Funko Q4 Sales Up 9% to $273M; 2026 EBITDA Guidance $70–80M
Funko reported Q4 2025 net sales of $273 million, up 9% from Q3, with a 41% gross margin, SG&A down 12% year-over-year to $91 million, and adjusted EBITDA at $23 million. For 2026 it guides flat to 3% net sales growth, $70–80 million EBITDA and 41–43% gross margins.
1. Q4 2025 Financial Results
Funko delivered Q4 net sales of $273 million, marking a 9% increase from Q3, supported by a 41% gross margin. SG&A expenses declined 12% year-over-year to $91 million, while adjusted EBITDA reached $23 million, landing at the top of the company’s forecast range.
2. 2026 Financial Guidance
For fiscal 2026, Funko projects flat to 3% net sales growth versus 2025, adjusted EBITDA between $70 million and $80 million, and gross margins of 41% to 43%. Management expects consistent quarterly performance, with Q2 improving over last year’s tariff-impacted period and steady growth through Q3 and Q4.
3. Growth Initiatives and Headwinds
New product launches such as Bitty Pop and Pop! Yourself, alongside renewed licensing agreements, are key to revenue upside and margin improvement. International expansion in Europe, with future focus on Asia and Latin America, offsets US market challenges, though tariff costs near $40 million and rising shipping fees could pressure profitability.