• Operating revenues grew 7 percent to $856 million, while operating expenses increased 4.8 percent to $766 million.
• The largest revenue growth drivers were Harvard Business Publishing, Executive Education, and HBS Online.
• The major areas of expense growth were salaries and benefits, other expense, and professional services.
• In the final year of The Campaign for Harvard Business School, new gifts and pledges totaled $214 million, compared with $233 million in fiscal 2017.
• The return on the School’s endowment increased to 10 percent, from 8.1 percent in fiscal 2017.
• The value of the School’s endowment (after the net impact of distributions from the endowment and the addition of new gifts) increased to $3.8 billion, from $3.5 billion a year earlier.
• Capital investments in campus facilities and new construction increased to $92 million, from $78 million in fiscal 2017.
• The School generated an operating surplus of $90 million, compared with $69 million for the prior year.
• HBS ended fiscal 2018 with an unrestricted reserves balance of $118 million, compared with $145 million a year earlier.
• The School’s total net assets increased to $4.9 billion, from $4.5 billion at the end of fiscal 2017, primarily reflecting the impact of growth in the market value of the endowment.