--- title: "Funko | 10-K: FY2025 Revenue Beats Estimate at USD 908.21 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278940818.md" datetime: "2026-03-12T20:40:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278940818.md) - [en](https://longbridge.com/en/news/278940818.md) - [zh-HK](https://longbridge.com/zh-HK/news/278940818.md) --- # Funko | 10-K: FY2025 Revenue Beats Estimate at USD 908.21 M Revenue: As of FY2025, the actual value is USD 908.21 M, beating the estimate of USD 895.82 M. EPS: As of FY2025, the actual value is USD -1.24. EBIT: As of FY2025, the actual value is USD -26.36 M. #### Overall Financial Performance Funko, Inc. reported a net loss of - $68.295 million in 2025, compared to a net loss of - $15.070 million in 2024. EBITDA was $14.339 million in 2025, down from $72.652 million in 2024, and Adjusted EBITDA was $26.580 million in 2025, a decrease from $94.741 million in 2024. #### Segment Revenue **Geographical Net Sales (2025 vs. 2024):** United States: Net sales decreased by 19.9% to $546.3 million in 2025, from $682.0 million in 2024. Europe: Net sales increased by 1.6% to $288.3 million in 2025, from $283.8 million in 2024. Other International Locations: Net sales decreased by 12.5% to $73.5 million in 2025, from $84.1 million in 2024. **Product Category Net Sales (2025 vs. 2024):** Core Collectible branded products: Net sales decreased by 10.1% to $723.3 million in 2025, from $804.4 million in 2024. Loungefly branded products: Net sales decreased by 9.8% to $155.0 million in 2025, from $171.8 million in 2024. Other products: Net sales decreased by 59.4% to $29.9 million in 2025, from $73.6 million in 2024, primarily due to a reduction in product offerings. #### Operational Metrics - Cost of Sales (exclusive of depreciation and amortization): Decreased by 9.5% to $556.94 million in 2025, from $615.318 million in 2024. - Gross Margin (exclusive of depreciation and amortization): Was 38.7% in 2025, down from 41.4% in 2024. - Selling, General, and Administrative Expenses: Decreased by 5.9% to $337.715 million in 2025, from $358.958 million in 2024. - Loss from Operations: Was - $45.543 million in 2025, a significant decrease from income of $12.991 million in 2024. - Interest Expense, Net: Decreased by 6.8% to $19.181 million in 2025, from $20.575 million in 2024. - Other (Income) Expense, Net: Shifted to an income of $0.785 million in 2025, from an expense of $2.922 million in 2024. - Income Tax Expense: Was $4.356 million in 2025, compared to $4.564 million in 2024. #### Cash Flow - Net Cash Used in Operating Activities: Was - $5.120 million in 2025, a substantial decrease from $123.524 million provided in 2024. - Net Cash Used in Investing Activities: Increased to - $31.902 million in 2025, from - $25.228 million in 2024. - Net Cash Provided by Financing Activities: Shifted to $42.037 million provided in 2025, from - $99.242 million used in 2024. #### Unique Metrics - Royalty Expenses: Totaled $158.5 million in 2025, compared to $168.9 million in 2024. - Sales Allowances: Were $39.8 million as of December 31, 2025, compared to $42.2 million as of December 31, 2024. - Prepaid Royalties, Net: Stood at $18.6 million (net of a - $0.8 million reserve) as of December 31, 2025, compared to $6.1 million (net of a - $8.5 million reserve) as of December 31, 2024. - Accrual for Ongoing and Future Royalty Audits: Was $29.6 million as of December 31, 2025, up from $23.5 million as of December 31, 2024. - Total Debt Outstanding: As of December 31, 2025, the company had $219.9 million in debt under its Credit Facilities and $5.4 million under the Equipment Finance Loan. - Working Capital: Was $46.5 million as of December 31, 2025, compared to - $18.7 million as of December 31, 2024. #### Outlook / Guidance Funko, Inc. expects current resources and future cash flows, supplemented by a recent Credit Agreement amendment, to provide sufficient liquidity for at least the next twelve months and ensure debt covenant compliance. The company plans to amend the Credit Agreement for maturity extension, seek alternative financing, or pursue strategic transactions to improve financial condition. However, there is no assurance these plans will be completed, and failure to refinance debt could negatively impact liquidity and operations. ### Related Stocks - [FNKO.US](https://longbridge.com/en/quote/FNKO.US.md) ## Related News & Research - [D2L GAAP EPS of $0.03, revenue of $57.13M](https://longbridge.com/en/news/289240195.md) - [Shoppers Are More Selective, Not Pulling Back, Says G-III](https://longbridge.com/en/news/288896724.md) - [Here's How Much $100 Invested In Vistra 5 Years Ago Would Be Worth Today](https://longbridge.com/en/news/289236357.md) - [How Investors Are Reacting To Cardinal Health (CAH) Raising Guidance While Expanding Theranostics Amid Recall](https://longbridge.com/en/news/288985099.md) - [Redemption Caps Show Private-Credit 'Operating As Intended' — Market Talk](https://longbridge.com/en/news/288912161.md)