ByMichael T. Nietzel,
Senior Contributor.
Harvard University’s endowment, the largest of any university in the world, grew by 11.9% to $56.9 billion, according to its fiscal year 2025 financial report. Despite its endowment’s gain of $3.7 billion, Harvard posted an operating loss of $113 million, amounting to a 1.7% shortfall against $6.7 billion in its overall revenue for the fiscal year ending June 30, 2025.
The deficit - Harvard’s first since 2020 — reflects the precarious financial environment the university has faced recently, involving repeated clashes with the Trump administration that have resulted in the termination of the university’s federal research funds. Although most of those funds are flowing again, after United States District Judge Allison D. Burroughs ruled in September that the funding freeze was unconstitutional, the resumed funding comes in FY 2026 and is not reflected in the new financial report.
Harvard was on track to see a 9% increase in federal research dollars over fiscal year 2024, but after the suspension of billions in federal grants earlier this year, federally sponsored revenue took an 8% downturn in fiscal year 2025.
