Angel Studios, Inc. (ANGX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ANGX SEC filings page.
Angel Studios, Inc. (ANGX) reported $321.6M in revenue for fiscal year 2025, up 233.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue rebounded sharply, but expanding gross profit still sits atop a business consuming cash and relying on outside financing.
The move from FY2023 profitability to FY2025 losses occurred even as gross margin widened from57.5% to61.2% , so the central pressure lies below gross profit rather than in direct production costs. Operating cash flow likewise shifted from generating$15.2M to burning$83.3M , showing that reported gross profit is not converting into funding for the wider business.
Revenue reached
The balance sheet remains financing-dependent: FY2025 ended with a current ratio of 0.6x and negative equity of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Angel Studios, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Angel Studios, Inc. has an operating margin of -51.0%, meaning the company loses $51 on every $100 of revenue. This results in a profitability score of 16/100. This is up from -89.8% the prior year.
Angel Studios, Inc.'s revenue surged 233.2% year-over-year to $321.6M, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Not available for Angel Studios, Inc., and counted as zero in the overall score.
Angel Studios, Inc.'s current ratio of 0.62 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Not available for Angel Studios, Inc., and counted as zero in the overall score.
Angel Studios, Inc. scores -1.17, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($696.6M) relative to total liabilities ($267.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Angel Studios, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Angel Studios, Inc. reported a net loss of $170.5M while operations used $83.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Angel Studios, Inc. reported an operating loss of $164.1M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Angel Studios, Inc. generated $111.7M in revenue in Q2 2026. Against the prior quarter it is down 3.0%.
Angel Studios, Inc.'s EBITDA was -$15.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. Against the prior quarter it is down 3652.7%.
Angel Studios, Inc. reported -$23.8M in net income in Q2 2026. Against the prior quarter it is down 72.4%.
Angel Studios, Inc. earned -$0.13 per diluted share (EPS) in Q2 2026. This represents a decrease of 21.7% from the same quarter a year earlier. Against the prior quarter it is down 57.3%.
Cash & Balance Sheet
Angel Studios, Inc. held $48.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Angel Studios, Inc.'s gross margin was 53.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is down 8.1 percentage points.
Angel Studios, Inc.'s operating margin was -16.6% in Q2 2026, reflecting core business profitability. Against the prior quarter it is down 14.2 percentage points.
Angel Studios, Inc.'s net profit margin was -21.3% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is down 9.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
Angel Studios, Inc. invested $4.0M in research and development in Q2 2026. This represents an increase of 9.8% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
Angel Studios, Inc. spent $263K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 287.5% from the same quarter a year earlier. Against the prior quarter it is down 70.7%.
Not reported for Q2 2026.
ANGX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $111.7M | $115.1M | N/A | $76.5M+280.4% | N/A | N/A | N/A | $20.1M |
| Cost of Revenue | $51.7M | $44.0M | N/A | $34.3M+323.5% | N/A | N/A | N/A | $8.1M |
| Gross Profit | $60.0M | $71.1M | N/A | $42.2M+251.4% | N/A | N/A | N/A | $12.0M |
| R&D Expenses | $4.0M+9.8% | $4.1M+25.9% | N/A | $4.2M+33.1% | $3.6M | $3.2M | N/A | $3.2M |
| SG&A Expenses | $12.4M | $11.2M | N/A | $10.1M+67.1% | N/A | N/A | N/A | $6.1M |
| Operating Income | -$18.5M | -$2.7M | N/A | -$38.1M-151.5% | N/A | N/A | N/A | -$15.1M-10893.0% |
| EBITDA | -$15.4M | $434K | N/A | -$41.0M | N/A | N/A | N/A | N/A |
| Interest Expense | $3.1M+12.8% | $6.0M+285.7% | N/A | $4.0M+779.8% | $2.7M | $1.6M | N/A | $452K+232.5% |
| Income Tax | N/A | N/A | N/A | N/A | $277-99.4% | $88K+36.5% | N/A | -$80K-156.0% |
| Net Income | -$23.8M | -$13.8M | N/A | -$38.6M-178.3% | N/A | N/A | N/A | -$13.9M-131628.2% |
| EPS (Basic) | -$0.13-21.7% | -$0.08+68.0% | -$0.49-84.8% | -$0.25-146.0% | -$0.11 | -$0.26 | -$0.26 | -$0.10 |
| EPS (Diluted) | -$0.13-21.7% | -$0.08+68.0% | -$0.49-84.8% | -$0.25-146.0% | -$0.11 | -$0.26 | -$0.26 | -$0.10 |
| Diluted Shares (Avg) | 184M+23.3% | 169M+16.3% | N/A | 157M+13.0% | 149M | 146M | N/A | 139M |
ANGX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $235.1M+27544.7% | $213.1M+20635.0% | $241.4M+116.7% | $197.0M+1354.5% | $850K-93.6% | $1.0M-92.2% | $111.4M+137.6% | $13.5M-70.9% |
| Current Assets | $125.3M+30314.6% | $111.6M+18690.3% | $134.9M+154.7% | $123.1M+18864.7% | $412K-33.7% | $594K-9.2% | $52.9M+2338.3% | $649K-72.4% |
| Cash & Equivalents | $48.0M | $38.9M | $44.1M+511.3% | $63.3M+458.3% | N/A | N/A | $7.2M-71.4% | $11.3M+382.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | N/A | N/A | $0 | $0 |
| Inventory | $1.5M | $1.4M | $1.3M-26.1% | $1.5M | N/A | N/A | $1.7M | N/A |
| Accounts Receivable | $30.4M | $30.8M | $51.1M+214.9% | $24.7M | N/A | N/A | $16.2M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | N/A | N/A | $0 | $0 |
| Total Liabilities | $264.4M+2299.6% | $254.5M+2541.8% | $267.2M+122.9% | $159.8M+760.9% | $11.0M-34.9% | $9.6M-40.6% | $119.9M+138.5% | $18.6M-63.0% |
| Current Liabilities | $192.5M+3925.8% | $188.2M+3971.5% | $219.0M+173.5% | $113.1M+2865.8% | $4.8M+27.9% | $4.6M+30.9% | $80.1M+1507.6% | $3.8M-20.7% |
| Non-Current Liabilities | $71.9M+1139.6% | $66.4M+1349.3% | $48.2M+938.9% | $46.7M+2415.3% | $5.8M+1149.5% | $4.6M+3355.4% | $4.6M+699.1% | $1.9M+48.1% |
| Long-Term Debt | N/A | N/A | $45.5M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$29.3M-188.5% | -$41.5M-381.7% | -$25.8M-203.2% | $37.2M+840.1% | -$10.2M-184.0% | -$8.6M-186.0% | -$8.5M-150.9% | -$5.0M-35.3% |
| Retained Earnings | -$279.1M-2467.1% | -$255.3M-2640.3% | -$241.5M-177.6% | -$175.8M-2971.3% | -$10.9M-157.2% | -$9.3M-150.3% | -$87.0M-1996.5% | -$5.7M-41.3% |
Not reported in any period shown, so not listed: Goodwill.
ANGX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.9M | $1.9M | -$24.7M-110.6% | -$38.3M-1.5% | N/A | N/A | -$11.7M-224.1% | -$37.7M-2774.4% |
| Depreciation & Amortization | $3.1M+39.3% | $3.1M+39.3% | $12.9M+80.8% | -$2.9M | $2.2M | $2.2M | $7.1M | N/A |
| Stock-Based Compensation | N/A | $3.5M+31.9% | N/A | N/A | N/A | $2.6M | N/A | N/A |
| Investing Cash Flow | -$11.3M | -$2.5M+22.1% | -$40.0M-195.6% | -$3.4M+89.1% | N/A | -$3.2M-110.0% | -$13.5M+93.4% | -$31.3M-115.8% |
| Financing Cash Flow | $3.5M | -$4.6M | $45.4M+115.1% | $77.1M+35.4% | N/A | N/A | $21.1M-89.8% | $56.9M |
| Share Buybacks | $263K+287.5% | $897K+1280.0% | $305K+186.1% | $0 | $68K | $65K | $107K | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
ANGX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.7% | 61.8% | N/A | 55.1%-4.6pp | N/A | N/A | N/A | 59.7% |
| Operating Margin | -16.6% | -2.3% | N/A | -49.8%+25.5pp | N/A | N/A | N/A | -75.3% |
| Net Margin | -21.3% | -12.0% | N/A | -50.4%+18.5pp | N/A | N/A | N/A | -68.9% |
| Return on Equity | N/A | N/A | N/A | -103.7% | N/A | N/A | N/A | N/A |
| Return on Assets | -10.1% | -6.5% | N/A | -19.6%+82.7pp | N/A | N/A | N/A | -102.3%-102.3pp |
| Current Ratio | 0.65+0.6x | 0.59+0.5x | 0.620.0x | 1.09+0.9x | 0.09-0.1x | 0.13-0.1x | 0.66+0.2x | 0.17-0.3x |
| Debt-to-Equity | N/A | N/A | N/A | 4.30 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.48 | 0.54 | N/A | 0.39-1.1x | N/A | N/A | N/A | 1.49 |
Not reported in any period shown, so not listed: FCF Margin.
Note: Shareholder equity is negative (-$25.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.62), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Angel Studios, Inc. Ranks
Frequently Asked Questions
What is Angel Studios, Inc.'s annual revenue?
Angel Studios, Inc. (ANGX) reported $321.6M in total revenue for fiscal year 2025. This represents a 233.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Angel Studios, Inc.'s revenue growing?
Angel Studios, Inc. (ANGX) revenue grew by 233.2% year-over-year, from $96.5M to $321.6M in fiscal year 2025.
Is Angel Studios, Inc. profitable?
No, Angel Studios, Inc. (ANGX) reported a net income of -$170.5M in fiscal year 2025, with a net profit margin of -53.0%.
What is Angel Studios, Inc.'s EBITDA?
Angel Studios, Inc. (ANGX) had EBITDA of -$149.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Angel Studios, Inc. have?
As of fiscal year 2025, Angel Studios, Inc. (ANGX) had $44.1M in cash and equivalents against $45.5M in long-term debt.
What is Angel Studios, Inc.'s gross margin?
Angel Studios, Inc. (ANGX) had a gross margin of 61.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Angel Studios, Inc.'s operating margin?
Angel Studios, Inc. (ANGX) had an operating margin of -51.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Angel Studios, Inc.'s net profit margin?
Angel Studios, Inc. (ANGX) had a net profit margin of -53.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Angel Studios, Inc.'s operating cash flow?
Angel Studios, Inc. (ANGX) recorded an outflow of $83.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Angel Studios, Inc.'s total assets?
Angel Studios, Inc. (ANGX) had $241.4M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Angel Studios, Inc. spend on research and development?
Angel Studios, Inc. (ANGX) invested $15.5M in research and development during fiscal year 2025.
What is Angel Studios, Inc.'s current ratio?
Angel Studios, Inc. (ANGX) had a current ratio of 0.62 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Angel Studios, Inc.'s return on assets (ROA)?
Angel Studios, Inc. (ANGX) had a return on assets of -70.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Angel Studios, Inc.'s P/E ratio?
Angel Studios, Inc. (ANGX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $696.6M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Angel Studios, Inc.'s price-to-sales ratio?
Angel Studios, Inc. (ANGX) trades at 2.2x sales, its market capitalization divided by revenue of $321.6M revenue, FY2025. The market capitalization is $696.6M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Angel Studios, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Angel Studios, Inc. (ANGX) held $44.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $83.3M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Angel Studios, Inc.'s debt-to-equity ratio negative or not reported?
Angel Studios, Inc. (ANGX) has negative shareholder equity of -$25.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Angel Studios, Inc.'s Altman Z-Score?
Angel Studios, Inc. (ANGX) has an Altman Z-Score of -1.17, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Angel Studios, Inc.'s Piotroski F-Score?
Angel Studios, Inc. (ANGX) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Angel Studios, Inc.'s earnings high quality?
Angel Studios, Inc. (ANGX) reported a net loss of $170.5M while operations used $83.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Angel Studios, Inc. cover its interest payments?
Angel Studios, Inc. (ANGX) reported an operating loss of $164.1M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Angel Studios, Inc.?
Angel Studios, Inc. (ANGX) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.