McFarlane's NYCC 2026 panel landed right in the middle of the company's final stretch with the DC license, and three new Deluxe Theatrical Edition figures were part of that reveal. Each one pulls from a different corner of Batman's screen history.
Unlike some of McFarlane's earlier DC Multiverse waves, these three reveals came with names and source material but very little else. No pricing, accessories, or release dates have been confirmed for any of them yet.
That thinness is itself part of the story. These figures are landing in the narrow window before McFarlane's DC license closes out at the end of 2026.
Here's what we actually know about each figure, where they come from, and why the details are still so sparse this close to launch.
McFarlane already has a Penguin figure in its DC Multiverse catalog, based on the 2022 The Batman film and Colin Farrell's take on Oswald Cobblepot in that movie. The new NYCC reveal is a different figure entirely.
This new Penguin pulls from the HBO Max series The Penguin, which expanded on Farrell's Oz Cobb character following the film. A dedicated figure based on the show's distinct look gives collectors a way to distinguish the TV continuity from the original movie release on the shelf.
McFarlane released a Deluxe Theatrical Edition Batman from Batman Returns in November 2025 at $34.99, featuring a one-piece cowl, fabric cape, extra hands, a grapple gun, and a batarang across 22 points of articulation. That version kept Michael Keaton's Batman fully masked.
The NYCC reveal is an unmasked variant of that same Batman Returns figure line, showing Bruce Wayne's face instead of the cowl. Variant releases like this are common for McFarlane's Deluxe Theatrical line, letting collectors choose between the in-costume and unmasked look.
McFarlane's standard Batgirl figure from Batman & Robin, capturing Alicia Silverstone's likeness, released in December 2023 at $24.99 as part of a Mr. Freeze Build-A-Figure wave. That figure used Batgirl's regular costume from the film.
The newly revealed Ice Suit Batgirl swaps in the character's cold-weather costume from the same 1997 film, giving collectors a second outfit option for the same likeness. It's the kind of costume-variant release McFarlane has used across several of its theatrical lines.
McFarlane's own recap of its NYCC 2026 panel described this slate as noticeably smaller than past convention reveals, directly tying it to the license winding down. Fewer total announcements, less lead time, and no confirmed solicitation information all point the same direction.
Collectors shouldn't read the lack of pricing or accessory details as unusual caution — it's simply where these three figures are in McFarlane's announcement pipeline. Expect fuller details (price, accessory lists, release windows) to surface through standard pre-order channels in the coming weeks.
These three figures aren't an isolated wave — they're part of McFarlane's final push before Warner Bros. Discovery's DC toy license transfers to Mattel at the end of 2026. Every remaining McFarlane DC reveal from here forward carries that same context.
Collectors deciding whether to chase these three should weigh them against that broader transition, not just against the individual character appeal. Once the license changes hands, variants like these stop being an option entirely.
For collectors who already own the masked Batman Returns figure or the standard Batgirl release, variants like these aren't about replacing anything — they're about filling out a specific character's full wardrobe within one collection. That completionist angle is a big part of McFarlane's theatrical line's appeal.
With the license ending, these three variants are also likely to be some of the last costume or likeness options McFarlane adds to characters it's already covered, making them a more final checkpoint than a typical mid-line variant release. Collectors keeping multiple costume variants of the same character side by side often reach for a dedicated DC Multiverse protector to keep each boxed variant distinguishable on the shelf.
Once McFarlane opens formal solicitations, expect the same general accessory pattern the line has used for its other Deluxe Theatrical figures: a display base, one or two character-specific accessories, and a collectible art card. Pricing has historically landed between $24.99 and $34.99 for this tier.
Watching McFarlane's official channels and major retailer pre-order pages over the next few weeks is the most reliable way to catch these the moment solicitation details go live, rather than relying on secondhand recaps.
It's based on the HBO Max series The Penguin, not the 2022 film.
No, it's an unmasked-head variant of the November 2025 Batman Returns Deluxe Theatrical figure.
No, it's an additional costume variant alongside the December 2023 standard release.
No, pricing and accessories haven't been confirmed as of this writing.
McFarlane's own panel recap tied the smaller slate directly to its DC license ending in December 2026.
Whichever of these three you end up chasing, EVORETRO's DC Multiverse 7-inch action figure case keeps Deluxe Theatrical figures dust-free next to the rest of your McFarlane shelf.
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