University of Pennsylvania Revenue Statistics

University of Pennsylvania Revenue Statistics

This report analyzes UPenn’s financial information, focusing on revenue, expenditure and net operating assets. Based on the latest available data, the educational institution has experienced annual increases in both its revenue and expenditure alike.

  • As of the 2021/22 academic year, UPenn generated revenues of $14.43 billion.
  • This was 13.98% higher than 2020/21’s $12.66 billion.
  • Over the given 5-year period, revenues have increased by 42.93%.
  • 56.11% of UPenn’s total revenue is generated through net patient service revenues.
  • In total, UPenn had expenses of $12.77 billion.
  • Total expenses have increased by 10.06% since the $11.60 billion spent in 2020/21.
  • Over the given 5-year period, expenditure has increased by 33.55%.
  • 56.46% of the overall spend is on compensation and benefits.
  • As of the 2021/22 academic year, UPenn made a net operating asset gain of $1.66 billion.

UPenn revenue

UPenn relies on various sources of income for funding, with net patient service revenues being its primary source. The university also generates significant revenue through tuition fees and sponsored programs, alongside other income sources including independent operations.

Total revenue

  • As of the 2021/22 academic year, UPenn generated revenues of $14.43 billion.
  • This was 13.98% higher than 2020/21’s $12.66 billion.
  • Over the given period, revenues have increased by 42.93%.
  • From the given data, 2021/22 also generated the highest revenues.
  • Total revenues at UPenn increased year-on-year throughout the given period.
Academic yearTotal revenueChange
2017/18$10.09bn
2018/19$11.02bn+9.16%
2019/20$11.31bn+2.65%
2020/21$12.66bn+11.91%
2021/22$14.43bn+13.98%

A graph is given below to show UPenn’s total revenue:

Revenue by type

  • As of the 2021/22 academic year, UPenn generated $8.09 billion through net patient service revenue.
  • Net patient service revenue made up 56.11% of the total revenue.
  • $2.63 billion was generated through other income (inc. independent operations).
  • Other income (inc. independent operations) made up 18.24% of the total revenue.
  • $1.31 billion was generated through tuition and fees.
  • Tuition and fees (net) made up 9.08% of the total revenue.
Revenue type2017/182018/192019/202020/212021/22Change vs 20/21
Tuition and fees (net)$1.10bn$1.16bn$1.18bn$1.11bn$1.31bn+18.60%
Commonwealth appropriations$0.03bn$0.03bn$0.04bn$0.04bn$0.04bn
Sponsored programs$1.01bn$1.02bn$1.07bn$1.15bn$1.27bn+10.43%
Contributions and donor support$0.27bn$0.19bn$0.21bn$0.20bn$0.21bn+4.31%
Investment income$0.58bn$0.68bn$0.74bn$0.85bn$0.87bn+2.34%
Net patient service revenue$6.25bn$6.93bn$6.80bn$7.54bn$8.09bn+7.41%
Other income (inc. independent operations)$0.87bn$1.01bn$1.26bn$1.77bn$2.63bn+48.31%
Total$10.09bn$11.02bn$11.31bn$12.66bn$14.43bn+13.98%

A graph is given below to show UPenn’s total revenue by type:

UPenn expenditure

According to recent data, increases have been seen across UPenn’s expenditure categories. The institution primarily allocates the majority of its expenditure towards compensation and benefits.

Total expenditure

  • As of the 2021/22 academic year, UPenn had expenses of $12.77 billion.
  • This was UPenn’s highest total expenditure over the given period.
  • Total expenses have increased by 10.06% since the $11.60 billion spent in 2020/21.
  • This increase coincides with increased expenditure on compensation and benefits alongside other operating expenses.
  • Over the given period, expenditure has increased by 33.55%.
  • Total expenditure at UPenn increased year-on-year over the given period.
Academic yearTotal expenditureChange
2017/18$9.56bn
2018/19$10.50bn+9.81%
2019/20$10.94bn+4.25%
2020/21$11.60bn+6.00%
2021/22$12.77bn+10.06%

A graph is given below to show UPenn’s total expenditure:

Expenditure by type

  • As of the 2021/22 academic year, UPenn spent $7.21 billion on compensation and benefits.
  • Compensation and benefits made up 56.46% of the overall spend.
  • $4.81 billion was spent on other operating expenses.
  • Other operating expenses made up 37.65% of the overall spend.
Expense type2017/182018/192019/202020/212021/22Change vs 20/21
Compensation and benefits$5.50bn$5.99bn$6.31bn$6.71bn$7.21bn+7.38%
Depreciation and amortization$0.51bn$0.54bn$0.54bn$0.55bn$0.62bn+12.75%
Interest on indebtedness$0.09bn$0.09bn$0.09bn$0.09bn$0.13bn+45.39%
Other operating expenses$3.46bn$3.87bn$4.01bn$4.25bn$4.81bn+13.22%
Total$9.56bn$10.50bn$10.94bn$11.60bn$12.77bn+10.06%

A graph is given below to show UPenn’s total expenditure by type:

UPenn net operating assets

  • As of the 2021/22 academic year, UPenn made a net operating asset gain of $1.66 billion.
  • This was the greatest annual net operating asset gain over the given period.
  • It is estimated that the impact of the pandemic impacted net operating assets gains in the 2019/20 academic year.
  • During 2019/20, revenue showed greatly reduced growth while total expenditure remained high.
  • UPenn saw average annual net operating asset gains of $0.83 billion over the 5-year period.
Academic yearNet operating assetsChange
2017/18+$0.53bn
2018/19+$0.52bn-2.58%
2019/20+$0.37bn-29.64%
2020/21+$1.06bn+189.02%
2021/22+$1.66bn+57.08%
(from given revenue and expenditure only)

A graph is given below to show UPenn’s net operating assets:

UPenn revenue FAQ

Where does UPenn’s funding come from?

  • UPenn’s funding predominantly comes from:
    • Net patient service revenue.
    • Other income (inc. independent operations).
    • Tuition and fees.

What are UPenn’s main expenses?

  • UPenn’s main expenses include:
    • Compensation and benefits.
    • Other operating expenses.

Is UPenn for profit?

  • UPenn is a privately-funded, non-profit Ivy League organization that allocates its earnings towards internal reinvestment. 
  • The institution directs these funds to fulfill operational needs, allocating resources strategically.
  • This enables the enhancement of student services while simultaneously improving overall facilities and resources.