Private company

TSR

Logo: TSR, jetzt Wizards of the Coast, Inc., Public domain, via Wikimedia Commons4

Former company, publisher of "Dungeons & Dragons"

TSR, Inc. (Tactical Studies Rules) was an American game publishing company, best known as the original publisher of Dungeons & Dragons (D&D).3 From Wikipedia, CC BY-SA 4.0

Last updated Oct 16, 2026.

Overview

$101.4MRevenue, fiscal 20235
$1.7MNet income, fiscal 20235
1973Founded1
  • Industrytabletop role-playing game1
  • HeadquartersLake Geneva1
  • Founded inLake Geneva1
  • Legal formjoint-stock company1
  • Incorporated inDE6
  • Business address400 Oser Ave, Hauppauge, Ny 117886
  • Filer categoryNon-accelerated filer, Smaller reporting company6

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TSR, Inc. (Tactical Studies Rules) was an American game publishing company, best known as the original publisher of Dungeons & Dragons (D&D). Its earliest incarnation was founded in October 1973 by Gary Gygax and Don Kaye. Gygax had been unable to find a publisher for D&D, a new type of game he and Dave Arneson were co-developing, so he founded the new company with Kaye to self-publish their products. Needing financing to bring their new game to market, Gygax and Kaye brought in Brian Blume in December as an equal partner. Dungeons & Dragons is generally considered the first tabletop role-playing game (TTRPG), and established the genre. When Kaye died suddenly in 1975, the Tactical Studies Rules partnership restructured into TSR Hobbies, Inc. and accepted investment from Blume's father Melvin. With the popular D&D as its main product, TSR Hobbies became a major force in the games industry by the late 1970s. Melvin Blume eventually transferred his shares to his other son Kevin, making the two Blume brothers the largest shareholders in TSR Hobbies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

2.7%Operating margin5
1.7%Net margin5
4.2%Revenue growth, 20235
10.8%Return on equity5
$1.7MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue83¢$83.9M
  • Selling, general and admin15¢$14.8M
  • Income tax1¢$831.0K
  • Profit2¢$1.7M

Out of $101.4M in revenue.5

Where each dollar of operating cash went, fiscal 2023

  • Capital spending0¢$6.3K
  • Share buybacks12¢$212.9K
  • Kept or used elsewhere88¢$1.5M

Out of $1.8M of cash from operations.5

Financial statements

Revenue7891011125$101.4M in 2023+66% since 2016
0$50.0M$100.0M$150.0M2016: $61.0M$61.0M20162017: $62.6M$62.6M2017+3%2018: $65.0M$65.0M2018+4%2019: $63.3M$63.3M2019−3%2020: $59.1M$59.1M2020−7%2021: $68.8M$68.8M2021+16%2022: $97.3M$97.3M2022+41%2023: $101.4M$101.4M2023+4%
Operating income7891011125$2.7M in 2023+221% since 2016
-$2.0M0$2.0M$4.0M2016: $838.9K$838.9K20162017: $562.5K$562.5K2017−33%2018: $909.4K$909.4K2018+62%2019: -$1.8M-$1.8M20192020: -$1.8M-$1.8M2020−5%2021: -$488.0K-$488.0K2021−72%2022: $378.6K$378.6K20222023: $2.7M$2.7M2023+612%
Net income7891011125$1.7M in 2023+336% since 2016
-$2.5M0$2.5M$5.0M$7.5M2016: $399.2K$399.2K20162017: $268.2K$268.2K2017−33%2018: $486.2K$486.2K2018+81%2019: -$1.3M-$1.3M20192020: -$1.1M-$1.1M2020−16%2021: -$601.0K-$601.0K2021−47%2022: $6.9M$6.9M20222023: $1.7M$1.7M2023−75%
Fiscal year20162017201820192020202120222023
Revenue$61.0M7$62.6M8$65.0M9$63.3M10$59.1M11$68.8M12$97.3M5$101.4M5
Cost of revenue$51.0M7$52.3M8$54.6M9$53.5M10$49.9M10$57.5M12$81.3M5$83.9M5
Selling, general and admin$9.1M7$9.7M8$9.5M9$11.7M10$10.9M11$11.8M12$15.6M5$14.8M5
Operating income$838.9K7$562.5K8$909.4K9-$1.8M10-$1.8M11-$488.0K12$378.6K5$2.7M5
Interest$79.4K10
Income tax$389.0K7$263.0K8$381.0K9-$538.0K10-$712.0K11-$109.0K12-$1.0K5$831.0K5
Net income$399.2K7$268.2K8$486.2K9-$1.3M10-$1.1M11-$601.0K12$6.9M5$1.7M5
Earnings per share-$0.5711-$0.3112$3.425$0.815
Earnings per share (diluted)-$0.5711-$0.3112$3.305$0.785

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The story

Founded by Don Kaye and Gary Gygax in 1973, in Lake Geneva.1

Leadership

Who has led TSR, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • Dungeons & Dragons

Listed on Wikidata.1

Subsidiaries and ownership

Parent company

  • Wizards of the Coast

From Wikidata.1

Acquisitions

  1. Succeeded by Wizards of the Coast1

Timeline

  1. 1997Dissolved Dissolved1
  2. 1973Founded Founded in Lake Geneva1

Recent filings

  1. Jul 9, 20244 PRIMARY DOCUMENT
  2. Jun 28, 20248-K CURRENT REPORT
  3. Jun 28, 20244
  4. Jun 28, 20244
  5. Jun 28, 20244
  6. Jun 28, 20244
  7. Jun 28, 20244
  8. May 17, 20248-K CURRENT REPORT
  9. Apr 15, 202410-Q QUARTERLY REPORT
  10. Apr 12, 202410-Q/A AMENDMENT NO. 1 TO FORM 10-Q
  11. Feb 2, 20244/A
  12. Jan 31, 20244
  13. Jan 31, 20244
  14. Jan 31, 20244
  15. Jan 31, 20244

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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