Funko shares gain 114% as 2Q26 earnings beat, EBITDA guidance raised to $105M

Funko Inc. reported strong 2Q26 earnings with significant EBITDA growth, margin expansion, and improved leverage. The company generated positive operating cash flow and reduced debt, prompting management to raise the 2026 EBITDA guidance to $105 million, nearly tripling year-over-year. Despite a 114% share price increase over the past year, Funko's valuation remains attractive at a 5.4x forward EV/EBITDA. Risks include unpredictable consumer demand and product concentration, but the company's operational improvements and tariff benefits support a bullish outlook.