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Angel Studios vs Kartoon Studios: revenue, profit, margins and growth compared

Angel Studios brought in $321.6M of revenue in fiscal 2025, Kartoon Studios $39.4M in fiscal 2025. Revenue changed by +233.2% at Angel Studios and +20.7% at Kartoon Studios on the year before, so Angel Studios grew faster. Angel Studios kept -53.0% of its revenue as net profit, Kartoon Studios -62.3%.

Side by side, latest fiscal year

ANGXTOON
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$321.6M$39.4M
Revenue growth+233.2%+20.7%
Net income-$170.5M-$24.5M
Net margin-53.0%-62.3%
Free cash flown/a-$11.6M
Free cash flow marginn/a-29.4%
Earnings per share (diluted)-$1.10-$0.49
Cash$44.1M$2.9M
Debt$45.5Mn/a
Price to earningsn/an/a
Market value$896.4M$36M
Dividend yieldn/an/a
Rank by revenue in sector#610 of 778 · Consumer discretionary#722 of 778 · Consumer discretionary

Over the years

Revenue
ANGX FY2023: $202.4MANGX FY2024: $96.5MANGX FY2025: $321.6MTOON FY2018: $993.5KTOON FY2019: $5.9MTOON FY2020: $2.5MTOON FY2021: $7.9MTOON FY2022: $62.3MTOON FY2023: $44.1MTOON FY2024: $32.6MTOON FY2025: $39.4MFY18FY19FY20FY21FY22FY23FY24FY25
ANGX $321.6MTOON $39.4M
Net income
ANGX FY2022: $18.1MANGX FY2023: $13.4MANGX FY2024: -$88.3MANGX FY2025: -$170.5MTOON FY2018: -$9MTOON FY2019: -$11.5MTOON FY2020: -$401.7MTOON FY2021: -$126.3MTOON FY2022: -$45.6MTOON FY2023: -$77.1MTOON FY2024: -$20.7MTOON FY2025: -$24.5MFY18FY19FY20FY21FY22FY23FY24FY25
ANGX -$170.5MTOON -$24.5M
Net margin
ANGX FY2023: 6.6%ANGX FY2024: -91.5%ANGX FY2025: -53.0%TOON FY2018: -906.3%TOON FY2019: -194.3%TOON FY2020: -16,176.8%TOON FY2021: -1,604.1%TOON FY2022: -73.2%TOON FY2023: -174.9%TOON FY2024: -63.6%TOON FY2025: -62.3%FY18FY19FY20FY21FY22FY23FY24FY25
ANGX -53.0%TOON -62.3%
Revenue growth
ANGX FY2024: -52.3%ANGX FY2025: +233.2%TOON FY2019: +494.7%TOON FY2020: -58.0%TOON FY2021: +217.1%TOON FY2022: +691.3%TOON FY2023: -29.2%TOON FY2024: -26.1%TOON FY2025: +20.7%FY19FY20FY21FY22FY23FY24FY25
ANGX +233.2%TOON +20.7%
Free cash flow
TOON FY2018: -$8MTOON FY2019: -$6.3MTOON FY2020: -$8.1MTOON FY2021: -$24.1MTOON FY2022: -$26.5MTOON FY2023: -$16.2MTOON FY2024: -$3.6MTOON FY2025: -$11.6MFY18FY19FY20FY21FY22FY23FY24FY25
ANGXTOON -$11.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Angel Studios and Kartoon Studios

Which is bigger by revenue, Angel Studios or Kartoon Studios?

Angel Studios is bigger by revenue: $321.6M in fiscal 2025, against $39.4M for Kartoon Studios in fiscal 2025.

Which keeps more of its revenue as profit, Angel Studios or Kartoon Studios?

Angel Studios had a net margin of -53.0% in fiscal 2025; Kartoon Studios had -62.3% in fiscal 2025.

Which grew revenue faster, Angel Studios or Kartoon Studios?

In their latest fiscal years revenue changed by +233.2% at Angel Studios and +20.7% at Kartoon Studios.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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