Hasbro/WOTC Announces Their Quarterlies
And it’s more a discussion of what they don’t say than what they DO say. Here’s the transcript and highlights of the earnings call, but overall:
- Dungeons & Dragons Core Books Off to Record Start: Cocks noted that “The refreshed 2024 editions of Dungeons & Dragons’ Monster Manual, Player’s Handbook, and Dungeon Master’s Guide are off to the strongest ever start for Dungeons & Dragons books.” This is, however, a bit vague, in that Cocks didn’t mention specific sales numbers or revenue.
- D&D Beyond Sees Major Growth: While Cocks didn’t mention the disastrous cancellation of the Sigil VTT, he did call out D&D Beyond Maps, which was made available free to all subscribers last month. Cocks noted that “D&D Beyond’s new accessible virtual tabletop has driven weekly traffic up nearly 50% since the September launch.” It’s important to note, however, that traffic is not necessarily an indication of increased subscription revenue.
- More D&D Video Games in Development: Cocks confirmed that “The big thing for Dungeons & Dragons is going to be digital games. We have several games in development… There’s probably five projects in development for Dungeons & Dragons across our portfolio, ranging from more casual and kid-oriented to very high-end action-adventure and role-playing games.”
- A Long-Term Digital Strategy: Cocks stated that D&D remains a priority with “a continued focus on building out the core business, the core TRPG, with a special emphasis on D&D Beyond as the best place to play a TRPG.”
- Wizards of the Coast Financial Growth: On the call it was noted that the Wizards division (which includes D&D and Magic: The Gathering) remains Hasbro’s top growth engine, with Cocks stating that “revenue grew 42% to $572 million with broad-based gains across both Tabletop and Digital.”
from here, https://dungeonsanddragonsfan.com/hasbro-q3-2025-investors-call/
So: in my opinion, they are juicing the numbers on the books sales – if they had the actuals, they’d be touting the actuals. So I think they are using a little creative accounting to make it look like this D&D is the BEST D&D EVA! But even moreso, the focus of video games creation and digital properties like D&DBeyond (for which, it should be noted, they omitted specific discussion of subscriptions rates) shows that they are continuing toward the subscription based model they always touted. Their plan hasn’t changed, despite their PR issues.
EDIT: a more succinct look at what WOTC is saying.
