Filing Flows › Angel Studios (ANGX) › Q2 2026 › vs Q2 2025
Angel Studios (ANGX) Q2 2026 vs Q2 2025 (year over year)
Angel Studios's revenue rose $24.1M (+27%) from $87.6M in Q2 2025 to $112M in Q2 2026. The biggest changes: Angel Guild Memberships +$43.9M (+94%); Theatrical Release Revenue −$29.8M (-91%); Content Licensing +$8.5M (+130%).
Angel Studios, Q2 2026: revenue $112M (+28% year over year), operating margin -16.6%, net loss $23.8M, operating cash flow $16.9M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Angel Guild Memberships | $90.7M | $46.8M | $43.9M | +94% |
| Content Licensing | $15.1M | $6.6M | $8.5M | +130% |
| Theatrical Release Revenue | $2.8M | $32.6M | −$29.8M | -91% |
| Merchandise | $2.4M | $1.1M | $1.3M | +117% |
| Product and Service, Other | $651K | $566K | $85K | +15% |
| Revenue | $112M | $87.6M | $24.1M | +27% |
| Net loss | $23.8M | $15.7M | $8.1M | +51% |
| Costs & expenses | $135M | $109M | $26.5M | +24% |
| Operating costs | $130M | $109M | $21.3M | +20% |
| Interest & other, net | $5.3M | −$5.6M | $10.9M | — |
| Cost of revenue | $51.7M | $27.3M | $24.5M | +90% |
| Research & development | $4.0M | $3.6M | $357K | +10% |
| Sales & marketing | $61.1M | $61.5M | −$369K | -0.6% |
| General & admin | $12.4M | $9.8M | $2.6M | +26% |
| Other operating costs | $916K | $6.7M | −$5.8M | -86% |
| Operating cash sources | $40.7M | $5.1M | $35.6M | +696% |
| Depreciation & amortization | $3.1M | $2.2M | $871K | +39% |
| Share-based compensation | $3.5M | $2.1M | $1.4M | +67% |
| Working capital & other | $34.1M | $775K | $33.3M | 44× |
| Net loss absorbed | $23.8M | $15.7M | $8.1M | +51% |
| Operating cash flow | $16.9M | −$10.6M | $27.5M | — |
Questions
How much did Angel Studios's revenue grow year over year in Q2 2026?
Angel Studios's revenue rose $24.1M (+27%) from $87.6M in Q2 2025 to $112M in Q2 2026.
What drove Angel Studios's revenue change in Q2 2026?
Angel Guild Memberships +$43.9M (+94%); Theatrical Release Revenue −$29.8M (-91%); Content Licensing +$8.5M (+130%).