Operating Revenues
| Operating Revenues | 2024 Actual | 2025 Actual | 2026 Budget |
|---|---|---|---|
| Tuition and Fees (net of tuition discounts of $287.8 million, $304.7 million, and $314.0 million, respectively) | $731,927 | $738,059 | $788,996 |
| Commonwealth Appropriation | 205,717 | 217,678 | 217,868 |
| Commonwealth Construction Grants | -- | -- | -- |
| Research Grants and Contracts | 1,203,648 | 1,253,012 | 1,228,130 |
| Contributions for Operations | 79,940 | 82,501 | 65,971 |
| Endowment Distributions and Investment Income | 266,772 | 267,760 | 256,910 |
| UPMC Academic Support | 236,763 | 265,575 | 253,634 |
| Sales and Services and Other | 349,395 | 360,619 | 384,446 |
| TOTAL OPERATING REVENUES | $3,074,162 | $3,185,204 | $3,195,955 |
Operating Expenses
See Functional Expenses table below for these figures expressed as functional expenses.
| Operating Expenses | 2024 Actual | 2025 Actual | 2026 Budget |
|---|---|---|---|
| Salaries and Wages | $1,418,738 | $1,496,630 | $1,498,279 |
| Fringe Benefits | 414,641 | 426,029 | 437,404 |
| Total Compensation | 1,833,379 | 1,922,659 | 1,935,683 |
| Supplies | 142,994 | 155,753 | 155,587 |
| Business and Professional | 557,581 | 558,903 | 571,947 |
| Facilities | 125,086 | 130,092 | 140,116 |
| Depreciation | 217,591 | 225,838 | 254,965 |
| Interest | 62,748 | 59,691 | 63,197 |
| Rent | 58,002 | 63,600 | 70,874 |
| Other | 47,155 | 26,890 | 37,887 |
| TOTAL OPERATING EXPENSES | $3,044,536 | $3,143,426 | $3,230,256 |
Change in Net Assets from Operating Activities
| Change in Net Assets | 2024 Actual | 2025 Actual | 2026 Budget |
|---|---|---|---|
| Change in Net Assets from Operating Activities | $29,626 | $41,778 | ($34,301) |
Other Activities
| Other Activities1 | 2024 Actual | 2025 Actual | 2026 Budget |
|---|---|---|---|
| Investment Earnings, net of Endowment Distributions for Operations | $272,880 | $331,897 | n/a |
| Contributions for Endowment | 50,479 | 49,097 | n/a |
| Change in Fair Value of Interest Rate Swaps | 7,904 | (1,762) | n/a |
| Other Components of Net Periodic Benefit Cost | (22,749) | (19,672) | n/a |
| Nonperiodic Changes in Benefit Plans | 59,213 | 13,362 | n/a |
| Contributions for Capital | 16,500 | 10,000 | n/a |
| Commonwealth Construction Grants | 37,618 | 54,444 | n/a |
| TOTAL OTHER ACTIVITIES | $421,845 | $437,366 | n/a |
Change in Net Assets
| Change in Net Assets | 2024 Actual | 2025 Actual | 2026 Budget |
|---|---|---|---|
| Change in Net Assets | $451,471 | $479,144 | ($34,301) |
| Net Assets, Beginning of Year | $0 | $451,471 | $930,615 |
| Net Assets, End of Year | $451,471 | $930,615 | $896,314 |
Functional Expenses
Based on Operating Expenses shown above.
| Functional Expenses | 2024 Actual | 2025 Actual |
|---|---|---|
| Academics | $1,197,187 | $1,241,171 |
| Research and Related | 1,167,079 | 1,200,052 |
| Student Services | 250,261 | 274,477 |
| Auxiliary Enterprises | 181,878 | 186,861 |
| Support Services | 248,131 | 240,865 |
| TOTAL FUNCTIONAL EXPENSES | $3,044,536 | $3,143,426 |
Note: Actual and budgeted figures are for the total University and are reported in thousands.
1 These nonoperating activities are not included in the budget due to the inherent difficulty of projecting investment decisions, market fluctuations and changes in actuarial assumptions.
Source: Office of Budget Operations, March 2026.