cost of revenue. Sequentially, cost of revenue rose while revenue was flat, pressuring gross margin. Year-over-year, revenue growth outpaced cost growth, supporting margin expansion.
- Compared to the prior quarter, gross margin weakened as cost of revenue increased disproportionately. Versus the same quarter last year, gross margin improved as revenue growth exceeded cost growth.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
68.7%
Gross profit
$993.8M
Revenue
$1.4B
Cost of revenue
$452.1M
Quarter-over-quarter change
-1.4 pts
Year-over-year change
+1.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 30, 2025 | $887.1M | $682.6M | $204.5M | 76.9% |
| Jun 29, 2025 | $980.8M | $755.5M | $225.3M | 77.0% |
| Sep 28, 2025 | $1.4B | $973.2M | $414.3M | 70.1% |
| Dec 28, 2025 | $1.4B | $993.8M | $452.1M | 68.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 28, 2025
-1.4 pts
Year-over-year change
Dec 29, 2024
+1.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable margin driver is the change in cost of revenue. Sequentially, cost of revenue rose while revenue was flat, pressuring gross margin. Year-over-year, revenue growth outpaced cost growth, supporting margin expansion.
Compared to the prior quarter, gross margin weakened as cost of revenue increased disproportionately. Versus the same quarter last year, gross margin improved as revenue growth exceeded cost growth.
Monitor the trend of cost of revenue relative to revenue, as it directly influences gross margin. Also, the company’s filing notes reliance on cash from operations and access to capital markets, which may affect financial flexibility.