## 2025 Annual Report ![2025 Annual Report Hero Image](/sites/cato.org/files/styles/aside_3x/public/2026-07/2025-annual-report-new-hero-image.jpg?itok=98KR3GJW) “A Republic, if you can keep it.” –Benjamin Franklin ## Message from the President and Board Chair [![Media Name: goe-peter-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/authors/crops/goe-peter-cropped.jpg?itok=mMl9a0--)](/people/peter-goettler) ##### [Peter Goettler](/people/peter-goettler) President and CEO ![James M. Lapeyre, Jr.](/sites/cato.org/files/styles/author_picture/public/2023-06/Lapeyre_3.jpg?itok=0AEMvfCm) ##### James M. Lapeyre, Jr. Board Chair --- Some misguided ideas never seem to go out of fashion. For example, during our lives we’ve repeatedly heard the same thing about the American Founding: namely, that the concepts animating that event, such as liberty and limited government, may have worked in the world of the 18th century. But these concepts can’t possibly be the correct road map for America’s modern world of economic complexity, global trade, high technology, and more than 300 million people. [Read the full message](/annualreport25/message-president-board-chair) ## Table of Contents [![Two Anniversaries chapter cover photo](/sites/cato.org/files/styles/content_teaser/public/2026-06/two-anniversaries_thumbnail-16x9.jpg?itok=2FYwUtkr)](https://www.cato.org/annualreport25/two-anniversaries) Publications ### [Two Anniversaries](/annualreport25/two-anniversaries) [![The Tidal Basin in DC at sunset.](/sites/cato.org/files/styles/content_teaser/public/2026-07/by-the-numbers-hero.jpg?itok=kvjrmE3E)](https://www.cato.org/annualreport25/2025-numbers) ### [2025 by the Numbers](/annualreport25/2025-numbers) [![Annual Report Newsroom Cropped](/sites/cato.org/files/styles/content_teaser/public/2026-07/Jul%208%2C%202026%20at%2004_37_33%20PM%202.png?itok=TXyWgn21)](https://www.cato.org/annualreport25/catos-ideas-every-newsroom) Publications ### [Cato’s Ideas in Every Newsroom](/annualreport25/catos-ideas-every-newsroom) Thanks to our Partners, Cato’s independent voice reached more journalists, readers, and policymakers in 2025 than at any point in our history. #### Chapters [![Vision for Liberty Cover v2](/sites/cato.org/files/styles/content_teaser/public/2026-04/V4L%20Cover.png?itok=p7wg4R6n)](https://www.cato.org/annualreport25/vision-liberty-campaign-expanding-our-ambition) Publications ### [Vision for Liberty Campaign: Expanding Our Ambition](/annualreport25/vision-liberty-campaign-expanding-our-ambition) [![Supreme Court against a sunset sky.](/sites/cato.org/files/styles/content_teaser/public/2026-06/fighting-protectionism.jpg?itok=6MhlUKVj)](https://www.cato.org/annualreport25/fighting-win-against-protectionism) Publications ### [Fighting to Win Against Protectionism](/annualreport25/fighting-win-against-protectionism) [![Peak Human book by Johan Norberg.](/sites/cato.org/files/styles/content_teaser/public/2026-06/peak-human_Hero-Standard-2.jpg?itok=LDQvC7b4)](https://www.cato.org/annualreport25/how-golden-ages-end-how-sustain-them) Publications ### [How Golden Ages End (and How to Sustain Them)](/annualreport25/how-golden-ages-end-how-sustain-them) [![Woman examines her high grocery bill. ](/sites/cato.org/files/styles/content_teaser/public/2026-06/high-cost-government_hero.jpg?itok=kkmMZwFO)](https://www.cato.org/annualreport25/high-cost-government) Publications ### [The High Cost of Government](/annualreport25/high-cost-government) [![US Constitution with gavel.](/sites/cato.org/files/styles/content_teaser/public/2026-06/tolerable_hero.jpg?itok=AGHiABy6)](https://www.cato.org/annualreport25/tolerable-administration-justice) Publications ### [A Tolerable Administration of Justice?](/annualreport25/tolerable-administration-justice) [![Waiting in line at an immigration office.](/sites/cato.org/files/styles/content_teaser/public/2026-06/liberty-around-world_hero.jpg?itok=e8oD2uwI)](https://www.cato.org/annualreport25/liberty-around-world) Publications ### [Liberty Around the World](/annualreport25/liberty-around-world) [![Capitol building against a night sky.](/sites/cato.org/files/styles/content_teaser/public/2026-06/making-case-congress_hero.jpg?itok=Pccalhd-)](https://www.cato.org/annualreport25/making-case-congress) Publications ### [Making the Case to Congress](/annualreport25/making-case-congress) [![Students at a Cato University event.](/sites/cato.org/files/styles/content_teaser/public/2026-06/keeping-flame-alive_hero.jpg?itok=hxibAYTT)](https://www.cato.org/2025-annual-report/keeping-flame-alive) Publications ### [Keeping the Flame Alive](/2025-annual-report/keeping-flame-alive) [![Cato leadership](/sites/cato.org/files/styles/content_teaser/public/2026-07/Cato%20Convenes%20Leadership-croppedjpg.jpg?itok=KkaLaAmb)](https://www.cato.org/2025-annual-report/advancing-liberty-people-cato) Publications ### [Advancing Liberty: The People of Cato](/2025-annual-report/advancing-liberty-people-cato) #### Appendix [![Jordan and Lyn Weingarten](/sites/cato.org/files/styles/content_teaser/public/2026-06/weingarten4-topaz.jpg?itok=P5FZIQlz)](https://www.cato.org/annualreport25/foundation-trust-jordan-lyn-weingartens-legacy-gift-cato) Publications ### [A Foundation of Trust: Jordan and Lyn Weingarten’s Legacy Gift to Cato](/annualreport25/foundation-trust-jordan-lyn-weingartens-legacy-gift-cato) [![Charles Koch, winner of the 2025 Milton Friedman Prize](/sites/cato.org/files/styles/content_teaser/public/2026-07/2025-05-01-Milton%20Friedman%20Prize%20Dinner-DC-j--115%201.jpg?itok=MVNS-Kx9)](https://www.cato.org/annualreport25/2025-milton-friedman-prize) ### [2025 Milton Friedman Prize](/annualreport25/2025-milton-friedman-prize) [![Portrait of Ed Crane](/sites/cato.org/files/styles/content_teaser/public/2026-02/Ed%20Crane-extended.jpg?itok=m0ivvVEj)](https://www.cato.org/annualreport25/memoriam-ed-crane-1944-2026) Publications ### [In Memoriam: Ed Crane: 1944–2026](/annualreport25/memoriam-ed-crane-1944-2026) [![A stack of Cato books](/sites/cato.org/files/styles/content_teaser/public/2021-03/cato_publications.png?itok=iK73eCkA)](https://www.cato.org/annualreport2025/cato-books) ### [Cato Books](/annualreport2025/cato-books) [![Cato HQ - 2024 Annual Report (List)](/sites/cato.org/files/styles/content_teaser/public/2025-07/cato-hq-ar.png?itok=2njkewcR)](https://www.cato.org/annualreport25/financial-results) ### [Financial Results](/annualreport25/financial-results) [![Cato Building](/sites/cato.org/files/styles/content_teaser/public/2026-03/ChatGPT%20Image%20Mar%2010%2C%202026%20at%2004_18_45%20PM.png?itok=zI0lG8f-)](https://www.cato.org/board-directors-staff-2025) ### [Board of Directors](/board-directors-staff-2025)