The big news in the Activision Blizzard Quarterly Report everywhere else is that WoW appears to have stabilized at 10 million subscriptions. Also, that Hearthstone has 25 million registered users, whatever that means. After reading through the transcript of the earnings call however, it turns out that we can estimate exactly how well Hearthstone is performing. Spoiler alert: it’s pretty damn good.

First, we have this quote from Bobby Kotick:

Last year, we launched 2 of the most successful new entertainment brands, Destiny and Blizzard’s Hearthstone. Combined, they attracted over 40 million registered players worldwide and generated more than $850 million in non-GAAP revenue, a testament to our team’s proven abilities to capture the imaginations of millions of people around the world time and time again.

Then from Eric Hirshberg (CEO of Activision):

So in closing, over the last 3 years, Activision Publishing has methodically expanded its portfolio, and for the first time in its history, now has 3 tent-pole properties, each of which generated over $500 million in non-GAAP revenue this year and drove the highest digital revenues in Activision Publishing’s history.

So by the power of inductive reasoning, we can say Hearthstone made around $350 million in revenue last year. Further, according to Thomas Tippl (COO), Destiny and Hearthstone are “tent-pole franchises” that were “profitable out of the gate” and are expected to “contribute to [Activision Blizzard’s] results every year in a significant way.” Combine that with Mike Morhaime confirming that the December release of the Goblins vs Gnomes expansion resulted in the highest monthly active players and highest revenue quarter-to-date, that indicates Hearthstone is still growing a year later. That’s kind of a big deal.

Now, it’s entirely possible that “more than $500 million” means Destiny has a larger slice of the $850 million combined revenue pie than I am assuming here. Maybe Hearthstone “only” achieved $300 million. Or even as little as $250 million. It’s helpful to keep some perspective though: all of paper and digital Magic: the Gathering brings in $250 million in revenue. So, on the low end, Hearthstone is already a bigger franchise than Magic: the Gathering. And apparently growing.

Not bad for a “casual app with a PC port.”