394 Arts Orgs Are Burning Cash: NYC Opera at –$1.66M, Berkeley Rep Revenue Halved

Berkeley Repertory Theatre reported $21.2 million in revenue for the fiscal year ending August 2025, down from $42.9 million the prior year, a collapse of more than 50 percent in a single filing period. Across 394 flagged organizations, negative net assets, operating deficits exceeding 10 percent, and revenue declines of 15 percent or more are stacking simultaneously. The distress spans every scale of institution, from a $2,666 annual revenue figure at PUNTA GORDA SYMPHONY INC to $283.9 million at Metropolitan Opera Association Inc.