Cuộc họp công bố kết quả kinh doanh quý 3 năm 2026 của Funko (FNKO): Biên lợi nhuận mở rộng, tái khẳng định định hướng

Điểm nhấn chính

• Doanh thu thuần tăng 3% so với cùng kỳ năm trước, nhờ mức tăng trưởng 5% ở mảng đồ sưu tầm cốt lõi và 12% tại thị trường châu Âu.
• Biên lợi nhuận gộp đạt 45%, cải thiện 5 điểm phần trăm so với quý 3/2025. EBITDA điều chỉnh đạt 32 triệu USD, tương ứng với biên lợi nhuận 12%.
• Lượng tiền mặt cuối quý đạt 42 triệu USD, trong khi nợ ròng giảm xuống còn 155 triệu USD so với mức 200 triệu USD cùng kỳ năm trước.
• Funko tái khẳng định dự báo cả năm với doanh thu thuần dự kiến đi ngang hoặc tăng tới 3%, cùng EBITDA điều chỉnh đạt từ 100 triệu đến 110 triệu USD.
• Sản lượng bán tại điểm bán (POS) toàn cầu giảm 4% trong quý 3, bao gồm mức giảm 10% tại Mỹ và tăng trưởng 16% tại khu vực EMEA. Lũy kế từ đầu năm đến nay, sản lượng POS toàn cầu vẫn tăng 3%.
• Các sản phẩm Pop Mystery bán chạy gấp ba lần so với kỳ vọng và đạt tỷ lệ bán hết 100%, thúc đẩy Funko gia tăng nguồn cung.

Dữ liệu tài chính quan trọng

Kết quả kinh doanh và hoạt động

Đồ sưu tầm cốt lõi tiếp tục là động lực tăng trưởng chính khi tăng 5%. Thị trường châu Âu tăng 12%, trong khi dữ liệu POS quý 3 cho thấy xu hướng trái chiều giữa các khu vực: sản lượng tại Mỹ giảm 10%, trong khi khu vực EMEA tăng 16%.

Ban lãnh đạo cho biết cơ sở so sánh tại Mỹ bị ảnh hưởng bởi những gián đoạn vận chuyển sau thông báo về thuế quan trong năm trước, khiến lượng hàng tồn kho đẩy lên kệ nhiều hơn vào quý 3/2025. Dữ liệu POS hiện bao gồm khoảng một nửa số nhà bán lẻ của Funko.

Sản lượng bán qua kênh trực tiếp đến người tiêu dùng (DTC) giảm 13%, chủ yếu do Funko cắt giảm các chương trình khuyến mãi và giảm giá trên trang web của mình. Dù sản lượng sụt giảm, ban lãnh đạo cho biết khả năng sinh lời của kênh DTC đã được cải thiện.

Mười sở hữu trí tuệ (IP) hàng đầu của công ty chiếm khoảng 34% doanh số theo quý. Pokémon đã vươn lên vị trí số 1, đẩy One Piece xuống vị trí số 2. Các IP khác trong top 10 bao gồm Avengers, Star Wars, Marvel, Hello Kitty và Demon Slayer.

Dòng sản phẩm Pop Mystery đã ra mắt với các chủ đề thực vật, phim kinh dị của Warner Bros. và One Piece. Ban lãnh đạo cho biết các sản phẩm này bán chạy gấp ba lần so với kỳ vọng và đạt tỷ lệ bán hết 100%. Funko đang bổ sung nguồn cung và lên kế hoạch ra mắt thêm các sản phẩm liên quan đến Hello Kitty, Harry Potter và Shrek.

Funko cũng nhấn mạnh tốc độ phát triển sản phẩm nhanh hơn nhờ quy trình Hyper Strike và sản xuất nội địa. Công ty đã áp dụng mô hình này cho sản phẩm Ken Carson gắn liền với ComplexCon, đưa sản phẩm từ ý tưởng ra thị trường chỉ trong vài tuần.

Thương mại trực tiếp tiếp tục là kênh bán hàng mới nổi. Funko đã thử nghiệm phiên đấu giá trên eBay Live và hoàn tất đợt bán hàng trực tiếp thử nghiệm thứ ba trên TikTok. Ban lãnh đạo cho biết họ có kế hoạch tiếp tục mở rộng quy mô bán hàng phát trực tiếp trong quý 4 và bước sang năm 2027.

Dự báo của ban lãnh đạo

Funko tái khẳng định triển vọng cả năm 2026:

• Doanh thu thuần dự kiến đi ngang hoặc tăng tới 3%.
• EBITDA điều chỉnh đạt từ 100 triệu đến 110 triệu USD.

Ban lãnh đạo cũng cho biết họ kỳ vọng mảng đồ sưu tầm sẽ tăng trưởng trong quý 4. Tuy nhiên, công ty lưu ý rằng xu hướng POS trong mùa mua sắm lễ hội vẫn rất khó dự đoán.

Đối với năm 2027, ban lãnh đạo dự kiến mở rộng Pop Mystery sang các IP khác, giới thiệu Pop Plush ở nhiều định dạng và tiếp tục phát triển các sản phẩm Bitty cùng dòng sản phẩm hướng đến thể thao. Funko dự kiến sẽ giới thiệu trước các dòng sản phẩm mới tại các hội chợ đồ chơi ở Nuremberg và New York vào tháng 2.

Rủi ro và các yếu tố cần theo dõi

• Sản lượng POS toàn cầu quý 3 giảm 4%, trong đó POS tại Mỹ giảm 10% và sản lượng kênh DTC giảm 13%.
• Ban lãnh đạo nhận định nhu cầu trong mùa lễ hội là khó dự đoán, dù sản lượng POS toàn cầu lũy kế từ đầu năm tăng 3%.
• Dữ liệu POS dựa trên báo cáo từ khoảng một nửa số nhà bán lẻ của Funko, do đó hạn chế mức độ bao quát đối với toàn bộ hoạt động bán lẻ.
• Các định dạng mới và sáng kiến thương mại trực tiếp vẫn đang ở giai đoạn đầu, và ban lãnh đạo chưa đưa ra mục tiêu doanh thu cụ thể cho các kênh này.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Về đa dạng hóa sản phẩm, ban lãnh đạo cho biết dòng sản phẩm nhượng quyền Pop đã bán được hơn 1 tỷ sản phẩm tính đến nay và tiếp tục giữ vai trò trọng tâm cho tăng trưởng tương lai. Kế hoạch mở rộng bao gồm thêm nhiều IP cho Pop Mystery, Pop Plush, các sản phẩm Bitty và các dịch vụ dành cho người sưu tầm thể thao.

Khi được hỏi liệu giá thị trường thứ cấp cao có thể hỗ trợ việc định giá cao hơn trên thị trường sơ cấp hay không, ban lãnh đạo nhấn mạnh vào việc mở rộng tệp khách hàng sưu tầm thay vì cố gắng tăng giá đối với khách hàng cốt lõi. Công ty xem nhu cầu trên thị trường thứ cấp là minh chứng cho sự quan tâm của người tiêu dùng, chứ không phải căn cứ chính cho các quyết định định giá.

Về mảng bán hàng phát trực tiếp, Funko xem quan hệ hợp tác đấu giá trên eBay Live và các thử nghiệm trên TikTok là cơ hội học hỏi. Ban lãnh đạo mô tả thương mại trực tiếp vừa là một kênh bán lẻ tiềm năng vừa là nguồn doanh thu mới, đồng thời đã lên kế hoạch tiếp tục mở rộng quy mô.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Josh Simon

Hi, everyone. Welcome to our third quarter earnings webcast coming to you from the heart of Hollywood at the Funko store. I'm Josh Simon, Funko's CEO; joined with our CFO, Yves Le Pendeven; our Chief Product Officer, Husnal Shah and our Head of Marketing and Nik Rupp. Eve, let's get right into the results. We had another quarter delivering above expectations.

Yves Le Pendeven

Exactly another strong quarter. So pleased to report net sales up 3% and some of the growth drivers there continue to be core collectibles, up 5% and Europe up 12%. We also delivered gross margin of 45%. That's a 5-point improvement over Q3 of last year. Yes, big jump. And then adjusted EBITDA, also above expectations at $32 million. That's a 12% margin. So we're approaching where we'd like to be. And then also, let me call out a few balance sheet highlights because we've also made great progress there. Cash of $42 at quarter end, that's net debt of $155 million and that compares to just $200 million in Q3 of last year. So lot of progress deleveraging our balance sheet.

Josh Simon

Yes, progress across the board. in the quarter, we see the core business continues to grow improving the quality and productivity of the portfolio overall and make culture pop becoming a more deliberate and disciplined growth engine for the company. Tell us about the full year guidance?

Yves Le Pendeven

For the full year, we're reiterating our guidance, which was sales flat to up 3% and then adjusted EBITDA between $100 million and $110 million.

Josh Simon

Great. Great. Well, I think it's time for a new segment on the earnings call. I think we like to try and mix it up every quarter. This time, I thought we'd do a fun reveal of our top 10 IPs in the quarter. We're going to have a special guest joining us to kind of round out the top 10. Just worth noting top 10 represented about 34% of sales in the quarter. So still a pretty big breadth of other fandoms out there. I'll start with the top 10 and then we're going to bring in our special guests rounding out at 10 Avengers, a new entrant on to the list this quarter. Number nine, Star Wars, #8 Marvel, also a new entrant for the quarter. #7, hello Kitty and #6 Demons layer. And now I think first time this has happened in any sort of earnings call history, we're excited to bring in one of my favorite is a big Funko fan himself to reveal the top 5, it's not other than the Wissler.

[Presentation]

Josh Simon

All right. Thank you, Wissler. I love having you as part of the Funko family and appreciate your help with that one. And again, a new #1 Pokemon, which has displaced one piece push that into the #2 spot, Pokemon #1. And that's my case case for those of you all enough to remember who that is. So turning to the make culture Pop strategy. I think the whole idea that we've talked about is how do we sense demand earlier, turn those into compelling products and experiences. And then them through the right retail channels all over the world. Some really great highlights of seeing that strategy turn into execution this quarter.

The first one for me that is top of mind, as a personal fan is WWE, Monday Night Raw, Presidents, Extravaganza, whatever you want to call it.

Nik Rupp

Totally, super fun moment for the team. We were able to partner at his expense with JD McDonagh, where he wore a Funko Pop head. There's a little bit of a storyline going on with fellow wrestler, Cody roads, and he gets me in front of a little bit. So we were able to partner with him lean into that moment and have sort of like an on-TV moment for the brand.

Josh Simon

He already has the proportions of ongoing and it was planned to kind of be part of that broadcast overall.

Husnal Shah

Yes. We also launched with Dan Hausen and Obi this last few weeks where we presold the product. And it was in partnership with Fanatics and of course, WWE. The product is off to a great start and soon, will be available for mass.

Josh Simon

Well, I think we love WW, love Fanatics from a cultural relevant standpoint. It's a great example of how pop has been coming to life. I'd also say from another side of the cultural relevant spectrum, complex con 30th anniversary, which happened in L.A. just a few weeks ago.

Nik Rupp

Totally. SP-10 For those that don't know, complex con is essentially an annual festival meats convention, where sneakers, streetwear, art and fashion and music come together. We are partnered with Ken Carson, the headliner of the festival, one of the leading voices in a new generation of wrap music to ultimately create a hyper strike with them. So we dropped the product in his booth alongside some other of this collaboration product, but funny enough. A lot of the kids were in line were in line for the Funko pop. So some great demand, great energy and great momentum for the brand.

Josh Simon

So I think the magic to complex con is the speed at which we were able to operate we found out from the record company, he was headlining it. We only had a few weeks to react. And then Husnal you and the team jumped into.

Husnal Shah

Yes, yes. And you mentioned hyper strike. So that's an engine we use to bring product to life, capture cultural moments at incredible speed. It's really about the design teams working in a nonlinear fashion and parallel path in each and every process such that we can put product out there much sooner, obviously, using all the techniques and the of testing over the details as a designer would while creating the sculpt or the packaging, but then also bringing it to market with our onshore production process, which is much faster than getting it from overseas. So it's really shortening the window between creativity, concept and delivery become much tighter.

Josh Simon

Yes. And I think the team's design team, sculpt teams based up in Everett, Washington, using some of the most cutting-edge technology to sort of exercise their creativity, make those scopes and then see these products pops come to life in a couple of weeks' time. So also speaking of speed, I think sports moments are always like a fun thing to lean into. And probably one of the biggest sports moment, if not the biggest sports moment of the year over the summer, the NBA World Championships.

Nik Rupp

Depends on which team you root for, but it was hard to miss kind of the energy that the Knicks were generating during their playoff run had some beautiful moments. And even in L.A., you saw people wearing next Jersey switch is a little strange we went with it. And as a marketing team, we were able to lean into that moment while the playoff run was happening, working with our animation team to create some content, but then also the moment the team won the championship we were able to launch a 5-pack championship celebration pack that turned into the best-selling item of the year for us.

Josh Simon

Came to life at Ring night a couple of weeks ago as well.

Nik Rupp

And we followed it up with another pop to turn State of Liberty, the first lady of New York City into a pop wearing the -- next Jersey holding the ring, which also we launched right at the beginning of the Ringgit moment at Anderson Square Guard?

Josh Simon

It's awesome. Well, the other big cultural moment during the quarter was Americas 20th we decided to put our own spin on it, calling it Pop 250. And I think really from product creation all the way through to how we sold it, kind of a first of its kind activation for Funko overall?

Nik Rupp

Definitely. We picked ultimately an icon from each decade through the lens of Funko and then partnered with the King of Collectibles, Ken Golden to host an eBay live auction. We had presence on the eBay website on the social channels and with a lot of viewership to sort of match this content and commerce moment at the first time. Super interesting for us because it's quite the road map for the future as we go into this live auction selling space.

Yves Le Pendeven

I have to say I was really curious to see how much some of these would go for some of these one-on-ones, and I think the Baruth went for $26,000, which was really mind blowing to me.

Nik Rupp

I thought you were the one that bought.

Josh Simon

Yes. But fun to see, I mean, from a more modern era top 5, we had Michael Jackson, Michael Jordan, Britt Spears, I think the most -- the modern era represented by Mr. Best, one of the most amazing popular creators in the world today. So I think an awesome program overall, and like you said, first time we really have started to dip our toe into the live commerce space, which we think will be definitely developing retail channel for us. Now the other newness from the quarter is I'm staring at it right here, the Pop mystery products. We talked about it last quarter. We kind of announced it in teatime but it's out in the market officially and off to a good start.

Husnal Shah

Yes, it's off to a great start in the market. As you all know, we launched with the plants Fluraline and then the WB Horreline as well as our 1-piece line. And results are outstanding. We sold 3x faster than we thought we would. 100% sell-through. We are supplying more product into the market now. And what's coming up is Hello Kitty as well as Harry Potter. And we are very excited because there's a little bit of newness when the chase elements and the rarity elements in each and every one of them. So we're really excited to see the results coming up next.

Josh Simon

I think if I recall on the floor line because some of them have -- they all have sort of a one-on-one chase and that one of one was actually discovered in Australia. Some of the other ones still floating around in the world waiting to be discovered. And then the last thing from the Mike culture pop lens is commerce and how we're coming to life in new ways at retail channels. And I'd say, one of the most creative executions and paying off from sort of a revenue and impact standpoint is a new shop-in-shop we launched with the iconic retailer, to Schwartz.

Nik Rupp

Definitely. Obviously, it doesn't get more iconic than FAO in New York, but we were able to bring a super-immersive brand right and hyper local experience to life, working with some local artists to truly create a sort of New York version of a Funko store in FAO Schwartz. Also have some very limited product that is only available at that store there, both in the in-line Pop version but also as part of the Pop yourself offering.

Josh Simon

Yes. I think we have an incredible or encrusted jeweling encrusted statute of Liberty collab that we did I think retails for about $2,500, and we're about 50% sort of sold through on those, which is incredible and then a really awesome pop yourself, experience some items you can only get there, but you can get your customized pot made right there in the store, it's really turning out to be a fun 1 so far. So of course, we need one more new segment for this earnings call. I figured it would be fun to go around the table and ask everyone what your favorite pops were from the quarter. So Eve, we'll start with you.

Yves Le Pendeven

I went with or at the cloud. I'm in honor of Halloween recently, and my daughters are big fans of Halloween and harder films. So this was a we did with Hot Topic and event called Scarfar.

Josh Simon

A darker side to our CFO. Nice to know is not, what about you?

Husnal Shah

I went with Janet S. He's a character from Demons, the movie Infinity Castle. And I just love the rendition of how the design team bought this character to life in the most dynamic and fluid form, where the pivotal moment at which he turns from a comic coward person to this courageous and confident human being is what really captured this well in this format.

Josh Simon

Yes. I think it's awesome to see the sort of those dynamic moments in a sort of entire scene captured in a singular and animate continues to be one of our us overall.

Husnal Shah

This one sold 100,000 units already since its launch in September.

Josh Simon

Wow. Amazing. I think I can guess.

Nik Rupp

No surprise -- but had to go with Ken Carson not only for the execution and sort of utilizing the preproduct engine to turn that cultural relevance into demand, but also how the packaging came to life and sort of opening up our packaging template working with the collaborator and having them put their own spin on it was super beautiful to see.

Josh Simon

And I'll sort of follow in your complex con footsteps because another product that we drop there is the Bugs Bunny co-lab with an incredible artist, Josh Avitas, really amazing to see both the size, the scale, the detail and just kind of his artistic point of view, overlay on an iconic space jam character at this size for reference, he did a really amazing job executing with this one, and I was really proud that we were able to do a co-lab with him and fans love it as well. So I put this as my favorite for the quarter. Well, now we have some questions.

Josh Simon

So our first question is from Stephen Lache at Goldman Sachs. Eve, I'll direct this one to you regarding POS trends. Stephen says, Global POS trends have remained strong, including mid-single-digit percent growth in the U.S. and more than 20% growth in Europe through the first half of '26. How does management think about the sustainability of those trends as you move through the back-to-school and holiday season?

Yves Le Pendeven

All right. So let me give you some stats. First, for Q3 POS. So globally, as a reminder, roughly half of our retailers report this information to us. So in units, down 4% year-over-year. By territory that was down 10% in the U.S., up 16% in EMEA. I would kind of remind everyone that the dynamics of shipping being disrupted last year post tariff announcement in Q2. So we had a lot of inventory kind of reaching the shelves in Q3 of last year, which made it a bit more of a tougher comp in the U.S. market. The other thing I'd point out is that DTC was down 13%, again, in units, and that's largely a reflection of less promotional activity and discounting on our site. So although units are down, we've seen profitability in that channel increase. So that's Q3. And then year-to-date through the end of Q3, we were up 3% globally still.

So second part of that question, how we expect to see that trend continue through the holidays. And it's always tough to predict. I mean, we're certainly hopeful that, that kind of like positive comp continues during the holidays.

Josh Simon

Yes and still expecting Q4 collectibles to grow in -- absolutely as well. Okay. Also from Stephen about new formats and form factors, to what extent does management expect new formats, popmystery, sports-related launches to be revenue contributors in 2026 and '27. And how should investors think about the opportunity to diversify revenue beyond core POP products. I mean I'll take the first part of that question, which is to say, I still think there's a lot of existing and new dimensions of Pop itself that will contribute to more growth in this year and beyond.

I mean I'll remind everyone, Pop has sold more than 1 billion units to date. It's definitely this iconic form figure in the world of pop culture. I think certainly, you mentioned it earlier, Husnal, but in the world of pop mystery, we're just getting started. We have a dozen IPs that we'll be launching with that throughout the next year. You mentioned Hello Kitty. You mentioned Harry Potter. Shrek is another one. So you'll start to see continued IPs on Pop mystery. We will be rolling out next year a version of Pop Plush in a few different formats, which I think is very much on trend and will continue to do well. And then we continue to have, I think, some exciting plans to develop Bitty and certainly, even in the sports space, we're working on something that we think will appeal more to the sports collector and so more to come there. I guess, though, related to new products, because there's a lot in the pipeline too.

Husnal Shah

Their pipeline, and we're really excited. We are going to be teasing a couple of new product lines at the Nuremberg and New York to fair, so stay tuned.

Josh Simon

So Nuremberg in February and New York as well in February. So yes, a lot new lines that are launching next year, and we'll start to roll those out sort of with our retail partners at those Toy Fairs, which we're excited about. Okay. Next question is from Eric Wold at Texas Capital Securities. Nick, this one I'll direct to you. Given the higher prices seen in the secondary market for some of your limited run and special SKUs, what are the opportunities to increase prices to improve gross margins further? And why don't we start there?

Yves Le Pendeven

Yes. No, it's a great question. But -- look, our primary focus is to serve our fans and our consumers and ultimately make products that they fall in love with. What happens after the purchase and after the transaction, that's up to the consumer. I take that more as a testament to us having a job that we did well rather than seeing that as an opportunity.

Josh Simon

Yes. And I think on that -- those limited edition products, I think the goal is like let's grow the market or fans who are interested in limited edition. We're expanding the genres, the IP, the entry points. And I think that was what will grow the market more than sort of looking at extracting pricing from our sort of core collector there.

Yves Le Pendeven

Yes, exactly. Exactly.

Josh Simon

And then one more question from Eric. Could you take advantage of those higher prices, although we just talked about that, but the continued collectible demand by leaning into live selling events or online auctions.

Yves Le Pendeven

I'm glad that question came through as well. Certainly, I think that was the opportunity that we tested with the partnership with Golden and eBay Live, and it provided amazing learnings and wearing up to lean heavily into that as a new retail stream, but also as a new revenue stream.

Josh Simon

Yes, I think we just finished in the Hollywood store actually earlier today. Our third test of live selling on TikTok. We just met earlier this week with the head of Collectibles for TikTok Commerce. I was in China last week -- 2 weeks ago, and some really great lessons there where I'd say the ecosystem for live selling and live shopping is well more developed as much as it's growing here. It's been there for a few years longer and I think some really great learnings that you'll start to see us continue to grow and scale it, frankly, in Q4 and then beyond into next year as well.

Well, thank you all for being here. I'd say another quarter, the team did a great job delivering above expectations. I think our core business continues to demonstrate healthy demand. At the start of the year, we promised everyone growing core collectibles, which is happening. That will continue into Q4. And improving our profit and margins and strengthening the balance sheet. So great to see the progress this quarter. And thank you all for joining, and thanks everyone out there for joining, and we will see you.