Harvard University reports $113 million operating loss, its largest in 14 years

Harvard University reported a $113 million operating loss — the institution’s first operating loss since the pandemic and largest loss in the past 14 years — in its financial report released Thursday.

The loss comes despite over $600 million in gifts that can be spent immediately — the highest in Harvard’s history — and an 11.9% return on its endowment, according to the report, which looked at data up to June 30, 2025. The institution’s endowment increased to $56.9 billion from $53.2 billion.

Harvard has been under attack from the Trump administration since April over a crackdown on its international students, research funding and a myriad of other issues. As part of two of the university’s lawsuits against the federal government, a judge ordered the Trump administration to reinstate