For two years in a row after the pandemic, the amount of revenue generated by the top 300 food banks remained at about $16 billion, following a pandemic-era high of nearly $19 billion.
It seemed logical to assume that food bank revenue had settled into a post-pandemic lull, and would likely remain at about the same level going forward. Instead, we found that revenue at the top 300 food banks increased by nearly $2 billion in fiscal year 2024, to nearly $18 billion.
See our full Top 300 Food Banks ranking here. (Revenue data reflects the most recently filed Form 990 tax data on ProPublica’s Nonprofit Explorer.)
Understanding the reason behind the increase means also understanding the source of “revenue” at a food bank, which is much different than revenue generated by a private or public company. A food bank’s “revenue” comes mostly in the form of food donations, with a smaller proportion coming from government and foundation support, as well as individual donations. Revenue in other words is an indication of how much food and cash food banks are receiving, and in turn putting back out into the community in the form of distributed food. In effect, revenue is a measure of how much good a food bank can do.
During fiscal year 2024, food banks benefitted from hefty contributions to TEFAP funding by the Biden administration. In addition to the standard appropriations, an extra $943 million was kicked in during that time from the Credit Commodity Corp. to meet heightened demand. Food banks were also aided by the federal government’s LFPA program, which had a total budget of nearly $900 million during that time to help food banks purchase produce from local farms.
The revenue boost was likely also helped by a network-wide increase in food rescue, as food banks became more proficient in sourcing food from farms and grocers, and as Feeding America continued with its effort to secure an additional one billion pounds of food annually through its Food Rescue Challenge. Feeding America reported that it rescued 4.1 billion pounds of healthy food in fiscal 2024.
Finally, food banks are benefitting from elevated levels of individual giving. While giving is down from the outpouring seen during the pandemic, it remains higher than before. Food banks also enjoy reputations as trusted nonprofit charitable organizations and operate largely under the umbrella of Feeding America, which has been recognized as the biggest charity in the United States.
More granular results of our revenue survey show that two independent food banks that operate outside the Feeding America network continue to have the highest revenue, with the largest, Midwest Food Bank, even seeing a $50 million increase from a year ago. That amount alone eclipses the revenue of two-thirds of the food banks on this list.
Midwest Food Bank is also the only food bank with revenue exceeding $500 million. Feed the Children became the only food bank to have at least $400 million in revenue, while three Feeding America food banks climbed into the $300 million bracket for the first time.
The top ranking of the two independent food banks is not surprising given their large reach. Both operate distribution centers and have partner agencies all across the country, in contrast to the Feeding America food banks, which are restricted to operating within specific geographic regions.
In general, food banks are getting bigger. This year, the threshold to qualify for the Top 300 list increased to $6.7 million, up from $6.2 million a year ago. In addition, the number of food banks that have more than $100 million in revenue increased to 54, up from 41 a year ago.
While food banks with revenue of $100 million or more represent only 18% of the top 300 food banks, they account for 55% of the revenue. Most food banks remain on the smaller side. The largest segment — 55% — has between $10 million and $50 million in revenue.
Some food banks reported a revenue loss from their last Form 990 filing, but the number doing so – 18% – was less than the 40% that did so in fiscal 2023.
For more insights into the top 300 food banks, see our interactive Tableau dashboard, which displays food banks by state, affiliation, geography, and other factors. With this research, Food Bank News aims to advance knowledge and understanding of the various stakeholders working to address food insecurity in America. — Zachary Smith
Zachary Smith, a former Food Bank News intern, is a reporter for Crain’s Cleveland Business covering real estate and economic development. He also has words in STAT News, VICE, Everyday Health, cleveland.com and The Plain Dealer.
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