Harvard
The oldest university in the United States, in Cambridge, Massachusetts, and the wealthiest school on earth by endowment.
26 figures on Harvard, drawn from 2 Modern MBA case studies.
The figures
US dollars11
| Against its own chart | |||
|---|---|---|---|
| Annual value of the endowment in billions of dollars · 2025 | $57B | 1st of 7 · top $57B | Why college is so expensive in America |
| University endowments against the cash reserves of leading corporations, in billions of dollars | $56.9B | 1st of 10 · top $56.9B | Why college is so expensive in America |
| Restricted against unrestricted endowment, in billions of dollars · Restricted | $47B | 1st of 7 · top $47B | Why college is so expensive in America |
| Annual value of the endowment in billions of dollars · 2010 | $28B | 1st of 7 · top $28B | Why college is so expensive in America |
| Restricted against unrestricted endowment, in billions of dollars · Unrestricted | $10B | 4th of 7 · top $18B | Why college is so expensive in America |
| Endowment distribution against net tuition revenue in 2025, in millions of dollars · Endowment distribution | $2,498M | 1st of 8 · top $2,498M | Why college is so expensive in America |
| Endowment distribution against net tuition revenue in 2025, in millions of dollars · Net tuition revenue | $1,438M | 2nd of 8 · top $1,577M | Why college is so expensive in America |
| Revenue of the athletics department in millions of dollars, 2024 | $43M | 10th of 11 · top $236M | Why college is so expensive in America |
| Annual compensation of university leaders · Endowment manager | $6.4M | 3rd of 7 · top $7.8M | Why college is so expensive in America |
| Annual compensation of university leaders · President | $1.6M | 4th of 7 · top $2.6M | Why college is so expensive in America |
| Annual cost of attendance including tuition, room, and fees, 2025 | $82,866 | 7th of 7 · top $98,900 | Why college is so expensive in America |
Percentages9
| Against its own chart | |||
|---|---|---|---|
| Percentage of undergraduates who live on campus | 97% | 1st of 12 · top 97% | Why college is so expensive in America |
| Percentage of accepted undergraduates who actually enroll · 2025 | 84% | 2nd of 7 · top 86% | Why college is so expensive in America |
| Percentage of accepted undergraduates who actually enroll · 2005 | 79% | 1st of 7 · top 79% | Why college is so expensive in America |
| Endowment payout as a percentage of academic operating costs | 50% | 3rd of 8 · top 70% | Why college is so expensive in America |
| Share of undergraduate alumni that donate | 33% | 3rd of 10 · top 44% | Why college is so expensive in America |
| Ten-year annualized returns net of fees, against Vanguard's S&P 500 and total market funds | 8.2% | 9th of 10 · top 15.4% | Why college is so expensive in America |
| Probability of getting into the Texas Monthly Top 50 relative to other competitive selections | 3.4% | 4th of 6 · top 4.7% | How much a Texas BBQ joint actually makes |
| Operating margins of elite universities · 2015 | 0% | 7th of 7 · top 6% | Why college is so expensive in America |
| Operating margins of elite universities · 2025 | −2% | 7th of 7 · top 6% | Why college is so expensive in America |
Counts6
| Against its own chart | |||
|---|---|---|---|
| Size of the freshman class · 2025 | 1,675 | 3rd of 6 · top 2,395 | Why college is so expensive in America |
| Size of the freshman class · 2005 | 1,660 | 2nd of 6 · top 2,410 | Why college is so expensive in America |
| Composition of professors by tenure track · Tenured | 906 | 4th of 10 · top 1,268 | Why college is so expensive in America |
| Composition of professors by tenure track · Non-tenured | 822 | 7th of 10 · top 2,826 | Why college is so expensive in America |
| Years since founding, as of 2026 | 390 | 1st of 10 · top 390 | Why college is so expensive in America |
| Undergraduates per varsity sports team, 2024 | 168 | 10th of 12 · top 3,730 | Why college is so expensive in America |
Case studies covering Harvard
Case study — ServicesWhy college is so expensive in AmericaHarvard holds $57B and charges $82,866 a year. Tuition isn't the business — the undergraduate is the seed, not the customer.16 min read
Case study — Food & beverageHow much a Texas BBQ joint actually makesOne in three fail, brisket yields 40%, and the biggest variable in whether you survive is one magazine editor's palate.16 min readNew episodes
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