FNKO Funko, Inc.

Overview and Growth

Fiscal 2025 results for Funko, Inc. combined $908.21M of revenue with net loss of $67.36M and an operating cash outflow of $5.12M. The $908.21M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 13.5% below fiscal 2024 revenue of $1.05B, marking a top-line contraction. The company reported diluted EPS of -$1.24, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $685.23M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 1.33x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $351.27M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 38.7% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $45.54M after the reported operating expense base. An operating margin of -5.0% reflected costs exceeding revenue-level gross profit by 5.0% of sales. The bottom-line result was a net loss of $67.36M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 7.4% after all recognized items. The company reported a pretax loss of $63.94M, before the effect of income taxes. Pretax margin was -7.0%, reflecting a pre-tax loss equal to 7.0% of revenue. The company recognized $4.36M of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 36.2%. The net loss equaled 9.8% of period-end assets, showing the deficit relative to the asset base. Compared with a $14.72M net loss in fiscal 2024, the current loss increased to $67.36M.

Liquidity and Capital Structure

At period end, the $685.23M asset base was financed through $499.10M of liabilities and $186.13M of equity. Current assets were $290.40M against $243.92M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.19x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $42.15M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 17.3%, excluding receivables and other current assets. Total debt was $225.30M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 1.21x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 32.9%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 72.8%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 6.2%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 3.1% lower than fiscal 2024 assets of $707.25M, measuring the company’s own balance-sheet change. Against $236.35M of equity in fiscal 2024, the current book-equity balance moved 21.2% and ended lower. The reported cash balance changed 21.6% from $34.66M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $5.12M, rather than cash generation from operations. Capital spending of $32.97M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Operating cash flow and capital spending combined to leave a $38.09M cash deficit after capital spending. Free-cash-flow margin was -4.2%, reflecting a cash deficit equal to 4.2% of revenue after capital spending. The cash deficit after capital spending represented 5.6% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.