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Funko Reports 2025 Fourth-Quarter, Full-Year Financial Results; Provides Full-Year Outlook for 2026

  • Funko reported fourth-quarter 2025 net sales of $273.1 million, a 7.0% decrease from $293.7 million in the same period in 2024.
  • Full-year 2025 net sales totaled $908.2 million, down from $1.05 billion in 2024.
  • Fourth-quarter gross margin was 40.9% compared to 42.4% in the prior year period.
  • Full-year 2025 gross margin declined to 38.7% from 41.4% in 2024.
  • Adjusted EBITDA for Q4 2025 was $23.3 million, down from $26.3 million in Q4 2024.
  • Adjusted EBITDA for the full year 2025 was $26.6 million, a significant drop from $94.7 million in 2024.
  • The company posted a net loss of $0.2 million ($0.00 per share) for Q4 2025, compared to a $1.5 million loss in Q4 2024.
  • Full-year 2025 net loss was $67.4 million ($1.24 per share), compared to a $14.7 million loss in 2024.
  • Adjusted net loss for Q4 2025 was $2.5 million ($0.05 per share), versus adjusted net income of $4.4 million in Q4 2024.
  • Adjusted net loss for full-year 2025 was $38.8 million ($0.70 per share), compared to adjusted net income of $8.7 million in 2024.
  • Sales in the United States decreased 12.0% to $156.7 million in Q4 2025, while Europe sales increased 1.6% to $96.2 million.
  • Core Collectible sales fell 5.0% in Q4 2025, while Loungefly sales rose 1.8% to $43.1 million.
  • Cash and cash equivalents increased to $42.1 million at year-end 2025 from $34.7 million in 2024.
  • Inventory levels decreased to $83.1 million at year-end 2025 from $92.6 million in 2024.
  • Total debt increased to $225.3 million at year-end 2025 from $182.8 million in 2024.
  • Funko paid down $16 million of debt in Q4 2025 & amended its credit agreement to extend maturity to December 31, 2027.
  • Strong sales in Q4 2025 were driven by entertainment properties including KPop Demon Hunters, Stranger Things, the Bitty Pop! franchise, & the European launch of Pop! Yourself.
  • 2026 full-year net sales guidance is flat to up 3% vs 2025, with gross margin expected between 41% & 43%.
  • 2026 full-year adjusted EBITDA guidance is $70 million to $80 million.
  • 2026 first-quarter net sales are projected to be flat to down 2% vs Q1 2025, with adjusted EBITDA expected to be breakeven.
  • The 2026 outlook assumes ongoing tariff rates of approximately 15%.
  • Funko will host a webcast on March 12, 2026, at 4:30 p.m. Eastern Time to discuss the results.