Angel Guild Memberships was Angel Studios’s largest product and service line in fiscal 2025, bringing in $209.72M of $321.56M (65%).
| Product and Service | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Angel Guild Memberships | $2.94M | $35.65M | $209.72M |
| Theatrical Pay It Forward | $106.84M | $29.45M | $77.01M |
| Content Licensing | $38.69M | $16.59M | $24.47M |
| Entertainment, Pay-It-Forward Revenue Not Related To Theatrical Releases | $31.86M | $5.61M | $1.08M |
| Merchandise | $18.02M | $5.81M | $7.36M |
| Entertainment, Pay-It-Forward Revenue Related To Theatrical Releases | $3.43M | $2.21M | $719.37K |
| Other Deferred Revenue | $663.19K | $1.20M | $1.20M |
| Total | $202.44M | $96.52M | $321.56M |
Angel Studios brought in $321.56M from its seven product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 233.2% from $96.52M in fiscal 2024. Angel Guild Memberships was the largest at $209.72M (65.2%), ahead of Theatrical Pay It Forward at $77.01M (23.9%) and Content Licensing at $24.47M (7.6%). The other four lines brought in $10.36M combined.
Compared with fiscal 2024, Angel Guild Memberships grew fastest, up 488.3% to $209.72M. Every line above 2% of revenue grew. From fiscal 2023 to 2025, combined revenue from these lines grew from $202.44M to $321.56M, a compound annual growth rate of 26.0%. Angel Guild Memberships' share of the total rose from 1.5% to 65.2%.
Transferred Over Time was Angel Studios’s largest revenue line in fiscal 2025, bringing in $210.01M of $321.56M (65%).
| Timing of Transfer of Good or Service | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Transferred At Point In Time | $198.20M | $60.00M | $111.55M |
| Transferred Over Time | $4.24M | $36.51M | $210.01M |
| Total | $202.44M | $96.52M | $321.56M |
Angel Studios brought in $321.56M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 233.2% from $96.52M in fiscal 2024. Transferred Over Time was the largest at $210.01M (65.3%), ahead of Transferred At Point In Time at $111.55M (34.7%).
Compared with fiscal 2024, Transferred Over Time grew 475.1% to $210.01M and Transferred At Point In Time grew 85.9% to $111.55M. From fiscal 2023 to 2025, combined revenue from these revenue lines grew from $202.44M to $321.56M, a compound annual growth rate of 26.0%. Transferred Over Time's share of the total rose from 2.1% to 65.3%.
Angel Studios (ANGX) reports its revenue by product and service and by timing of transfer of good or service. In fiscal 2025, Angel Guild Memberships was its largest product and service line, bringing in $209.72M (65.2% of the total), followed by Theatrical Pay It Forward at $77.01M (23.9%).
Angel Guild Memberships was Angel Studios' largest product and service line in fiscal 2025, bringing in $209.72M, or 65.2% of the $321.56M total across its seven product and service lines.
Transferred Over Time was Angel Studios' largest revenue line in fiscal 2025, bringing in $210.01M, or 65.3% of the $321.56M total across its two revenue lines.
Among Angel Studios' product and service lines that make up at least 2% of revenue, Angel Guild Memberships grew fastest in fiscal 2025, up 488.3% from $35.65M to $209.72M.
Every figure comes from Angel Studios' annual financial filings, as reported. Each line keeps the name Angel Studios gives it, and years follow its fiscal calendar.
Angel Studios' revenue by product and service goes back to fiscal 2023, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.