February CDP Index: Growth remains strong in early 2026, but signs point to slowdown
This edition of the Public Media Index covers giving from November 2025 to January 2026 compared to the same three-month period ending January 2025. In January 2025, threats to federal funding for public media had not yet risen to the alarm levels we would see later in the spring. In the February 2025 Index, we reported flat revenue, with new donor declines that had been ongoing for more than a year.
This is all to say that we are still comparing the current three-month period with results predating the funding threat period. Our current year-over-year changes remain strong but have declined since September 2025.
The Membership Revenue Index showed a 46% increase in 2026 compared to 2025. Both TV/Joint licensees and Radio-only organizations had year-over-year revenue increases exceeding 40%, as did organizations across all sizes. In the October 2025 Index (reporting ending Sept. 30), Membership revenue showed an 89% increase — nearly twice that of the current report.
The declining rate of growth for the High-Dollar Gifts Index is even steeper. The growth rate for gifts of $500 or more peaked in the October Index at 228%. In this most recent index, growth has slowed to a still remarkable 68%. TV/joint licensees are still seeing a 71% increase in higher-level donors, and radio is at 58%.
The New Donor Index growth rates are very similar to the growth in higher-level donors. The three-month period ending September 2025 saw median new donor growth at 213%, which dropped to 66% for the most recent index. Again, this remains a very strong growth rate! We highlight the change since September to prepare the system for the inevitable plateau and highly likely decline in new donors in the coming months. For now, let’s continue to celebrate the 70% increase in new donors for TV/Joint and 65% increase for Radio.
The Sustainer Index continues to see an increase in year-over-year growth as these donors continue making gifts and being counted each month. The number of donors making at least one sustainer gift in the most recent three-month period increased 18% over last year. The current share of all new donors who made sustainer gifts is 45% compared to 39% last year. This bodes very well for retention in 2026.
For TV and joint licensees, increasing donor engagement via Passport can also drive lifts in donor retention. It is encouraging, then, that the number of Passport Users increased 17% in 2025. Overall donor retention rates increased from 79% to 85% for donors who stream Passport.
If you missed the full 2025 State of Fundraising webinar, you can access the recording here. Also, we will publish the full State of Fundraising report for 2025 in the coming weeks to provide deeper insight into last year’s trends to help prepare for this year’s opportunities.
This monthly report on the fundraising performance of public media stations is provided through an editorial collaboration between Current and Contributor Development Partnership (CDP). The collaboration draws from CDP’s National Reference File, which collects monthly membership and revenue data from more than 170 public media stations. (Read more about the methodology.)
Deb Ashmore joined CDP as Analytics Strategist in September 2023. With more than 25 years of experience in the nonprofit sector and public media fundraising, she is passionate about working to help clients understand their fundraising data to inform strategies for long-term file health and growth. Her previous public media experience includes 10 years as director of individual giving for WXPN in Philadelphia.
