DDP’S LATEST DATA BYTE FINDS LARGEST 10 BALLET COMPANIES GENERATE NEARLY HALF OF $789 MILLION IN BALLET AND CLASSICALLY BASED DANCE SECTOR REVENUE
Northfield, IL | December 31, 2025 | Dance Data Project® (DDP) today announced the release of its 2025 Revenue Data Byte, the organization’s first in-depth analysis of nonprofit earning structures across the Largest 150 U.S. Ballet and Classically Based Companies. Drawing on IRS Form 990 data from fiscal years 2019 through 2024, the report examines how classically based companies generate income—such as contributed revenue, program revenue, and investment income—and how differing revenue models shape financial stability, artistic choice, and long-term sustainability within the dance ecosystem.
In this Data Byte, DDP ranks ballet companies ranked by revenue (note that the Largest 150 by expenditure differs slightly than the Largest 150 and DDP has accounted for this). This study is the first to examine the funds these organizations bring in over a fiscal year—rather than total expenditure, which reflects how much a company spends. The examination by revenue source offers a new lens on financial scale and organizational capacity.
The analysis underscores stark differences in scale across tiers. In FY2023, the Next 50 companies generated $68.7 million in total revenue, or 8.7 percent of the total, while the Additional 50 accounted for $25.5 million, just 3.2 percent. These disparities reveal how financial resources—and the opportunities they enable—are distributed unevenly across the field. DDP’s findings also trace how revenue composition shifted during and after the COVID-19 pandemic. Across the Largest 150 companies, contributed revenue rose from FY2019 to FY2020 and peaked in FY2021, reflecting heightened philanthropic support during the crisis, before declining in subsequent years. Program revenue followed the opposite trajectory, falling sharply through FY2021 and then steadily increasing as in-person performances and classes resumed. Investment income remained relatively stable across the period, though larger companies exhibited a far wider range of investment income as a percentage of total revenue than smaller organizations.
All tiers of the Largest 150 experienced substantial revenue growth from FY2021 to FY2022, signaling a strong post-pandemic rebound. The Next 50 and Additional 50 companies saw the largest percentage increases, at 47.72 percent and 40.82 percent, respectively, compared with 36.12 percent for the Largest 10 and 31.56 percent for the Largest 50.
The Data Byte also highlights the role of endowments—which fall under investment income—as a critical marker of long-term financial security. Endowments are funds composed of donations that generate income through interest, dividends, and capital gains, helping organizations stabilize operations and weather financial volatility. Among the Largest 150 companies ranked by FY2023 revenue, 40 companies reported endowments for FY2023, 32 of which are in the Largest 50. In FY2023, total reported endowment assets reached $743.6 million, with 84.85 percent held by the Largest 10 companies alone, underscoring the significant concentration of long-term financial resources at the top of the field.
NOTE: While the focus on revenue does not alter the composition of the Largest 10 companies, it results in modest changes within the Largest 50, Next 50, and Additional 50 groupings, including two companies entering and exiting the Largest 150 when compared to expenditure-based rankings. For FY2023, total revenue for the Largest 150 companies reached $788.6 million, with the Largest 50 accounting for $694.4 million, or 88.1 percent of the total. Revenue concentration is especially pronounced at the top: the Largest 10 companies generated $387.5 million, representing more than half of the Largest 50’s total revenue and nearly half of all revenue across the Largest 150.
“The trends identified in this analysis broadly align with recent findings from SMU DataArts analysis of financial and operational patterns across over 6,500 arts organizations, including revenue volatility during the pandemic, a post-COVID rebound, and recent softening for some organizations,” said Junyla Silmon, DDP’s Senior Research Consultant. She continued, “Where DDP’s findings differ is in the outcomes observed among larger ballet companies. While their contributed revenue declined—reflecting broader shifts in philanthropic giving—their overall revenue increased over the period studied, driven by stronger earned and investment income. This contrasts with assumptions that the largest organizations experienced the steepest losses and highlights how scale and revenue mix can buffer financial shocks.”
Sophia Ohrenstein, DDP Research Consultant and Report Lead, noted, “Companies heavily reliant on contributed revenue may be more vulnerable to shifts in donor behavior and economic conditions, while those with significant earned or investment income often operate with greater autonomy.”
The 2025 Revenue Data Byte also highlights how revenue mix varies dramatically by organization. When examining the highest revenue shares in FY2023 across the Largest 150, Greensboro Ballet reported the highest program revenue as a proportion of total revenue, Dimensions Dance Theatre of Miami and Ballet North Texas led in contributed revenue, and Alvin Ailey American Dance Theater reported the highest proportion of investment income relative to total revenue. Together, these findings map the financial foundations beneath U.S. ballet institutions and illuminate the structural advantages and barriers that shape who is positioned to thrive in today’s dance landscape.
The full 2025 Revenue Data Byte is available at dancedataproject.com/research.
