Sydney Theatre Company has returned to an overall surplus for the first time since 2022, one bolstered by hit productions including The Talented Mr Ripley and Bloom.

The company’s 2025 annual report shows a thin net surplus of $765,759 for the year, reversing two consecutive years of losses. However, the result was underpinned by government grants, fundraising and investment income, with STC’s core theatre operations continuing to operate at a significant loss.

Bloom, Sydney Theatre Company, 2025. Photo © Daniel Boud

The annual report reveals an operating deficit of $8.7 million, broadly in line with 2024’s result, with the company citing “ongoing challenges” affecting its core activities as rising production costs and broader economic pressures continue to weigh on Australia’s largest theatre company.

Revenue from continuing operations fell by almost $8 million to $28.75 million, reflecting a deliberately smaller theatre program and an eight-week closure of the Roslyn Packer Theatre for redevelopment works. 

Overall attendance also declined, with 392,730 people seeing an STC production in Sydney or on tour during 2025, compared with 512,155 in 2024.

Wages and salaries paid by the company were significantly lower than in...