This ambitious mission compels us to take on the most challenging fights for freedom. And those battles are often not won in a day, or even in a year. They require a stalwart and consistent voice—a drumbeat of optimism, reason, and progress.

Cato is that voice. Over the years, we have redefined policy debates and mainstreamed the libertarian position on foreign, fiscal, immigration, monetary, criminal justice, drug, trade, and health care policies.

Cato’s unique strength is bringing the ideas of liberty to life. We engage with scholars, policymakers, the media, teachers, students, and citizens all over the world, connecting our principles and research with our policy solutions. In the first section of this report, you’ll see how these ideas are having an impact on the most pressing challenges to liberty. In the second section, you’ll see how we plan to accelerate this impact at a critical time for the future of freedom through making key investments in policy, marketing, outreach, technology, and student programs.

We never forget the generous Sponsors who make our work possible. Our victories are your victories. We thank you for the trust you place in us, and for your unshakable faith in the power of freedom.