More Revenue, Fewer Donors: What 2025 Confirmed and What Fundraisers Should Watch in 2026
Earlier this year, we introduced the Concentrated Growth framework as a way of describing what many organizations experienced throughout 2025: stable or growing revenue increasingly supported by fewer, more valuable donors.
At the time, it was still fair to ask whether those trends reflected temporary market conditions or a longer-term shift in donor behavior. As more benchmark data has become available in 2026, the broader pattern has only become more visible.
Across multiple benchmark sources, nonprofits generally saw modest revenue growth in 2025 despite continued pressure on donor counts and overall participation rates. Reports from the Fundraising Effectiveness Project (FEP), Blackbaud, Avid+Wiland, and Epsilon all pointed toward the same broad pattern:
Fewer active donors
Higher average gift values
Greater dependence on retained and higher-value supporters
Continued retention and reactivation pressure
Increasing importance of recurring and multichannel donors
In many ways, fundraising programs remained operationally resilient throughout 2025. Revenue held up better than many expected. But underneath that stability, the composition of donor value continued to narrow — an important distinction.
A file can continue growing revenue while simultaneously becoming more fragile.
We saw many organizations offset donor declines through stronger average gift performance, deeper engagement among loyal supporters, and increasing concentration of value among retained donors. At the same time, acquisition remained inconsistent, reactivation rates stayed challenged, and broad-base donor participation continued to soften in many sectors.
This does not mean we should turn away from acquisition. In fact, the opposite. Pipeline weakness often takes longer to surface than revenue weakness.
When organizations continue to grow value from their active donor base, the pressure inside the acquisition and reactivation pipeline can remain partially hidden for several years before materially affecting long-term file sustainability.
That is likely one of the defining fundraising dynamics in 2026.
What We Are Seeing So Far
Early 2026 benchmark data suggests several 2025 trends are continuing.
Revenue performance has generally remained stable across much of the sector, but donor participation pressure has not meaningfully improved. Retention remains one of the most important drivers separating stronger-performing organizations from those who may be feeling more of the pressure.
Several additional themes are beginning to emerge more clearly:
1. Donor value concentration continues
Many organizations are still seeing revenue disproportionately supported by:
Retained donors
Recurring donors
Mid-level donors
Major donors
This has become especially visible in organizations with mature donor files and strong stewardship programs.
The challenge is that many organizations are now operating with less margin for donor attrition than they may realize.
2. Recurring giving continues to outperform
Recurring donors remain one of the healthiest segments across most benchmark sources:
Stronger retention
More predictable revenue
Better long-term donor value
That is not necessarily new. What is changing is the degree to which recurring programs are now helping stabilize broader file performance.
3. Multichannel engagement matters more than ever
Donors increasingly move fluidly across channels. Organizations who are still evaluating channels in isolation may be underestimating the true value of coordinated donor engagement.
This is particularly important as digital acquisition, social engagement, email cultivation, direct mail, and stewardship efforts continue converging into one connected donor experience.
The Environment Fundraisers Are Navigating in 2026
The remainder of 2026 is unlikely to be shaped by fundraising dynamics alone.
Several broader external pressures may influence donor behavior throughout the year:
Continued inflation and elevated consumer pricing
Ongoing geopolitical instability and global conflict
Market uncertainty and consumer confidence fluctuations
The approaching U.S. midterm election cycle
Increasing competition for donor attention and emotional bandwidth
Historically, election cycles tend to create both risk and opportunity for nonprofit fundraising.
Political giving often absorbs discretionary donor dollars during major election years, particularly among highly engaged donor audiences. Advocacy and political organizations frequently see increased participation and urgency-driven giving, while some traditional charitable sectors may experience softer response rates or delayed donor decision-making during peak election periods.
At the same time, election environments can also increase overall engagement behavior. Donors become more attentive, emotionally responsive, and values-oriented. Organizations that clearly communicate mission relevance and impact often perform better in periods where donors are evaluating where they want their dollars to create tangible outcomes.
That may become especially important in 2026.
If economic uncertainty continues while election intensity increases, donors may become increasingly selective rather than universally disengaged.
In other words, the issue may not simply be whether donors continue giving. The issue may be where they choose to concentrate their giving.
That possibility aligns closely with the broader trends related to concentrated value that have already taken shape across the sector.
What Fundraisers Should Be Thinking About
If the sector continues moving in this direction, the organizations positioned best for the remainder of 2026 (and beyond) will likely be the ones balancing two priorities simultaneously:
Protecting and growing active donor value
Intentionally rebuilding long-term pipeline health for one-time and recurring giving audiences
Organizations that focus only on short-term revenue optimization may unintentionally accelerate long-term donor concentration risk. But organizations that ignore current donor value dynamics may also miss important opportunities to deepen engagement with their strongest supporters.
Several areas feel especially important heading into the back half of 2026:
Strengthening donor retention strategies
Expanding recurring giving programs
Building more intentional mid-level cultivation
Improving donor reactivation efforts
Investing in multichannel donor experiences
Using donor data more proactively to identify upgrade and attrition risk
Continuing acquisition investment, even when short-term efficiency pressure exists
Most importantly, fundraisers should continue looking beyond topline revenue alone.
The organizations best positioned for long-term stability will likely be the ones paying close attention not only to how much revenue is growing, but how that revenue is being distributed across the donor file and how long those dynamics are likely to continue.
Because the broader story of fundraising right now is not simply about growth.
It is about where that growth is concentrating.
As fundraising trends continue evolving, organizations that stay proactive will be best positioned for long-term stability and growth. At Fuse, we’re constantly tracking shifts in the landscape and helping partners adapt strategies to meet the moment. If your team is thinking through what these changes could mean for your program, we’d love to connect.
Sources & Industry Benchmark Reports
Epsilon Abacus Cooperative Market Trends Report
About the Author:
When he’s not building very detailed spreadsheets or talking donor trends, James is leading Data Strategy & Planning at Fuse Fundraising. With more than 14 years of experience in marketing and nonprofit fundraising, he partners with teams to turn data into actionable strategy that strengthens donor engagement, improves performance, and drives long-term growth. Outside of work, you’ll likely find him grilling, doing yardwork, watching football, or revisiting some classic video games.