Funko, Inc. (FNKO) Earnings
Funko, Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.11. FNKO has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +441.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.21 | $0.26 | +225.8% | $208M | +4.1% |
| May 7, 2026 | $-0.34 | $-0.11 | +67.3% | $201M | +7.2% |
| Mar 12, 2026 | $0.00 | $0.05 | +1401.5% | $273M | +27.3% |
| Nov 6, 2025 | $0.04 | $0.06 | +71.4% | $251M | -3.9% |
| Aug 7, 2025 | $-0.41 | $-0.48 | -17.1% | $193M | -34.7% |
| May 8, 2025 | $-0.43 | $-0.33 | +23.3% | $191M | -1.0% |
| Mar 6, 2025 | $0.02 | $0.08 | +300.0% | $294M | +3.0% |
| Nov 7, 2024 | $0.04 | $0.14 | +225.6% | $293M | +2.5% |
| Aug 8, 2024 | $-0.14 | $0.10 | +171.4% | $248M | +7.9% |
| May 9, 2024 | $-0.29 | $-0.17 | +41.4% | $216M | -1.8% |
| Mar 7, 2024 | $0.00 | $0.01 | +125.2% | $291M | +3.2% |
| Nov 2, 2023 | $-0.08 | $0.03 | +137.5% | $313M | +9.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Strategy & Core Business Progress**: * The "Make Culture Pop" strategy is gaining traction, delivering broad-based growth across products and regions, with Q2 2025 results serving as early proof of concept for the strategy. * SKU rationalization at Loungefly has delivered meaningful improvements to SKU productivity, though management notes work is not yet complete. Core collectibles are on track to continue growing through the second half of the year. * The company has built a refined, repeatable operating engine to quickly sense unexpected viral pop culture demand, secure licensing deals, design and manufacture products, and distribute to consumers via wholesale and D2C channels faster than competitors. - **New Product Launches & Platform Expansion**: * Launched the new Pop Mystery product platform at San Diego Comic-Con 2025. The format includes six common variants per drop, a standard Chase variant, and a one-of-one global Chase variant, designed to drive fan engagement and repeat purchases. Pop Mystery will launch with original IP (Flora plant line), One Piece, and Warner Bros. Horror. * The custom Pop Yourself personalized collectible experience is currently available at Funko Hollywood, Inter-Miami CF Stadium, and San Diego Comic-Con, with plans to test and roll out location-specific experiences with third-party retail partners globally in late 2025. * Announced a new additive manufacturing partnership with HP as part of the company's Hyper Strike rapid product development strategy, enabling product creation in weeks rather than the months or years required for traditional manufacturing. The first co-developed product sold out at Fanatics Fest and is reselling for multiples of its original price on secondary markets. - **Organizational Updates**: * Announced the hiring of Kristen Hamilton as new Chief Commercial Officer, starting August 24, 2025. Hamilton brings deep experience in global e-commerce, D2C, and anime fandom from her most recent role at Crunchyroll, plus 15 years of leadership experience across multiple functions at Hasbro. - **Financial Operational Highlights**: * Q2 2025 net sales grew 7% year-over-year; first half 2025 net sales grew 6% year-over-year. * Reported gross margin was 56.6%, including a $25 million credit from expected tariff refunds; normalized gross margin excluding the credit was a company record 44.4%. SGA expenses as a percentage of sales improved by over 400 basis points year-over-year. * Adjusted EBITDA was $40.9 million, compared to negative $16.5 million year-over-year; normalized adjusted EBITDA excluding the tariff benefit was $15 million, exceeding management guidance ranges. * Sold $22 million in IEPA tariff claims for $19 million in proceeds, using $15 million to pay down outstanding debt and progress on balance sheet deleveraging.
Guidance
- Net sales guidance is maintained at flat to +3% year-over-year for the full year 2025. - Adjusted EBITDA guidance is raised to $100 million to $110 million for the full year 2025. The upward revision reflects the $25 million Q2 tariff credit and $5 million in improved underlying profitability. - Management is being prudent with guidance assumptions, noting that upside exists from a stronger-than-expected order book for Q3 and holiday season, but potential unexpected volatility in freight and raw material costs (driven by factors such as high oil prices) led the company to keep the guidance range conservative.
Segment performance
By region: U.S. segment revenue increased 3% year-over-year; Europe segment revenue increased 19% year-over-year. By product: Core collectibles segment revenue increased 9% year-over-year; Loungefly segment revenue decreased 2% year-over-year, an improving trend from Q1 2025, with 50% fewer SKUs than prior periods, resulting in significantly improved SKU productivity. Mondo, the premium collector product line, operates as a higher-end complementary product tier within the overall Funko product portfolio, serving dedicated collectors seeking more detailed, large-format collectibles.
Risks & headwinds
- Uncertainty around potential future changes in freight and raw material costs, particularly from oil price volatility, could negatively impact gross margins. - While Loungefly's performance and SKU productivity have improved following SKU rationalization, work to fully improve the segment's health is not complete. - The broader macro consumer environment remains uncertain, so management plans to maintain prudent operational and inventory planning through the second half of the year.
Analyst Q&A
Q: How would you characterize wholesale order demand for Q3 2025 and the 2025 holiday season? /
A: The company sees roughly 3–4 months of order visibility from wholesale customers. This year has returned to more normal seasonality, compared to 2024 when Q2 order timing was disrupted and catch-up shipping occurred in H2 2024. Global wholesale point-of-sale (POS) is up 6% year-over-year, channel inventory is healthy, and both partner and end-consumer demand is solid. (213 characters)
Q: What have you observed regarding retail partner shelf space allocations recently, and which categories are gaining the most space? /
A: In Europe, management has secured extra diorama displays in 350 locations across major retailers including Smyths, plus added endcap displays for Bitty Pop at Smyths, and high-visibility window displays and brand activations at iconic retailers like Hamleys and HMV Oxford Street. New formats like Bitty Pop and major entertainment IP launches like Spider-Man are driving incremental shelf space gains globally, including at mass retailers like Walmart. (297 characters)
Q: Which franchises have the strongest demand this quarter, and which are you most excited about for H2 2025? /
A: Demand is broadly diversified, with the top 10 franchises accounting for just 32% of Q2 sales. Strong recent performers include Mando Grogu, Toy Story 5, and Spider-Man: Brand New Day. Ongoing growth drivers include anime (One Piece, Pokemon), sports (the 2025 NBA champion New York Knicks, the FIFA World Cup), surprise breakout hits like *Obsession*, and recently launched Spice Girls collaborations. Management is particularly excited for the upcoming *Avengers: Doomsday* launch at the end of the year. (332 characters)
Q: How much revenue contribution do you expect from new formats like Pop Mystery and Bitty Pop in 2026, and what are your key growth levers beyond core Pop products? /
A: It is too early to size Pop Mystery's 2026 contribution, but the platform has strong potential to extend across all IP categories (franchise, sports, original IP) globally, leveraging the persistent popularity of blind box formats and fan excitement for the "thrill of the chase." Bitty Pop is already delivering incremental shelf space, and serves as a successful extension of the core Pop platform. Half a dozen entirely new product formats are in development for launch starting in early 2026, designed to build new engagement platforms that leverage Funko's core strengths in pop culture and licensing partnerships. (411 characters)