Yale University Revenue Statistics

This report examines Yale’s revenue, expenditure and net operating assets. The educational institution is seeing yearly growth across both its revenue and expenditure, based on the given recent data.

  • As of the 2021/22 academic year, Yale generated revenues of $4.81 billion.
  • This was 5.04% higher than 2020/21’s $4.58 billion.
  • Over the given 5-year period, revenues have increased by 26.02%.
  • 32.61% of Yale’s total revenue is generated through the allocation of endowment spending from financial capital.
  • In total, Yale had expenses of $4.54 billion.
  • Total expenses have increased by 8.06% since the $4.20 billion spent in 2020/21.
  • Over the given 5-year period, expenditure has increased by 25.20%.
  • 46.58% of the overall spend is on salaries and wages.
  • As of the 2021/22 academic year, Yale made a net operating asset gain of $269.82 million.

Yale revenue

Yale University makes use of diverse revenue streams to support its operations, with allocation of endowment spending from its financial capital being its primary funding source. Additionally, the university generates substantial income through medical services, grants and contracts.

Total revenue

  • As of the 2021/22 academic year, Yale generated revenues of $4.81 billion.
  • This was 5.04% higher than 2020/21’s $4.58 billion.
  • Over the given period, revenues have increased by 26.02%.
  • From the given data, 2021/22 also generated the highest revenues.
  • Total revenues at Yale increased year-on-year throughout the given period.
Academic yearTotal revenueChange
2017/18$3.82bn
2018/19$4.11bn+7.56%
2019/20$4.25bn+3.45%
2020/21$4.58bn+7.82%
2021/22$4.81bn+5.04%

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

Revenue by type

  • As of the 2021/22 academic year, Yale generated $1.57 billion through allocation of endowment spending from financial capital.
  • Allocation of endowment spending from financial capital made up 32.61% of the total revenue.
  • $1.33 billion was generated through medical services income.
  • Medical services income made up 27.59% of the total revenue.
  • $0.96 billion was generated through grant and contract income.
  • Grant and contract income made up 20.00% of the total revenue.
Revenue type2017/182018/192019/202020/212021/22Change vs 21/22
Net tuition, room and board$0.38bn$0.39bn$0.38bn$0.30bn$0.46bn+55.93%
Grant and contract income, primarily for research and training$0.79bn$0.82bn$0.84bn$0.88bn$0.96bn+9.71%
Medical services income$0.93bn$1.04bn$1.09bn$1.25bn$1.33bn+6.17%
Contributions$0.14bn$0.21bn$0.21bn$0.25bn$0.23bn-6.02%
Allocation of endowment spending from financial capital$1.28bn$1.35bn$1.44bn$1.51bn$1.57bn+3.69%
Other investment income$0.09bn$0.09bn$0.10bn$0.16bn$0.07bn-57.24%
Other income$0.21bn$0.19bn$0.19bn$0.23bn$0.19bn-19.09%
Total$3.82bn$4.11bn$4.25bn$4.58bn$4.81bn+5.04%

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

Yale expenditure

Yale University has experienced continual growth across its expenditure categories. The institution primarily directs the majority of its expenditure towards salaries and wages.

Total expenditure

  • As of the 2021/22 academic year, Yale had expenses of $4.54 billion.
  • This was Yale’s highest total expenditure over the given period.
  • Total expenses have increased by 8.06% since the $4.20 billion spent in 2020/21.
  • Over the given period, expenditure has increased by 25.20%.
  • Total expenditure at Yale increased year-on-year over the given period.
Academic yearTotal expenditureChange
2017/18$3.63bn
2018/19$3.83bn+5.75%
2019/20$4.04bn+5.45%
2020/21$4.20bn+3.90%
2021/22$4.54bn+8.06%

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

Expenditure by type

  • As of the 2021/22 academic year, Yale spent $2.11 billion on salaries and wages.
  • Salaries and wages made up 46.58% of the overall spend.
  • $1.26 billion was spent on other operating expenditures.
  • Other operating expenditures made up 27.70% of the overall spend.
  • $760 million was spent on employee benefits.
  • Employee benefits made up 16.73% of the overall spend.
Expense type2017/182018/192019/202020/212021/22Change vs 21/22
Salaries and wages$1.70bn$1.80bn$1.94bn$1.97bn$2.11bn+7.29%
Employee benefits$0.57bn$0.58bn$0.64bn$0.74bn$0.76bn+2.52%
Depreciation, amortization and interest$0.33bn$0.36bn$0.37bn$0.41bn$0.41bn+0.03%
Other operating expenditures$1.03bn$1.10bn$1.09bn$1.08bn$1.26bn+16.29%
Total$3.63bn$3.83bn$4.04bn$4.20bn$4.54bn+8.06%

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

Yale net operating assets

  • As of the 2021/22 academic year, Yale made a net operating asset gain of $269.82 million.
  • This was 28.54% lower than 2020/21’s gain of $377.56 million and was caused by expenditure increasing at a higher rate during the year.
  • It is estimated that the impact of the pandemic impacted net operating assets gains in the 2019/20 academic year.
  • Whilst many revenue sources stagnated, salaries, wages and employee benefits continued to rise.
  • Yale saw average annual net operating asset gains of $262.26 million over the 5-year period.
Academic yearNet operating assetsChange
2017/18+$190.46m
2018/19+$270.49m+42.02%
2019/20+$202.98m-24.96%
2020/21+$377.56m+86.01%
2021/22+$269.82m-28.54%
(from given revenue and expenditure only)

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

Yale revenue FAQ

Where does Yale’s funding come from?

  • Yale’s funding predominantly comes from:
    • Allocation of endowment spending from financial capital.
    • Medical services income.
    • Grant and contract income.

What are Yale’s main expenses?

  • Yale’s main expenses include:
    • Salaries and wages.
    • Other operating expenditures.
    • Employee benefits.

Is Yale for profit?

  • Yale is a privately-funded non-profit Ivy League institution that ensures its generated earnings are diligently reinvested within the organization.
  • Yale’s strategic approach involves allocating these funds towards fulfilling operational requirements and making informed decisions with regards to resource allocation. 
  • This method enables the university to enhance student services and continually improve facilities and resources.