Magic: The Gathering Is Officially Hasbro's Biggest Profit-Maker

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Published Oct 21, 2026, 9:07 AM EDT

Francesco is an editor with a background in academic research, journalism, and content strategy, specializing in entertainment news and curation. He works across all of Polygon's verticals, specializing in tabletop games, with a focus on D&D and Magic.

Hasbro's Q3 earnings show that Magic keeps growing, despite worries for the state of the game

Magic is responsible for 90% of Hasbro's profits

Cover art for Magic: The Gathering: Planes of the Multiverse: A Visual History by Jay Annelli depicts the Planeswalker Chandra gazing at various planes of existence.

Image: Wizards of the Coast

Magic: The Gathering is making a lot of money; there is no doubt about that. Every time that Wizards of the Coast parent company Hasbro releases a quarterly financial report, the popular trading card game comes out as the crown jewel. The 2026 third quarter report was not any different; if anything, they showed that Hasbro may as well rename itself Magic: The Gathering, Inc. and get rid of the rest of its portfolio.

According to Hasbro's 2026 third quarter financial report, Magic: The Gathering surpassed $600 million in quarterly revenue for the first time. Overall, Wizards of the Coast (which publishes Magic and Dungeons & Dragons) is responsible for almost 90% of Hasbro's quarterly operating profits. Wizards' impressive 31% revenue increase over the previous year was led by the success of the two most recent Magic sets, The Hobbit and Reality Fracture. According to the report, The Hobbit is the fourth best-selling Magic set in history, despite its smaller card pool.

Hasbro claims that Magic's organized play is growing

Magic: The Gathering's Kasmina, Enigma Sage Planeswalker on Mentor's Guidance card from Strixhaven: School of Mages — Artwork by Brian Valeza, Courtesy of ArtStation

Magic's strong financial performance for Hasbro isn't anything new, as every new report just confirms that the game has never been more commercially successful. However, another statement in the earnings call could sound odd for regular Magic players: organized-play participation in the first nine months of 2026 is up by 40% compared with all of 2024.

Over the past few years, many Magic players have complained about the state of organized play. Common criticism hinges on the fast pace of new set releases making it hard to keep up with formats like Standard, while poor prize support from Wizards has led to a decline in attendance at events like Regional Championship Qualifiers (RCQs). Meanwhile, new games like Riftbound are attracting impressive numbers of players due to their generous prize support.

So where do Hasbro's positive organized play numbers come from? As some fans quickly pointed out online, every event run through Magic's official app, Companion, counts as "organized play." Local game stores (LGS) routinely use the Companion app to run their weekly Commander games; while Commander is surely the most popular way to play Magic, it leans more into the casual aspect of the game. So, organized play may be thriving, but that doesn't mean that the competitive side of Magic is.

Magic's biggest challenge, going forward, will be finding a way to reconcile Hasbro's sales-first policy with the game's traditional fanbase. Magic is selling a lot, and more and more people are getting into the game thanks to Commander and, no matter how hard it is to admit it, the Universes Beyond collaborations. Meanwhile, competitive players feel a growing sense of disenfranchisement, as if the game no longer belongs to the people who have supported it for decades. But with Wizards of the Coast having become a lifeline for Hasbro, policies are unlikely to change soon.