Independent Auditor’s Report on the Smithsonian Institution’s Fiscal Year 2025 Financial Statements

This is the second report of the fiscal year 2025 financial statements audit of the Smithsonian Institution performed by the independent public accounting firm of KPMG LLP (KPMG). On February 27, 2026, KPMG issued its independent auditor’s report on the Smithsonian Institution’s statement of financial position as of September 30, 2025, and the related statements of financial activity and cash flows. KPMG expressed an unmodified opinion that concluded the financial statements were presented fairly, in all material respects, in accordance with the applicable financial reporting standards.