Opera Australia's latest performance is less Verdi's La Traviata, and more AC/DC's Back in Black.

The national company has posted a major turnaround in its finances, balancing the books in 2025 following 2024's big losses of more than $10 million.

"It's very close to break even, which is fantastic ... the return to good times is not an anomaly," said chief executive Alex Budd, who began his role in November and is part of an overhauled senior management structure.

He said the improvements under acting chief executive Simon Militano had been driven by more disciplined cost controls, a carefully balanced repertoire, and a focus on rebuilding the company's finances.

While total revenue reached $122.8 million in 2025, Opera Australia posted a small deficit of $36,051 prior to the inclusion of the company's capital fund, which took the final result to a profit of $3.6 million, according to its annual results released on Wednesday.

Box office was up by 29 per cent during 2025, with ticket revenue rising from $50.7 million in 2024 to $65.3 million.

It all reflected a big growth in audiences, with just under 575,000 people attending shows in 2025, compared to about 362,000 the previous year.

The biggest hits were the musical Hadestown, which had an audience of 185,000 in Sydney and Melbourne, while Rent attracted more than 50,000 to the Sydney Opera House.

Almost 48,000 people saw director Anne-Louise Sarks' new production of Carmen across runs in Sydney and Melbourne, while Sarah Giles' version of Rusalka starring Australian soprano Nicole Car was another highlight, with an audience of 10,000 at the Opera House.

The company also relies on $25 million in Creative Australia funding, as well as $3.9 million from the NSW government and another $1 million from the Victorian government.

Budd is cautiously optimistic about 2026, and is predicting a small surplus, thanks in part to a record-breaking extended run of Phantom of the Opera on Sydney Harbour, with more than 92,000 tickets sold.

Like other performing arts companies, Opera Australia is contending with cost of living pressures for audiences, as well as a competitive market for live theatre, and increased production costs.

"We've done a lot of work around our risk and exposure to the conflict in the Middle East, and our main concern, which we need to manage our way through, is around manufacturing," Budd said.

A move to the Regent Theatre due to renovations at Arts Centre Melbourne has worked for the company, Budd said, although it reduced the number of productions presented in the city.

He flagged the return to Opera Australia's traditional State Theatre home will mean an expanded program for Melbourne opera lovers in 2027.

"When we announce our season next year, I suspect Melbourne will be really pleased with what we've been able to bring back to the Ian Potter State Theatre," he said.