Filing Flows › Angel Studios (ANGX) › Q2 2026
Angel Studios (ANGX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
Angel Studios (ANGX) reported revenue of $112M for the second quarter 2026 (Q2 2026), +27% from a year earlier and -3% from the quarter before. Operating margin was -16.6%, net loss $23.8M (21.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $112M | -3% | +27% |
| Operating profit | −$18.5M | — | — |
| Net earnings | −$23.8M | — | — |
| Operating cash flow | $16.9M | +797% | — |
What changed
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.
Questions
What was Angel Studios' revenue in the second quarter 2026?
Angel Studios (ANGX) reported revenue of $112M for the second quarter 2026 (Q2 2026), +27% from a year earlier and -3% from the quarter before.
Was Angel Studios profitable in the second quarter 2026?
Operating loss was $18.5M (-16.6% of revenue) and net loss $23.8M.
Source: Angel Studios 10-Q on SEC EDGAR.