Stanford Assets Reached $68.7 Billion in 2025, $1.95 Billion Endowment Payout Covers 20% of Operating Budget
By Data Team | Published November 3, 2026
Stanford University’s total assets reached $68.72 billion in fiscal year 2025, anchored by a $40.79 billion endowment whose $1.95 billion annual payout covers 20.1% of the university's $9.69 billion Form 990 operating budget (nearly 21% under internal GAAP parameters), according to its latest IRS filing. That capital base enables Stanford to spend $208,638 per student on direct instruction, departmental research, and student aid ($3.61 billion across 17,314 students)—while total program service expenditure across all research, clinical, and auxiliary divisions reaches $495,799 per student ($8.58 billion) and total enterprise expenditure hits $559,439 per student ($9.69 billion).
Stanford’s financial structure shows how a modern research university operates simultaneously as an undergraduate college, a federal research contractor, an academic medical practice, and an institutional asset manager. While student tuition, room, and board generate $1.32 billion ($76,148 per student), that revenue represents just 13.0% of Stanford's $10.15 billion total revenue. Clinical care delivered by School of Medicine faculty ($2.13 billion), government grants ($1.80 billion), private philanthropy ($1.46 billion), and realized investment income ($2.54 billion) supply the vast majority of institutional inflows.
This revenue diversification insulates campus academic operations from tuition reliance. Stanford disbursed $934 million in comprehensive student financial support in FY25—recording $758.6 million in direct Form 990 Schedule I grants across 13,345 domestic recipients (77.1% of the student body)—eliminating tuition for domestic undergraduate families earning below $150,000 and funding over 80% of graduate students.
Institutional & Governance Profile
Operating under its formal corporate title, The Board of Trustees of the Leland Stanford Junior University (EIN 94-1156365), Stanford is domiciled in California with administrative headquarters in Redwood City and its main academic campus in Stanford, California. Established under the 1885 Founding Grant and granted corporate powers by the California Legislature in 1901, the university oversees seven academic schools, the SLAC National Accelerator Laboratory, and the Stanford Management Company (SMC).
Institutional Scale and Board Structure
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Founding & Workforce Scale: Founded in 1885, Stanford issued 45,075 Form W-2s in calendar year 2024, filed 31,516 Form 1096 vendor returns, and engaged approximately 13,000 alumni and community volunteers.
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Academic & Faculty Footprint: A 2,402-member faculty (including 20 Nobel laureates) instructs 17,314 degree-seeking students—comprising 7,289 undergraduates and 10,025 graduate and professional students—across seven schools: Business, Doerr School of Sustainability, Education, Engineering, Humanities and Sciences, Law, and Medicine.
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Executive Leadership: President Jonathan D. Levin leads the university alongside Provost Jenny Martinez, Vice President for Business Affairs and CFO Randall Livingston (through August 31, 2025), Vice President for Medical Affairs Lloyd B. Minor, and Stanford Management Company CEO Robert F. Wallace.
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Governing Board (Schedule O): The Board of Trustees comprises 32 voting members, 30 of whom are independent. The Board Committee on Audit, Compliance and Risk reviews the Form 990 prior to full board approval, and all trustees, officers, and faculty complete mandatory annual conflict-of-interest certifications.
Top-Line Financials
During FY25 (covering September 1, 2024 through August 31, 2025), Stanford generated $27.82 billion in gross receipts and $10.15 billion in total net revenue. Total assets expanded 8.5% to $68.72 billion while net assets rose 6.4% to $55.80 billion, evenly balanced between unrestricted reserves (50.5%) and donor-restricted funds (49.5%).
Balance Sheet Strength
- Total Assets $68,719,825,443 (+8.5%)
- Total Liabilities $12,916,305,106 (+18.9%)
- Total Net Assets $55,803,520,337 (+6.4%)
- Donor-Restricted Net Assets $27,628,750,459 (49.5% of Total Net Assets)
- Unrestricted Net Assets $28,174,769,878 (50.5% of Total Net Assets)
Operating Performance
- Total Revenue $10,152,608,690 (+6.4%)
- Total Expenses $9,686,130,733 (+8.4%)
- Operating Surplus $466,477,957 (-23.4%)
- Unrealized Gains (Excluded) $2,718,135,426
Note: The $466.5 million reported operating surplus reflects Form 990 realized accounting parameters; adding $2.72 billion in net unrealized investment gains and $151.3 million in other net asset transfers (including $209.7 million in net hospital transfers) accounts for the full $3.34 billion expansion in Stanford's FY25 net assets.
Revenue Breakdown
All four of Stanford's primary revenue categories posted year-over-year growth in FY25. Program service revenue rose 7.4% to $4.12 billion—driven primarily by $2.13 billion in clinical patient care services provided by School of Medicine physicians at Stanford Health Care and Lucile Packard Children's Hospital, which exceeded the $1.32 billion collected in student tuition, room, and board. Contributions and grants increased 7.6% to $3.26 billion (split between $1.80 billion in government research grants and $1.46 billion in private gifts), while realized investment income grew 3.0% to $2.54 billion.
Primary Revenue Streams
FY25 Revenue Distribution
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Program Service Revenue +7.4% YoY$4,117,484,541 (40.6%)
- Patient Care (School of Medicine Faculty Practice) $2,126,156,035
- Student Income (Tuition, Room & Board) $1,318,419,961
- Special Programs & Executive Education $347,541,044
- Government & Non-Government Contracts $322,839,848
- Driving Range & All Other Program Revenue $2,527,653
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Contributions & Grants +7.6% YoY$3,260,422,592 (32.1%)
- Government Research & Sponsored Grants $1,796,677,091
- Private Philanthropy & Fundraising Events $1,463,745,501
- Noncash Gifts Included Above (1,201 Stock Gifts, Real Estate, 28 Art Works) $393,672,140
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Investment Income +3.0% YoY$2,541,031,905 (25.0%)
- Realized Net Capital Gains ($19.40B Gross Sales) $1,772,588,583
- Dividends, Interest & Other Investment Income $762,971,905
- Tax-Exempt Bond Proceeds Income $5,471,417
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Other Revenue +9.8% YoY$233,669,652 (2.3%)
- Net Rental Income ($260.0M Gross Rents less $39.7M Expenses) $220,321,769
- Intellectual Property Royalties & Net Inventory Sales $13,347,883
Endowment Performance and Asset Allocation
Stanford Management Company (SMC) oversees the university's Merged Pool, which combines Stanford's $40.79 billion endowment with hospital investments and capital reserves into $57.59 billion in gross investment holdings ($52.49 billion net on the university's balance sheet after deducting $5.10 billion in pooled hospital funds). Private equities ($21.51 billion), real estate ($9.60 billion), and absolute return hedge strategies ($8.91 billion) account for 69.5% of gross invested capital.
To execute its global alternative strategy, Stanford holds $20.83 billion in foreign-domiciled investment vehicles reported on Schedule F—including $17.41 billion in Central America and the Caribbean, $1.70 billion in Europe, and $1.07 billion in Sub-Saharan Africa—and generates $341.3 million in gross unrelated business income ($99.5 million taxable on Form 990-T). Because Stanford holds $2.36 million in endowment assets per student, it is subject to the federal IRC Section 4968 endowment excise tax and carries $1.14 billion in current and deferred excise tax liabilities on Schedule D, Part X.
Portfolio Performance & Asset Allocation ($57.59B Gross Merged Pool / $52.49B Net University Holdings)
Part X & Schedule D, Part VII Allocation
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Endowment Balance (EOY): $40,786,546,000 (+8.4% YoY), representing $2,355,697 per enrolled student across 17,314 students.
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Net Investment Gains: $3,970,686,000 in endowment investment earnings (+96.5% YoY from $2.02B in FY24).
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Alternative & Offshore Capital: 72.3% of gross investment holdings sit in private equities, real estate, absolute return strategies, and natural resources, with $17.41B domiciled in Central American and Caribbean vehicles.
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Total Payout & Budget Coverage: $1,946,421,000 ($1.51B to facilities, faculty, and academic programs; $438.8M to student financial aid), funding 20.1% of Form 990 total expenses (nearly 21% of GAAP operating expenses).
Detailed Asset Mix (Gross Merged Pool Holdings)
5-Year Endowment History
Schedule D, Part V traces the five-year expansion of Stanford’s endowment from a $28.95 billion opening balance in FY21 to $40.79 billion at the close of FY25. Over that five-year window, the endowment absorbed $4.71 billion in new gifts and transfers alongside $16.01 billion in net investment earnings—highlighted by an $8.76 billion post-pandemic surge in FY21 and $3.97 billion in FY25 investment gains. Simultaneously, the endowment distributed $8.88 billion toward student financial aid ($1.92 billion) and academic programs, faculty chairs, and infrastructure ($6.97 billion). At year-end FY25, the portfolio comprised 43.22% board-designated quasi-endowment, 32.07% term endowment, and 24.71% permanent endowment.
FY25 Endowment Waterfall (Schedule D, Part V)
Visualizing the bridge from Beginning of Year (1a) to End of Year (1g) in billions.
5-Year Historical Endowment Balances (Line 1g)
End of year balance progression in billions (FY21 - FY25).
| IRS Line Item | FY25 (Current) | FY24 (Prior) | FY23 (2 Yrs Back) | FY22 (3 Yrs Back) | FY21 (4 Yrs Back) |
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| 1a. Beginning of year | $37,631,059,000 | $36,494,893,000 | $36,338,794,000 | $37,788,187,000 | $28,948,111,000 |
| 1b. Contributions | $1,131,222,000 | $938,289,000 | $727,164,000 | $505,403,000 | $1,408,620,000 |
| 1c. Net investment earnings | $3,970,686,000 | $2,020,189,000 | $1,165,281,000 | $91,944,000 | $8,761,609,000 |
| 1d. Grants or scholarships | ($438,752,012) | ($415,510,998) | ($394,305,749) | ($340,758,811) | ($325,695,774) |
| 1e. Other expenditures | ($1,507,668,988) | ($1,406,801,002) | ($1,342,040,251) | ($1,705,981,189) | ($1,004,457,226) |
| 1f. Administrative expenses | $0 | $0 | $0 | $0 | $0 |
| 1g. End of year balance | $40,786,546,000 | $37,631,059,000 | $36,494,893,000 | $36,338,794,000 | $37,788,187,000 |
Per-Student Spending and True Cost
Evaluating per-student spending at a major research university requires separating direct academic instruction from sponsored research, clinical health care, and auxiliary enterprises. On Form 990 Part III (Line 4a), Stanford reports $3,612,355,632 in direct program service expenses for instruction, departmental research, and student financial aid across its 17,314 degree-seeking students (7,289 undergraduates and 10,025 graduate students). That equates to $208,638 per student in direct academic program spend ($164,710 net per student excluding $760.6 million in financial aid grants).
By comparison, baseline student tuition, room, and board revenue (Part VIII, Line 2a) totals $1,318,419,961, or $76,148 per student—covering just 36.5% of direct academic program costs and leaving a $132,490 per-student structural subsidy funded by endowment payouts ($560.7 million for instruction/research, $438.8 million for student aid, and $382.4 million for faculty salaries) and philanthropy. When factoring in all university program services (Part III, Line 4e)—adding Organized Research ($1.88 billion), School of Medicine Health Care Services ($1.44 billion), and Residential & Dining Enterprises plus SLAC National Accelerator Laboratory construction ($1.66 billion)—total program service spend reaches $8,584,256,525 ($495,799 per student), while total institutional expenditure including administrative overhead and fundraising reaches $9,686,130,733 ($559,439 per student).
Operations vs. Revenue
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Regular Session Academic Program Spend (Part III, Line 4a): $3,612,355,632 across 17,314 undergraduate and graduate students ($208,638 gross direct academic spend per student; $164,710 net excluding $760.6M in student aid grants).
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Total Program Service & Enterprise Spend (Part III, Line 4e & Part IX): $8,584,256,525 in total program services ($495,799 per student across instruction, organized research, clinical care, and auxiliaries) and $9,686,130,733 in overall institutional spend ($559,439 per student).
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Tuition & Room/Board Revenue: $1,318,419,961 ($76,148 per student before financial aid discounts), covering 36.5% of direct academic program expenditure. Endowment distributions and gifts bridge the remaining $132,490 per-student academic gap.
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Organized Research & Clinical Care (Lines 4b & 4c): $1,878,872,819 in organized research ($108,518 per student) and $1,437,486,089 in School of Medicine clinical practice expenses ($2,126,156,035 in clinical revenue, generating a $688.7M positive clinical margin).
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Campus Museums, Global Study & Auxiliaries (Line 4d & Schedule F): $1,655,541,985 for Residential & Dining Enterprises (housing 14,000+ students and serving 25,000 daily meals across 7M sq. ft.) and DOE SLAC construction ($326.7M), alongside two free non-capitalized museums (Cantor Arts Center and the 151-work Anderson Collection) and $111.9M in global academic, research, and study-abroad expenditures.
Financial Aid: How Stanford Deploys $934M in Student Support
Stanford practices need-blind admissions for domestic undergraduate applicants (including U.S. citizens, permanent residents, and undocumented students) while operating on a need-aware basis for international citizens. During FY25, domestic families with annual incomes below $150,000 and typical assets paid zero tuition, while families earning below $100,000 paid zero tuition, room, or board. Across the entire university, Stanford disbursed $934 million in total student support—comprising $473.2 million in undergraduate and graduate scholarships and fellowships (up $15 million YoY) and $461 million in graduate stipends, teaching and research assistantships, and tuition allowances.
On Form 990 Schedule I (Part III), Stanford reports $758,600,554 in direct grants to 13,345 domestic students—representing 77.1% of its 17,314-student body—plus $1,965,471 across 280 foreign student stipends and scholarships on Schedule F. Approximately 50% of all Stanford undergraduates receive need-based university scholarship aid, while more than 80% of graduate students receive financial support through fellowships, assistantships, and multidisciplinary programs such as the Knight-Hennessy Scholars.
Internal Student Support (Schedule I & D)
- Aided Student Share (Schedule I) 77.1% (13,345 students)
- Undergraduate / Graduate Aid Rate ~50% Undergrad / >80% Grad
- Scholarships & Fellowships $473,152,161
- Living Stipends, Health & Postdoc Aid $287,413,864
- Total Domestic Student Cash Grants $758,600,554 ($56,845 avg.)
Graduate Assistantships & External Grants
- TA/RA Stipends & Tuition Allowances ($461,000,000) Combined with $473.2M in scholarships and fellowships, bringing total FY25 student financial support across all degree levels to $934.0M.
- Domestic & Foreign Institutional Grants ($129,103,585) Includes $112,223,665 in domestic organizational and municipal grants (Schedule I, including $171.8M in Donor Advised Fund activity across 64 accounts) and $16,879,920 in foreign subawards and stipends (Schedule F).
Executive and Investment Team Compensation
Stanford’s Schedule J disclosures reflect the competitive labor markets of institutional asset management, academic medicine, and Power Four intercollegiate athletics. The university’s highest-compensated employee in FY25 was Stanford Management Company CEO Robert F. Wallace ($6,311,502, including a $2.33 million performance bonus and $1.88 million in vested deferred payouts), followed by Chief of Pediatric Cardiothoracic Surgery Frank Hanley ($5,327,982), former Medical School Dean Philip A. Pizzo ($4,156,115 in vested deferred compensation payouts), SMC Senior Managing Director Jay Kang ($3,942,456), and VP for Medical Affairs Lloyd B. Minor ($3,727,284).
By comparison, President Jonathan D. Levin received $1,564,885 in total compensation ($1,305,343 base salary) and Provost Jenny Martinez earned $1,702,520. Because Stanford pays remuneration exceeding $1 million to multiple covered executives, clinical leaders, and athletic directors, the university is subject to the federal IRC Section 4960 21% excise tax on excess executive compensation (Form 990, Part V, Line 15).
Payroll Scale and Compensation Governance
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Total Institutional Payroll: Stanford expended $5,963,697,901 in total salaries, wages, pensions, and benefits in FY25 (+9.2% YoY, representing 61.6% of all university expenses) across 45,075 W-2 employees, with 13,868 staff members earning over $100,000.
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Board Compensation Governance (Schedule O): The Board Committee on Compensation sets executive pay using independent comparability studies, evaluating SMC investment professionals against Merged Pool annualized benchmarks and peer university endowments.
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Campus Housing & Subordinated Mortgage Loans (Schedule J & L): The President and Provost are required to reside on campus as a condition of employment, while seven executives received taxable housing benefits. Under Schedule L, Part II, Stanford holds $3,902,656 in outstanding board-approved subordinated home mortgage loans across four officers (Kathryn Ann Moler, Elizabeth Zacharias, Lloyd B. Minor, and Richard P. Saller) to support regional faculty and executive recruitment.
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Form 990, Schedule J, Part II: Compensation Breakdown — All 24 Listed Individuals (FY25)
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| Name & Title (A) | Base Comp (B-i) | Bonus (B-ii) | Other (B-iii) | Retirement & Deferred (C) | Nontaxable Benefits (D) | Total (E) | Prior Deferred (F) |
| Robert F. WallaceChief Executive Officer, SMC | $1,201,351 | $2,325,000 | $1,881,300 | $827,800 | $76,051 | $6,311,502 | $927,386 |
| Frank HanleyChief, Pediatric Cardiothoracic | $2,108,300 | $2,600,000 | $552,518 | $34,500 | $32,664 | $5,327,982 | $0 |
| Philip A. PizzoFormer Dean, School of Medicine | $0 | $0 | $4,156,115 | $0 | $0 | $4,156,115 | $728,875 |
| Jay KangSr. Managing Dir., SMC (thru 12/19/24) | $848,850 | $2,144,375 | $856,753 | $34,500 | $57,978 | $3,942,456 | $338,057 |
| Lloyd B. MinorVP for Medical Affairs | $2,379,070 | $600,000 | $8,054 | $690,750 | $49,410 | $3,727,284 | $0 |
| Troy Scott TaylorDirector of Football (thru 3/25/25) | $3,288,608 | $150,000 | $71,736 | $20,700 | $57,498 | $3,588,542 | $0 |
| Bernard MuirAthletics Director (thru 8/31/25) | $2,120,587 | $365,000 | $741,288 | $203,944 | $50,405 | $3,481,224 | $41,667 |
| Robert C. ReidyVP Land, Buildings & Real Estate | $717,828 | $400,000 | $881,247 | $323,389 | $23,085 | $2,345,549 | $422,222 |
| Richard P. SallerFormer President | $448,377 | $500,000 | $950,538 | $34,500 | $106,874 | $2,040,289 | $0 |
| Jenny MartinezProvost | $1,169,773 | $100,000 | $0 | $343,071 | $89,676 | $1,702,520 | $0 |
| Martin ShellVP & Chief ERO / Interim VP Dev | $871,499 | $250,000 | $316,881 | $138,167 | $56,777 | $1,633,324 | $223,889 |
| Jonathan D. LevinPresident / Trustee | $1,305,343 | $0 | $875 | $218,926 | $39,741 | $1,564,885 | $0 |
| Marc Tessier-LavigneFormer President | $555,340 | $0 | $741,402 | $159,500 | $21,703 | $1,477,945 | $656,223 |
| Persis DrellFormer Provost | $931,768 | $0 | $0 | $284,500 | $35,874 | $1,252,142 | $0 |
| Randall LivingstonVP Bus. Affairs / CFO (thru 8/31/25) | $949,448 | $0 | $21,808 | $164,842 | $37,897 | $1,173,995 | $0 |
| Debra ZumwaltVP & General Counsel | $965,262 | $0 | $22,038 | $155,735 | $22,108 | $1,165,143 | $0 |
| Jon DenneyVP Development (thru 6/6/25) | $830,940 | $203,200 | $25 | $34,500 | $47,086 | $1,115,751 | $0 |
| Megan PiersonVP University Affairs | $612,915 | $186,000 | $10,000 | $215,056 | $37,926 | $1,061,897 | $0 |
| Elizabeth ZachariasVP Human Resources | $529,278 | $106,200 | $21,732 | $293,000 | $77,250 | $1,027,460 | $0 |
| Howard WolfVP Alumni Affairs / Pres. Alumni Assoc. | $592,359 | $70,000 | $13,846 | $215,056 | $60,568 | $951,829 | $0 |
| Kathryn Ann MolerVP for SLAC (appt. 9/23/24) | $601,163 | $100,000 | $132,085 | $34,500 | $67,315 | $935,063 | $0 |
| Ryan MadesnikVP Government Affairs | $457,472 | $69,750 | $25 | $116,625 | $72,471 | $716,343 | $0 |
| Farnaz KhademVP University Communications | $489,556 | $73,500 | $27,108 | $39,729 | $24,695 | $654,588 | $0 |
| Deborah CullinanVP Arts | $470,540 | $70,500 | $0 | $45,671 | $46,256 | $632,967 | $0 |
Facilities, Debt, and Municipal Relations
Stanford’s 8,180-acre contiguous landholding spans Santa Clara and San Mateo Counties alongside its Redwood City administrative campus. Rather than liquidating endowment principal to build laboratories, medical facilities, and residential complexes, the university pairs philanthropy with tax-exempt municipal bonds issued through the California Educational Facilities Authority (CEFA) and taxable institutional debt.
Unlike smaller private institutions that rely on standalone voluntary PILOT checks, Stanford’s municipal fiscal footprint combines direct property and lease taxation on its non-exempt commercial real estate ($260.0 million in gross rents with $39.7 million in direct property expenses), $112.2 million in Schedule I grants to domestic organizations and local public entities, and multi-billion-dollar investments in on-campus graduate housing and sustainable utilities designed to meet strict local land-use entitlements.
Capital Debt & Municipal Engagement
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Physical Plant & Campus Operations: Stanford holds $16.47 billion in gross land, buildings, and equipment ($8.79 billion net book value after $7.68 billion in accumulated depreciation), recording $395.6 million in annual occupancy costs, $568.0 million in depreciation, and $326.7 million in SLAC National Accelerator Laboratory construction.
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Tax-Exempt Bonds & Institutional Debt (Schedule K): The university carries $2.58 billion in tax-exempt CEFA bond liabilities (including the $319.0 million Series V-4/5 issuance in March 2025) and $3.67 billion in taxable notes and mortgages, paying $202.6 million in FY25 interest expense.
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Schedule I Grants, Commercial Property Taxes & Municipal Relations: While academic facilities are tax-exempt, Stanford pays property taxes and operating expenses ($39.7M) on its $260.0M commercial real estate portfolio, disbursed $112.2M in Schedule I domestic organizational and government grants, and built the 2,400-bed Escondido Village Graduate Residences (EVGR), 600-bed Munger Graduate Residence, and Stanford Energy System Innovations (SESI, cutting emissions 68%) to satisfy regional traffic and zoning entitlements overseen by its $3.78M Office of Government Affairs.
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Top Construction Contractors: All five of Stanford's highest-compensated independent contractors (among 1,066 contractors paid over $100,000) were construction firms: Whiting-Turner Contracting ($84.78M), McCarthy Building Companies ($54.84M), Vance Brown Inc. ($32.92M), The Core Group ($32.27M), and Gorden Prill Inc. ($31.96M).
Editorial Note
All financial figures in this report derive from Stanford University’s FY25 IRS Form 990 (covering September 1, 2024 through August 31, 2025 across 17,314 degree-seeking students—7,289 undergraduates and 10,025 graduate and professional students) and have been reviewed by the data team.
While Stanford expends $208,638 per student on direct academic instruction and student aid ($495,799 per student across all university program services and $559,439 per student in total enterprise expenditure), Chicardgo School does not imply that financial expenditure mathematically causes specific postgraduate earnings or academic outcomes. Rather, these capital resources fund the research infrastructure, need-blind domestic undergraduate admissions, and faculty ratios that operate alongside Stanford’s student selectivity.
Accounting Reconciliation: Readers comparing Stanford’s PwC-audited consolidated GAAP financial statements to IRS Form 990 will note three structural accounting differences. First, Form 990 reports $9.69B in total expenses by recording $887.7M in grants ($760.6M in student financial aid) as an operating expense, whereas GAAP financial statements net student financial aid directly against gross tuition revenue. Second, per Schedule O (Part IV, Lines 12a–12b), Stanford’s consolidated GAAP statements combine the University with its separately incorporated controlled hospital affiliates—Stanford Health Care (SHC) and Lucile Salter Packard Children's Hospital (LPCH)—whereas this Form 990 represents the standalone legal filing of the University (capturing $2.13B in School of Medicine faculty clinical revenue and $1.96B in Schedule R related-party transactions with SHC and $589.2M with LPCH, while excluding the hospitals' separate corporate operating budgets and deducting $5.10B in hospital funds invested in the Merged Pool on Schedule D, Part VII). Third, under Stanford's management contract with the U.S. Department of Energy, $326.7M in SLAC National Accelerator Laboratory construction is expensed on Form 990 Part IX (Line 24a), whereas DOE-owned laboratory physical assets and liabilities are excluded from the university's balance sheet.
Frequently Asked Questions: Stanford's Form 990 Financials
As of Fiscal Year 2025, Stanford University's endowment stands at $40.79 billion ($40,786,546,000), up 8.4% year-over-year. Its $1.95 billion annual payout covers 20.1% of the university's $9.69 billion Form 990 operating expenses (nearly 21% under internal GAAP operating budget metrics).
Stanford spends $208,638 per student annually in direct academic program services—instruction, departmental research, and student financial aid ($3.61 billion across 17,314 students)—compared to $76,148 per student generated in baseline tuition, room, and board. Across all four Form 990 program service pillars (adding organized research, clinical care, and auxiliary/SLAC operations), total program spend is $495,799 per student ($8.58 billion), and overall enterprise spend including administrative overhead and fundraising is $559,439 per student ($9.69 billion).
Stanford disbursed $934 million in comprehensive student support in FY25, comprising $473.2 million in scholarships and fellowships and $461 million in graduate teaching/research assistantships and tuition allowances. On Schedule I, Stanford reported $758.6 million in direct cash grants across 13,345 domestic students (77.1% of total enrollment), supporting roughly 50% of undergraduates and over 80% of graduate students.
The highest-paid employee is Robert F. Wallace, Chief Executive Officer of Stanford Management Company (SMC), who received $6,311,502 in total compensation in FY25, followed by Chief of Pediatric Cardiothoracic Surgery Frank Hanley ($5,327,982) and former School of Medicine Dean Philip A. Pizzo ($4,156,115).
Yes. Because Stanford is a private college/university with more than 500 tuition-paying students and holds $2.36 million in endowment assets per student (well above the $500,000 federal threshold), it is subject to the IRC Section 4968 excise tax on net investment income and carries $1.14 billion in current and deferred excise tax liabilities on Schedule D, Part X.
Stanford University's total assets reached $68.72 billion ($68,719,825,443) in Fiscal Year 2025, anchored by $52.49 billion in net balance sheet securities ($9.37 billion publicly traded and $43.11 billion in alternative/other investments) and $8.79 billion in net physical plant.
Further Reading
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