--- title: "Funko | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 273.1 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278937596.md" datetime: "2026-03-12T20:22:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278937596.md) - [en](https://longbridge.com/en/news/278937596.md) - [zh-HK](https://longbridge.com/zh-HK/news/278937596.md) --- # Funko | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 273.1 M Revenue: As of FY2025 Q4, the actual value is USD 273.1 M, beating the estimate of USD 260.71 M. EPS: As of FY2025 Q4, the actual value is USD 0. EBIT: As of FY2025 Q4, the actual value is USD 6.455 M. ### Fourth-Quarter Financial Results Summary (2025 vs 2024) - **Net sales** decreased to $273.1 million in 2025 from $293.7 million in 2024. - **Gross profit** was $111.6 million in 2025, down from $124.4 million in 2024. - **Gross margin** decreased to 40.9% in 2025 from 42.4% in 2024. - **SG&A expenses** decreased to $90.9 million in 2025 from $102.8 million in 2024. - **Net loss** improved to - $0.2 million in 2025 from - $1.5 million in 2024. - **Adjusted net income** was $2.5 million in 2025, compared to $4.4 million in 2024. - **Adjusted EBITDA** was $23.3 million in 2025, down from $26.3 million in 2024. - **Adjusted EBITDA Margin** was 8.5% in Q4 2025 compared to 8.9% in Q4 2024. - **EBITDA** was $21,233 thousand in Q4 2025 compared to $20,671 thousand in Q4 2024. ### Full-Year Financial Results Summary (2025 vs 2024) - **Net sales** decreased to $908.2 million in 2025 from $1.05 billion in 2024. - **Gross profit** was $351.3 million in 2025, down from $434.5 million in 2024. - **Gross margin** decreased to 38.7% in 2025 from 41.4% in 2024. - **SG&A expenses** decreased to $337.7 million in 2025 from $359.0 million in 2024. - **Net loss** widened to - $67.4 million in 2025 from - $14.7 million in 2024. - **Adjusted net loss** was - $38.8 million in 2025, compared to an adjusted net income of $8.7 million in 2024. - **Adjusted EBITDA** was $26.6 million in 2025, significantly down from $94.7 million in 2024. ### Fourth Quarter 2025 Net Sales by Category and Geography (in thousands) #### Net sales by product brand (Q4 2025 vs Q4 2024) - **Core Collectible** net sales were $220,957, a decrease of 5.0% from $232,703. - **Loungefly** net sales were $43,125, an increase of 1.8% from $42,364. - **Other** net sales were $9,014, a decrease of 51.7% from $18,662. - **Total net sales** decreased by 7.0% to $273,096 from $293,729. - The decline in Core Collectibles was primarily in the United States due to tariff disruption and macroeconomic uncertainty, partially offset by growth in Bitty Pop!. - Loungefly showed an improved trend, contributing $1 million. - The decline in Other was mainly attributed to rationalizing underperforming SKUs and product lines. #### Net sales by geography (Q4 2025 vs Q4 2024) - **United States** net sales were $156,719, a decrease of 12.0% from $178,183. - **Europe** net sales were $96,238, an increase of 1.6% from $94,694. - **Other International** net sales were $20,139, a decrease of 3.4% from $20,852. - **Total net sales** decreased by 7.0% to $273,096 from $293,729. ### Q4 2025 Gross Margin Bridge The gross margin for Q4 2025 was 40.9%, down from 42.4% in Q4 2024, influenced by a 1.4% change from channel & product sales mix shift, a 3.7% positive impact from improved product margins, and negative impacts of -1.0% from royalty minimum guarantee shortfall, -4.1% from duties & tariffs, and -1.4% from inventory reserves adjustments. ### Balance Sheet Highlights (At December 31, 2025 vs December 31, 2024) - **Total cash and cash equivalents** increased to $42.1 million in 2025 from $34.7 million in 2024. - **Inventories** decreased to $83.1 million in 2025 from $92.6 million in 2024. - **Total debt** increased to $225.3 million in 2025 from $182.8 million in 2024. ### Cash Flow (Year Ended December 31, 2025 vs 2024, in thousands) - **Net cash used in operating activities** was - $5,120 in 2025, compared to $123,524 provided by operating activities in 2024. - **Net cash used in investing activities** was - $31,902 in 2025, compared to - $25,228 in 2024. - **Net cash provided by financing activities** was $42,037 in 2025, compared to - $99,242 used in financing activities in 2024. ### Operational Metrics Funko, Inc. paid down $16 million of debt in Q4 2025 and amended its credit agreement in February, extending maturity to December 2027. The company renewed key licenses with major studio partners including Disney, Warner Brothers, NBC Universal, 20th Century Studios, and Paramount, and announced a new creative relationship with Rideback for original content development. Additionally, Bitty Pop! expanded into 1,800 Walmart stores, and KPop Demon Hunters won the 2026 Viral Hit of the Year award. ### Outlook for 2026 Funko, Inc. anticipates full-year 2026 net sales to be flat to up 3% compared to 2025, with a gross margin of approximately 41% to 43%, and Adjusted EBITDA projected between $70 million and $80 million. For the first quarter of 2026, net sales are expected to be flat to down 2% year-over-year, with gross margin also estimated at approximately 41% to 43%, and Adjusted EBITDA expected to be around breakeven. ### Related Stocks - [FNKO.US](https://longbridge.com/en/quote/FNKO.US.md) ## Related News & Research - [Shuttle Pharmaceuticals Announces Planned Reverse Stock Split](https://longbridge.com/en/news/289521076.md) - [Summit Therapeutics withdraws proposed underwritten offering citing market conditions](https://longbridge.com/en/news/289460448.md) - [Allbirds ups ATM program by $48.1M, files prospectus supplement](https://longbridge.com/en/news/289513574.md) - [Gamehaus Holdings Inc. Announces Unaudited Financial Results for the Third Quarter of Fiscal 2026 Ended March 31, 2026 | GMHS Stock News](https://longbridge.com/en/news/289035965.md) - [Tyson Foods recasts prior-period segment results, adds International as reportable segment](https://longbridge.com/en/news/289182470.md)