Melbourne Theatre Company has published its 2025 Annual Report, which shows a net deficit of $3.9m and a fall in total revenue of more than $2.1 million, from the previous year’s $28m to $24.45m.

According to its figures, the company attracted nearly 190,000 paying attendees to its productions which generated $13.4 million in box  office income. Commonwealth and State Government grants came to $3.9m, which the balance coming from a variety of philanthropic and investment sources.

Across the year, MTC staged 550 performances, employed 439 actors, creatives and industry professionals, and commissioned four new Australian works. More than 12,900 ticket buyers attended the company for the first time.

Anne-Louise Sarks. Photo © Eugene Hyland

Single-ticket sales increased as a proportion of revenue, with more than half of all single-ticket buyers new to the company — the highest share since 2018.

The season was one dominated by Australian work, with more than half of its programming locally created and five productions developed through its NEXT STAGE Writers’ Program.

In her first report as sole CEO and Artistic Director, Anne-Louise Sarks said the company was actively reshaping its business model in response to changing audience behaviour, financial headwinds being felt across the community, and broader structural challenges facing theatre.

“Rather than waiting for a return to previous models, we are actively reshaping how we work – diversifying income streams, exploring new ways of connecting with audiences and building a Company that is as resilient as it is ambitious,” Sarks wrote.

Christie Whelan Browne, Marina Prior and Nathan O’Keefe in Kimberly Akimbo. Photo © Melbourne Theatre Company

Among the company’s biggest successes was the STCSA-MTC co-production Kimberly Akimbo, which sold the highest number of single tickets of any production in 2025 and went on to receive multiple Green Room Award nominations, including Outstanding Production. 

Other highlights included The Black Woman of Gippsland by Andrea James, which was shortlisted for both the Victorian Premier’s Literary Awards and the NSW Literary Awards, and Sarks’ adaptation of Rebecca, which won Green Room Awards for direction, lighting and performance.

Board chair Martin Hosking acknowledged the company’s worsening net position, which deteriorated by more than $4 million compared with 2024, but said the result was influenced by reduced one-off fundraising income and increased expenditure.

“Like many arts organisations, we also faced financial challenges reflecting economic pressures and shifting audience behaviours,” Hosking wrote, noting softer subscription sales and increased price sensitivity among audiences.

View/download the MTC annual report here.