Filing Flows › Angel Studios (ANGX) › Q3 2025
Angel Studios (ANGX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Angel Studios (ANGX) reported revenue of $76.5M for the third quarter 2025 (Q3 2025), +280% from a year earlier and -13% from the quarter before. Operating margin was -49.8%, net loss $38.6M (50.4% of revenue).
Angel Studios, Q3 2025: revenue $76.5M (+280% year over year), operating margin -49.8%, net loss $38.6M, operating cash flow −$58.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.5M | -13% | +280% |
| Operating profit | −$38.1M | — | — |
| Net earnings | −$38.6M | — | — |
| Operating cash flow | −$58.1M | — | — |
What changed
Revenue was $76.5M in Q3 2025, up 280% year over year and down 13% from the previous quarter. Angel Guild Memberships was the largest line at 77% of revenue. Angel Guild Memberships added $50.2M year over year (up 556%), 89% of the total change. Pay it Forward revenue declined 91%.
Operating costs exceeded revenue by $38.1M, an operating margin of -49.8%. Total costs grew 225% against revenue growth of 280%. The fastest-growing cost line was Cost of revenue (+323%). The quarter ended with a net loss of $38.6M, wider than the previous quarter's $15.7M loss.
Operating cash flow was −$58.1M. Non-cash charges added back $3.0M of share-based compensation. Working capital and other items used $22.5M.
Questions
What was Angel Studios' revenue in the third quarter 2025?
Angel Studios (ANGX) reported revenue of $76.5M for the third quarter 2025 (Q3 2025), +280% from a year earlier and -13% from the quarter before.
Was Angel Studios profitable in the third quarter 2025?
Operating loss was $38.1M (-49.8% of revenue) and net loss $38.6M.
Source: Angel Studios 10-Q on SEC EDGAR.