Hasbro, parent company of Wizards of the Coast (WotC), released its Fourth Quarter and Full Year 2025 Financial Report today and with it, details of the success of WotC and its Digital Gaming segment had behind Magic: The Gathering | Avatar: The Last Airbender.
Full year Hasbro revenue increased 14 percent, driven by record 45 percent growth in the WotC and Digital Gaming segment. At the same time, Consumer Products declined four percent and Entertainment was down four percent.
Hasbro CEO, Chris Cocks, said during the Fourth Quarter 2025 Earnings Conference Call that Magic: The Gathering | Avatar: The Last Airbender is now the third highest-selling Magic set of all time, only behind The Lord of the Rings: Tales of Middle-earth and Magic: The Gathering—FINAL FANTASY. Magic: The Gathering finished its strongest year ever as revenues increased 59 percent for the year powered by Universes Beyond sets, backlist and Secret Lair. On top of Magic: The Gathering | Avatar: The Last Airbender‘s success, Cocks said the Secret Lair delivered its largest quarter ever and backlist sales, once again, set a record.
Magic isn’t slowing down either, as Lorwyn Eclipsed has already become the fastest selling magic IP premier set ever. In addition, player growth continues to underpin Magic’s results. Through the end of 2025, more than a million unique players participated in organized play, representing a 22 percent increase year over year. Cocks said that growth is supported by Magic’s global play network, which now has more than 10,000 WPN stores worldwide, up over 20 percent year over year with expanded reach across traditional retail partners.
“This balance of tent pole releases, premium offerings, and evergreen play reflects how the Magic system is designed to perform, “Cocks said. “Taken together, this reinforces our confidence in Magic’s long-term growth. We are building a system of play with multiple entry points, product types, and engagement paths and that system is positioned to continue driving growth into 2026 and beyond.”
Cocks attributes the success of Magic to there being more places to buy it, more people playing, and that they are engaging longer and sticking around. All that leads to increased set over set performance like what Hasbro is seeing with Lorwyn Eclipsed and they expect to see that continue in 2026. Cocks also points to the stacked lineup for Magic in 2026 as a beacon for growth, heavily relying on four Universe Beyond partnerships (Teenage Mutant Ninja Turtles, Marvel Super Heroes, The Hobbit, and Star Trek).
When asked how he would break down the Magic consumer base, Cocks said that he’d guess Magic is about 80 to 90 percent player or player-collector, with only a small portion being collector only.
“Magic is overwhelmingly player based or player-collector, and that is unique among a lot of trading card games,” Cocks said. “Some of our competitors are much more heavily collector based. What’s good about that is that it gives us this stable base of play and community that I think can last if there is any kind of wobbles in collector sentiment.”
Read the press release and view the Q4 and Full Year 2025 presentation from Hasbro.
