Swimming Canada nearly doubled its surplus from the previous year and reported a significant increase in spending on competition and competition support, according to its 2025-26 financials.
Swimming Canada recently released its 2025-26 Impact Report, which includes financial and operations statements for the fiscal year ending March 31, 2026.
The most notable takeaway from the Statement of Operations was the significant increase in surplus in 2025-26.
Swimming Canada reported a surplus of $799,421 for the past financial year, more than doubling its 2024-25 mark of $382,710.
Both revenue and expenses increased year-over-year, with revenue climbing from $14.3 million to $15.1 million, and expenses increasing from $13.9 million to $14.3 million.
STATEMENT OF OPERATIONS
Courtesy of Swimming Canada
Key Takeaways:
- Government funding remains Swimming Canada’s biggest source of revenue. Sport Canada contributed $7.65 million in 2025-26, an increase of $518K from 2024-25 ($7.13 million).
- Membership fees increased by over $300K, up to $3.92 million in 2025-26.
- Contributing a combined $11.58 million, Sport Canada and membership fees generated roughly 76.7% of Swimming Canada’s revenue last year, a slight uptick from 2024-25 (approximately 75.1%).
- Spending on competition saw a significant increase. “Tours and competitions” spending increased by over $500K to $4.27 million, while “program management” and “competition support” increased by approximately $469K and $511K, respectively.
- In terms of revenue from hosting events, Swimming Canada said it generated $211K in ticket sales from hosting one leg of the 2025 World Cup in Toronto.
- Notable decreases in spending include grants (down $340K), “planning and management” (down $57K), legal and professional fees (down $238K) and sport development (down $329K). All four of those areas saw modest increases the year prior, from 2023-24 to 2024-25, it’s worth noting.
Though not factored into the financials, due to the fact that the fiscal year ended on March 31, it’s also worth noting the 2026 Canadian Swimming Trials generated $133K in revenue from ticket sales, while $25K was earned at the Junior Pan Pacific Championships and $12K was generated at the Speedo Canadian Open.
STATEMENT OF FINANCIAL POSITION
Courtesy of Swimming Canada
Key Takeaways:
- The most striking figure from the financial statement is an increase of $811K, from $3.89 million to $4.70 million, in unrestricted net assets, defined as “funds belonging to a non-profit organization that can be used freely for any general operations, programs, or administrative needs without donor-imposed restrictions.”
- Total assets increased by $185K to $9.70 million, while total liabilities decreased by $591K, down to $909K from $1.5 million.
- Cash and cash equivalents dropped from $5.45 million in 2024-25 to $5.11 million in 2025-26, though accounts receivable—money Swimming Canada is owed but had not collected by the end of the fiscal year—increased by approximately $672K to $1.59 million. So despite the decrease in cash, cash+accounts receivable actually increased year-over-year.
