Financial Strain Hits U.S. Ballet: Majority of Companies Post Losses

The U.S.-based Dance Data Project® (DDP) has released its 2025 report, revealing that 54% of the nation’s 150 largest ballet companies ran deficits in fiscal year 2023.

Founded in 2015 by Elizabeth Yntema, DDP is dedicated to raising awareness of gender equity in the dance industry—particularly in leadership roles and choreographic opportunities—through data-driven reports, advocacy, and programming. Each year, the nonprofit publishes an updated Largest 150 Ballet & Classically Based Companies Report covering the prior fiscal year.

The latest edition analyzes fiscal year 2023 and includes preliminary data for fiscal year 2024. For the second year, DDP has ranked companies not only by expenses but also by revenue and surplus/deficit status.

According to the 2023 findings, financial activity among the 150 largest ballet and classically based companies reached record levels, with total expenditures climbing 15.4% year-over-year to $830 million. However, revenues totaled only $787.6 million, resulting in an industry-wide shortfall of $42.6 million—a stark contrast to the relative stability of FY2022. In FY2023, 54% of companies reported deficits, compared with just 20% the year before. The report also shows that the 50 largest companies accounted for 88.9% of total expenditures (approximately $738 million), with the top 10 alone responsible for 52.6%.

Among the top 50 companies, most expanded their budgets significantly: Sacramento Ballet (+50.4%), Charlotte Ballet (+49.4%), New Jersey Ballet (+46.7%), and Carolina Ballet (+39.2%). BalletCollective’s budget nearly doubled (+98.1%), while Connecticut Ballet (+92.2%) and Midwest Ballet (+81.7%) also posted dramatic growth. In contrast, L.A. Dance Project saw a rare budget contraction of 9.1%. Of the 49 companies spending more than $2 million, 45 increased their budgets. Notable examples include New Jersey Ballet (+35.7%), Cleveland Ballet (+35.5%), and Orlando Ballet (+26.7%).

Preliminary FY2024 data from 122 companies suggest that 52.5% reported deficits, while 46.7% posted surpluses. However, these figures remain provisional until all filings are complete.

In a statement shared on social media, DDP noted that this marks the seventh annual study of the largest U.S. ballet and classically based companies. By ranking groups according to revenue as well as surplus and deficit, and by examining the gap between income and expenditure, the report offers a fuller picture of both individual companies’ health and the overall financial landscape of the ballet industry.

DDP Director of Research Jenna McGrath commented: “This report is evidence of DDP’s continued evolution. Each year we refine our methodology, incorporate additional dimensions of company activity, and find new ways to illustrate both the strengths and stress points across the field. We are proud that this edition offers deeper insight into the financial state of American ballet.”