My mistake. What about revenue, though? It looks to be growing as fast as expenses if not faster

The version of the article on the signpost lacks the table of figures, if you go to the version on his user page, it paints a clearer picture [0]. idorosen has posted a table on the root thread which adds a column for the expense ratio (1 minus the margin) and it's getting much higher much quicker [1].

[0]: https://en.wikipedia.org/wiki/User:Guy_Macon/Wikipedia_has_C... [1]: https://news.ycombinator.com/item?id=14287495

idrosen is pretty clear these numbers aren't that scary, though.

Well, try to draw a trend line through the operating margin and tell me it's not that scary. I think that it's pretty scary if your permanent, ongoing financial commitments are growing to match your revenues. This way, you have no cash to react to intermittent expenses or R&D. And let's remember that Wikipedia is already doing more donation drives than ever.