U.S. Public broadcasting finance: a vulnerability typology of stations and networks based on IRS Form 990 data

The Corporation for Public Broadcasting voted to dissolve in early 2026 following the rescission of federal funding, ending the primary federal funding mechanism for over 1,500 public broadcasting stations. This paper uses IRS Form 990 filings to analyze the revenue structures, operating performance, and financial reserves of 201 U.S. public broadcasting organizations, including local stations and the two national distribution networks (PBS and NPR). The analysis develops a four-part revenue typology (Content Producers, Donation Primary, Donation Dependent, and Diversified) and finds that vulnerability to funding disruption is shaped less by organizational size than by revenue concentration, cost alignment with the revenue model, and reserve depth. Over half of all organizations (52%) operate at a deficit, yet the sector holds $6.23 billion in total assets. This coexistence of aggregate wealth and widespread operating losses reflects structural variation that aggregate statistics obscure. By shifting the unit of analysis from national funding aggregates to organization-level financial structure, this paper offers a replicable framework for assessing financial vulnerability among U.S. public broadcasting institutions.