Concentrated Growth: What 2025 Revealed About the Donor Landscape

The Rise of Concentrated Growth 

Last year, we described the fundraising environment as a tug-of-war between generosity and uncertainty. 

In 2025, both forces were visible. 

Donors continued to give. At the same time, growth in the overall donor base remained uneven. 

Over the course of the year, a structural pattern emerged. Revenue held more consistently than donor expansion. 

Across many sectors, organizations saw stable or modestly positive revenue trends, even as the number of active donors did not expand proportionally. In many cases, value per donor increased while the overall donor base remained flat. 

That imbalance defined the year. 

Growth was present. It was just concentrated. 

Rather than broad-based expansion across the file, performance relied more heavily on greater giving among engaged donors. 

What the Data Consistently Showed 

Industry benchmarks from various sources through most of 2025 pointed to the same underlying pattern: 

• Revenue stability within existing donor files 

• Flat or uneven active donor counts 

• Increases in value per donor across many sectors 

To put it plainly, value carried performance (again). 

Revenue growth and donor growth are not moving in tandem. 

That divergence can sustain some short-term stability. But value can only scale so much. Over time, performance depends on whether new and reactivated donors continue to enter the file and convert into ongoing supporters. 

What Concentrated Growth Signals 

When growth becomes concentrated, composition matters. And it raises strategic questions: 

• How stable is the active donor base year-over-year? 

• Are first-time donors converting into consecutive year givers? 

• Is the Pipeline replenishing the file at a level that balances attrition? 

• How dependent is revenue on a relatively small segment of donors? 

When revenue is supported by a narrower segment of the file, balance becomes more critical.  

While strong performance of your Active file can stabilize results in the near term, long-term sustainability depends on whether the Pipeline consistently fuels that Active base. 

Organizations that focus primarily on increasing value, without steady investment in acquisition and reactivation, will likely face a slower recovery cycle without an inflow of new donors. 

Rebuilding scale requires deliberate planning and sustained execution. It is rarely immediate. 

What This Means for 2026 

If 2025 showed that growth has become more concentrated, 2026 requires a balanced and audience-led response. 

Organizations should focus on: 

• Improving retention and cultivation within core Active segments 

• Improving conversion from first gift to repeat support 

• Audience-led strategies that move donors up and through the continuum of giving 

• Maintaining disciplined, consistent Pipeline replenishment 

• Aligning investment pacing with long-term file health 

The goal is not to shift away from value. It’s to ensure that value and volume move together to support sustainable growth. 

That requires breaking down any existing silos and gaining visibility across the full donor lifecycle, from acquisition through retention and donor advancement, and coordinated decision-making across those stages. 

Organizations that approach growth with that balance in mind, pairing disciplined acquisition with thoughtful retention and progression strategies, will be better positioned to maintain stability, adapt to shifting conditions, and build momentum over time. 

At Fuse, we’re helping organizations navigate these shifts with data-driven strategies and anticipating trends before they happen. If you’re looking for expert insights to steer your fundraising through uncertain times, connect with us here!