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Angel Studios (ANGX) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · Angel Studios (ANGX) Q2 2026 earnings results →
Q2 2026 Revenue up 28% year over year to $112M · 21¢ of every $1 of revenue lost · operating margin -16.6%
Angel Studios made $112M in Q2 2026 (+28% Y/Y): Angel Guild Memberships $90.7M, Content Licensing $15.1M, Theatrical Release Revenue $2.8M. Operating margin -16.6%, net loss $23.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $111.7M in Q2 2026, up 27% year over year and down 3% from the previous quarter. Angel Guild Memberships was the largest line at 81% of revenue. Angel Guild Memberships added $43.9M year over year (up 94%), 182% of the total change. Theatrical Release Revenue declined 91%.
Operating costs exceeded revenue by $18.5M, an operating margin of -16.6%. Total costs grew 20% against revenue growth of 27%. The fastest-growing cost line was Cost of revenue (+90%). The quarter ended with a net loss of $23.8M, wider than the previous quarter's $13.8M loss.
Operating cash flow was $16.9M. Non-cash charges added back $3.1M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $34.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 4, 2026 | $112M | +28% | -16.6% | −$23.8M | $16.9M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $115M | +143% | -2.3% | −$13.8M | $1.9M |
| Q4 2025 | 10-K | Mar 12, 2026 | $110M | +254% | -64.5% | −$78.6M | −$24.7M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $76.5M | +280% | -49.8% | −$38.6M | −$58.1M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $87.6M | — | -0.4% | −$15.7M | −$192K |
| Q1 2025 | 10-Q | May 16, 2025 | $47.4M | — | -70.8% | −$37.3M | −$342K |
| Q4 2024 | 10-K | Apr 15, 2025 | $31.0M | — | -2.1% | −$3.4M | −$424K |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Angel Studios
We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories. The combination of our community and our technology platform replaces the traditional Hollywood gatekeeper model with a scalable, data-informed approach to film and TV show decisions that improves with each new member and interaction. As of December 31, 2025, through the Angel Guild, approximately 2.0 million paying members help decide what film and TV projects we will market and distribute.
In its own words, from its 10-K, filed Mar 12, 2026.
Angel Studios against its Services-Motion Picture & Video Tape Production peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +22%. Operating margin: -16.6% against the peers' median -6.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ANGX Angel Studios | Q2 2026 | $112M | +28% | -16.6% |
| FUBO FuboTV | Q3 FY26 | $1.5B | +290% | -1.8% |
| LION Lionsgate Studios | Q2 FY27 | $669M | +41% | 4.4% |
| STRZ Starz Entertainment | Q3 2026 | $322M | +0.5% | -6.6% |
| CURI CuriosityStream | Q2 2026 | $23.2M | +22% | 39.5% |
| GAIA Gaia | Q3 2026 | $22.0M | -12% | -13.4% |
| TOON Kartoon Studios | Q2 2026 | $5.8M | -43% | -58.6% |
| CPLX Certiplex | Q2 2026 | $26K | -35% | -71.3% |
Source: Angel Studios 10-Q on SEC EDGAR · CIK 1865200 · Services-Motion Picture & Video Tape Production
13F: who owns ANGX and who is buying
More on ANGX
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results