Funko Inc (NASDAQ: FNKO) is a consumer products company that designs and sells licensed pop culture collectibles and merchandise. Revenue comes primarily from the transactional sale of physical products, with royalty payments owed to licensors averaging 17.4% of licensed product sales in FY2025. Funko operates across multiple retail channels in numerous countries, with approximately 40% of net sales generated outside the United States as of the FY2025 10-K filed March 12, 2026. Its flagship product line is the Pop! Vinyl figure, generally priced under $15, targeting fans, enthusiasts, and collectors across broad demographic groups. The company licenses intellectual property from entertainment and media properties under agreements typically two to three years in duration, paying $158.5 million in royalty expenses in FY2025. Funko also operates flagship retail stores, a direct-to-consumer digital presence, and a smaller NFT and digital collectibles business. The company does not pay cash dividends, intending to retain earnings for debt repayment and business development.

Revenue model

Transactional product sales of licensed physical collectibles through retail and direct-to-consumer channels, with royalty expenses paid to licensors at an average rate of 17.4% of licensed product sales (FY2025). Secondary revenue from NFT and digital collectibles sales.

Products and services

Pop! Vinyl figures (standard retail price generally under $15), licensed pop culture collectibles and merchandise across multiple price points and categories, flagship retail store experiences, a mobile application and e-commerce platform, and an NFT and digital collectibles business.

Customers and end markets

Retail customers across multiple channels including mass market, specialty, and direct-to-consumer. End consumers are pop culture fans, enthusiasts, and collectors. The company targets broad consumer demographic groups with accessible price points.

Value-chain role

Licensor-dependent product designer and seller. Funko licenses IP from entertainment and media property holders, designs products incorporating that IP, sources and assembles inventory primarily from Vietnam, China, Cambodia, and Mexico, and distributes through a global retail network and direct channels.

Geographic exposure

Approximately 60% of net sales from the United States and approximately 40% from international markets across North America, Europe, Latin America, Asia, and Africa (FY2025 10-K). Sourcing concentrated in Vietnam, China, Cambodia, and Mexico.

Source: SEC 10-K, filed 2026-03-12

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