Financial Data

IN MILLIONS For the Fiscal Year ended June 30...	2019	2018	2017	2016	2015
Revenues	$ 925 m.	856	800	761	707
Expenses	$ 821 m.	766	731	704	660
Cash from Operations	104	90	69	57	47
Capital Investments	38	92	78	113	81
Building Debt Outstanding	46	55	64	71	78
Unrestricted Reserves	129	118	145	103	125
Endowment	3,985	3,787	3,472	3,209	3,309
Total Assets	$ 5,420	$ 5,208	$ 4,821	$ 4,508	$ 4,587

MBA Program

	2019	2018	2017	2016	2015
Applications	9,228	9,886	10,351	9,759	9,686
Percent Admitted	12%	11%	11%	11%	11%
Yield	89%	91%	91%	90%	91%
Enrollment	1,881	1,870	1,879	1,883	1,865
Tuition	$ 73,440	$ 72,000	$ 63,675	$ 61,225	$ 58,875
Average Fellowship Aid Per Student	$ 42,034	$ 38,959	$ 37,312	$ 35,571	$ 32,919

Doctoral Programs

	2019	2018	2017	2016	2015
Applications	748	864	915	843	749
Percent Admitted	5%	4%	4%	5%	4%
Yield	81%	64%	79%	66%	53%
Enrollment	131	134	132	134	147

Executive Education

	2019	2018	2017	2016	2015
Enrollment	12,605	12,070	11,361	10,855	10,614

HBS Online

	2019	2018	2017	2016	2015
Participants	19,304	12,936	9,142	6,634	3,471

Faculty

	2019	2018	2017	2016	2015
Faculty Positions (full-time equivalents)	233	225	233	233	231
Teaching Materials	626	642	573	566	544
Research Articles on HBR.org	177	199	182	174	197
Books	14	11	14	23	13

Staff

	2019	2018	2017	2016	2015
Staff Positions (full-time equivalents)	1,761	1,721	1,680	1,631	1,541

Publishing

	2019	2018	2017	2016	2015
Cases Sold	14,539,000	15,062,000	14,859,000	13,468,000	13,223,000
Harvard ManageMentor Active Users	2,837,000	2,430,000	3,200,000	3,478,000	2,709,000
HBR.org Average Monthly Visitors	6,916,000	7,153,000	7,012,000	5,511,000	4,629,000