Harvard's endowment jumps 27.1% to $68 billion in fiscal 2026

Harvard University announced that its endowment generated a 27.1% return in fiscal year 2026, reaching a market value of $68 billion on June 30. The surge was attributed to gains in venture capital, public equities, hedge funds and a $2.2 billion direct holding in SpaceX. The institution recorded an operating surplus of $100 million on $6.7 billion of revenue, while distributing $2.6 billion to its budget, a share approaching 40% of operating income.

Harvard Management Company’s CEO N.P. "Narv" Narvekar highlighted the exceptional nature of the year and noted that the university smooths payouts over time. A forthcoming increase in the federal excise tax on net investment income—from 1.4% to 8% in FY2027—will likely add about $300 million to annual costs. Across U.S. colleges, the median endowment return was 16.1%, with a standard 70/30 portfolio returning 17.9% for the year.