FNKO earnings analysis
What we found in FNKO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Funko, Inc. reported strong financial results for Q1 2026, with revenues of $200.9 million, surpassing estimates and representing a 5.3% increase year-over-year. The company reduced its net loss to $18.1 million, significantly down from $28.1 million in the prior year, indicating improved operational efficiency despite ongoing challenges in the retail sector.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Expectations
- Funko reported Q1 2026 revenue of $200.9 million, exceeding estimates by 6.4%.
- Significant EPS Beat
- EPS loss narrowed to -$0.11, better than the consensus estimate of -$0.30.
- Improved Gross Margin
- Gross margin improved to 44.2%, up from 40.3% in Q1 2025.
- Decreased Net Loss
- Net loss was $18.1 million, down 35.4% from $28.1 million in the prior year.
- Strong International Sales Growth
- International sales rose 25.6% to $68.1 million, improving overall performance.
- Robust Adjusted EBITDA
- Adjusted EBITDA increased to $11.3 million, compared to a loss of $4.7 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Debt Levels
- Total debt reached $211.8 million, with net interest expense increasing by 26.9% to $4.9 million.
- Retail Sector Vulnerabilities
- Sales in the U.S. decreased by 3.7% due to a challenging retail environment and reduced customer orders.
- Supply Chain Constraints
- Ongoing reliance on third-party manufacturers in Asia exposes Funko to disruptions and geopolitical risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
- Gross margin
- 44.2%
- Segment
- Core Collectibles: $168.8M
- Segment
- Loungefly: $27.2M (down 23.1%)
- Segment
- Other: $4.9M (down 54.7%)
What they said about what is next.
Management maintained its 2026 revenue guidance expecting growth of flat to 3% compared to 2025.
The filing reads better than the one before it.
What came before.
- 10-K · March 12, 2026
- Funko presents a strategy focused on expanding its large licensed portfolio, accelerating international sales and new product formats (Bitty Pop!, Premium Blind Box, Pop! Yourself) while rebuilding collector…
- 10-Q · November 6, 2025
- Funko reported third-quarter net sales of $250,905,000 and diluted EPS of $0.02, with operating income of $6.4 million (2.6% op margin) versus $11.7 million in Q3 2024. Management reiterates substantial doubt about the…
- 10-Q · August 7, 2025
- Funko reported Q2 net sales of $193,469,000 and a GAAP net loss attributable to Funko of $40,490,000 (diluted loss per share $0.74) for the three months ended June 30, 2025. Results reflect a swing to operating loss of…
- 10-Q · May 8, 2025
- Funko reported Q1 net sales of $190.74M, down from $215.70M in Q1 2024, with a net loss attributable to Funko of $27.59M (diluted loss per share $0.52). Gross margin held near prior-year levels at 40.3%, but operating…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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