Financial Data

IN MILLIONS For the Fiscal Year ended June 30...	2018	2017	2016	2015	2014
Revenues	$ 856 m.	800	761	707	676
Expenses	$ 766 m.	731	704	660	645
Cash from Operations	90	69	57	47	31
Capital Investments	92	78	113	81	92
Building Debt Outstanding	55	64	71	78	85
Unrestricted Reserves	118	145	103	125	99
Endowment	3,787	3,472	3,209	3,309	3,210
Total Assets	$ 5,208	$ 4,821	$ 4,508	$ 4,587	$ 4,409

MBA Program

	2018	2017	2016	2015	2014
Applications	9,886	10,351	9,759	9,686	9,543
Percent Admitted	11%	11%	11%	11%	12%
Yield	91%	91%	90%	91%	89%
Enrollment	1,870	1,879	1,883	1,865	1,859
Tuition	$ 72,000	$ 63,675	$ 61,225	$ 58,875	$ 56,175
Average Fellowship Aid Per Student	$ 38,959	$ 37,312	$ 35,571	$ 32,919	$ 31,710

Doctoral Programs

	2018	2017	2016	2015	2014
Applications	864	915	843	749	792
Percent Admitted	4%	4%	5%	4%	4%
Yield	64%	79%	66%	53%	76%
Enrollment	134	132	134	147	150

Executive Education

	2018	2017	2016	2015	2014
Enrollment	12,070	11,361	10,855	10,614	9,993

HBS Online

	2018	2017	2016	2015	2014
Participants	11,995	8,665	6,431	3,899	670

Faculty

	2018	2017	2016	2015	2014
Faculty Positions (full-time equivalents)	225	233	233	231	234
Teaching Materials	642	573	566	544	617
Research Articles	199	182	174	197	195
Books	11	14	23	13	18

Staff

	2018	2017	2016	2015	2014
Staff Positions (full-time equivalents)	1,721	1,680	1,631	1,541	1,447

Publishing

	2018	2017	2016	2015	2014
Cases Sold	15,062,000	14,859,000	13,468,000	13,223,000	11,992,000
Harvard ManageMentor ™ Active Users	2,430,000	3,200,000	3,478,000	2,709,000	2,987,000
HBR.org Average Monthly Visitors	7,153,000	7,012,000	5,511,000	4,629,000	3,656,000