https://dl.acm.org/purchase.cfm?id=2756548&CFID=761526954&CF...
They also have a somewhat restrictive licensing on their software:
http://www.acm.org/publications/policies/softwarecrnotice
This part is kind of weird, as they have a noncommercial clause on their copyrighted algorithms, which makes them non-free.
On a slightly different note, I was somewhat saddened by how the International Lisp Conference talks were recorded but unavailable because the ACM will not allow their publication.
https://www.acm.org/binaries/content/assets/about/annual-rep...
The finances are on pages 12 and 13. The short version: they're spending money on all the things you'd expect, but they seem to be slightly cash flow positive and have accrued around $100m in net assets.
In reality, very few people pay the individual article prices. The real market is in site licensing, as it were. The individual article prices are probably set to support the sales story on these institutional access licenses, not the other way around.
But what are criteria for student memberships?
And here's an article that, for instance, costs $15 to download: http://dl.acm.org/citation.cfm?id=954342&CFID=591346815&CFTO...
I found the ACM paywall to be one of the obstacle that limit access of the new wave of the code educators to older results in teaching programming: they are not in the academic sector and lack both knowledge of and access to this enormous amount of papers.
So, in this case, the paywall keep a new generation naive, as they reinvent independently research that have been conducted decades earlier.