FNKONasdaqGames, Toys & Children's Vehicles (No Dolls & Bicycles)US GAAP · USD

Funko, Inc.

Funko, Inc. designs and sells pop-culture consumer products built around licensed entertainment, sports, music and creator fandoms. Its portfolio spans collectible figures, fashion accessories, apparel, plush, homewares and related novelty items sold under the Funko, Loungefly and Mondo brands, with products distributed through retailers and direct-to-consumer channels.

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Revenue908m USD
−13.5 %y/y
Operating profit (EBIT)-45.5m USD
−450.6 %y/y
EBIT margin-5.0%
−6.3 ppy/y
Net income-67.4m USD
−357.7 %y/y
Free cash flow-38.1m USD
−142.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,500m USD2020: 653 m USD2020: EBIT 24 m USD20202021: 1,029 m USD2021: EBIT 95 m USD20212022: 1,323 m USD2022: EBIT -12 m USD20222023: 1,096 m USD2023: EBIT -104 m USD20232024: 1,050 m USD2024: EBIT 13 m USD20242025: 908 m USD2025: EBIT -46 m USD2025908-46
RevenueOperating profit (EBIT)

Business

Share of revenue
Collectibles and figures45 %

Licensed vinyl figures, micro-collectibles, blind boxes and personalized Pop! products.

Fashion accessories and apparel25 %

Loungefly-branded bags, wallets, accessories and apparel tied to fandom properties.

Plush and toys15 %

Plush, action toys and related character-based consumer products.

Home, decor and lifestyle7 %

Homewares, novelty items and display-oriented products for fans and collectors.

Premium and specialty collectibles8 %

Mondo art, music collectibles and limited-edition releases aimed at enthusiasts.

Products

Reported · share of revenue
79.6%17.1%FY2025100 %
  • Core Collectibles79.6 %
  • Loungefly LLC17.1 %
  • Other Products Excluding Core Collectibles and Loungefly Brands3.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Funko sells primarily to retail partners that want licensed, fan-driven products with built-in demand and frequent refreshes. It also sells directly to consumers through its websites and flagship stores, which helps it capture higher-margin demand and deepen fan relationships. The customer base spans specialty retailers, mass-market chains, e-commerce platforms and international distributors, with a meaningful share of sales tied to a relatively concentrated wholesale base.

Wholesale retail partners

Specialty, mass-market and online retailers buy licensed pop-culture products to drive traffic, repeat visits and collectible demand.

Direct-to-consumer fans

Consumers buy through Funko websites and flagship stores for exclusives, personalization and brand engagement.

International retailers and distributors

Retailers and distributors outside the U.S. buy localized assortments to serve regional fandoms and where Funko lacks direct presence.

Collectors and enthusiasts

Fans of movies, TV, gaming, music and sports buy limited-edition and display-oriented products for collecting and gifting.

Strategy

Funko is focused on protecting liquidity, improving pricing and shifting sourcing to reduce tariff exposure, including moving some manufacturing out of China. It is also pushing higher-margin products, overhead reductions and working-capital discipline while expanding international markets and direct-to-consumer channels. Management has also indicated it may pursue refinancing, covenant relief, equity/debt financing or strategic transactions if needed.

Mitigate tariff and sourcing riskShort term

Manufacturing is outsourced in Asia and Mexico, so trade policy directly affects cost and supply continuity.

Improve cash generation and liquidityShort term

The company needs operating cash flow and financing flexibility to manage covenant pressure and debt maturity risk.

Increase higher-margin sales mixMedium term

Higher-margin products help offset freight, duty, royalty and tariff costs in a licensed consumer-products model.

Expand direct fan relationshipsMedium term

Direct channels can improve margin, exclusivity and customer data ownership versus pure wholesale distribution.

Geography

Q1/2026

Funko’s sales are global, with the company stating that about 36% of net sales in the quarter ended March 31, 2025 came from outside the United States. Manufacturing is largely outsourced to third-party factories in Vietnam, China, Cambodia and Mexico, while inventory is shipped into warehouses and logistics hubs in the U.S., U.K. and Netherlands. The business is therefore exposed both to international demand trends and to tariff, freight and sourcing disruptions across Asia and North America.

United States58 %
Europe34 %
Other countries (US filing)7.7 %

Share of the revenue the company reports by geography.

Risks

Funko’s model depends on licensed demand, retailer traffic and outsourced manufacturing, so it is exposed to consumer spending swings, retailer concentration and supply-chain disruption. Tariffs, freight costs, covenant pressure and the need to refinance debt are near-term financial risks, while cybersecurity, product safety and regulatory compliance are ongoing operational risks. Because many products are licensed and seasonal, changes in fan interest or retailer inventory behavior can quickly affect sales and margins.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Liquidity and covenant compliance1Tariffs and trade policy uncertainty2Retail concentration and demand volatility3Third-party manufacturing and supply chain disruption4Product safety and regulatory compliance5Cybersecurity and data privacy6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Liquidity and covenant complianceImpact: CriticalLikelihood: High

    Management disclosed expected covenant noncompliance and the need for additional cash or refinancing.

    Exposure: Credit Agreement covenants and near-term debt maturity

  2. Tariffs and trade policy uncertaintyImpact: HighLikelihood: High

    A large share of products is sourced from Asia, so import duties and policy changes directly affect cost of sales and pricing.

    Exposure: Manufacturing in China and other Asian countries

  3. Retail concentration and demand volatilityImpact: HighLikelihood: Medium

    A meaningful portion of sales flows through a limited set of wholesale customers and distributors.

    Exposure: Top ten wholesale customers represented about 31% of sales

  4. Third-party manufacturing and supply chain disruptionImpact: HighLikelihood: Medium

    Most products are made by unaffiliated manufacturers, increasing dependence on external capacity, quality and logistics.

    ExposureVietnamChinaCambodiaMexico sourcing base
  5. Product safety and regulatory complianceImpact: HighLikelihood: Medium

    Consumer products are subject to safety statutes and international regulations, and failures can lead to sanctions or recalls.

    ExposureCPSAFHSACPSIAFFAForeign product rules
  6. Cybersecurity and data privacyImpact: MediumLikelihood: Medium

    The company relies on IT systems and third parties that store customer, supplier and product data.

    Exposure: Internal systems and third-party providers

Accounting

Judgemental items
Revenue recognition timing

Most revenue is recognized on shipment, but some contracts recognize on receipt, affecting quarterly comparability.

Impact: Can shift revenue between periods and affect working capital

Sales allowances and returns reserves

Management estimates promotional allowances, returns and defective merchandise reserves at sale date.

Impact: Directly reduces net sales and can affect gross margin

Inventory valuation

Collectible products can become obsolete or slow-moving if fan demand changes.

Impact: Write-downs would pressure gross margin and earnings

Goodwill and intangible asset impairment

Acquired brands and customer relationships are tested for recoverability when conditions worsen.

Impact: Impairment charges could be material if market value weakens

Debt covenant and going-concern assessment

Management disclosed expected covenant noncompliance and refinancing needs.

Impact: Affects liquidity disclosure and financial statement presentation

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Last updated: 24/09/2026