## Fiscal Year 2025 Financial Results

Cato’s unaudited financial information for fiscal year 2025 (April 1, 2024 to March 31, 2025) is presented below. The Cato Institute accepts no government funding and is committed to maximizing the resources entrusted to it. Contributions from individuals, foundations, and corporations make our ability to drive important policy debates toward individual liberty, limited government, free markets, and peace possible. As part of our Vision for Liberty Campaign—a strategic initiative to accelerate Cato’s impact—expenses increased by 13% compared to fiscal year 2024 to support the growth of key programs, expand our reach, and advance the principles of a free society more effectively and at a greater scale.

![2025 Fiscal Results - Revenue](/sites/cato.org/files/styles/aside_mobile/public/2025-07/Screenshot%202025-07-09%20at%201.02.19%E2%80%AFPM.png?itok=zglA515J) 

![2025 Fiscal Results - Expenses](/sites/cato.org/files/styles/aside_mobile/public/2025-07/Screenshot%202025-07-09%20at%201.02.12%E2%80%AFPM.png?itok=Kw2IMhdT) 

##### Operating Revenue

Individual

$50,543,000

Foundation

$5,616,000

Corporate

$1,686,000

Program

$611,000

Other Income

$6,550,000

---

Total

$65,006,000

##### Operating Expenses

Program

$38,268,000

Management and 
General

$3,930,000

Development

$5,808,000

---

Total

$48,006,000

##### Assets

Cash and Equivalents

$60,135,000

Investments

$94,065,000

Fixed Assets

$30,862,000

Other Assets

$5,419,000

---

Total

$190,481,000

##### Liabilities and Net Assets

Liabilities

$3,405,000

Net Assets

$187,076,000

---

Total

$190,481,000