- Operating revenues grew 7 percent to $856 million, while operating expenses increased
4.8 percent to $766 million.
- The largest revenue growth drivers were Harvard Business Publishing, Executive Education,
and HBS Online.
- The major areas of expense growth were salaries and benefits, other expense, and professional
services.
- In the final year of The Campaign for Harvard Business School, new gifts and pledges
totaled $214 million, compared with $233 million in fiscal 2017.
- The return on the School’s endowment increased to 10 percent, from 8.1 percent in
fiscal 2017.
- The value of the School’s endowment (after the net impact of distributions from the
endowment and the addition of new gifts) increased to $3.8 billion, from $3.5 billion
a year earlier.
- Capital investments in campus facilities and new construction increased to $92 million,
from $78 million in fiscal 2017.
- The School generated an operating surplus of $90 million, compared with $69 million
for the prior year.
- HBS ended fiscal 2018 with an unrestricted reserves balance of $118 million, compared
with $145 million a year earlier.
- The School’s total net assets increased to $4.9 billion, from $4.5 billion at the
end of fiscal 2017, primarily reflecting the impact of growth in the market value
of the endowment.