The Phildelphia Museum of Art Ran a $10 M. Deficit This Past Fiscal Year
The Philadelphia Museum of Art recorded a $10 million deficit for fiscal year 2025–2026, which ended June 30, on a $76.5 million budget, according to preliminary documents reviewed by the Philadelphia Inquirer. The shortfall is nearly double the prior year’s $5.4 million deficit, and museum leaders reportedly expect the deficit to remain flat or increase to as much as $15.9 million this year. The news follows the October 2025 ouster of director Sasha Suda, who later sued the museum after a rebrand attempt; a judge ruled earlier this year that her dispute must be resolved in closed arbitration under her contract. Interim leader Daniel Weiss, a former president and CEO of the Metropolitan Museum of Art, told the Inquirer the situation is “substantial, but solvable,” said the museum has been covering deficits by drawing on cash and reserves, and estimated the budget could be balanced in three years; he and CFO/COO Mitchell Wein attributed the deficit to flat revenue across contributions, admissions, membership, and other earned income.
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This story was covered in Bias Warnings, Billion-Dollar Openings, and Museum Heists