Angel Studios, Inc. (ANGX) Income Statement
ANGX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsANGX revenue and net income
Where ANGX's revenue goes
2025Each bar shows an amount and its share of revenue. ANGX kept −53.0% of revenue as net income.
ANGX profit margins
ANGX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +233.2% | +62.1% | — | — |
| Gross profit | +277.1% | +77.6% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ANGX quarterly EPS vs estimates
Angel Studios beat the analyst EPS estimate in 3 of the last 4 quarters. Next report: November 10, 2026 (estimate $-0.06).
ANGX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $321.6M | $96.5M | $202.4M | $75.5M | $122.8M |
| Cost of revenue | $124.9M | $44.4M | $86.0M | $40.4M | $77.1M |
| Gross profit | $196.7M | $52.2M | $116.4M | $35.1M | $45.7M |
| Research & development | $15.5M | $12.8M | $9.7M | $12.3M | $4.9M |
| Sales, general & admin | $345.3M | $126.0M | $94.3M | $32.1M | $28.3M |
| Total operating expenses | $360.8M | $138.9M | $104.0M | $49.5M | $36.0M |
| Operating income | −$164.1M | −$86.7M | $12.4M | −$14.4M | $9.7M |
| Interest income | $5.4M | $3.5M | $1.8M | $614,426 | — |
| Interest expense | $11.8M | $2.4M | $3.7M | $694,374 | $609,514 |
| Income before taxes | −$170.5M | −$84.9M | $10.5M | −$14.5M | $17.9M |
| Income taxes | — | $3.5M | −$2.7M | −$765,185 | $819,179 |
| Net income | −$170.5M | −$88.3M | $13.4M | −$13.7M | $17.1M |
| EBITDA | −$148.8M | −$78.1M | $18.7M | −$13.3M | $9.9M |
| EPS (diluted) | −$1.48 | −$0.84 | $0.10 | $0.64 | $0.08 |
| Gross margin | 61.2% | 54.0% | 57.5% | 46.5% | 37.2% |
| Operating margin | −51.0% | −89.8% | 6.1% | −19.1% | 7.9% |
| Net margin | −53.0% | −91.5% | 6.6% | −18.2% | 13.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $111.7M | $115.1M | $109.9M | $76.5M | $87.6M | $47.4M | $31.0M | $20.1M | $16.5M | $28.9M | $49.9M | $113.0M |
| Cost of revenue | $51.7M | $44.0M | $43.8M | $34.3M | $27.3M | $19.5M | $13.0M | $8.1M | $9.8M | $13.7M | $21.6M | $46.0M |
| Gross profit | $60.0M | $71.1M | $66.2M | $42.2M | $60.4M | $28.0M | $18.0M | $12.0M | $6.7M | $15.2M | $28.4M | $67.0M |
| Research & development | $4.0M | $4.1M | $4.2M | $4.2M | $3.8M | $3.2M | $1.6M | $3.2M | $3.7M | $4.4M | $4.1M | $3.5M |
| Sales, general & admin | $74.5M | $64.8M | $17.2M | $71.2M | $78.0M | $58.3M | $45.1M | $24.0M | $26.3M | $30.4M | $28.6M | $36.2M |
| Total operating expenses | $77.6M | $73.8M | $137.1M | $80.3M | $81.8M | $61.6M | $46.8M | $27.2M | $29.9M | $34.8M | $32.7M | $39.8M |
| Operating income | −$17.6M | −$2.7M | −$70.9M | −$38.1M | −$21.4M | −$33.6M | −$28.8M | −$15.1M | −$23.2M | −$19.6M | −$4.4M | $27.2M |
| Interest income | $544,894 | $708,289 | — | — | $1.4M | $1.1M | $909,681 | $754,561 | $936,241 | — | — | — |
| Interest expense | $3.1M | $6.0M | $3.5M | $4.0M | $2.7M | $1.6M | $396,767 | $452,177 | $945,279 | $571,791 | $3.7M | $1,927 |
| Income before taxes | −$23.8M | −$13.8M | −$78.6M | −$38.6M | −$15.8M | −$37.3M | −$29.2M | −$14.0M | −$22.5M | −$19.3M | −$3.9M | $24.7M |
| Income taxes | — | — | — | — | — | — | $8.0M | −$80,099 | — | −$4.4M | −$1.8M | −$897,581 |
| Net income | −$23.8M | −$13.8M | −$78.6M | −$38.6M | −$15.9M | −$37.3M | −$37.1M | −$13.9M | −$22.5M | −$14.8M | −$2.0M | $25.7M |
| EBITDA | −$13.7M | $6.2M | −$62.6M | −$32.1M | −$21.2M | −$31.3M | −$21.7M | −$14.9M | −$23.0M | −$19.3M | −$4.2M | $27.4M |
| EPS (diluted) | −$0.13 | −$0.05 | −$0.42 | −$0.25 | −$0.27 | −$0.54 | −$0.58 | −$0.22 | −$0.07 | $0.03 | −$0.01 | −$0.00 |
| Gross margin | 53.7% | 61.8% | 60.2% | 55.1% | 68.9% | 58.9% | 58.0% | 59.7% | 40.7% | 52.7% | 56.8% | 59.3% |
| Operating margin | −15.8% | −2.3% | −64.5% | −49.8% | −24.5% | −70.8% | −92.7% | −75.3% | −140.7% | −67.9% | −8.7% | 24.1% |
| Net margin | −21.3% | −12.0% | −71.5% | −50.4% | −18.1% | −78.6% | −119.5% | −68.9% | −136.2% | −51.4% | −4.0% | 22.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ANGX's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ANGX financial results
In fiscal year 2025 (ended December 31, 2025), Angel Studios reported revenue of $321.6 million, up 233.2% from the year before. It had a net loss of $170.5 million, a net profit margin of −53.0%. Diluted earnings per share came to −$1.48.
See the ANGX stock overview for the latest quote and news, or the ANGX chart for price history and technical indicators.
ANGX income statement FAQ
What is Angel Studios's annual revenue?
Angel Studios reported total revenue of $321.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 233.2% from $96.5 million the previous year.
Is Angel Studios profitable?
No. Angel Studios reported a net loss of $170.5 million in fiscal 2025, a net profit margin of −53.0%; its operating margin was −51.0%.
What is Angel Studios's gross margin?
Angel Studios's gross margin was 61.2% in fiscal 2025: for every $100 of revenue, Angel Studios kept $61 after the direct cost of its products and services.
How much does Angel Studios spend on research and development?
Angel Studios spent $15.5 million on research and development in fiscal 2025, 4.8% of revenue.
What are Angel Studios's earnings per share?
Angel Studios earned $-1.48 per diluted share in fiscal 2025, compared with $-0.84 a year earlier.
When will Angel Studios report its next earnings?
Angel Studios is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 after the market closes.
When does Angel Studios's fiscal year end?
Angel Studios's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.