Hasbro

Quick Take

Hasbro has no political action committee (PAC, a fund that gives to candidates) and says its own policy bans corporate political donations [6][7]. Money given by people who list Hasbro as their employer has gone mostly to Democrats for more than two decades: about 87 percent in the 2024 election cycle [8]. The company spends about $400,000 a year lobbying Washington, mostly on trade [9], and a Hasbro executive has served on the board of the Toy Association, a trade group that lobbies on toy rules [36]. In 2025 it renamed the "Diversity, Equity, and Inclusion" section of its annual report to "Inclusion and Belonging" and dropped the term "DE&I" and its DE&I steering committee from the filing [10][11], while it kept selling Pride merchandise for charity [12].

A Family Business That Grew Into a Toy Giant

Hasbro started in 1923 as a family business in Providence, Rhode Island, founded by brothers Henry, Hilal and Herman Hassenfeld [13]. It began by selling textile remnants and later moved into school supplies and then toys [13][14]. It went public in 1968 and took the name Hasbro the same year [14][13].

The company grew by buying rivals. It bought Milton Bradley in 1984 for $360 million, and its 1991 purchase of Tonka for $486 million brought in Parker Brothers, the maker of Monopoly [13]. The Hassenfeld family ran the company for decades. Alan Hassenfeld, grandson of founder Henry, was chairman and CEO from 1989 until he stepped down as CEO in 2003 [14].

Hasbro's headquarters is in Pawtucket, Rhode Island, but the company is moving its main offices to the Seaport District in Boston, with the move expected by the end of 2026 [15][4]. Its quarterly report for the period ended September 27, 2026, still listed Pawtucket as its main office and described the Boston move as planned [35].

No PAC, But Employees Give Mostly to Democrats

Hasbro does not run a PAC, and its written policy says it does not make corporate contributions to political causes. "Hasbro does not have a U.S. Political Action Committee (PAC) nor does the company make corporate contributions to political causes," the policy states [6]. A search of the Federal Election Commission's committee records turns up no committee under the Hasbro name [7].

Hasbro is a member of the Toy Association, a trade group that does have a PAC. Hasbro says its membership dues "are not used to fund the PAC" of that group [6].

Individual giving is a different story. The figures below are not Hasbro's money. They are donations of $200 or more from people who listed Hasbro as their employer, and their family members, as tracked by OpenSecrets, a nonpartisan group that follows money in politics [8].

In the 2020 election cycle, that giving totaled about $111,000, and nearly all of it went to Democrats; the largest single recipient was Joe Biden, at $45,825 [16]. In the 2022 cycle it totaled $25,603, about 89 percent to Democrats [8]. In the 2024 cycle it totaled $36,860, about 87 percent to Democrats [8]. The top 2024 recipients were Kamala Harris ($19,415) and Donald Trump ($3,455) [17].

The pattern has held for a long time. Democrats have received at least 78 percent of this employee giving in every cycle since 2000 [8]. In the early 1990s it ran the other way: in the 1990, 1994 and 1998 cycles, most of it went to Republicans [8].

The Lobbying Footprint

Hasbro spends a steady amount lobbying the federal government, and in recent years trade has been the main topic. It reported $410,000 in federal lobbying in 2019, $400,000 in 2020, and $400,000 in each of 2023, 2024 and 2025 [16][17][18][9]. In 2026 it reported $200,000 through the most recent quarter OpenSecrets had processed [9].

In both 2024 and 2025, all of that money went to one outside firm, the Duberstein Group [18][9]. All four of its lobbyists on the Hasbro account in 2025 had previously worked in the federal government [9]. Trade was the most frequently listed issue in both years, and the 2025 filings also listed health issues [18][9]. The 2025 filings named the House, the Senate and the White House as the parts of government lobbied [19].

Trade Groups and Political Engagement

Hasbro's political activity also runs through its industry trade group. Its 2021-2022 ESG report says its Chief Purpose Officer served on the Toy Association's board of directors and executive committee, and that "the Hasbro team participates in the Federal Government Affairs Committee" of the group [36]. In 2023, the Toy Association testified against expanding Oregon's Toxic-Free Kids Act, a state law on chemicals in children's products [37]. That testimony was the association's, not Hasbro's.

In January 2026, the shareholder advocate Green Century Capital Management announced that Hasbro had agreed to disclose by late March "how it assesses whether its principles align with those of its toy industry associations, and what steps it takes when there is a misalignment" [38]. Green Century said Hasbro made the commitment in exchange for the withdrawal of a shareholder proposal [38]. RRB could not find that disclosure on Hasbro's websites as of November 1, 2026.

Hasbro's policy says its Legal and Communications departments lead political engagement, and that "final authority for any engagement, including political spending, lies with the CEO" [6]. A committee of its board reviews the policy [6]. Activities of the Hasbro Foundation that involve government engagement are not counted as corporate political contributions under the policy [6].

The Tariff Fight

Tariffs have shaped Hasbro's business and its public statements since 2025. In April 2025, Hasbro warned that tariffs could cost it as much as $300 million. CEO Chris Cocks said, "Prolonged tariff conditions create structural costs and heighten market unpredictability," and that "ultimately tariffs translate into higher consumer prices" [20]. He also warned of "potential job losses as we adjust to absorb increased costs and reduced profit for our shareholders" [20].

At the time, about half of Hasbro's U.S. toy and game volume came from China. The company said it planned to bring that below 40 percent by 2026 [21]. By October 2025, its finance chief said that by 2026 about 30 percent of Hasbro's total toy and game revenue would be sourced from China [22]. That figure measures a share of total toy and game revenue, not U.S. volume, so the two numbers are not directly comparable. Its 2025 annual report describes its overseas manufacturers as "a substantial but decreasing number of which are in China" [4].

In July 2025, Cocks pushed back on Commerce Secretary Howard Lutnick, who had said foreign countries absorb tariff costs. "It's always a business working with another business that absorbs things," Cocks said [2]. He added that making the same toy in the United States would leave labor at "80 to 90% of the cost" [2].

The money showed up in the results. In the second quarter of 2025, Hasbro took a $1.02 billion non-cash goodwill impairment, a charge against the value of its Consumer Products business, after the estimated impact of tariffs and other economic headwinds lowered its forecasts [4]. The write-down was not money paid in tariffs. Separately, Hasbro counted $44.9 million in actual tariff costs in its 2025 cost of sales [4]. In June 2025, amid the tariff costs, it cut about 3 percent of its global workforce, fewer than 150 jobs; the company said it was "aligning our structure with our long-term goals" [23].

In February 2026, Hasbro sued the U.S. government at the Court of International Trade. It asked for full refunds, with interest, of tariffs it had paid under the International Emergency Economic Powers Act, a law the 2025 tariffs relied on [3]. Reuters reported that the suit came days after the Supreme Court ruled those tariffs illegal, and that Hasbro did not respond to a request for comment [3].

The refunds have since started to arrive. Hasbro's quarterly report for the period ended September 27, 2026, says it submitted refund claims totaling $44.2 million and received $43.4 million, including $1.9 million in interest [35]. It recorded $54.5 million in tariff recoveries as a reduction to its cost of sales in the third quarter of 2026 [35].

From "Diversity, Equity, and Inclusion" to "Inclusion and Belonging"

Hasbro's own annual reports show a clear change in how it describes diversity. In the report filed in February 2024, the workforce section included a heading called "Diversity, Equity, and Inclusion." It said, "Hasbro views DE&I as a strategic ESG priority that is linked to the success of our business and the growth of our brands," and that the CEO and Chief People Officer chaired an internal "DE&I Steering Committee" [10].

In the report filed in February 2025, that heading became "Inclusion and Belonging." The new section is two sentences long. It says, "We work diligently to foster an inclusive culture that reflects the consumers and communities we serve globally" [11]. The DE&I steering committee and the term "DE&I" no longer appear in the filing [11]. The report filed in February 2026 kept the same "Inclusion and Belonging" wording [4].

Pride Products and Public Statements

Hasbro has supported LGBTQ causes through its products. In January 2020, it announced it had been named "one of America's top corporations for LGBTQ workplace equality" after a perfect score on the Human Rights Campaign's workplace survey, which the company itself publicized [24]. In June 2024, it called The Trevor Project, a suicide prevention group for LGBTQ young people, a longtime partner, and sent proceeds from Pride shirts and a Dungeons & Dragons Pride dice set to the group [25].

Hasbro's June 2025 Pride announcement continued the program. It sold Pride shirts with $10 from each sale going to Youth Pride, Inc., a Rhode Island group for LGBTQ youth, along with Magic and D&D Pride merchandise and Pride events at game stores [12]. That 2025 announcement did not name The Trevor Project [12].

The best-known moment came in February 2021, when Hasbro dropped "Mr." from the Potato Head brand name and logo, saying it wanted all to feel "welcome in the Potato Head world" [26]. It then clarified on social media that "MR. & MRS. POTATO HEAD aren't going anywhere" [26]. GLAAD, an LGBTQ advocacy group, praised the change [26].

The company has also spoken on racial issues. In June 2020, its Wizards of the Coast unit banned seven old Magic: The Gathering cards over racist imagery and text, saying, "There's no place for racism in our game, nor anywhere else" [27]. In April 2021, after Derek Chauvin was convicted in the murder of George Floyd, then CEO Brian Goldner and executive Kathrin Belliveau wrote to Hasbro employees that the company would use its platform and its brands to drive change [28]. In December 2022, the makers of Dungeons & Dragons said they would stop using the word "race" for the game's fantasy peoples and use "species" instead [29].

Plastic and Factories

In 2019, Hasbro set a goal to "eliminate virtually all plastic in packaging for new products by the end of 2022" [30]. Its 2021-2022 ESG report restated the goal as reducing "virtually all virgin plastic" from new-product packaging beginning in 2023, with exceptions such as products that need a plastic barrier, like Play-Doh, and blister packs for collectible action figures [36]. The company estimated that the effort would eliminate about 12 million pounds of virgin plastic [36]. Its 2025 Impact Report announcement cited more than 140,000 trading card wrappers recycled at MagicCon events [39].

Hasbro makes most of its products through outside factories. In 2015, China Labor Watch, a workers' rights group, reported excessive overtime, unpaid work and poor safety at five Chinese factories making toys for Hasbro and another toymaker. A Hasbro spokeswoman said the company took the allegations "very seriously" and opened an investigation [31].

The Business Today

Hasbro now gets most of its profit from games. In 2025, its Wizards of the Coast and Digital Gaming unit had $2.19 billion in revenue and $1.01 billion in operating profit [1]. Its Consumer Products unit, which includes toys, had $2.44 billion in revenue and an operating loss of $942.6 million, mostly because of the tariff-related write-down [1]. Hasbro reported a net loss attributable to the company of $322.4 million for the year [1].

Magic: The Gathering keeps growing. In the third quarter of 2026, it topped $600 million in quarterly revenue for the first time, at $616.1 million, up 34 percent from a year earlier [40]. The mobile game Monopoly GO! brought Hasbro $168 million in revenue in 2025, up from $112.2 million in 2024 [4].

The company has been shrinking its workforce. It had 6,490 employees at the end of 2022 and cut about 1,100 jobs in December 2023 alone [32]. It had about 4,520 employees in 2025 [4]. In 2023 it sold the film and TV business of Entertainment One to Lionsgate for about $500 million, keeping Peppa Pig [5]. CEO Chris Cocks received total pay of about $18.7 million for 2025, according to the company's proxy statement [33].

In March 2026, Hasbro found unauthorized access to its corporate network and took some systems offline [41]. The company later put the direct costs at $11 million and the lost revenue at about $25 million in the second quarter, and said its order processing, shipping and invoicing had returned to normal [42].

One older fact still stands out. When Hasbro launched G.I. Joe in 1964, it banned the word "doll" and refused to sell to stores that called the figure one. In its first two years, G.I. Joe brought in $35 million to $40 million and accounted for nearly two thirds of the company's total sales [43].

Where to Find Them

Hasbro sells through large retailers and online. Amazon and Walmart together made up 20 percent of its 2025 revenue, at 11 percent and 9 percent [4]. It also sells directly to fans through its own store, Hasbro Pulse [4]. The company's main website is Hasbro.com.

Footnotes

[1] Hasbro, Inc., "Hasbro Reports Fourth Quarter and Full Year 2025 Financial Results," press release, February 10, 2026. https://newsroom.hasbro.com/node/36306

[2] Nayeli Jaramillo-Plata, CNN (via ABC17 News), "Hasbro's CEO warns that toy prices could start to rise in the fall because of tariffs," July 9, 2025. https://abc17news.com/news/2025/07/09/hasbros-ceo-warns-that-toy-prices-could-start-to-rise-in-the-fall-because-of-tariffs/

[3] Arriana McLymore, Reuters (via AOL), "Toymaker Hasbro joins wave of companies suing U.S. government over IEEPA tariff payments," February 27, 2026. https://www.aol.com/articles/toymaker-hasbro-joins-wave-companies-175729230.html

[4] Hasbro, Inc., Form 10-K for fiscal year 2025, filed with the SEC February 25, 2026. https://www.sec.gov/Archives/edgar/data/46080/000004608026000011/has-20251228.htm

[5] Hasbro, Inc., "Hasbro to Sell eOne Film & TV Business to Lionsgate," press release filed with the SEC (Form 8-K, Exhibit 99.1), August 3, 2023. https://www.sec.gov/Archives/edgar/data/46080/000095015723000851/ex99-1.htm

[6] Hasbro, Inc., "Political Activity and Lobbying Policy," Hasbro corporate social responsibility site, accessed October 10, 2026. https://csr.hasbro.com/en-us/news/policy?id=csr_political_activity_and_lobbying_policy

[7] Federal Election Commission, committee search for "Hasbro," accessed October 10, 2026. https://www.fec.gov/data/committees/?q=hasbro

[8] OpenSecrets, "Hasbro Inc Profile: Totals," all cycles 1990 to 2024, accessed October 10, 2026. https://www.opensecrets.org/orgs/hasbro-inc/totals?cycle=A&id=D000034347

[9] OpenSecrets, "Hasbro Inc Lobbying Profile, 2025," updated July 23, 2026, accessed October 10, 2026. https://www.opensecrets.org/federal-lobbying/clients/hasbro-inc?client_id=165180&cycle=2025

[10] Hasbro, Inc., Form 10-K for fiscal year 2023, filed with the SEC February 28, 2024. https://www.sec.gov/Archives/edgar/data/46080/000004608024000034/has-20231231.htm

[11] Hasbro, Inc., Form 10-K for fiscal year 2024, filed with the SEC February 27, 2025. https://www.sec.gov/Archives/edgar/data/46080/000004608025000027/has-20241229.htm

[12] Hasbro, Inc., "Celebrating Our LGBTQ+ Community During Pride Month 2025," newsroom post, June 10, 2025. https://newsroom.hasbro.com/node/35811

[13] Douglas Sun, updated by David E. Salamie and Jerod L. Allen, "Hasbro, Inc.," International Directory of Company Histories (via Encyclopedia.com), accessed October 10, 2026. https://www.encyclopedia.com/economics/economics-magazines/hasbro-inc

[14] Anne D'Innocenzio, Associated Press (via WBUR), "Alan G. Hassenfeld, former CEO of Hasbro and whose family founded the iconic toy maker, dies at 76," July 10, 2025. https://www.wbur.org/news/2025/07/10/alan-hassenfeld-hasbro-ceo-obituary

[15] PBN Staff, Providence Business News, "Hasbro moving its headquarters to Boston, transition to be completed in 2026," September 8, 2025. https://pbn.com/hasbro-moving-its-headquarters-to-boston-transition-to-be-completed-in-2026/

[16] OpenSecrets, "Hasbro Inc Profile: Summary," 2020 cycle, accessed October 10, 2026. https://www.opensecrets.org/orgs/hasbro-inc/summary?id=D000034347&cycle=2020

[17] OpenSecrets, "Hasbro Inc Profile: Summary," 2024 cycle, accessed October 10, 2026. https://www.opensecrets.org/orgs/hasbro-inc/summary?id=D000034347&cycle=2024

[18] OpenSecrets, "Hasbro Inc Lobbying Profile, 2024," accessed October 10, 2026. https://www.opensecrets.org/federal-lobbying/clients/hasbro-inc?client_id=165180&cycle=2024

[19] OpenSecrets, "Hasbro Inc Agencies, 2025," accessed October 10, 2026. https://www.opensecrets.org/federal-lobbying/clients/hasbro-inc/agencies?client_id=165180&cycle=2025

[20] Sarah Whitten, CNBC (via NBC San Diego), "Hasbro forecasts as much as $300 million impact if China tariffs don't come down," April 24, 2025. https://www.nbcsandiego.com/news/business/money-report/hasbro-forecasts-as-much-as-300-million-impact-if-china-tariffs-dont-come-down/3810920/

[21] Max Garland, Supply Chain Dive, "Facing tariffs, Hasbro shifting some SKU origins away from China," May 1, 2025. https://www.supplychaindive.com/news/hasbro-tariffs-china-manufacturing-move/746683/

[22] Steve Kopack, NBC News (via NBC Washington), "Barbie, Monopoly toymakers see bright holiday season despite tariff pressure," October 27, 2025. https://www.nbcwashington.com/news/national-international/barbie-monopoly-toymakers-holiday-season-tariffs/4007480/

[23] Christopher Gavin, The Boston Globe, "Amid tariffs, Hasbro lays off 3 percent of global workforce," June 18, 2025. https://www.bostonglobe.com/2025/06/18/metro/hasbro-toys-layoffs-3-percent-global-workforce-ri

[24] Hasbro, Inc., "Hasbro Named One of America's Top Corporations for LGBTQ Equality," newsroom post, January 21, 2020. https://newsroom.hasbro.com/node/33361

[25] Hasbro, Inc., "Celebrating our LGBTQ+ community this Pride Month," newsroom post, June 4, 2024. https://newsroom.hasbro.com/node/34971

[26] Joseph Pisani, Associated Press (via KPRC), "Mr. Potato Head drops the mister, sort of," February 25, 2021. https://www.click2houston.com/business/2021/02/25/a-mister-no-more-mr-potato-head-goes-gender-neutral/

[27] Josh K. Elliott, Global News, "'Magic: The Gathering' bans racist cards from the game," June 11, 2020. https://globalnews.ca/news/7054942/magic-the-gathering-racist-cards-banned/

[28] Brian Goldner and Kathrin Belliveau, Hasbro, Inc., "A Step Forward for Change," newsroom post, April 21, 2021. https://newsroom.hasbro.com/node/32681

[29] Zachary Rogers, The National Desk (via WJAR), "Dungeons & Dragons removing 'race' from game materials for being 'problematic'," December 2, 2022. https://turnto10.com/news/entertainment/dungeons-dragons-removing-race-from-game-materials-for-being-problematic-dnd-dd-tabletop-game-fantasy-species

[30] Hasbro, Inc., "Hasbro to Phase Out Plastic from New Toy and Game Packaging," press release, August 20, 2019. https://newsroom.hasbro.com/node/29581

[31] Claire Groden, Fortune, "Hasbro, Mattel Toy Suppliers Slammed In Labor Report," November 22, 2015. https://fortune.com/2015/11/22/hasbro-mattel-china-labor

[32] Anne D'Innocenzio, Associated Press (via WBUR), "Hasbro cuts 1,100 jobs, or 20% of its workforce, prompted by the ongoing malaise in the toy business," December 12, 2023. https://www.wbur.org/news/2023/12/12/hasbro-cuts-jobs-toy-business

[33] Hasbro, Inc., 2026 proxy statement (Form DEF 14A), pay versus performance table, accessed October 10, 2026. https://www.sec.gov/Archives/edgar/data/46080/000119312526160426/R2.htm

[34] Jimmy Stamp, Smithsonian Magazine, "Now You Know the History of G.I. Joe. And Knowing Is Half The Battle," March 29, 2013. https://www.smithsonianmag.com/arts-culture/now-you-know-the-history-of-gi-joe-and-knowing-is-half-the-battle-11506463/

[35] Hasbro, Inc., Form 10-Q for the quarter ended September 27, 2026, filed with the SEC. https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000065/has-20260927.htm

[36] Hasbro, Inc., "Playing with Purpose: ESG Progress Report 2021-2022," accessed November 1, 2026. https://csr.hasbro.com/en-us/downloads/esgreporting/esgreport/ESG_progress_report_21-22.pdf

[37] The Toy Association, "Toy Association Testifies Against Oregon Chemical Reporting Legislation," May 10, 2023. https://www.toyassociation.org/PressRoom2/News/2023_News/toy-association-testifies-against-oregon-chemical-reporting-legislation.aspx

[38] Green Century Capital Management, "Hasbro to Share Responses to Trade Association Lobbying Misalignment," January 27, 2026. https://www.greencentury.com/hasbro-to-disclose-what-it-does-if-toy-trade-associations-lobby-against-its-principles-including-ensuring-that-its-toys-dont-contain-unsafe-chemicals/

[39] Hasbro, Inc., "Our 2025 Impact Report is live!," newsroom post, June 17, 2026. https://newsroom.hasbro.com/node/36881

[40] Hasbro, Inc., third quarter 2026 earnings release, Form 8-K Exhibit 99.1, October 20, 2026. https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000058/exhibit991q32026.htm

[41] Hasbro, Inc., Form 8-K, filed with the SEC April 1, 2026. https://www.sec.gov/Archives/edgar/data/46080/000004608026000013/has-20260401.htm

[42] Hasbro, Inc., second quarter 2026 earnings release, Form 8-K Exhibit 99.1, July 21, 2026. https://www.sec.gov/Archives/edgar/data/0000046080/000004608026000044/exhibit991q22026.htm

[43] FundingUniverse, "Hasbro, Inc. History," from the International Directory of Company Histories, accessed November 1, 2026. https://www.fundinguniverse.com/company-histories/hasbro-inc-history/