Where and how they spent their money is on p. 21 of this PDF [1] which can be obtained from this official source [2]. This is just a high-level breakdown, but it does illustrate that, for example, more than twice as much is spent on "Donation processing expenses" ($7.5M) as "Internet hosting" ($3.1M), and that the largest line item, by far, is "Salaries and benefits" ($106M).

[1]: https://wikimediafoundation.org/wp-content/uploads/2025/04/W...

[2]: https://wikimediafoundation.org/annualreports/2023-2024-annu...

Depends how you define waste if you agree. But you could cut $100m yearly and core Wikipedia would still run great.

https://en.wikipedia.org/wiki/User:Guy_Macon/Wikipedia_has_C...