Angel Studios, Inc. income statement
In fiscal 2025, Angel Studios, Inc. reported revenue of $322m, up 233.2% on the year before, operating income of −$164m (a -51.0% margin) and net income of −$170m, or −$1.10 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|
| Revenue | 202 | 97 | 322 | 413 |
| Cost of revenue | 86 | 44 | 125 | 174 |
| Gross profit | 116 | 52 | 197 | 239 |
| Research and development | 10 | 13 | 16 | 16 |
| Selling and marketing | 74 | 93 | 297 | 303 |
| General and administrative | 18 | 22 | 38 | 44 |
| Operating income | 12 | −87 | −164 | −130 |
| Interest expense | 1 | 2 | 12 | 17 |
| Income before tax | 11 | −85 | −170 | −155 |
| Income tax | −3 | 4 | — | — |
| Net income | 13 | −88 | −170 | −155 |
| Diluted EPS | $0.10 | −$0.64 | −$1.10 | −$0.91 |
| Diluted shares (average) | 140m | 138m | 155m | 170m |
| EBITDA | 18 | −79 | −150 | −114 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 31 | 47 | 88 | 77 | 110 | 115 | 112 |
| Cost of revenue | 8 | 13 | 19 | 27 | 34 | 44 | 44 | 52 |
| Gross profit | 12 | 18 | 28 | 60 | 42 | 66 | 71 | 60 |
| Research and development | 3 | 2 | 3 | 4 | 4 | 4 | 4 | 4 |
| Selling and marketing | 17 | 38 | 51 | 62 | 65 | 121 | 57 | 61 |
| General and administrative | 6 | 6 | 7 | 10 | 10 | 11 | 11 | 12 |
| Operating income | −15 | −29 | −34 | −21 | −38 | −71 | −3 | −19 |
| Interest expense | 0 | 0 | 2 | 3 | 4 | 4 | 6 | 3 |
| Income before tax | −14 | −29 | −37 | −16 | −39 | −79 | −14 | −24 |
| Income tax | −0 | 8 | 0 | 0 | — | — | — | — |
| Net income | −14 | −37 | −37 | −16 | −39 | −79 | −14 | −24 |
| Diluted EPS | −$0.10 | −$0.26 | −$0.26 | −$0.11 | −$0.25 | −$0.49 | −$0.08 | −$0.13 |
| EBITDA | — | −22 | −31 | −19 | −41 | −58 | 0 | −15 |
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