9 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026
with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
•continuing to grow MAGIC: THE GATHERING and driving growth in DUNGEONS & DRAGONS as traditional trading card and role-playing games, as well as further expanding into digital offerings;
•successfully launching new digital studios and new digital games that gain customer acceptance;
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Because our strategy emphasizes growing a focused set of franchises and expanding our higher-margin games and digital businesses, including MAGIC: THE GATHERING and DUNGEONS & DRAGONS, adverse trends affecting consumer demand for, or engagement with, any of these key brands could disproportionately impact our results of operations.
In addition, the simultaneous pursuit of multiple strategic initiatives, including digital gaming development, licensing expansion, AI adoption, systems modernization and cost-saving initiatives, may strain management attention, organizational capacity and capital resources, and any failure to appropriately prioritize or allocate resources among these initiatives could adversely affect our business and result of operations.
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A significant part of our strategy for our consumer products business and our Wizards and digital gaming business is to license premium and well-recognized intellectual property for the development of products. For example, we have licenses with The Walt Disney Company for the Marvel and Star Wars properties for toys and games, and for our Universes Beyond MAGIC: THE GATHERING sets we have licenses for key brands such as Final Fantasy, Spider-Man, Avatar, and Lord Of The Rings. In some cases, we may only obtain a license for certain aspects of an intellectual property or for certain territories, which means that some of our competitors may also use the same intellectual property for other categories or in different territories. Sales may be adversely affected if the licensed products do not resonate with new or existing consumers or if consumers reduce purchases due to the perception a brand is diluted given numerous options available.
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As our strategy increasingly relies on third-party partners to invest in and scale experiences based on our intellectual property, reductions in partner investment, shifts in partner priorities or changes in economic conditions could limit the growth, reach or profitability of these initiatives.
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greater market acceptance than our products and potentially reduce demand for our products, lower our revenues and lower our profitability.
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The relocation of our primary headquarters for our toys, board games, licensing and entertainment operations from Rhode Island to Boston, Massachusetts requires substantial investment and could disrupt operations. We may lose experienced personnel unwilling to relocate, and we may face challenges recruiting in Boston's competitive labor market. If we are unable to successfully manage this transition, including facility build-out, systems migration, and cultural integration, our operations and financial performance could suffer.
Certain aspects of our business, including digital game development and franchise-driven brands such as MAGIC: THE GATHERING and DUNGEONS & DRAGONS, depend on a limited number of highly skilled creative and technical personnel, and the loss of such individuals could disrupt development pipelines or adversely affect product quality and performance.
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New in the latest 10-Q
21 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like
them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• risks relating to the recovery of previously paid International Emergency Economic Powers Act ("IEEPA") tariffs, including the amount and timing of refunds, and the risk that refunds we have recognized or expect to receive are delayed, reduced or not received;
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consumer discretionary income, retailer inventories and spending, including lower spending on purchases of our products;
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• risks relating to new and evolving laws and regulations governing artificial intelligence, children’s privacy and online safety, including state legislation specifically regulating artificial intelligence features in products marketed to or used by children, which may require pre-market assessments, restrict data collection or product functionality, impose civil penalties or product recalls, vary across jurisdictions, increase our compliance costs, delay or prevent product launches or limit the features we are able to offer;
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Financial statements and notes
2026 2025 Cash flows from operating activities: Net earnings (loss) $ 755.8 $ (521.3) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation of property, plant and equipment 50.4 55.7 Loss on disposal of business — 25.0 Impairment of goodwill — 1,021.9 Impairment of capitalized software 56.4 — Inventory obsolescence 30.7 25.9 Amortization of intangible assets 43.8 51.4 Program cost amortization 12.5 21.0 Deferred income taxes 19.2 71.5 Share-based compensation 68.5 55.5 Other non-cash items 4.2 9.2 Change in operating assets and liabilities: Net change in accounts receivable (59.3) (74.1) Net change in inventories (131.2) (135.6) Net change in prepaid expenses and other current assets (5.1) (76.1) Program production costs (5.9) (7.2) Net change in accounts payable and accrued liabilities 51.2 27.2 Change in net deemed repatriation tax — (57.4) Other 16.1 (2.6) Net cash provided by operating activities 907.3 490.0 Cash flows from investing activities: Additions to property, plant and equipment (70.7) (49.6) Additions to software development (77.8) (98.6) Purchases of investments (472.7) (55.2) Other 2.8 11.6 Net cash utilized by investing activities (618.4) (191.8) Cash flows from financing activities: Proceeds from borrowings 399.4 — Repayments of borrowings (152.5) (63.5) Payments of financing costs (5.5) — Share-based compensation transactions 40.2 8.9 Payments related to tax withholding for share-based compensation (46.9) (21.8) Dividends paid (296.1) (294.2) Repurchases of common stock (149.3) — Other (3.8) (4.5) Net cash utilized by financing activities (214.5) (375.1) Effect of exchange rate changes on cash (0.3) 2.8 Net increase (decrease) in cash, cash equivalents and restricted cash 74.1 (74.1) Cash, cash equivalents and restricted cash at beginning of year 776.6 695.0 Cash, cash equivalents and restricted cash at end of period $ 850.7 $ 620.9 Supplemental information Interest paid $ 113.1 $ 108.1 Income taxes paid, net $ 82.5 $ 175.6
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In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the United States were unauthorized. Subsequently, on March 4, 2026, the U.S. Court of International Trade ("CIT") ordered U.S. Customs and Border Protection ("CBP") to refund all previously collected IEEPA tariffs, including applicable interest. Pursuant to a court order from the CIT, the CBP developed and implemented a process to facilitate refunds through its Consolidated Administration and Processing of Entries ("CAPE") system, launching Phase 1 on April 20, 2026 and Phase 2 on June 29, 2026, with Phase 3 expected to launch during the fourth quarter.
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Based on the nature, timing and liquidation status of the IEEPA tariffs previously collected from Hasbro by the CBP, Hasbro submitted refund claims totaling $ 44.2 million within CAPE during the three and nine months ended September 27, 2026, aligning with the launch of Phase 2 of CAPE within the third quarter. During the three and nine months ended September 27, 2026, Hasbro received $ 43.4 million of tariff refunds from the U.S. Department of Treasury associated with our claims under Phase 2, inclusive of $ 41.5 million of principal and $ 1.9 million of interest. The remainder of Phase 2 refunds outstanding, which reflects approximately $ 2.7 million of principal, is currently recorded as a receivable within Prepaid expenses and other current assets on the Consolidated Balance Sheets.
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Based upon the U.S. Supreme Court's ruling, the related CIT proceedings, and the receipt of cash payment for substantially all of the Company's Phase 2 submissions, the Company has concluded that the recovery of the remaining previously incurred IEEPA tariffs, which are categorized in Phase 3, is probable. Accordingly, as of September 27, 2026, the Company has recorded a receivable of $ 10.3 million relating to the Phase 3 refunds within Prepaid expenses and other current assets on the Consolidated Balance Sheets. The estimate reflects the Company's judgment regarding the portion of previously recognized IEEPA tariffs expected to be recoverable through the refund process administered by CBP and it may be subject to change based on the ultimate resolution of refund claims. The ultimate amount of recoveries may differ from the Company's estimates, based on additional guidance from CBP, the resolution of specific entry-level claims or other administrative developments. To the extent there are changes in the amounts of refund claims that are considered to be probable of collection, such changes will be recognized in the period in which the information impacting our assessment becomes known to the Company.
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In connection with the above, Hasbro recorded a total of $ 54.5 million of tariff recoveries as a reduction to Cost of sales within the Consolidated Statements of Operations during the three and nine months ended September 27, 2026. In addition, $ 1.9 million of associated interest was recorded to Interest income within the Consolidated Statements of Operations during the three and nine months ended September 27, 2026.
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The Company expects to receive the remaining $ 13.0 million of Phase 2 and Phase 3 IEEPA tariff refunds that are currently recorded as a receivable within the next six months, in addition to an insignificant amount of associated interest. The ultimate amount and timing of these remaining recoveries remain subject to CBP's administrative processing and resolution of related CIT proceedings.
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Corporate and other is not an operating segment. Amounts included in Corporate and other primarily consist of corporate overhead and other costs that are not attributable to, and do not represent the results of, any operating segment or other business activity, including restructuring, severance and strategic transformation costs, as well as certain assets benefiting more than one segment. Corporate and other also includes certain intercompany revenue recorded to facilitate transactions between segments, which is fully offset by a corresponding elimination of intersegment revenue and therefore does not result in any net revenue or operating results attributable to Corporate and other. Because Corporate and other does not include the revenues or operating results of any operating segment that is not reportable, or of any other business activity, the Company does not present a separate “all other” category. Corporate and other is presented as a reconciling item in the reconciliation of the total of the reportable segments’ operating profit (loss) to consolidated earnings (loss) before income taxes.
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(3) Corporate and other expense primarily consists of unallocated corporate expenses, including restructuring, severance and strategic transformation costs, as well as intersegment eliminations and cross-charges.
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(3) Corporate and other income, net primarily consists of unallocated corporate expenses, including restructuring, severance and strategic transformation costs, as well as intersegment eliminations and cross-charges.
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(3) Corporate and other expense primarily consists of unallocated corporate expenses, including restructuring, severance and strategic transformation costs, as well as intersegment eliminations and cross-charges.
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(3) Corporate and other expense primarily consists of unallocated corporate expenses, including restructuring, severance and strategic transformation costs, as well as intersegment eliminations and cross-charges.
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• The introduction of Blooms by Play-Doh, the first-ever Play-Doh line designed specifically for adults.
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During the three and nine months ended September 27, 2026, Hasbro recorded a total of $54.5 million of tariff recoveries as a reduction to Cost of sales within the Consolidated Statements of Operations. Of this amount, $41.5 million was received as cash, with the remainder recorded as a receivable within Prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company expects to receive the remaining $13.0 million of Phase 2 and Phase 3 IEEPA tariff refunds within the next six months. These amounts could further impact our results in 2026 and, to a lesser extent, 2027.
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(1) Prior period amounts have been reclassified to present licensing revenue separately from net sales in the Consolidated Statements of Operations. The reclassification had no effect on total net revenues, operating profit (loss), net earnings (loss) or shareholders’ equity. Refer to Note 1, Basis of Presentation, for additional information.
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Prior period amounts have been reclassified to present licensing revenue separately from net sales in the Consolidated Statements of Operations. The reclassification had no effect on total net revenues, operating profit (loss), net earnings (loss) or shareholders’ equity. Refer to Note 1, Basis of Presentation, for additional information.
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Legal proceedings
The parties in each of the Sbriglio and Crocono matters have stipulated to stay the case pending resolution of the motion to dismiss in the West Palm Beach Firefighters' Pension Fund action.
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Other information
During the three months ended September 27, 2026, Gina Goetter, our Chief Financial Officer and Chief Operating Officer, adopted a "Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K. The arrangement was adopted on August 3, 2026, provides for the sale of up to an aggregate of 21,459 shares of our Common Stock, together with 100% of any net shares that may be issued pursuant to an outstanding performance share award. The plan expires on March 14, 2027 (or earlier, if all shares are sold). Except as described above, during the three months ended September 27, 2026, none of our other officers or directors adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) and (c) of Regulation S-K.
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Item 6
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-10-29 vs 10-K 2026-02-25
In connection with information set forth in this Quarterly Report on Form 10-Q, the risk factors discussed under Item 1A. Risk Factors, in Part I of our 2025 Form 10-K and in our subsequent filings, including in this filing, should be considered. The risks set forth in our 2025 Form 10-K and in our subsequent filings, including in this filing, could materially and adversely affect our business, financial condition, and results of operations. Except as set forth below, there are no material changes from the risk factors as previously disclosed in our 2025 Form 10-K, in any of our subsequently filed reports or as otherwise set forth in this Quarterly Report.
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Added10-Q 2026-10-29 vs 10-K 2026-02-25
For example, in late March 2026, we identified unauthorized access to our network. Upon discovery, we promptly activated our security incident response protocols, implemented containment measures, including proactively taking certain systems offline, and launched an investigation with the assistance of third-party cybersecurity professionals. The unauthorized access has since been contained and we have fully restored our systems and returned to standard business operations. Order processing, shipping and invoicing operated under pre-incident practices for the entirety of the third quarter.
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Added10-Q 2026-10-29 vs 10-K 2026-02-25
Any further incidents of unauthorized access could result in adverse effects on our business, operations, financial results, and financial reporting; and any further impacts related to the unauthorized access or other similar unauthorized activity may result in increased costs, including from any legal proceedings. For more information, refer to Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Unauthorized Network Access” and Note 2 "Unauthorized Network Access."
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Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
Any compromise of the confidential data of our customers, consumers, suppliers, partners, employees or ourselves, or failure to prevent or mitigate the loss of or damage to this data through breach of our information technology systems, or those of our third party outsourcers manufacturers and other business partners’ information technology systems partners, as well as any related security incident response, containment, remediation, or mitigation efforts, could substantially disrupt our operations, result in delays of shipping products, result in delays in making or receiving payments, harm our customers, consumers, employees and other business partners, damage our reputation, violate applicable laws and regulations, subject us to potentially significant costs and liabilities and and/or result in a loss of business that could be material.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
We and our partners maintain systems and processes designed to protect this data, but notwithstanding such protective measures, systems and processes, there is a risk of intrusion, cyber-attacks have been, and in the future may be, intrusions, cyber-attacks, tampering, or tampering other unauthorized access, whether intentional or unintentional, that have compromised, and could in the future, compromise the integrity and privacy of this data.
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Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
Cyber-attacks Intrusions, cyber-attacks, tampering, and other unauthorized access continue to increase in their frequency, sophistication and intensity, and are becoming increasingly difficult to detect. detect and prevent.
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Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
In addition, we provide confidential and proprietary information to our third-party outsourcers manufacturers and business partners in certain cases where doing so is necessary to conduct our business.
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Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
Cyber-attacks Intrusions, cyber-attacks, tampering, and other unauthorized access could include the deployment of harmful malware and key loggers, ransomware, a denial-of-service attack, a malicious website, artificial intelligence, the use of social engineering and other means to affect the confidentiality, integrity and availability of our or third-party technology systems and data.
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Reworded10-Q 2026-10-29 vs 10-K 2026-02-25
Cyber-attacks Intrusions, cyber-attacks, tampering, and other unauthorized access could also include supply chain attacks, which could cause a delay in the manufacturing of our products.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
