Comment by OneDeuxTriSeiGo

You can see the breakdowns of what goes where in the links I included.

Half goes directly to engineering and support for infra. ~17% goes to equity projects. ~10% goes to safety & integrity. And the remaining 23% goes to "effectiveness" goaled projects.

The projects in the equity category are focused on supporting various smaller language Wikipedia communities get established and cross-translate articles.

The safety and integrity projects put a lot of work into protecting volunteers well being, general moderation stuff, legal compliance, etc.

The effectiveness category is a little weirder but it's mostly various "experimental" projects that attempt to address longstanding issues across the WMF without forcing them under a particular sub-org's budget potentially taking away funding from essential services.

NGL They could cut back across the board in various ways and save some money but if they have the money (and they do), I don't see anything outright wasteful that they are spending on. Everything seems pretty clearly like hedged bets to make things gradually better for the future.

And notably these are expenses. There's a gap between expenses and revenue and all that extra revenue gets invested into the endowment, etc to gradually support more and more of their operating expenses with time.