Angel Studios, Inc.
ANGX NYSE Services-Motion Picture & Video Tape Production Financials FY2022โFY2025
Last close ยท Oct 23, 2026
$3.49
0.3%
Revenue
Total sales reported in the income statement.
$322M
233.2%
vs prior year
Operating margin
Operating income as a share of revenue.
โ51.0%
38.8ย pts
Net income
Profit after all expenses, interest and tax.
โ$170M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$643M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.95 EPS (TTM)
What Angel Studios, Inc. does
No business description yet.
- Legal name
- Angel Studios, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Mar 12, 2026
- Accession ยท CIK
- 0001865200-26-000020
0001865200
Revenue and margins
Angel Studios, Inc. had $322M of revenue in fiscal 2025, up 233.2% on the year before.
FY22
Revenue โ
FY23
Revenue $202M
FY24
Revenue $96.5M
FY25
Revenue $322M
Q3 '23
Revenue โ
Q4 '23
Revenue โ
Q1 '24
Revenue โ
Q2 '24
Revenue โ
Q3 '24
Revenue $20.1M
Q4 '24
Revenue $31.0M
Q1 '25
Revenue $47.4M
Q2 '25
Revenue $87.6M
Q3 '25
Revenue $76.5M
Q4 '25
Revenue $110M
Q1 '26
Revenue $115M
Q2 '26
Revenue $112M
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross 57.5%
Operating 6.1%
Net 6.6%
FCF โ
FY24
Gross 54.0%
Operating โ89.8%
Net โ91.5%
FCF โ
FY25
Gross 61.2%
Operating โ51.0%
Net โ53.0%
FCF โ
Gross
Operating
Net
FCF
Q3 '23
Gross โ
Operating โ
Net โ
FCF โ
Q4 '23
Gross โ
Operating โ
Net โ
FCF โ
Q1 '24
Gross โ
Operating โ
Net โ
FCF โ
Q2 '24
Gross โ
Operating โ
Net โ
FCF โ
Q3 '24
Gross 59.7%
Operating โ75.3%
Net โ68.9%
FCF โ
Q4 '24
Gross 58.0%
Operating โ92.7%
Net โ119.5%
FCF โ
Q1 '25
Gross 58.9%
Operating โ70.8%
Net โ78.6%
FCF โ
Q2 '25
Gross 68.9%
Operating โ24.3%
Net โ18.0%
FCF โ
Q3 '25
Gross 55.1%
Operating โ49.8%
Net โ50.4%
FCF โ
Q4 '25
Gross 60.2%
Operating โ64.5%
Net โ71.5%
FCF โ
Q1 '26
Gross 61.8%
Operating โ2.3%
Net โ12.0%
FCF โ
Q2 '26
Gross 53.7%
Operating โ16.6%
Net โ21.3%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income $18.1M
FY23
Net income $13.4M
FY24
Net income โ$88.3M
FY25
Net income โ$170M
Q3 '23
Net income โ$0.0M
Q4 '23
Net income $10.5M
Q1 '24
Net income $0.3M
Q2 '24
Net income โ$0.5M
Q3 '24
Net income โ$13.9M
Q4 '24
Net income โ$37.1M
Q1 '25
Net income โ$37.3M
Q2 '25
Net income โ$15.8M
Q3 '25
Net income โ$38.6M
Q4 '25
Net income โ$78.6M
Q1 '26
Net income โ$13.8M
Q2 '26
Net income โ$23.8M
FY22
Diluted EPS โ
FY23
Diluted EPS $0.10
FY24
Diluted EPS โ$0.64
FY25
Diluted EPS โ$1.10
Q3 '23
Diluted EPS โ
Q4 '23
Diluted EPS โ
Q1 '24
Diluted EPS โ
Q2 '24
Diluted EPS โ
Q3 '24
Diluted EPS โ$0.10
Q4 '24
Diluted EPS โ
Q1 '25
Diluted EPS โ$0.26
Q2 '25
Diluted EPS โ$0.11
Q3 '25
Diluted EPS โ$0.25
Q4 '25
Diluted EPS โ$0.49
Q1 '26
Diluted EPS โ$0.08
Q2 '26
Diluted EPS โ$0.13
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital โ
Return on equity โ
Return on assets 7.6%
FY23
Return on capital โ
Return on equity โ
Return on assets 9.4%
FY24
Return on capital โ
Return on equity โ
Return on assets โ111.6%
FY25
Return on capital โ
Return on equity โ
Return on assets โ96.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY22
Free cash flow โ
FY23
Free cash flow โ
FY24
Free cash flow โ
FY25
Free cash flow โ
FY22
Cash from operations $0.4M
Capital spending โ
FY23
Cash from operations $15.2M
Capital spending โ
FY24
Cash from operations โ$51.3M
Capital spending โ
FY25
Cash from operations โ$83.3M
Capital spending โ
Cash from operations
Capital spending
Q3 '23
Cash from operations $1.4M
Capital spending โ
Q4 '23
Cash from operations $9.4M
Capital spending โ
Q1 '24
Cash from operations โ$2.0M
Capital spending โ
Q2 '24
Cash from operations $0.2M
Capital spending โ
Q3 '24
Cash from operations โ$37.7M
Capital spending โ
Q4 '24
Cash from operations โ$11.7M
Capital spending โ
Q1 '25
Cash from operations โ$9.8M
Capital spending โ
Q2 '25
Cash from operations โ$10.6M
Capital spending โ
Q3 '25
Cash from operations โ$38.3M
Capital spending โ
Q4 '25
Cash from operations โ$24.7M
Capital spending โ
Q1 '26
Cash from operations $1.9M
Capital spending โ
Q2 '26
Cash from operations $16.9M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
Angel Studios, Inc. returned $0.4M to shareholders in fiscal 2025. The diluted share count rose 12.5%.
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks $0.1M
FY24
Dividends โ
Buybacks $0.7M
FY25
Dividends โ
Buybacks $0.4M
Dividends
Buybacks
Q3 '23
Dividends โ
Buybacks โ
Q4 '23
Dividends โ
Buybacks โ
Q1 '24
Dividends โ
Buybacks โ
Q2 '24
Dividends โ
Buybacks โ
Q3 '24
Dividends โ
Buybacks โ
Q4 '24
Dividends โ
Buybacks $0.1M
Q1 '25
Dividends โ
Buybacks $0.1M
Q2 '25
Dividends โ
Buybacks $0.1M
Q3 '25
Dividends โ
Buybacks $0.0M
Q4 '25
Dividends โ
Buybacks $0.3M
Q1 '26
Dividends โ
Buybacks $0.9M
Q2 '26
Dividends โ
Buybacks $0.3M
Dividends
Buybacks
FY22
Diluted shares โ
FY23
Diluted shares 0.14B
FY24
Diluted shares 0.14B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably Angel Studios, Inc. can carry it.
FY22
Cash $10.7M
Debt โ
FY23
Cash $25.2M
Debt โ
FY24
Cash $7.2M
Debt โ
FY25
Cash $44.1M
Debt $45.5M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $10.7M | $25.2M | $7.2M | $44.1M |
| Debt incl. finance leases | โ | โ | โ | $45.5M |
| Interest coverage | โ | 13.2x | โ36.7x | โ13.9x |
| Current ratio | 0.2x | 0.4x | 0.7x | 0.6x |
| Quick ratio | 0.2x | 0.4x | 0.6x | 0.6x |
| Total assets | $238M | $46.9M | $111M | $241M |
| Total liabilities | $1.7M | $5.6M | $94.7M | $267M |
| Shareholders' equity | โ$1.5M | โ$3.4M | โ$8.5M | โ$25.8M |
| Net debt (โ = net cash) | โ | โ | โ | $1.4M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 3 / 8 | 4 / 8 |
| Accruals ratio | 7.4% | โ1.3% | โ46.7% | โ49.4% |
| Altman Z'' | โ0.97 | 0.45 | โ9.47 | โ10.22 |
4 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | โ | $202M | $96.5M | $322M |
| Gross profit | โ | $116M | $52.2M | $197M |
| Research and development | โ | $9.7M | $12.8M | $15.5M |
| Operating income | โ$1.6M | $12.4M | โ$86.7M | โ$164M |
| Interest expense | โ | $0.9M | $2.4M | $11.8M |
| Pretax income | $18.5M | $10.5M | โ$84.9M | โ$170M |
| Income tax | $0.4M | โ$2.7M | $3.5M | โ |
| Net income | $18.1M | $13.4M | โ$88.3M | โ$170M |
| Net income to common | $18.1M | $2.7M | โ$5.1M | โ |
| Diluted EPS | โ | $0.10 | โ$0.64 | โ$1.10 |
| Diluted shares | โ | 0.14B | 0.14B | 0.16B |
| Cash flow | ||||
| Cash from operations | $0.4M | $15.2M | โ$51.3M | โ$83.3M |
| Depreciation and amortization | โ | $5.7M | $7.9M | $14.4M |
| Stock-based compensation | โ | $1.0M | $3.6M | $9.7M |
| Share buybacks | โ | $0.1M | $0.7M | $0.4M |
| Dividends and buybacks | โ | $0.1M | $0.7M | $0.4M |
| Balance sheet | ||||
| Cash and short-term investments | $10.7M | $25.2M | $7.2M | $44.1M |
| Total debt | โ | โ | โ | $45.5M |
| Current assets | $0.3M | $2.2M | $52.9M | $135M |
| Current liabilities | $1.2M | $5.0M | $80.1M | $219M |
| Inventory | โ | โ | $1.7M | $1.3M |
| Property and equipment, net | โ | โ | $0.8M | $0.7M |
| Intangible assets | โ | โ | $1.9M | $3.9M |
| Total assets | $238M | $46.9M | $111M | $241M |
| Total liabilities | $1.7M | $5.6M | $94.7M | $267M |
| Shareholders' equity | โ$1.5M | โ$3.4M | โ$8.5M | โ$25.8M |
| Margins | ||||
| Gross margin | โ | 57.5% | 54.0% | 61.2% |
| Operating margin | โ | 6.1% | โ89.8% | โ51.0% |
| EBITDA margin | โ | 8.9% | โ81.7% | โ46.6% |
| Net margin | โ | 6.6% | โ91.5% | โ53.0% |
| Returns | ||||
| Return on capital employed | โ0.7% | 29.5% | โ276.9% | โ732.2% |
| Return on assets | 7.6% | 9.4% | โ111.6% | โ96.6% |
| Growth | ||||
| Revenue growth | โ | โ | โ52.3% | 233.2% |
| Net income growth | โ | โ26.3% | โ760.5% | โ |
| EPS growth | โ | โ | โ766.7% | โ |
| Share count change | โ | โ | โ1.3% | 12.5% |
| Financial health | ||||
| Interest coverage | โ | 13.2x | โ36.7x | โ13.9x |
| Current ratio | 0.2x | 0.4x | 0.7x | 0.6x |
| Quick ratio | 0.2x | 0.4x | 0.6x | 0.6x |
| Capital allocation | ||||
| Stock comp / revenue | โ | 0.5% | 3.8% | 3.0% |
| Quality scores | ||||
| Piotroski F-score | โ | โ | 3.0 | 4.0 |
| Altman Z'' | โ1.0 | 0.4 | โ9.5 | โ10.2 |
| Accruals ratio | 7.4% | โ1.3% | โ46.7% | โ49.4% |
Source: SEC EDGAR XBRL filings (CIK 0001865200). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.