Angel Studios (ANGX) Income Statement

Angel Studios reported revenue of $321.56M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 233.2% from $96.52M a year earlier. Angel Studios posted a net loss of $170.48M, compared with a net loss of $88.27M a year earlier. Gross margin was 61.2% and operating margin -51.0%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $111.71M, up 27.5% from the same quarter a year earlier.

Angel Studios Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Angel Studios, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Revenue & Gross Profit
Revenue	321.56	96.52	202.44	75.52	122.79
Cost of Revenue	124.86	44.36	86.03	40.39	77.13
Gross Profit	196.70	52.16	116.40	35.12	45.66
Operating Expenses
Research & Development	15.53	12.84	9.70	12.35	4.94
Selling, General & Administrative	345.28	126.03	94.34	32.11	28.30
Operating Expenses	360.81	138.88	104.05	44.46	35.97
Operating Income	-164.11	-86.72	12.36	-9.33	9.69
Other Income/Expense
Interest Income	5.45	3.49	1.82	0.61	0.00
Interest Expense	11.83	2.37	3.66	0.69	0.61
Other Income/Expense	0.01	1.81	0.00	-5.07	8.25
Income
Income Before Tax	-170.49	-84.91	10.52	-14.48	17.94
Income Tax Expense	0.00	3.53	-2.70	-0.77	0.82
Net Income	-170.48	-88.27	13.36	-13.71	17.12
Net Income - Continuous Operations	-170.49	-88.27	13.21	-13.71	17.12
Net Income - Discontinued Operations	-	-	-	-	-
EBITDA	-143.31	-78.89	20.52	-12.66	9.94
EBIT	-158.66	-82.54	14.17	-13.78	9.69
Depreciation & Amortization	15.34	7.83	6.35	1.12	0.25
Earnings Per Share
Basic EPS	-1.00	-1.00	-	-	1.00
Diluted EPS	-1.00	-1.00	-	-	1.00
Basic Shares Outstanding	155.25	137.93	160.67	160.67	24.39
Diluted Shares Outstanding	155.25	137.99	160.67	160.67	24.40

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Angel Studios Financial Statements

What was Angel Studios's revenue in fiscal 2025?

Angel Studios reported revenue of $321.56M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 233.2% from $96.52M a year earlier.

Is Angel Studios profitable?

No. Angel Studios reported a net loss of $170.48M in fiscal 2025. In fiscal 2024 it lost $88.27M.

What is Angel Studios's operating margin?

Angel Studios's operating income was −$164.11M on revenue of $321.56M in fiscal 2025, an operating margin of -51.0%, compared with -89.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition