If memory serves right, the biggest slice of expenses were in C-level compensations & shortlived pet projects. The organization has to focus on growing a cadre of good engineers and product teams for their core offerings (just like the ones who rewrote large chunks of Netscape code into a fledgling Firefox ~22y ago).
One can't be expected to donate just to eventually subsidize a penthouse purchase for the CEO or their swanky McLaren.