Revenue remains highly inconsistent with quarterly fluctuations, while gross margins have compressed to 36.9% in 2026Q1, reflecting ongoing challenges in managing production costs.
| Sales/Revenue | 918.39M | 908.21M | 1.05B | 1.1B | 1.32B | 1.03B | 652.54M | 795.12M | 686.07M | 516.08M | 426.72M | 274.06M |
| Revenue Growth % | -10.39% | -13.49% | -4.22% | -17.13% | 28.51% | 57.74% | -17.93% | 15.89% | 32.94% | 20.94% | 55.7% | - |
| Cost of Goods Sold | 613.77M | 616.04M | 615.32M | 732.78M | 888.68M | 648.3M | 403.39M | 512.58M | 430.75M | 317.38M | 280.4M | 167.42M |
| COGS % of Revenue | - | 67.83% | 58.61% | 66.85% | 67.19% | 62.99% | 61.82% | 64.47% | 62.78% | 61.5% | 65.71% | 61.09% |
| Gross Profit | 304.62M | 292.17M | 434.53M | 363.3M | 434.02M | 380.99M | 249.15M | 282.54M | 255.33M | 198.71M | 146.32M | 106.64M |
| Gross Margin % | 33.17% | 32.17% | 41.39% | 33.15% | 32.81% | 37.01% | 38.18% | 35.53% | 37.22% | 38.5% | 34.29% | 38.91% |
| Gross Profit Growth % | - | -32.76% | 19.61% | -16.29% | 13.92% | 52.92% | -11.82% | 10.66% | 28.5% | 35.8% | 37.21% | - |
| Operating Expenses | 335.87M | 336.99M | 421.54M | 467.13M | 445.94M | 285.53M | 225.6M | 235.93M | 194.44M | 150.93M | 101.03M | 89.68M |
| OpEx % of Revenue | - | 37.1% | 40.15% | 42.62% | 33.71% | 27.74% | 34.57% | 29.67% | 28.34% | 29.25% | 23.68% | 32.72% |
| Selling, General & Admin | 335.87M | 331.29M | 356.87M | 370.58M | 398.27M | 244.33M | 181.23M | 193.8M | 155.32M | 118.96M | 77.53M | 49.23M |
| SG&A % of Revenue | - | 36.48% | 33.99% | 33.81% | 30.11% | 23.74% | 27.77% | 24.37% | 22.64% | 23.05% | 18.17% | 17.96% |
| Research & Development | 0 | 5.7M | 0 | 8M | 10.2M | 0 | 5.1M | 5.2M | 4.7M | 4.7M | 2.3M | 1.1M |
| R&D % of Revenue | - | 0.63% | - | 0.73% | 0.77% | - | 0.78% | 0.65% | 0.69% | 0.91% | 0.54% | 0.4% |
| Other Operating Expenses | 0 | 0 | 64.68M | 88.55M | 37.47M | 41.2M | 39.27M | 36.93M | -4.08M | 734K | 23.51M | 0 |
| Operating Income | -31.25M | -44.82M | 12.99M | -103.83M | -11.92M | 95.47M | 23.54M | 46.61M | 60.86M | 44.13M | 44.15M | 48.32M |
| Operating Margin % | -3.4% | -4.93% | 1.24% | -9.47% | -0.9% | 9.27% | 3.61% | 5.86% | 8.87% | 8.55% | 10.35% | 17.63% |
| Operating Income Growth % | - | -444.98% | 112.51% | -771.03% | -112.49% | 305.49% | -49.49% | -23.41% | 37.91% | -0.03% | -8.63% | - |
| EBITDA | 27.36M | 14.28M | 75.57M | -44.06M | 35.75M | 136.66M | 67.91M | 88.74M | 99.98M | 76.11M | 67.66M | 57.41M |
| EBITDA Margin % | 2.98% | 1.57% | 7.2% | -4.02% | 2.7% | 13.28% | 10.41% | 11.16% | 14.57% | 14.75% | 15.86% | 20.95% |
| EBITDA Growth % | -59.47% | -81.1% | 271.51% | -223.26% | -73.84% | 101.23% | -23.47% | -11.24% | 31.37% | 12.49% | 17.84% | - |
| D&A (Non-Cash Add-back) | 58.61M | 59.1M | 62.58M | 59.76M | 47.67M | 41.2M | 44.37M | 42.13M | 39.12M | 31.98M | 23.51M | 9.09M |
| EBIT | -31.25M | -44.82M | 10.07M | -67.04M | -11.92M | 92.08M | 23.54M | 46.61M | 60.86M | 37.89M | 68.78M | 48.32M |
| Net Interest Income | -20.22M | -19.18M | -20.57M | -27.97M | -10.33M | -7.17M | -10.71M | -14.34M | -21.74M | -30.64M | -17.27M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.02M |
| Interest Expense | 20.22M | 19.18M | 20.57M | 27.97M | 10.33M | 7.17M | 10.71M | 14.34M | 21.74M | 30.64M | 17.27M | 0 |
| Other Income/Expense | -20.45M | -19.12M | -23.5M | 71.89M | -11.12M | -10.55M | -11.76M | -14.32M | -30.37M | -35.01M | -17.27M | -5.02M |
| Pretax Income | -51.7M | -63.94M | -10.51M | -31.94M | -23.04M | 84.92M | 11.79M | 32.3M | 30.49M | 9.13M | 26.88M | 11.94M |
| Pretax Margin % | -5.63% | -7.04% | -1% | -2.91% | -1.74% | 8.25% | 1.81% | 4.06% | 4.44% | 1.77% | 6.3% | 4.36% |
| Income Tax | 6.67M | 4.36M | 4.56M | 132.5M | -17.8M | 17.06M | 2.02M | 4.48M | 5.43M | 1.8M | 0 | 0 |
| Effective Tax Rate % | -12.89% | -6.81% | -43.44% | -414.82% | 77.26% | 20.09% | 17.18% | 13.86% | 17.81% | 19.75% | 0% | 0% |
| Net Income | -57.85M | -67.36M | -14.72M | -154.08M | -8.04M | 43.9M | 3.96M | 11.72M | 7.46M | 4.42M | 26.88M | 11.94M |
| Net Margin % | -6.3% | -7.42% | -1.4% | -14.06% | -0.61% | 4.27% | 0.61% | 1.47% | 1.09% | 0.86% | 6.3% | 4.36% |
| Net Income Growth % | -194.49% | -357.67% | 90.45% | -1817.6% | -118.3% | 1008.31% | -66.22% | 57.11% | 68.77% | -83.55% | 125.16% | - |
| Net Income (Continuing) | -58.36M | -68.3M | -15.07M | -164.44M | -5.24M | 67.85M | 9.76M | 27.82M | 25.06M | 5.99M | 26.88M | 11.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 259K | 316K | 3.33M | 6.1M | 21.46M | 74.92M | 80.18M | 79.73M | 138.55M | 151.05M | 0 | 0 |
| EPS (Diluted) | -1.04 | -1.24 | -0.28 | -3.19 | -0.18 | 1.08 | 0.11 | 0.84 | 0.29 | 0.07 | 1.15 | 0.51 |
| EPS Growth % | -185.49% | -342.86% | 91.22% | -1672.22% | -116.67% | 881.82% | -86.9% | 189.66% | 314.29% | -93.91% | 125.49% | - |
| EPS (Basic) | - | -1.24 | -0.28 | -3.19 | -0.18 | 1.14 | 0.11 | 0.90 | 0.29 | 0.07 | 1.15 | 0.51 |
| Diluted Shares Outstanding | 55.42M | 54.39M | 52.04M | 48.33M | 44.55M | 40.61M | 35.77M | 32.93M | 25.56M | 25.38M | 23.34M | 23.34M |
| Basic Shares Outstanding | 55.42M | 54.39M | 52.04M | 48.33M | 44.55M | 38.39M | 35.27M | 30.9M | 25.56M | 23.34M | 23.34M | 23.34M |
| Dividend Payout Ratio | - | - | - | - | - | 21.13% | 90.25% | 204.03% | 273.9% | 1645.79% | 262.01% | 101.95% |
Inventory Obsolescence and Liquidity
As reported in recent financial statements, Funko's revenue trajectory remains highly inconsistent, with quarterly figures fluctuating between $190.7M and $293.7M over the last ten periods, reflecting a lack of sustained growth momentum and a heavy reliance on the timing of entertainment-driven product releases.
The erratic revenue performance suggests that the company's reliance on third-party licensing creates significant top-line volatility, as the absence of a consistent 'mega-hit' property leaves the firm vulnerable to demand gaps. Investors should monitor whether the recent 5.3% growth in 2026Q1 represents a genuine recovery or merely a temporary rebound from the sharp contraction observed in previous quarters.
Based on the provided income statement data, gross margins have experienced significant degradation, falling from a peak of 42.4% in 2024Q4 to 36.9% in 2026Q1, which indicates persistent challenges in managing production costs and inventory valuation in a softening consumer discretionary environment.
The compression in gross margins appears to be a direct consequence of inventory obsolescence and the inability to pass through rising logistics costs to the end consumer. This margin volatility suggests that the company lacks the pricing power necessary to protect profitability when faced with shifting retail demand and high SKU complexity.
According to the latest quarterly filings, Funko's operating income remains deeply sensitive to revenue fluctuations, with SG&A expenses frequently exceeding gross profit, as evidenced by the -$9.6M operating loss reported in 2026Q1 despite generating over $200M in top-line revenue.
The inability to scale operating income faster than gross profit suggests that the company's fixed cost base, particularly regarding warehousing and administrative overhead, is currently unabsorbed. This lack of operating leverage implies that the business model requires a significantly higher revenue threshold to achieve consistent profitability, which may be difficult to attain given current market conditions.
Analysis of the income statement reveals that SG&A costs remain stubbornly high, consistently hovering near $80M to $100M per quarter, which effectively erodes the gross profit generated by the core collectibles business and limits the company's ability to achieve positive net income.
The persistence of high SG&A expenses, even during periods of revenue contraction, suggests a lack of operational agility in adjusting the cost structure to match current demand levels. This warrants further investigation into whether the company's current ERP and logistics infrastructure are creating permanent, non-discretionary cost burdens that hinder long-term margin expansion.
While management emphasizes brand extension, the recurring net losses and negative operating margins suggest that the current business model may be fundamentally unsustainable, as the cost of maintaining thousands of active SKUs appears to outweigh the revenue generated by fragmented, niche intellectual property licenses.
Short-sellers would likely focus on the company's inability to generate consistent positive cash flow and the potential for further inventory write-downs if consumer interest in the 'Pop!' aesthetic continues to wane. The reliance on licensing suggests that the company is essentially a pass-through entity for IP holders, leaving it with little control over its own long-term profitability.
Quick answers to the most common questions about buying FNKO stock.
For fiscal year 2025, Funko, Inc. (FNKO) reported total revenue of $908.2M. This represents a 231.4% increase compared to $274.1M in 2015.
Funko, Inc. (FNKO) reported a net loss of $67.4M for the fiscal year ending 2025.
Funko, Inc. (FNKO) reported an operating income of $-44.8M, resulting in an operating profit margin of -4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Funko, Inc. (FNKO) generated $292.2M in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.