Magic: The Gathering Rakes in $600 Million in Just Three Months

If you thought the Magic: The Gathering cash cow was going to hit its peak with last year’s record-breaking Final Fantasy crossover, think again. The collectible card game just had another impressive quarter, thanks to sets like The Hobbit and Reality Fracture, leading to a 15 percent revenue growth year-over-year for Hasbro. At this rate, they might as well rename the whole company MTG, Inc.

Wizards of the Coast reported $367 million in operating income for the quarter, with the bulk coming from Magic: The Gathering. This accounted for over 66 percent of Hasbro’s total operating income last quarter, and that figure jumps to around 90 percent when looking at the past nine months. Sure, Hasbro has a diverse portfolio that includes everything from Hot Wheels to Transformers, but the real cash flow is coming from players dropping hundreds on booster packs featuring cards like The Queen of Dale and Ajani Resolute.

Wizards’ earnings for the year have also been boosted by major licensed tie-ins, such as Marvel’s Avengers and the upcoming Star Trek Universes Beyond set launching in November. While some hardcore fans argue that Hasbro is diluting Magic’s legacy by overprinting and releasing too many sets each year, the expansions planned for 2026 have generally been well-received.

I honestly thought the Magic craze would start to wane by 2026, but there’s no sign of a slowdown right now. It’s fascinating to compare the rise of MTG with the ongoing speculative bubble surrounding the Pokémon TCG. MTG is primarily about gameplay, while the Pokémon scene is more focused on hunting rare cards and building valuable collections. This has led to a hobby plagued by scalpers and opportunists. In contrast, MTG faces complaints about reprints and the rapid release of new sets devaluing cards.

For those who enjoy draft nights and playing Commander with friends, the MTG money-making machine hasn’t really affected their experience. Still, I wouldn’t mind seeing one or two fewer sets released each year. However, I doubt the executives and shareholders at Hasbro share that sentiment.