Funko closed the third quarter of 2025 with stable results and stronger-than-expected margins, signaling continued resilience in a market still finding its footing. The company reported net sales of $250.9 million, a 14% decrease versus $292.8 million during the same period last year. Gross profit reached $100.8 million, representing a 40.2% margin, nearly flat year over year.
“We delivered a solid 2025 third-quarter performance, with net sales in line with internal expectations and gross margin and bottom-line profitability well ahead of expectations,” says Funko CEO Josh Simon. “Sales of our Bitty Pop! line, which made Walmart’s 2025 Top Toy List, was a key contributor, and our strong gross margin benefited from the swift implementation earlier this year of our tariff mitigation plans.”
In Q3, sales of Core Collectibles slipped 12% while Loungefly declined by 5.5%. Sales in the “Other” category slipped 67%.
On the balance sheet, Funko ended the quarter with $39.2 million in cash and cash equivalents, $99.8 million in inventories, and $241 million in total debt.
“I’m only 60 days into the role, but it’s already clear how powerful the Funko brand is and how much growth opportunity lies ahead,” Simon adds. “Our Make Culture POP! strategy is all about being at the center of the moments everyone is talking about. Beginning with lightning-fast launches like KPop Demon Hunters — where we’ll be one of the only licensees on shelves this holiday season — we’re moving fast to turn pop culture into products, expanding into new fandoms, delivering bold retail experiences, and celebrating the creativity that makes Funko unique.”
Funko comes off a triumphant return to New York Comic Con (NYCC) last month, where it debuted its Premium Blind Box range and kicked off what should be a strong Q4 thanks to big content tie-ins like Wicked: For Good, Stranger Things 5, and the aforementioned KPop Demon Hunters. The company expects modest sales growth, with a gross margin of nearly 40% and adjusted EBITDA margins in the mid-to-high single digits.
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