Angel Studios (ANGX) financial statements
Angel Studios reported revenue of $322M in fiscal 2025, up 26.0% a year over 2 years.
Net income was -$170M.
Free cash flow was -$84M, and the company returned $437,791 in net buybacks.
The diluted share count rose 11% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Angel Studios's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | — | $202M | $97M | $322M |
| Cost of revenue | — | $86M | $44M | $125M |
| Gross profit | — | $116M | $52M | $197M |
| Research and development | — | $10M | $13M | $16M |
| Selling, general and admin | — | $92M | $115M | $335M |
| Operating income | -$2M | $12M | -$87M | -$164M |
| Interest expense | — | $934,906 | $2M | $12M |
| Pre-tax income | $18M | $11M | -$85M | -$170M |
| Income tax | $362,282 | -$3M | $4M | — |
| Net income | $18M | $13M | -$88M | -$170M |
| EPS (diluted) | — | $0.10 | -$0.64 | -$1.10 |
| Diluted shares | — | 140M | 138M | 155M |
| Gross margin | — | 57.5% | 54.0% | 61.2% |
| Operating margin | — | 6.1% | -89.8% | -51.0% |
| Net margin | — | 6.6% | -91.5% | -53.0% |
Balance sheet
Fiscal years, from Angel Studios's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $50,858 | $2M | $7M | $44M |
| Receivables | — | — | $16M | $51M |
| Inventory | — | — | $2M | $1M |
| Total current assets | $278,452 | $2M | $53M | $135M |
| Property, plant and equipment | — | — | $778,927 | $709,845 |
| Total assets | $238M | $47M | $111M | $241M |
| Total current liabilities | $1M | $5M | $80M | $219M |
| Total liabilities | $2M | $6M | $95M | $267M |
| Shareholders' equity | -$1M | -$3M | -$9M | -$26M |
| Net debt | -$50,858 | -$2M | -$7M | -$44M |
Cash flow
Fiscal years, from Angel Studios's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $396,482 | $15M | -$51M | -$83M |
| Capital spending | — | $572,463 | $303,793 | $509,424 |
| Free cash flow | — | $15M | -$52M | -$84M |
| Stock-based compensation | — | $1M | $4M | $10M |
| Share buybacks (net) | — | -$107,073 | -$706,645 | -$437,791 |
| Free cash flow margin | — | 7.2% | -53.5% | -26.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ANGX.
Open ANGX in InvestinglyQuestions
What was Angel Studios's revenue in 2025?
$322M in fiscal 2025, from its 10-K filing.
How much free cash flow does Angel Studios generate?
-$84M in fiscal 2025 (operating cash flow minus capital spending).
From Angel Studios's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.