Filing Flows › Angel Studios (ANGX) › Q4 2025
Angel Studios (ANGX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Angel Studios (ANGX) reported revenue of $110M for the fourth quarter 2025 (Q4 2025), +254% from a year earlier and +44% from the quarter before. Operating margin was -64.5%, net loss $78.6M (71.5% of revenue).
Angel Studios, Q4 2025: revenue $110M (+254% year over year), operating margin -64.5%, net loss $78.6M, operating cash flow −$24.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | +44% | +254% |
| Operating profit | −$70.9M | — | — |
| Net earnings | −$78.6M | — | — |
| Operating cash flow | −$24.7M | — | — |
What changed
Revenue was $109.9M in Q4 2025, up 254% year over year and up 44% from the previous quarter. Angel Guild Memberships was the largest line at 63% of revenue.
Operating costs exceeded revenue by $70.9M, an operating margin of -64.5%. Total costs grew 202% against revenue growth of 254%. The fastest-growing cost line was Cost of revenue (+236%). The quarter ended with a net loss of $78.6M, wider than the previous quarter's $38.6M loss.
Operating cash flow was −$24.7M. Non-cash charges added back $12.9M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $39.2M.
Questions
What was Angel Studios' revenue in the fourth quarter 2025?
Angel Studios (ANGX) reported revenue of $110M for the fourth quarter 2025 (Q4 2025), +254% from a year earlier and +44% from the quarter before.
Was Angel Studios profitable in the fourth quarter 2025?
Operating loss was $70.9M (-64.5% of revenue) and net loss $78.6M.
Source: Angel Studios 10-K on SEC EDGAR.