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Angel Studios vs Kartoon Studios: ANGX and TOON compared
Angel Studios is the larger company: $112M of revenue in its latest quarter (Q2 2026) against $5.8M for Kartoon Studios (Q2 2026). Angel Studios is growing faster (+28% against -43% a year earlier). Angel Studios is more profitable, with an operating margin of -16.6% against -58.6%.
Where the money goes: ANGX and TOON
Angel Studios (ANGX) · Q2 2026
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.
Kartoon Studios (TOON) · Q2 2026
Kartoon Studios, Q2 2026: revenue $5.8M (-43% year over year), operating margin -58.6%, net earnings $26.9M, operating cash flow $34.3M. The chart follows the revenue to costs, profit and cash.
| Angel Studios (ANGX) | Kartoon Studios (TOON) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $112M | $5.8M |
| Revenue growth, Y/Y | +28% | -43% |
| Operating margin | -16.6% | -58.6% |
| Net earnings | −$23.8M | $26.9M |
| Net margin | -21.3% | 463.0% |
| Operating cash flow | $16.9M | $34.3M |
| Free cash flow | — | $34.2M |
Where the revenue comes from
Angel Studios
- Angel Guild Memberships: $90.7M (81%)
- Content Licensing: $15.1M (14%)
- Theatrical Release Revenue: $2.8M (3%)
- Merchandise: $2.4M (2%)
Kartoon Studios
- Production Services: $3.5M (59%)
- Content Distribution: $1.9M (32%)
- Media Advisory and Advertising Services: $448K (8%)
- Licensing and Royalties: $61K (1%)
Questions
Which is bigger, Angel Studios or Kartoon Studios?
Angel Studios is the larger company: $112M of revenue in its latest quarter (Q2 2026) against $5.8M for Kartoon Studios (Q2 2026).
Is Angel Studios or Kartoon Studios growing faster?
Angel Studios is growing faster (+28% against -43% a year earlier).
Which is more profitable, Angel Studios or Kartoon Studios?
Angel Studios is more profitable, with an operating margin of -16.6% against -58.6%.
More: Angel Studios earnings · how Angel Studios makes money · Kartoon Studios earnings · how Kartoon Studios makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 4, 2026; 10-Q filed Aug 14, 2026). Fiscal quarters can end on different dates. Not investment advice.