Filing Flows › Angel Studios (ANGX) › How it makes money
How Angel Studios (ANGX) makes money
Angel Studios (ANGX) made $112M of revenue in the second quarter 2026 (Q2 2026), +27% from a year earlier. Angel Guild Memberships brought in $90.7M (81%); Content Licensing brought in $15.1M (14%); Theatrical Release Revenue brought in $2.8M (3%).
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Angel Guild Memberships | $90.7M | 81.2% | +9% | +94% |
| Content Licensing | $15.1M | 13.5% | +49% | +130% |
| Theatrical Release Revenue | $2.8M | 2.5% | -84% | -91% |
| Merchandise | $2.4M | 2.2% | -22% | +117% |
| Product and Service, Other | $651K | 0.6% | +94% | +15% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $112M | 100.0% |
| Operating cash flow | $16.9M | 15.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $112M | +28% |
| Q1 2026 | $115M | +143% |
| Q4 2025 | $110M | +254% |
| Q3 2025 | $76.5M | +280% |
| Q2 2025 | $87.6M | — |
| Q1 2025 | $47.4M | — |
| Q4 2024 | $31.0M | — |
From Angel Studios' 10-Q filed Aug 4, 2026 (on EDGAR).
Questions
How does Angel Studios make money?
Angel Studios (ANGX) made $112M of revenue in the second quarter 2026 (Q2 2026), +27% from a year earlier. Angel Guild Memberships brought in $90.7M (81%); Content Licensing brought in $15.1M (14%); Theatrical Release Revenue brought in $2.8M (3%).
What is Angel Studios' biggest business?
Angel Guild Memberships: $90.7M in the second quarter 2026, 81% of revenue, +94% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.