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Funko (FNKO) investor relations material
Funko Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales for Q3 2025 were $250.9 million, down 14.3% year-over-year, with net income of $0.9 million, a 79.4% decrease from Q3 2024; the Bitty Pop! line was a key sales driver.
The Make Culture Pop strategy, new licensing deals, and product innovations, including rapid launches like KPop Demon Hunters, drove brand engagement.
Sales declines were broad-based across all channels and geographies, driven by tariff disruptions and macroeconomic uncertainty.
Management has identified substantial doubt about the company's ability to continue as a going concern due to forecasted covenant non-compliance and liquidity challenges.
New retail initiatives, such as Pop Yourself kiosks and a dedicated space at Inter Miami CF's stadium, expanded brand presence.
Financial highlights
Q3 2025 net sales: $250.9M (-14.3% YoY); gross margin: 40.2% (down from 40.9% YoY); gross profit: $100.8M.
Adjusted EBITDA for Q3 2025: $24.4M (9.7% margin), above expectations but down from $31.0M YoY.
SG&A expenses were $79.8 million, including a $1.0 million non-recurring charge, reflecting cost reductions.
Cash and cash equivalents stood at $39.2 million, net inventory at $99.8 million, and total debt at $241 million as of September 30.
U.S. net sales declined 20.1% year-over-year; Europe was nearly flat, and other international sales fell 10.8%.
Outlook and guidance
Q4 2025 net sales are expected to increase modestly from Q3, driven by Pop Yourself's European launch and K-pop Demon Hunters sales.
Gross margin is projected at approximately 40%, with adjusted EBITDA margin in the mid to high single digits.
Management expects continued pressure from tariffs, macroeconomic uncertainty, and a challenging retail environment to impact sales, margins, and liquidity.
The company is pursuing cost reductions, working capital management, and exploring strategic alternatives, including a potential sale.
Additional financing or refinancing of credit facilities will be necessary in the near term.
Detail the drivers behind the increased total debt.
Explain the 67% decline in 'Other' category sales.
How did tariff mitigation plans impact gross margin?
What are the next refinancing milestones?
Which strategy pillar unlocks long-term growth first?
International growth drivers beyond Europe in 2026?
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Q4 20255 Mar, 2026
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Frequently asked questions
Pop!
Funko Inc. is an American toy company with multinational operations that is most known for its extensive range of pop culture-related collectibles. The company's primary product line, Pop! Vinyl figures are immensely popular and are characterized by oversized heads and large, pupil-less eyes. These figures cover a vast array of licensed content, including characters from movies, TV shows, video games, sports, and more. Funko's product offerings have expanded beyond Pop! Vinyl figures to include plush toys, action figures, and board games. Funko is headquartered in Everett, Washington, and its shares are listed on the Nasdaq.
Founding and Growth
Funko was founded in 1998 by Mike Becker in Snohomish, Washington, and initially focused on creating nostalgia-themed bobbleheads. Funko underwent a transformative change in 2005 when Mike Becker sold the company to Connor Orcutt, who then served as the Chief Creative Officer. Following the acquisition, Orcutt relocated the company's headquarters to and initiated a significant expansion of Funko's licensed product offerings. A key development in this expansion was the introduction of the Pop! Vinyl line of figurines in 2011, a move that marked a major milestone for the company. By 2012, this strategic shift had borne fruit, with Funko achieving over $20 million in merchandise sales. Over the years, the company has cultivated a strong following among collectors and pop culture enthusiasts.
Funko Pop!
Funko Pop! figures, a flagship product line of Funko, have become a cultural phenomenon since their debut in 2010. These collectible figurines are known for their distinctive style, featuring oversized heads, large expressive eyes, and a small body, capturing the essence of a vast range of characters from various facets of popular culture. The Funko Pop! series has expanded over the years to include thousands of different figures, catering to an extensive and varied fan base, with characters whose IP is owned by companies such as Activision Blizzard (acquired by Microsoft in 2023) and Disney.
Other Products
Funko's product range extends beyond its renowned Pop! figures to include a variety of collectibles and entertainment items. They offer smaller vinyl figures, blind-box collectibles, plush toys, and board games, catering to diverse interests and age groups. The company also has a line of themed apparel and accessories, broadening its reach in the realm of pop culture merchandise.
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