Financial Highlights
- Operating revenues increased 11 percent $1.1 billion, while operating expenses increased 11 percent to $1.0 billion.
- The most significant revenue drivers were Executive Education tuition, the endowment distribution, and MBA tuition and fees.
- The major areas of expense growth were salaries and benefits, professional services, and printing and publishing.
- New gifts and pledges totaled $135 million, compared with $172 million in fiscal 2022.
- The return on the University’s endowment was 2.9 percent, compared with -1.8 percent in fiscal 2022.
- The value of the School’s endowment (after the net impact of distributions from the endowment and the addition of new gifts) was $5.1 billion, unchanged from fiscal 2022.
- Capital investments in campus facilities and new construction decreased to $31 million from $43 million in fiscal 2022.
- The School generated an operating surplus of $64 million, compared with an operating surplus of $58 million for the prior year.
- HBS ended fiscal 2023 with an unrestricted reserves balance of $247 million, compared with $227 million a year earlier.
- The School’s total net assets were $6.3 billion as of June 30, 2023, compared with $6.2 billion as of June 30, 2022.