The Vatican's financial report for 2024 shows significant improvements compared with previous years, but "realism and discipline" are needed to make it last.Lenten campaign 2026
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With a budget surplus of €1.6 million (about $1.86 million), the Holy See has managed to present a balanced budget for 2024, a first in many years. But this news also lifts the veil on a very difficult year for the budget in 2023.
“2024 could be a pivotal year if, after years of stable or growing operating deficits, the Holy See sees its operating deficit reduced in the coming years,” according to the annual report published on November 26, 2025, by the Secretariat for the Economy, the first to be made public in three years.
The previous publication of an annual report by the Holy See dates back to 2022 and covered the year 2021. The then-prefect of the Secretariat for the Economy, Father Juan Antonio Guerrero, was pessimistic about the years ahead. “2022 will be a particularly difficult year, as will 2023,” he announced. The Holy See didn’t publish an annual report for the following two years.
The document published on Wednesday seems to confirm the Spanish Jesuit's predictions for 2023 (the figures for which appear in the 2024 report) However, it also shows an unexpected rebound in 2024. In the meantime, the prefect had to step down from his post in November 2022 for health reasons and was replaced by a lay compatriot, Maximino Caballero Ledo, his right-hand man recruited in 2021.
“Encouraging signs”
In an interview published by the official Vatican News portal, Caballero Ledo welcomes the “encouraging signs” seen in 2024, the last full year of Francis' pontificate. The balance sheet shows a budget surplus of €1.6 million (~$1.86 million). Nonetheless, Maximino Caballero Ledo insists that the operating deficit (excluding financial and extraordinary results) remains high at €44.4 million (~$51.54 million)—even though it has almost halved compared to 2023. He cautiously announced his intention to continue reducing it “with continuity, realism, and discipline” in order to achieve “full financial sustainability.”
A very bad year in 2023
This caution could be explained by the results posted in 2023: the Holy See's deficit was €51.2 million (~$59.4 million), significantly higher than in the previous balance sheet (€3 million, or ~$3.5 million, in 2021).
The poor year in 2023 can be explained mainly by a significant increase in expenditure, up €157.6 million (~$182.9 million) compared to 2021. It’s also worth noting the poor financial results, down €24 million (~$27.9) compared to the previous balance sheet.
It’s not clear whether the 2023 deficit is in line with 2022, as that year's budget balance sheet hasn’t been made public. In any case, it’s less significant than that of the annus horribilis of 2020 (-€66 million, about -$77 million), even if the method of calculating the balance sheet was not exactly the same at the time.
A sharp decline in the operating deficit
Starting in 2022, when the 2021 balance sheet was published, the Secretariat for the Economy expanded its scope of action, accounting for the first time for the income and expenses of all entities dependent on the Holy See, including the Roman hospitals (Bambino Gesù, Fatebenefratelli, etc.) that belong to the apostolic patrimony.
One of the main lessons of the 2024 balance sheet, which incorporates this change, is the sharp decline in the operating deficit from -€78 million (~$90.5 million) in 2021 to -€44 million (~$51 million) in 2024, an improvement of €34 million ($~$39).
If we exclude hospital activities from the balance sheet, which account for more than half of revenues and expenses, the Holy See's operating deficit is even lower, at -€33 million (about -$38.3 million). Buoyed by strong financial results in 2024, this allows the Holy See to generate a surplus of €18.7 million (~$21.7 million, excluding hospitals).
A spectacular increase in Holy See's assets between 2021 and 2024
Excluding hospitals, in 2024, 43% of revenues came from donations external to the Vatican, or €237 million (~$275 million), less than 10% of which came from dioceses (Peter's Pence). Forty percent of revenue is generated internally, notably by the Vatican Museums, which recently increased their ticket prices, for a total of €217.8 million (~$252.8 million). Financial investment income, which is up significantly compared to 2023 (+44%), accounts for 13% of revenue, and donations from internal entities account for 4%.
On the expenditure side, again excluding hospitals, it isn’t possible to directly compare the 2021 and 2024 balance sheets, as the two documents have been structured differently. The 2024 balance sheet shows that 25% of expenditure, or €127.9 million (~$148.5 million), relates to donations made by the Holy See. One-third, or €175.4 million ($203.6), is devoted to salaries, an increase of nearly 5% compared to 2023. Over the same period, administrative and general expenses, which amount to €187 million (~$217 million), increased by 7%.
In total, the Holy See's assets, including hospitals, real estate, and financial assets, amount to €6.326 billion (~$7.34 billion), a slight increase compared to 2023. However, this is a very significant change compared to 2021, when they amounted to €3.9 billion (~$4.5 billion), €2.4 billion (~$2.8 billion) less than in 2024. The reasons for this increase have not been disclosed by the Holy See.
Papal efforts
In recent years, Pope Francis has repeatedly sounded the alarm about the state of finances, particularly with regard to pension funds, which are not mentioned in the 2024 budget statement.
In an interview with Vatican correspondent Elise Allen published last September, Pope Leo XIV sought to be reassuring. “It's not the crisis we've been led to believe ... We’ll continue to work on it,” he said, stating that the reforms initiated by Francis had improved things but needed to be continued.
