Mattel Gets Schooled While Hasbro Plays Its Cards Right in Toy Industry Shake-Up

HasbroHAS

and MattelMAT

are locked in an epic struggle for toy supremacy. Although both companies have traded industry leadership for decades, Hasbro’s shares are up 47% over the past year, while Mattel’s are down nearly 20%. The difference comes down to one franchise, a 30-year-old trading card game that has become a durable profit engine.

• Hasbro’s Wizards of the Coast unit, led by Magic: The Gathering and Dungeons & Dragons, jumped 45% in 2025, delivering 88% of adjusted profits while making up less than half of sales.
• Hasbro’s revenue jumped 14% in fiscal 2025, while Mattel’s sales slipped 1%, with core brands weakening — Barbie down 7% and Fisher-Price falling 17%.

The magic lever: The cards Mattel is holding aren’t all bad — Hot Wheels rose 11% last quarter, and American Girl has stabilized after five straight quarters of growth, albeit far below its peak. Meanwhile, Hasbro’s trading card empire keeps delivering, with CEO Chris Cocks saying 1M+ unique players joined organized play last year. Both companies are banking on a robust 2026 theatrical calendar, but Mattel faces the tougher task of modernizing legacy toy brands for an increasingly digital generation.