In September 2022, Patagonia founder Yvon Chouinard announced a new ownership structure intended to direct the outdoor clothing company’s excess profits towards environmental work while protecting its values. In November 2025, Patagonia published its Work in Progress Report, detailing payments to its environmental owner alongside shortcomings in the company’s own operations. Released on 12 November 2025, Patagonia’s Work in Progress Report says the company had paid $180 million to the Holdfast Collective since the ownership change in 2022. The nonprofit owns 98% of Patagonia, while the Patagonia Purpose Trust holds the remaining 2% and all voting stock. The money comes from excess profits, meaning funds left after the business reinvests in its operations and sets aside reserves for unforeseen events. Patagonia remains a for-profit company and continues to donate 1% of sales to grassroots environmental groups. Its report also details emissions, products without end-of-life solutions and unresolved supply-chain challenges, offering a picture of an experiment that remains unfinished. The report suggests the structure can channel profits towards conservation, but lasting impact will depend on how effectively funds are used and how far Patagonia reduces its own operational environmental harm.
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