The strong Q1 beat and reiterated full-year guide should drive short-term upside. Watch for Q2 guidance confirmation and any tariff impact updates. The declining Loungefly segment remains a risk, but Core Collectibles momentum supports the outlook.
Price Chart
Executive Summary
Funko reported Q1 2026 results significantly above its own guidance, with net sales of $200.9M (+5% YoY), gross margin of 44.2% (company record), and adjusted EBITDA of $11.3M vs. breakeven guidance. The company reiterated its full-year 2026 outlook of flat to 3% net sales growth and $70-80M adjusted EBITDA. Core Collectibles grew 17% YoY, partially offset by declines in Loungefly and Other categories.
Key Financial Metrics
Key Facts
- Q1 2026 net sales of $200.9M, up 5.3% YoY from $190.7M
- Gross margin of 44.2%, highest in company history, vs 40.3% a year ago
- Adjusted EBITDA of $11.3M vs negative $4.7M in Q1 2025
- GAAP net loss of $18.1M ($0.33 per share) improved from $28.1M ($0.52 per share) loss a year ago
- Core Collectibles sales increased 16.8% YoY to $168.8M; Loungefly declined 23.1%
- Reiterated full-year 2026 guidance: net sales flat to up 3% YoY, adjusted EBITDA $70M-$80M
- Q2 2026 guidance: net sales $195M-$205M (up 1-6% YoY), adjusted EBITDA $5M-$10M
- Operating cash flow of $10.2M improved by $32.4M vs Q1 2025 negative cash flow
Financial Impact
Significant beat vs company guidance: net sales exceeded flat-to-down-2% guide by ~7 points; adjusted EBITDA of $11.3M far exceeded breakeven guide. Gross margin record suggests improved profitability trajectory.
Risk Factors
- Continued weakness in Loungefly and Other categories (down 23% and 55% YoY, respectively)
- Assumed 15% tariff rates may change; any increase could pressure gross margin guidance of 41-43%
- Net loss persists; GAAP EPS still negative despite improvement
- Debt of $215.9M remains elevated relative to market cap of $245M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001704711-26-000034 |
| Document: fnko-20260507.htm | 0001704711-26-000034 |
| Document: q12026earnings-websitepr.htm | 0001704711-26-000034 |
| Document: 0001704711-26-000034-index-headers.html | 0001704711-26-000034 |
| Document: 0001704711-26-000034-index.html | 0001704711-26-000034 |
| Document: 0001704711-26-000034.txt | 0001704711-26-000034 |
| 8-K Data (Synthetic) | 0001704711-26-000034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | Insider Cluster | $5.68 $5.34 | ▲ +5.99% | ▲ +4.87% | $5.86 (−3.17%) |
Sep 3, 2026 28d ago | Insider Cluster | $5.68 $5.44 | ▼ −4.23% | ▼ −3.02% | $5.86 (+3.17%) |
Aug 28, 2026 5w ago | Insider Cluster | $6.72 $5.68 | ▼ −15.48% | ▼ −15.33% | $5.86 (−12.80%) |
Aug 26, 2026 5w ago | Insider Buy | $6.74 $5.69 | ▼ −15.58% | ▼ −15.85% | $5.86 (−13.06%) |
Jun 11, 2026 16w ago | Institutional Cluster | $5.42 $5.09 | ▼ −6.09% | ▼ −6.52% | $5.86 (+8.12%) |
Jun 11, 2026 16w ago | Institutional Cluster | $5.42 $5.09 | ▼ −6.09% | ▼ −6.52% | $5.86 (+8.12%) |
May 7, 2026 21w ago | 8-K | $5.26 $5.11 | ▼ −2.85% | ▼ −4.32% | $5.86 (+11.41%) |
Feb 28, 2026 30w ago | Institutional Cluster | $4.69 $4.51 | ▼ −3.84% | ▼ −2.63% | $5.86 (+24.95%) |
US Market Status
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