HAS · CIK 46080
What Hasbro, Inc. told the SEC could break it.
Hasbro's disclosures are dominated by tariffs and where its toys are made. Import tariffs cost it $44.9 million in 2025 and, together with broader macro headwinds, drove a $1,021.9 million non-cash goodwill impairment in its Consumer Products segment — with added uncertainty after the February 2026 Supreme Court ruling against the IEEPA tariffs it had been paying since April 2025. That exposure flows from a manufacturing base concentrated in the Far East, primarily China, Vietnam, and India, which it is trying to diversify, and it sells through a small customer base where Amazon (about 11%) and Walmart (about 9%) together make up roughly a fifth of net revenue.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- IEEPA/import tariffs ($44.9M tariff cost; drove $1.02B goodwill impairment); SCOTUS rulinghigh
Tariffs materially hurt Hasbro in 2025 — $44.9M of tariff costs in cost of sales, reduced North American Consumer Products demand, and tariff/macro headwinds triggered a $1,021.9M non-cash goodwill impairment in the Consumer Products segment; the Feb-2026 Supreme Court ruling against IEEPA tariffs (which Hasbro had paid since April 2025) adds 2026 uncertainty/refund questions.
“As a result of the estimated impact of tariffs and other macroeconomic headwinds on the Company's forward-looking forecasts, in the second quarter of 2025, the Company assessed its goodwill for potential impairment, resulting in the recognition of a non-cash goodwill impairment of $1,021.9 million in the Consumer Products segment.”
Customer concentration
- small customer base; Amazon ~11% and Walmart ~9% of net revenuesmedium
Hasbro depends on a relatively small customer base to sell the majority of its products — Amazon (~11%) and Walmart (~9%) together ~20% of 2025 net revenues — so economic difficulties or changes in the purchasing/promotional policies of these major customers could significantly impact results.
“We depend upon a relatively small customer base to sell the majority of our products. During 2025, Amazon.com, Inc. and Wal-Mart, Inc. accounted for approximately 11% and 9%, respectively, of our consolidated net revenues.”
SEC filing →As of 2026
Geographic concentration
- third-party manufacturing concentrated in Far East (China, Vietnam, India)medium
Hasbro produces most of its products through third-party manufacturers concentrated in the Far East — primarily China, Vietnam and India (also Japan, Belgium, US, Mexico, Indonesia) — exposing it to international/manufacturing risk; it is pursuing a resilient sourcing strategy to diversify its manufacturing footprint.
“Additionally, we utilize third-party manufacturers primarily located in the Far East, including China, Vietnam and India, to produce most of our products.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
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