Financial Highlights

• Operating revenues increased 20 percent to a record $966 million, while operating expenses increased 17 percent to $908 million.
• The largest revenue drivers were Executive Education, MBA tuition and fees, and Harvard Business Publishing.
• The major areas of expense growth were salaries and benefits, other expenses, printing and publishing, and professional services.
• New gifts and pledges totaled $172 million, compared with $162 million in fiscal 2021.
• The return on the University’s endowment was -1.8 percent, compared with 33.6 percent in fiscal 2021.
• The value of the School’s endowment (after the net impact of distributions from the endowment and the addition of new gifts) decreased to $5.1 billion, from $5.3 billion a year earlier.
• Capital investments in campus facilities and new construction increased to $43 million from $22 million in fiscal 2021.
• The School generated an operating surplus of $58 million, compared with $26 million for the prior year.
• HBS ended fiscal 2022 with an unrestricted reserves balance of $227 million, compared with $211 million a year earlier.
• The School’s total net assets decreased to $6.2 billion as of June 30, 2022, from $6.4 billion as of June 30, 2021, primarily reflecting a change in the total market value of the endowment.