![2025 Annual Report Cover](/sites/cato.org/files/styles/promo_block_book_cover_1x/public/2026-07/annual-report-cover-fixed.jpg?itok=6geqSlHf) ### [2025 Annual Report](https://www.cato.org/annualreport25) Some stories here put us at odds with those in power, others with their critics. Our [**2025 Annual Report**](https://www.cato.org/annualreport25) shows what this independence makes possible—from defeating tariffs and securing tax reform to reaching 25,000+ teachers—and what’s next for strengthening your freedoms. [**View Digital Version**](https://www.cato.org/annualreport25) **|** [**Download PDF**](https://www.cato.org/sites/cato.org/files/2026-08/2025%20Annual%20Report.pdf) #### Annual Reports [![Annual Report 2024 Cover](/sites/cato.org/files/styles/aside_mobile/public/2026-07/Annual_Report_2024_Cover.jpg?itok=zoSMWu24)](https://www.cato.org/annualreport24) ##### [2024](https://www.cato.org/annualreport24) [![2023 Annual Report cover](/sites/cato.org/files/styles/aside_mobile/public/2024-07/Annual_Report_2023Cover%202.jpg?itok=hKzX5gMN)](https://www.cato.org/annualreport23) ##### [2023](https://www.cato.org/annualreport23) [![2022 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2023-07/2022_AR_cover_1.jpg?itok=byo2b0Nj)](https://www.cato.org/annualreport22) ##### [2022](https://www.cato.org/annualreport22) [![2021 Cato Annual Report cover](/sites/cato.org/files/styles/aside_mobile/public/2022-05/2022_annual_cover.jpg?itok=Ayp0y4Kd)](https://www.cato.org/annual-reports/cato-2021-annual-report) ##### [2021](https://www.cato.org/annual-reports/cato-2021-annual-report) [![Cato 2020 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2022-05/cato-annual-report-2020-cover%5B1%5D.jpg?itok=aPRrVWR8)](https://www.cato.org/sites/cato.org/files/2021-09/cato-annual-report-2020.pdf) ##### [2020](https://www.cato.org/sites/cato.org/files/2021-09/cato-annual-report-2020.pdf) [![Cato 2019 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2019_annual_report_cover-min.jpg?itok=9IiuZU9E)](https://www.cato.org/sites/cato.org/files/pubs/pdf/cato-2019-annual-report-update.pdf) ##### [2019](https://www.cato.org/sites/cato.org/files/pubs/pdf/cato-2019-annual-report-update.pdf) [![Cato Annual Report](/sites/cato.org/files/styles/aside_mobile/public/pubs/pdf/cato-annual-report-2018-cover-2.jpg?itok=1wt_TXct)](https://www.cato.org/sites/cato.org/files/pubs/pdf/cato-annual-report-2018-updated.pdf) ##### [2018](/sites/cato.org/files/pubs/pdf/cato-annual-report-2018-updated.pdf) [![2017 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2017%20Annual%20Report%20Cover.jpg?itok=_xRMUwMe)](https://www.cato.org/sites/cato.org/files/pubs/pdf/2017-annual-report.pdf) ##### [2017](/sites/cato.org/files/pubs/pdf/2017-annual-report.pdf) [![2016 Annual Report](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2016%20Annual%20Report%20Cover.jpg?itok=toREFIRw)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report_2016.pdf) ##### [2016](/sites/cato.org/files/pubs/pdf/annual_report_2016.pdf) [![2015 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2015%20Annual%20Report%20Cover.jpg?itok=WpwM0wV-)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report-2015.pdf) ##### [2015](/sites/cato.org/files/pubs/pdf/annual_report-2015.pdf) [![2014 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2014%20Annual%20Report%20Cover.jpg?itok=992yLshB)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report-2014.pdf) ##### [2014](/sites/cato.org/files/pubs/pdf/annual_report-2014.pdf) [![2013 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2013%20Annual%20Report%20Cover.jpg?itok=_k_Nu60K)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report-2013.pdf) ##### [2013](/sites/cato.org/files/pubs/pdf/annual_report-2013.pdf) [![2012 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2012%20Annual%20Report%20Cover.jpg?itok=8LSrh_5n)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report_2012b.pdf) ##### [2012](/sites/cato.org/files/pubs/pdf/annual_report_2012b.pdf) [![2011 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2011%20Annual%20Report%20Cover.jpg?itok=qyAm8oYt)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report_2011.pdf) ##### [2011](/sites/cato.org/files/pubs/pdf/annual_report_2011.pdf) [![2010 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2010%20Annual%20Report%20Cover.jpg?itok=WVJKUa-C)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report_2010.pdf) ##### [2010](/sites/cato.org/files/pubs/pdf/annual_report_2010.pdf) [![2009 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2009%20Annual%20Report%20Cover.jpg?itok=7jwPouVf)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report-2009.pdf) ##### [2009](/sites/cato.org/files/pubs/pdf/annual_report-2009.pdf) [![2008 Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/2008%20Annual%20Report%20Cover.jpg?itok=U62WJFc5)](https://www.cato.org/sites/cato.org/files/pubs/pdf/annual_report_2008.pdf) ##### [2008](/sites/cato.org/files/pubs/pdf/annual_report_2008.pdf) [![25th Annual Report Cover](/sites/cato.org/files/styles/aside_mobile/public/2021-01/25th%20Annual%20Report.jpg?itok=WJIc_OXS)](https://www.cato.org/sites/cato.org/files/pubs/pdf/25th_annual_report.pdf) ##### [25 Years](/sites/cato.org/files/pubs/pdf/25th_annual_report.pdf) [](#financials)