The Major League Baseball Players Association accumulated $415 million in U.S. Treasury securities, cash and other investments by the end of 2025, according to its LM-2 filing with the U.S. Department of Labor. The collective bargaining agreement between Major League Baseball and the players association is scheduled to expire on December 1, 2026.

The MLBPA's combined reserves of Treasury securities, cash and investments grew from $283.8 million at the end of 2024 to $415 million at the end of 2025, the filing showed. The increase reflected in part the union's decision to convert a large sum of cash into U.S. Treasury securities over the course of the year. Cash reserves fell from $144 million at the end of 2024 to $37.4 million at the end of 2025. At the same time, the union's investments in Treasury securities climbed from $85.3 million to $222.1 million.

Total assets rose from $353 million at the end of 2024 to $519 million at the end of 2025, according to the filing. Net assets stood at $511.5 million at the close of 2025.

The previous collective bargaining agreement expired in December 2021, and that expiration led to a lockout that lasted more than three months before the two sides reached a new deal. Since 2024, players have allowed the union to withhold their group licensing checks. Those withheld funds could be delivered to players during a potential lockout.

Fanatics was the union's largest revenue source in 2025, according to the filing. Revenue from the merchandise and licensing company increased from $94.4 million in 2024 to $106.4 million in 2025.

The MLBPA's lobbying spending also rose during the year, increasing from $363,034 in 2024 to $788,486 in 2025, according to the filing. The union had two firms on monthly lobbying retainers during the year, the Labor Department disclosure showed.