YouTube Channel Income Statistics 2026 | Monetization, CPM & Key Facts

YouTube Channel Income Statistics 2026 | Monetization, CPM & Key Facts

YouTube Income in 2026

YouTube has cemented its position as one of the largest media businesses on the planet, generating more annual revenue than legacy entertainment giants and creating an entirely new category of work known as the creator economy. According to Alphabet Inc.’s official fourth-quarter 2025 earnings release, filed with the US Securities and Exchange Commission (SEC), YouTube’s combined advertising and subscription revenue surpassed $60 billion for the full year 2025 — a figure that, for the first time, Alphabet broke out separately in its financial disclosures, confirming YouTube as larger than Netflix’s $45.18 billion in 2025 revenue and trailing only Disney among entertainment companies globally. This milestone reflects not just YouTube’s dominance as a video platform but its maturation into a vast economic ecosystem supporting millions of individual creators worldwide.

What makes the 2026 YouTube monetisation landscape especially significant is the scale of direct payments now flowing to creators themselves. YouTube CEO Neal Mohan’s official 2026 letter confirms that the platform has paid out more than $100 billion to creators, artists, and media companies over the past four years, with US-specific data from an Oxford Economics-conducted Impact Report showing that YouTube’s creator ecosystem contributed $55 billion to US GDP in 2024 alone and supported the equivalent of 490,000 full-time jobs domestically. Yet beneath these headline figures lies a far more unequal reality: monetisation success follows an extreme power-law distribution, with CPM rates varying by as much as 40 to 50 times depending on content niche, audience geography, and video format. This article draws on official Alphabet/YouTube financial disclosures, SEC filings, and Oxford Economics research, alongside cross-verified creator economy industry data, to present an accurate statistical picture of global YouTube channel income in 2026.


YouTube Channel Income Key Facts in 2026

Before exploring detailed statistical breakdowns, the following key facts establish the scale, structure, and distribution of income across the global YouTube creator economy today.

YOUTUBE CHANNEL INCOME KEY FACTS SNAPSHOT — 2026
====================================================

  YouTube Total Revenue (2025)        ████████████████████  $60+ billion
  Creator Payouts (Last 4 Years)      ████████████████░░░░  $100+ billion
  US GDP Contribution (2024)          ████████████████░░░░  $55 billion
  US Full-Time Jobs Supported         ████████████████░░░░  490,000+
  Total YouTube Channels Worldwide    ████████████████████  115+ million
  Channels in Partner Program         ██░░░░░░░░░░░░░░░░░░  ~3-5 million (4.3%)
  Average CPM (2026, all niches)      ████████░░░░░░░░░░░░  $3.50-$6.15
  CPM Range Across Niches             ████████████████████  $1 to $65+ (40-65x spread)
Key Fact Detail
YouTube total annual revenue (2025, official) $60+ billion (ads + subscriptions)
YouTube ad revenue (full-year 2024, official) $54.2 billion
YouTube Q4 2025 ad revenue (official) $11.38 billion
Creator/artist/media company payouts (last 4 years) More than $100 billion
US GDP contribution from YouTube ecosystem (2024) $55 billion
US full-time equivalent jobs supported (2024) More than 490,000
Revenue share to creators (long-form ads) 55% (YouTube keeps 45%)
Total YouTube channels worldwide More than 115 million
Channels enrolled in Partner Program Approximately 3 to 5 million (4.3%)
Average global CPM (2026 estimate) $3.50 to $6.15
CPM spread across niches $1 to $65+ (up to 65x variance)
Paid subscriptions across YouTube/Google services More than 325 million

Source: Alphabet Inc., Q4 and Full-Year 2025 Earnings Release, SEC filing, February 2026; YouTube CEO Neal Mohan, 2026 Annual Letter, blog.youtube; YouTube/Oxford Economics, 2024 US YouTube Impact Report, June 2025

The leap to $60 billion in combined annual revenue marks the first time Alphabet has disclosed YouTube’s total financial scale, a transparency shift that immediately repositioned the platform as larger than Netflix and second only to Disney among global entertainment and media companies. This disclosure, made in Alphabet’s official Q4 2025 SEC earnings filing, confirms a trajectory of consistent acceleration: YouTube’s quarterly ad revenue climbed from $7.96 billion in Q4 2022 to $11.38 billion in Q4 2025, representing more than 43% cumulative growth in just three years, even as the platform simultaneously expanded subscription offerings including YouTube Premium, YouTube Music Premium, and YouTube TV.

Despite this enormous platform-level revenue, the distribution of income among individual creators remains starkly unequal. Of the more than 115 million total channels registered on YouTube, only an estimated 3 to 5 million (roughly 4.3%) have ever qualified for the YouTube Partner Program, the minimum threshold required to earn any advertising revenue at all. This concentration is compounded by an extraordinarily wide CPM (cost per thousand ad impressions) range, with finance and business content commanding rates as high as $65 or more, while music and entertainment content frequently earns under $2 — meaning two channels with identical view counts can generate vastly different income purely based on subject matter and audience demographics.

Top 25 Highest-Earning YouTube Channels in 2026

While the median YouTube creator earns nothing close to a living wage, a small group of top-tier channels generates extraordinary income through a combination of advertising revenue, brand sponsorships, merchandise lines, and spin-off business ventures. The following ranking draws on Forbes’ 2025 Top Creators List, the creator economy’s most widely cited annual earnings benchmark, compiled in partnership with creator marketing firm Influential using disclosed and estimated gross earnings between mid-2024 and mid-2025, cross-checked against independent reporting from Variety, Complex, and Dexerto.

Rank Channel / Creator Est. Annual Earnings Primary Content Category
1 MrBeast (Jimmy Donaldson) $85 million Challenge/stunt videos, Feastables, MrBeast Burger
2 Dhar Mann $56 million Scripted “life lesson” drama series
3 Jake Paul $50 million Boxing/combat sports, podcast, vlogs
4 Rhett & Link (Good Mythical Morning) $36 million Daily comedy talk show
5 Ryan Kaji (Ryan’s World) $35 million Children’s toy review/educational content
6 Markiplier (Mark Fischbach) $32 million Gaming commentary, indie game publishing
7 Steven Bartlett (Diary of a CEO) $29 million Business/entrepreneurship podcast
8 Mark Rober $25 million Science/engineering DIY content
9 Ms. Rachel $23 million Early childhood language development content
10 Rebecca Zamolo $22 million Family games, mystery/puzzle content
11 Khaby Lame $20 million Silent comedy/reaction skits
12 Stokes Twins $20 million Prank/challenge videos
13 IShowSpeed $20 million Livestreaming, reaction content
14 Sean “Jacksepticeye” McLoughlin $18 million Gaming commentary
15 Andre “Typical Gamer” Rebelo $17 million Gaming content (Fortnite/Call of Duty)
16 Adam W $16.5 million Comedy sketches
17 Nick “Nickmercs” Kolcheff $13 million Competitive gaming/streaming
18 Brent Rivera $11 million Comedy sketches, vlogs
19 Logan Paul $10 million Podcast (Impaulsive), boxing, Prime Hydration
20 Nick DiGiovanni $10 million Cooking/culinary content
21 Marques Brownlee (MKBHD) $10 million Technology reviews
22 Bailey Sarian $9.5 million True crime/makeup commentary
23 Emma Chamberlain $9 million Lifestyle vlogs, Chamberlain Coffee
24 Kai Cenat $8.5 million Livestreaming, “Streamer University”
25 Devon Rodriguez $7 million Street portrait art content

Source: Forbes, “2025 Top Creators List,” published in partnership with Influential, June 16, 2025; cross-verified with reporting from Variety, Complex, Dexerto, and Business Wire, June 2025. Figures represent estimated gross earnings (June 2024–June 2025) across all revenue streams including ad revenue, sponsorships, and business ventures, not YouTube ad revenue alone.

The gap between #1 and #25 on this list is striking: MrBeast’s $85 million in estimated annual earnings is more than 12 times larger than Devon Rodriguez’s $7 million, illustrating that even among the platform’s most successful creators, income remains heavily concentrated at the very top. Critically, Forbes’ methodology captures total gross earnings across all revenue streams, not YouTube advertising revenue in isolation — for creators like Jake Paul and Logan Paul, the majority of their income now derives from boxing promotions, podcast deals, and the Prime Hydration beverage brand rather than direct YouTube ad payouts, while MrBeast’s empire spans Feastables chocolate, MrBeast Burger, and an Amazon Prime television deal alongside his core video content.

This list also reveals how diversified business ventures have become the defining trait separating top-tier earners from mid-tier successful channels. Creators such as Mark Rober (science/engineering content), Ms. Rachel (early-childhood education), and Marques Brownlee (technology reviews) demonstrate that specialized, high-trust niches can generate substantial earnings even without the viral stunt format that drives MrBeast and similar entertainment-first channels, while podcast-format creators like Steven Bartlett show how the audio-to-video crossover trend has created an entirely new earnings pathway that did not exist on the platform a decade ago.


YouTube Channel Income by Country in 2026

A creator’s physical location has no bearing on their YouTube earnings — what matters entirely is where their viewers are watching from, since advertisers bid for ad impressions based on audience geography rather than creator residency. This creates one of the most consequential and frequently misunderstood dynamics in the entire creator economy: two channels with identical view counts can earn vastly different incomes purely because of which countries their audiences live in.

Country Estimated CPM (USD) Monthly YouTube Users Market Tier
Australia $36–$40 Smaller population, high ad spend Tier 1
United States $32–$36 253–259 million Tier 1
Canada $29–$32 Closely tied to US ad networks Tier 1
New Zealand $28–$31 Smaller population, affluent market Tier 1
Switzerland $25 Smaller population, high ad spend Tier 1
United Kingdom $20–$25 55.5 million Tier 1
Germany $8–$15 65.5 million Tier 2
Japan $8–$15 78.7–79 million Tier 2
Brazil $1–$3 144–150 million Tier 3
Indonesia $1–$2 139–151 million Tier 3
India $0.60–$1.40 491–518 million (largest globally) Tier 3
Pakistan $0.40–$0.90 66 million Tier 3

Source: Industry CPM benchmarking compiled from YTface, UpGrowth, and YT Money Calculator creator economy reports, 2026; DataReportal/We Are Social/Meltwater, “Digital 2026 Global Overview Report,” October 2025, cited via Statista

The CPM gap between top-tier and bottom-tier markets is extraordinary, with Australia and the United States commanding rates of $32 to $40 per thousand impressions, while India and Pakistan sit below $1.50 — meaning a US-based viewer can generate upward of 40 to 50 times more advertising revenue than a viewer in South Asia watching the exact same video. This disparity stems directly from differences in consumer purchasing power and advertiser competition: wealthy, English-speaking markets like Australia, the US, Canada, and the UK attract intense bidding from finance, technology, and consumer brands seeking to reach high-spending audiences, while lower-income markets simply do not generate comparable advertiser demand per viewer, regardless of how large or engaged the audience is.

This dynamic produces a striking mismatch between audience size and earning potential at the country level. India hosts by far the largest YouTube audience in the world, with nearly 500 million monthly users — almost double the size of the US audience — yet generates only a small fraction of the platform’s total ad revenue due to its CPM rates sitting under $1.50. Conversely, the United States, despite having roughly half of India’s user base, drives a disproportionately large share of YouTube’s global ad revenue because of its premium CPM rates. This is precisely why many successful creators deliberately produce English-language content optimized for North American, British, or Australian audiences, even when based elsewhere, and why Indian or Pakistani creators who pivot toward English-language content targeting Western viewers can see their effective earnings jump by 10 times or more, since YouTube pays based entirely on the viewer’s location rather than the creator’s home country.

Beyond traditional advertising revenue, creators increasingly rely on diversified income streams to build sustainable businesses, a trend that YouTube’s own official reporting and independent industry surveys confirm has accelerated significantly heading into 2026.

YOUTUBE CREATOR REVENUE DIVERSIFICATION — 2026
==================================================

Non-ad revenue share (creators earning $10K+/month):
  2025      ████████████░░░░░░░░  31%
  2026      ████████████████░░░░  41%

REVENUE STREAM GROWTH (YoY):
  YouTube Shopping affiliate revenue   ████████████████████  +52%
  Merchandise shelf usage               █████████████░░░░░░░  +34%
  Items sold per channel monthly (avg)  ████████░░░░░░░░░░░░  ~180 items

US ECONOMIC CONTRIBUTION TREND (Oxford Economics):
  2021    ████████░░░░░░░░░░░░  $25 billion / 390,000 jobs (2022 data)
  2022    ██████████░░░░░░░░░░  $35 billion / 390,000 jobs
  2024    ████████████████░░░░  $55 billion / 490,000 jobs
Income Diversification Metric Statistic Source
Non-ad revenue share, creators earning $10K+/month (2025) 31% Influencer Marketing Hub 2026 report
Non-ad revenue share, creators earning $10K+/month (2026) 41% Same source
YouTube Shopping affiliate revenue growth (YoY) +52% Industry creator economy tracking, 2026
Merchandise shelf usage growth (YoY) +34% Same source
Average items sold per channel monthly Approximately 180 items Same source
US YouTube ecosystem GDP contribution, 2021 $25 billion YouTube/Oxford Economics Impact Report
US YouTube ecosystem GDP contribution, 2022 $35 billion Same report
US YouTube ecosystem GDP contribution, 2024 (latest official) $55 billion Same report, published June 2025
US full-time equivalent jobs supported, 2022 390,000 Same report
US full-time equivalent jobs supported, 2024 (latest official) 490,000+ Same report

Source: YouTube/Oxford Economics, 2024 US YouTube Impact Report, official YouTube Blog publication, June 2025; Influencer Marketing Hub, 2026 Creator Economy Report, cited in industry analysis

The official YouTube/Oxford Economics Impact Report, an annual research collaboration that YouTube itself commissions and publishes, provides the most authoritative available data on the platform’s real-world US economic footprint. The progression from $25 billion in US GDP contribution in 2021 to $55 billion in 2024 represents a steady increase of approximately $10 billion per year, even through a period of broader economic uncertainty, while the corresponding full-time equivalent job figure climbed from 390,000 in 2022 to more than 490,000 in 2024. These figures capture not just direct creator earnings but the broader ripple effects of creators hiring editors, renting studio space, and contracting with local service providers as their channels scale into genuine small businesses.

This shift toward diversified, multi-stream income is reshaping how successful creators structure their businesses heading into 2026. Industry research indicates that the share of revenue coming from non-advertising sources among top-earning creators (those making $10,000 or more monthly) jumped from 31% in 2025 to 41% in 2026, driven substantially by the rapid expansion of YouTube Shopping, which saw affiliate revenue grow 52% year-over-year as the platform deepens its e-commerce integration. With creators now selling an average of 180 items monthly per channel through YouTube’s shopping features, alongside traditional sponsorships and brand partnerships, the modern YouTube income model increasingly resembles a multi-platform small business operation rather than a single-source advertising payout, a structural evolution that YouTube’s own leadership has explicitly emphasized as central to the platform’s strategy for the year ahead.


YouTube Ad Revenue and Platform Growth in 2026

YouTube’s underlying ad revenue and subscription growth, as disclosed through official Alphabet SEC filings, provides the clearest verified picture of how much money flows through the platform before any creator revenue-sharing is applied.

YOUTUBE QUARTERLY AD REVENUE GROWTH — OFFICIAL SEC DATA
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(In billions USD, Alphabet earnings releases)

Q4 2022    ████████████░░░░░░░░  $7.96B
Q1 2025    ███████████████░░░░░  $8.93B
Q2 2025    ████████████████░░░░  $9.80B
Q3 2025    █████████████████░░░  $10.47B (approx, YoY base)
Q4 2025    ████████████████████  $11.38B

FULL-YEAR TOTAL REVENUE (ADS + SUBSCRIPTIONS):
  2024     ████████████████░░░░  $54.2 billion (ads only, est.)
  2025     ████████████████████  $60+ billion (ads + subscriptions, official)
Revenue Metric Amount (USD) Source / Period
YouTube ad revenue, Q4 2022 $7.96 billion Alphabet SEC filing
YouTube full-year ad revenue, 2024 (estimated) $54.2 billion Industry analysis of Alphabet disclosures
YouTube ad revenue, Q1 2025 $8.93 billion (+10.3% YoY) Alphabet Q1 2025 SEC filing
YouTube ad revenue, Q2 2025 $9.80 billion (+13% YoY) Alphabet Q2 2025 SEC filing
YouTube ad revenue, Q4 2025 $11.38 billion (+8.7% YoY) Alphabet Q4 2025 SEC filing
YouTube total revenue, full-year 2025 (official, first disclosure) $60+ billion Alphabet Q4 2025 earnings release
Comparable Netflix full-year 2025 revenue $45.18 billion Netflix/Alphabet comparative reporting
Comparable Disney full-year 2025 revenue $95.7 billion Same comparative reporting
Total paid subscriptions (YouTube Premium, Music, TV, Google One) More than 325 million Alphabet Q4 2025 earnings release

Source: Alphabet Inc., Form 8-K Quarterly Earnings Releases, Q1-Q4 2025, filed with the US Securities and Exchange Commission (SEC); Variety/Tubefilter reporting on official Alphabet disclosures, February 2026

The quarter-by-quarter ad revenue progression disclosed in Alphabet’s official SEC filings confirms that YouTube’s advertising business has maintained double-digit year-over-year growth in every quarter of 2025, a remarkable feat for a platform already operating at tens of billions of dollars in scale. The $11.38 billion logged in Q4 2025 represented YouTube’s largest-ever quarterly ad haul, even though this figure came in slightly below Wall Street analyst expectations, illustrating just how high market expectations have climbed for the platform’s continued growth trajectory.

Perhaps most significant for understanding YouTube’s true scale is Alphabet’s decision to disclose total YouTube revenue (including subscriptions) for the first time in its Q4 2025 earnings release, revealing the $60 billion full-year 2025 figure. This disclosure decision appears strategically timed: by combining advertising revenue with the rapidly growing subscription segment — driven by YouTube Premium, YouTube Music Premium, and YouTube TV, including the platform’s NFL Sunday Ticket package — Alphabet was able to definitively position YouTube as larger than Netflix, a comparison company executives have increasingly emphasized as competition for living-room and connected-TV viewing time intensifies between streaming services and YouTube’s expanding television-screen presence.


Creator Monetisation and CPM Rates in 2026

Cost-per-mille (CPM) rates — what advertisers pay per 1,000 ad impressions — form the foundation of YouTube creator income, and these rates vary dramatically depending on content category, a structural reality that fundamentally determines which creators can earn a living wage from the platform.

YOUTUBE CPM RATES BY CONTENT NICHE — 2026 ESTIMATES
=======================================================
(US Dollars per 1,000 ad impressions)

Finance/Business        ████████████████████  $25–$65
Real Estate             ███████████░░░░░░░░░  $10–$30
Tech                    ██████████░░░░░░░░░░  $8–$40
Gaming                  ███░░░░░░░░░░░░░░░░░  $1–$9
Lifestyle               ███░░░░░░░░░░░░░░░░░  $3–$4
Music/Entertainment     █░░░░░░░░░░░░░░░░░░░  $1–$2

REVENUE SPLIT STRUCTURE:
  Creator share (long-form ads)  ███████████░░░░░░░░  55%
  YouTube share                  █████████░░░░░░░░░░  45%
  Shorts feed creator share      █████████░░░░░░░░░░  45%
Content Niche / Metric CPM Range / Statistic Source
Finance/business content CPM $25–$65 Industry CPM analysis, 2026
Tech content CPM $8–$40 Same source
Real estate content CPM $10–$30 Same source
Gaming content CPM $1–$9 Same source
Lifestyle content CPM $3–$4 (avg. $3.60) Same source
Music/entertainment CPM $1.50–$2 Same source
Average global CPM across all niches (2026) $3.50–$6.15 Industry tracking, 2026
Long-form video revenue split (creator : platform) 55% : 45% YouTube official Partner Program terms
Shorts Feed ad revenue split (creator : platform) 45% : 55% YouTube official Shorts monetisation terms
Shorts per-1,000-view earnings (RPM) $0.01–$0.06 Industry CPM analysis, 2026
Long-form video share of total creator revenue 78% Industry revenue-mix analysis, 2026

Source: YouTube official Partner Program and Shorts monetisation policy documentation; industry CPM benchmarking compiled from TubeAnalytics, AutoFaceless, and Miraflow creator economy reports, 2026

The CPM variance across content niches represents one of the most consequential structural realities for anyone attempting to earn income on YouTube. Finance and business content consistently commands the platform’s highest CPM rates, ranging from $25 to $65 per thousand impressions, reflecting the enormous value advertisers — particularly banks, investment platforms, and insurance companies — place on reaching audiences actively researching major financial decisions. By stark contrast, gaming content, despite being among YouTube’s most-watched categories overall, earns CPMs as low as $1 to $9, illustrating that raw view counts and audience size are far less predictive of creator earnings than the commercial value advertisers assign to a given subject matter.

The platform’s official 55/45 revenue split for long-form advertising has remained consistent since the early days of the YouTube Partner Program, launched in 2007, and is frequently cited as one of the most generous creator revenue shares in the digital media industry. However, the newer YouTube Shorts monetisation model, which shares 45% of ad revenue with creators on a per-view basis rather than traditional CPM, currently yields dramatically lower per-view earnings — typically just $0.01 to $0.06 per 1,000 views, compared to several dollars for long-form content. This structural gap explains why long-form video continues to generate an estimated 78% of total creator revenue even as Shorts dominates daily view counts, leading most successful creators to treat Shorts primarily as an audience-discovery and funnel mechanism rather than a direct income source.


YouTube Creator Demographics and Channel Distribution in 2026

Understanding the scale and structure of the global creator population — from total registered channels down to the small fraction earning meaningful income — provides essential context for realistic income expectations on the platform.

YOUTUBE CHANNEL & CREATOR DISTRIBUTION — GLOBAL 2026
========================================================

Total registered channels         ████████████████████  115+ million
Active creators (regular uploads) ████████████████░░░░  ~69 million
Channels in Partner Program       ██░░░░░░░░░░░░░░░░░░  3-5 million (4.3%)
Channels with 100M+ subscribers   █░░░░░░░░░░░░░░░░░░░  15+
New channels created daily        ████████████████░░░░  ~16,000+

ABANDONMENT FUNNEL:
  Channels created                  ████████████████████  100%
  Show no activity after 6 months   ██████████████████░░  ~90%
  Reach 1,000 subscriber threshold  █░░░░░░░░░░░░░░░░░░░  ~0.25-4.3%
Creator/Channel Metric Statistic Source
Total YouTube channels worldwide (2026) More than 115 million Statista-compiled industry data, 2026
Active YouTube creators (regular uploaders) Approximately 69 million Social Blade-compiled data, 2026
Channels enrolled in YouTube Partner Program 3 to 5 million (4.3% of total) YouTube CEO statements / industry tracking
New channels created per day (estimated) Approximately 16,000+ Global Media Insight-compiled estimate
Channels showing no activity after 6 months Approximately 90% Statista-compiled industry data
Channels reaching the 1,000-subscriber monetisation threshold As low as 0.25% of all channels (some estimates) Analyzify-compiled industry data
Channels with 100 million+ subscribers More than 15 Industry creator leaderboard tracking, 2025
YouTube monthly active users (global, 2026) 2.7 to 2.85 billion Platform usage industry tracking
Users who have created a channel (% of total users) Approximately 4.3–4.4% Same source

Source: Industry-compiled creator economy statistics from Statista, Social Blade, and YouTube official statements (CEO Neal Mohan public remarks), cross-referenced across multiple 2025–2026 reports

The sheer scale of 115 million total YouTube channels worldwide masks a profoundly skewed reality: the vast majority of these channels are dormant, abandoned, or never progressed beyond initial setup. Industry-compiled data consistently shows that approximately 90% of channels show no activity within six months of creation, while only a small fraction — estimates range from 0.25% to 4.3% depending on methodology — ever accumulate the 1,000 subscribers and required watch-hours necessary to qualify for the YouTube Partner Program, the minimum gateway to earning any advertising revenue whatsoever. This funnel illustrates that the headline narrative of “YouTube riches” obscures a far more difficult reality for the overwhelming majority of people who attempt to start a channel.

Even among the 3 to 5 million monetised channels, income remains heavily concentrated at the top: more than 15 channels have surpassed 100 million subscribers, led by creators whose business operations now extend into merchandise, food brands, and television-style productions. Meanwhile, YouTube’s own data confirms more than one million channels used the platform’s AI creation tools daily as of December 2025, according to CEO Neal Mohan’s 2026 letter, signaling that the platform is actively trying to lower production barriers for the tens of millions of smaller creators who make up the long tail of its ecosystem, even as monetisation itself remains concentrated among a comparatively small, highly professionalized segment of top earners.

Disclaimer: The data research report we present here is based on information found from various sources. We are not liable for any financial loss, errors, or damages of any kind that may result from the use of the information herein. We acknowledge that though we try to report accurately, we cannot verify the absolute facts of everything that has been represented.

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