Operating Budget
2024–25: $3,287,204,000
2025–26 (initial projection): $3,474,590,000
The total operating budget for 2024-25 included funding for sponsored research at the Princeton Plasma Physics Laboratory (PPPL), which totals $232 million. PPPL operates on a federal fiscal year that ends on Sept. 30, 2025.
Income and Expenditures, 2024–25
All percentages rounded
| Income | % | Amount (in thousands) |
|---|---|---|
| Endowment payout and other investment income | 55% | $1,774,495 |
| Sponsored research | 17% | $562,325 |
| Student fees | 16% | $527,627 |
| Gifts and other income, net of transfers | 8% | $283,073 |
| Auxiliary activities and service income | 4% | $139,684 |
| Expenditures | % | Amount (in thousands) |
|---|---|---|
| Academic departments | 35% | $1,147,647 |
| Physical facilities/strategic initiatives | 23% | $751,459 |
| Student aid | 15% | $493,105 |
| Administrative services | 12% | $401,263 |
| PPPL | 7% | $232,000 |
| Library/Computing/Museum | 6% | $208,332 |
| Athletics | 2% | $53,398 |
The Endowment
The endowment is the financial foundation that underpins the University’s teaching and research mission and Princeton’s support for undergraduate and graduate students, including undergraduate financial aid that makes it possible for students from all backgrounds to live and learn at the University without the need to incur debt.
Princeton’s endowment is the fifth-largest in the country, with a portfolio value of $34.1 billion as of June 30, 2024. The earnings from the endowment provide about two-thirds of the University’s net annual operating revenues and help fund the University’s highest priority strategic initiatives, while preserving real value for future generations.
The annualized return on Princeton’s endowment—defined as “dividends and interest on portfolio holdings, plus or minus capital appreciation or depreciation”—is approximately 10% over the 25-year period ending June 30, 2024.