Harvard Runs Deficit, Even as Endowment Grows Sharply

Craig F. Walker/The Boston Globe/Getty Images

Harvard University ended fiscal year 2025 with a $113 million operating deficit, according to its annual financial report —the first such loss in more than a decade, Harvard Magazine reported .

That follows a $45 million surplus in FY 2024.

The report, published Thursday, showed that revenue and expense growth both slowed in FY 2025, which ended June 30, but expenses still rose twice as fast as revenue—6 percent versus 3 percent.

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The deficit reflects “ some effects of the Trump administration’s unprecedented fiscal and regulatory assault” on Harvard and higher