Peer-to-Peer Participation Rebuilds in 2025

By Amanda L. Cole

With revenue and participation rising at nearly identical rates, peer-to-peer fundraising seems to be entering a new phase and stabilizing into a sustainable growth pattern.

America’s top 30 peer-to-peer fundraising programs raised $1.17 billion in 2025, a 3.4% increase year over year, according to the 20th annual “Peer-to-Peer Fundraising Top 30 Survey” released by the Peer-to-Peer Professional Forum. Participation also climbed 3.6% to 2.63 million individuals.

“In 2025, peer-to-peer fundraising in the U.S. continued to grow at a steady and more sustainable pace,” Marcie Maxwell, CEO of the Peer-to-Peer Professional Forum, said in a statement. “While the era of dramatic spikes seems to be behind us, leading programs are showing real strength by adapting with intention.”

Participation Is Rising — But Still Below Pre-Pandemic Scale

Though 77% of the top programs reported revenue growth, participation may be the most telling signal in this year’s data, with several large events posting meaningful gains in headcount. The American Cancer Society’s Making Strides Against Breast Cancer added nearly 69,000 walkers, bringing total participation to more than 931,000 supporters. Memorial Sloan Kettering Cancer Center’s Cycle for Survival recorded the highest percentage growth in participation, increasing 13% to reach 26,000 participants.

Yet even with those gains, participation remains well below pre-pandemic levels. In 2019, nearly 6 million people took part in the top 30 peer-to-peer fundraising campaigns. While other forms of civic engagement have neared pre-pandemic levels, current peer-to-peer participation levels remain significantly (56%) below 2019 totals.

Leading Programs Treat Peer-to-Peer as Infrastructure

As participation stabilizes, the organizations seeing the strongest results appear to be treating peer-to-peer fundraising as long-term infrastructure rather than a single flagship event.

“The organizations seeing the most success are leaning into community and connection while evolving their strategies to meet donors where they are,” Maxwell said.

But peer-to-peer growth alone does not guarantee long-term donor value. Recent research shows peer-to-peer campaigns are effective at bringing in new supporters, but many of those donors do not convert into recurring contributors.

The American Heart Association’s Heart Walk remained the nation’s largest peer-to-peer program, raising $121 million in 2025 and recording the largest dollar increase of any Top 30 event, with an $11 million gain year over year.

With three programs each on the Top 30 list, ALSAC/St. Jude Children’s Research Hospital and Blood Cancer United operate the highest number of sector-leading peer-to-peer initiatives among U.S. nonprofits.

The Cleveland Clinic’s VeloSano, ranked 30th, raised $14.5 million in 2025 — about $505,000 more than was required to make the Top 30 in 2024. Meanwhile, ALSAC/St. Jude’s PLAY LIVE returned to the Top 30 for the first time since 2021.

Even within the top 30, revenue remains concentrated. The top five programs accounted for roughly 40% of the total top 30 revenue in 2025, showing the expansive scale of these events.

Canada Shows Stronger Growth, Similar Participation Momentum

Despite operating at a smaller overall revenue scale than the U.S., Canada’s Top 30 peer-to-peer fundraising programs recorded faster growth in 2025.

Collectively, Canada’s top programs raised $215 million, a 7.6% year-over-year increase, according to the Peer-to-Peer Professional Forum. Participation climbed 6.2% to 5.1 million individuals.

Mirroring the broad-based gains seen in the U.S. market, 73% of the top Canadian programs reported positive revenue growth in 2025. The Terry Fox Foundation’s Terry Fox Run remained Canada’s largest peer-to-peer program, raising $33 million and posting a 23.9% increase over the prior year, the largest dollar gain among Canadian programs.

Participation growth was particularly notable among emerging formats. The Canadian Mental Health Association’s Push-Up Challenge increased participation by 42%, reaching more than 70,000 participants in 2025. Three programs also joined the top 30 for the first time this year.

Like their U.S. counterparts, Canadian organizations appear to be benefiting from renewed community engagement and diversified event models.

“In 2025, peer-to-peer fundraising in Canada demonstrated both resilience and reach,” Maxwell said. “This year’s Canadian report represents the largest study of Canadian peer-to-peer programs in our 13-year history, giving us an unprecedented view into how these programs are evolving. What stands out most is how organizations are strengthening community and connection while adapting their approaches to meet supporters in meaningful and sustainable ways.”

What This Means for 2026 Planning

If 2025 marks a stabilization year for peer-to-peer fundraising, the implications for nonprofit leaders are less about chasing spikes and more about building durability in a more predictable operating environment. Steady participation growth allows for clearer forecasting, more deliberate investment in participant stewardship and a renewed focus on retention strategies rather than emergency rebuilding.

The data suggests that diversification among types of peer-to-peer events is playing a larger role in sustained growth. Walks, runs, and rides remain foundational, but DIY campaigns, endurance challenges, livestreams, and hybrid models that blend in-person and digital engagement continue to expand the ways supporters connect with causes.

Organizations that operate multiple programs or formats may be better positioned to absorb shifts in participation patterns. Rather than relying on a single marquee event, portfolio-driven nonprofits can balance seasonal cycles, audience segments, and engagement styles.

That strategic evolution aligns with Maxwell’s broader framing that leading programs are “adapting with intention.” In a participation environment that remains smaller than its 2019 peak, diversification may matter more than scale, as the tactic can strengthen community ties, refine participant journeys, and convert engagement into long-term donor relationships along the way.