This year's annual report begins with good news from the 2024-25 AAUP Faculty Compensation Survey: Wage growth for full-time faculty members in US higher education exceeded inflation for the second consecutive year, following three consecutive years of declining real (inflation-adjusted) salaries. However, despite the positive trend over the last two years, real average salaries remain about 6.2 percent lower than they were in fall 2019, before the COVID-19 pandemic. This report presents findings from the AAUP's annual Faculty Compensation Survey at a time when US higher education faces an uncertain future. Only months into his new term, President Donald Trump has cut billions of dollars of federal grants and contracts for universities; targeted diversity, equity, and inclusion programs; and engaged in "unprecedented government overreach and political interference" regarding higher education, according to a statement published by the American Association of Colleges and Universities on April 22, 2025, and, as of this writing, signed by more than six hundred US college and university presidents. The Trump administration decimated the Institute of Education Sciences (IES), which is housed in the Department of Education, through the mass cancellation of contracts and mass layoffs of staff, making it impossible for IES to carry out the vital functions of collecting high-quality data; conducting rigorous education research; and disseminating information to educators, researchers, policymakers, and the public. AAUP researchers have relied on IES data--especially Integrated Postsecondary Education Data System (IPEDS) data--to form the foundation of the Faculty Compensation Survey, which will be harmed without a plausible substitute in future years. The AAUP, together with the AFT and other allies, has filed lawsuits to block several of the Trump administration's actions and will continue working to develop and promote standards that protect academic freedom and the quality of higher education. This report documents salaries and fringe benefits for both full- and part-time faculty members as well as salaries for senior administrators. It also documents the ongoing shift in the makeup of the academic workforce from mostly full-time tenured or tenure-track faculty members to mostly part-time and full-time faculty members holding appointments that are ineligible for tenure, whom AAUP policy documents refer to as contingent faculty members. And it describes key financial trends in US higher education. Finally, it highlights important concepts and resources that faculty members should be aware of during these uncertain times.