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 the previous year: $18, 821m, down from $23,460m.

Despite the reduced program, Joanna Murray-Smith’s adaptation of The Talented Mr Ripley proved the company’s biggest commercial success of the year before touring to Melbourne. Other strong performers included Julia, RBG: Of Many, One and Bloom, while royalties from the international success of Kip Williams’ The Picture of Dorian Gray also contributed to the company’s financial position.

The financial statements also reveal STC invested $875,000 in the West End premiere of Dracula and still has $10 million outstanding to repay Create NSW as its contribution towards the Walsh Bay Arts Precinct redevelopment.

There are already signs of a stronger box office recovery in 2026.

The Talented Mr Ripley. Photo © Daniel Boud

STC has sold more than 180,000 tickets midway through the year, already eclipsing the 178,971 tickets sold across its entire Sydney season in 2025.

The strongest demand has come for Whispering Jack, which sold out soon after tickets went on sale in February and was subsequently extended by a week. Fewer than 200 tickets remain available, with the company hoping to release additional held seats.

Similarly, An Iliad, which opened in April, extended its run twice following strong reviews and audience demand. The production has been sold out since late May and closes this weekend.

The improving ticket sales provide an encouraging start for artistic director Mitchell Butel’s first full season, although the 2025 financial results underline the continuing challenge of balancing ambitious programming with the rising cost of producing live theatre. 

Even with tighter programming and ongoing efficiency measures, however, STC’s operating activities remain heavily dependent on state and federal funding and philanthropy.