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Sep 30, 2025
Funko Q3 2025 Earnings Report
Funko reported its third quarter 2025 financial results, with net sales in line with expectations and gross margin, net income, and adjusted EBITDA exceeding expectations.
Key Takeaways
Funko delivered a solid third quarter performance in 2025, with net sales of $250.9 million, aligning with internal expectations. The company achieved a gross profit of $100.8 million, representing a gross margin of 40.2%, which, along with net income of $0.9 million and adjusted EBITDA of $24.4 million, surpassed expectations. Sales of their Bitty Pop! line were a key contributor, and strong gross margin benefited from tariff mitigation plans.
Net sales for Q3 2025 were $250.9 million, a decrease from $292.8 million in Q3 2024.
Gross profit reached $100.8 million, with a gross margin of 40.2%, exceeding expectations.
Net income was $0.9 million, or $0.02 per diluted share, while adjusted net income was $3.2 million, or $0.06 per diluted share, both higher than anticipated.
Adjusted EBITDA was $24.4 million, also surpassing expectations, despite a decrease from $31.0 million in the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2025, Funko expects net sales to modestly increase from Q3 2025, with a gross margin of approximately 40% and adjusted EBITDA margin in the mid- to high single-digits range.
Positive Outlook
- Net sales are expected to increase modestly from Q3 2025.
- Gross margin is projected to be approximately 40%.
- Adjusted EBITDA margin is anticipated to be in the mid- to high single-digits range.
- The company is focused on its 'Make Culture POP!' strategy to expand into new fandoms and deliver bold retail experiences.
- Swift implementation of tariff mitigation plans is expected to continue benefiting gross margin.
Challenges Ahead
- Specific numerical guidance for net sales increase was not provided, only 'modestly increase'.
- Adjusted EBITDA margin is a range ('mid- to high single-digits'), indicating some uncertainty.
- Reconciliation of adjusted EBITDA margin outlook to GAAP cannot be provided without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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