Here is their FY 24–25 Audit Report. To wit, their net assets were $296.6 million, while their total internet hosting expenses were $3.5 million. So the claim that hosting expenses make up a trivial fraction of their total assets would appear to hold true even moreso today than a decade ago.

Granted, the FAQs for the report state that “The vast majority of […] revenue came from donations […], as well as investment income, Wikimedia Enterprise revenue, and other revenue primarily related to a cost sharing agreement with the Wikimedia Endowment”.

I remain suspicious of the large increases in “Salaries and wages” year-over-year compared to other expense categories.