ANGX · CIK 0001865200
Angel Studios, Inc.
Annual figures as reported, FY2021–FY2025. Ratios and growth rates derived on-page.
Services-Motion Picture & Video Tape Production
Company profile
Revenue
$321.6M
▲ +233.2% vs FY2024
Net income
−$170.5M
▼ −93.1% vs FY2024
Operating cash flow
−$83.3M
▼ −62.5% vs FY2024
Diluted EPS
−$1.10
▼ −71.6% vs FY2024
Revenue
Annual, as reported
Net income
Losses shown in terracotta
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
$115.1M
▲ +142.6% vs Mar ’25
Net income — Mar ’26 quarter
−$13.8M
▲ +63.0% vs Mar ’25
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Losses shown in terracotta
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | $115.1M | 142.6% | — | −$13.8M | −12.0% | −$0.08 |
| Sep ’25 | $76.5M | 280.4% | — | −$38.6M | −50.4% | −$0.25 |
| Mar ’25 | $47.4M | — | — | −$37.3M | −78.6% | −$0.26 |
| Sep ’24 | $20.1M | — | — | −$13.9M | −68.9% | −$0.10 |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Gross marginOperating marginNet margin
Returns on capital
Net income vs year-end equity and assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Shareholder returns
capital allocationCapital returned
Cash paid out as dividends and share repurchases
Buybacks
Diluted shares outstanding
Falling count means buybacks outpace dilution
Balance sheet
financial positionStockholders’ equity
At fiscal year end
Net debt
Long-term debt less cash — negative means net cash
Key ratios
derived per fiscal year| Fiscal year | Gross margin | Op. margin | Net margin | ROA | Current ratio |
|---|---|---|---|---|---|
| FY2025 | 61.2% | −51.0% | −53.0% | −70.6% | 0.62× |
| FY2024 | 54.0% | −89.8% | −91.5% | −79.3% | 0.66× |
| FY2023 | 57.5% | 6.1% | 6.6% | 28.5% | 0.44× |
| FY2022 | — | — | — | 7.6% | 0.23× |
| FY2021 | — | — | — | — | 1.99× |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | $321.6M | $196.7M | −$164.1M | −$170.5M | −$1.10 | −$83.3M | — | $241.4M | $267.2M | −$25.8M | $44.1M | $45.5M |
| FY2024 | $96.5M | $52.2M | −$86.7M | −$88.3M | −$0.64 | −$51.3M | — | $111.4M | $94.7M | −$8.5M | $7.2M | $11.5M |
| FY2023 | $202.4M | $116.4M | $12.4M | $13.4M | $0.10 | $15.2M | — | $46.9M | $5.6M | −$3.4M | $25.2M | — |
| FY2022 | — | — | −$1.6M | $18.1M | — | $396K | — | $238.3M | $1.7M | −$1.5M | $10.7M | — |
| FY2021 | — | — | — | — | — | — | — | $236.6M | $26.3M | $0 | $2.0M | — |
Latest filings
the most recent regulatory filings4PRIMARY DOCUMENT2026-07-01 ↗4PRIMARY DOCUMENT2026-07-01 ↗S-4SEC filing2026-06-30 ↗8-KCurrent report — material event2026-06-30 ↗8-KCurrent report — material event2026-06-18 ↗8-KCurrent report — material event2026-06-04 ↗4PRIMARY DOCUMENT2026-05-26 ↗8-KCurrent report — material event2026-05-22 ↗4PRIMARY DOCUMENT2026-05-07 ↗10-QQuarterly report2026-04-30 ↗
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