In an examination of over 11,000 unique nonprofit arts and cultural organizations that completed the Cultural Data Profile survey, we uncover key trends shaping the sector from 2018 to 2025.

Published October 29, 2026

While the sector may be moving past pandemic-era volatility, reduced earned revenue and persistent inflation over the last several years leave fewer resources available to the cultural organizations that bring music, theatre, art, and shared experiences to our communities. Even so, many organizations are maintaining a financial surplus, pointing to a sector that is settling, but continues to feel the strain of a slower, incomplete recovery.

That strain is clearest in earned revenue, which has declined 27% since 2019 after adjusting for inflation, not quite double the 16% decline in unrestricted contributed revenue. Within earned revenue, single tickets have recovered faster than memberships and subscriptions, and preliminary 2025 data show paid attendance still 20% below 2019 levels, compared with 6% below for free attendance. Audience recovery appears to be slower the more financial commitment is involved. Because these financial figures are adjusted for inflation, they also show that revenue growth, where it has occurred, has not kept pace with rising costs.

Against that backdrop, foundation and individual giving stand out as a relative bright spot. Both sources have returned to roughly pre-pandemic levels, with early 2025 data showing even further growth as government support continues to recede. Foundation support, in particular, shows growth across every budget category, making it one of the more consistently reliable sources of support in an otherwise uneven recovery.

Overall, cultural organizations are adapting and settling. Early 2025 data show personnel spending up 6% in real terms, though it remains below pre-pandemic and even 2020 levels. At the same time, organizations have continued to tighten non-personnel expenses, a combination that has helped many maintain a surplus. Other indicators point in the same direction. Working capital, although declining from its 2021 peak, remains above pre-pandemic levels and the pace of that decline has slowed over the last two years. The share of organizations running a deficit climbed through 2023 and 2024, but preliminary 2025 data show that trend reversing, landing back at roughly pre-pandemic levels.

Financial settling may look different depending on organization size. Large organizations with budgets above $1 million are driving much of the recovery in total revenue seen in this analysis. Small organizations with budgets below $250,000, by contrast, have continued to lose revenue and are responding by cutting expenses while drawing down surpluses. Midsized organizations (budgets between $250,000 and $1 million) largely sit somewhere between—showing signs of financial stabilization even as revenue and attendance challenges continue.

Taken together, these trends describe a sector that is settling from the swings of the pandemic era. Organizations are containing costs, restoring some personnel spending, and maintaining working capital above pre-pandemic levels, perhaps signaling a heightened awareness of financial risk after years of turmoil. What the data can't yet answer is whether organizations can rebuild capacity and audiences while protecting the financial cushion they have worked to preserve.