Hasbro Inc. stock rose 6.1% in morning trading on Tuesday after the company reported third-quarter results that exceeded analyst expectations across all major metrics.

The toy and gaming company posted adjusted earnings per share of $2.90, beating the consensus estimate of $1.86 by 56%. Quarterly revenue reached $1.595 billion, up 15% from the prior year and $119 million above the forecast of $1.476 billion.

The Wizards of the Coast and Digital Gaming segment led the performance, with Magic: The Gathering generating over $600 million in quarterly revenue for the first time. The franchise grew 34% year-over-year, driven by The Hobbit and Reality Fracture set releases. Adjusted operating profit for the segment climbed 52% to $541 million, while the adjusted operating margin expanded to 33.9% from 25.6% in the same period last year.

Hasbro doubled its full-year share repurchase target to at least $200 million and raised its 2026 revenue growth outlook to 7% to 9% in constant currency, up from the previous range of 5% to 7%.

CEO Chris Cocks said the company has now delivered four consecutive quarters of double-digit revenue growth. CFO Gina Goetter described the buyback expansion as "a direct expression of confidence in the business trajectory."