Key Takeaways
- • Columbia University's endowment grew to $17.9 billion in fiscal 2026, with an 18.3 percent return, its strongest annual yield since the 32.3 percent return in 2021, according to financial statements released Tuesday.
- • The return still trailed the Ivy League peer average of 22.6 percent excluding Columbia, and Columbia ranked near the bottom of the Ivy League, ahead of only Dartmouth and Cornell.
- • Investment Management Company CEO Kim Lew attributed the gains largely to the hedge fund portfolio, citing AI-related and geographic exposure; Markov Processes International found returns were driven mainly by public equities, then venture capital and emerging markets.
- • The university's operating surplus more than doubled to $259.2 million despite federal research funding cuts, with operating revenue up 2.6 percent to $6.92 billion.
- • Columbia released its audited financial statements in November, later than every other Ivy League school, and a university spokesperson did not respond to a request for comment on the delay.
Summary
Columbia's endowment grew to $17.9 billion in fiscal 2026, with an 18.3 percent return, according to financial statements released Tuesday. The return was Columbia's strongest annual yield since the 32.3 percent return in 2021 and improved on its 12.4 percent return the prior year. Even so, it fell short of the Ivy League peer average of 22.6 percent excluding Columbia, and the Ivy League overall averaged 22.1 percent, up from 11.7 percent in 2025. Among peers, the University of Pennsylvania led with 27.4 percent, followed by Harvard at 27.1 percent, Yale at 26.3 percent, Princeton at 23.7 percent, and Brown at 19.6 percent. Dartmouth and Cornell reported 17.5 percent and 16.9 percent.
Investment Management Company CEO Kim Lew said the increase was largely due to the hedge fund portfolio, which had "exceptional outperformance due to both sector, particularly AI related exposure, and geographic exposure." Markov Processes International, a financial analytics firm, attributed Columbia's returns primarily to public equities, followed by venture capital and emerging markets, and to a lesser extent hedge funds. Michael Markov, MPI's co-founder and CEO, described Columbia's portfolio as historically the most risk averse of its peers and said the 2026 return was a "pretty good result" given that conservative approach. He said MPI's public-data indices did not identify significant AI exposure, and MPI estimated Columbia had little SpaceX exposure, which it linked to the higher returns at several peers. Robert Kelchen of the University of Tennessee, Knoxville, said earlier small private investments may have contributed to gaps among institutions.
The university's total operating surplus more than doubled to $259.2 million as it enacted cost-cutting measures amid federal research funding cuts. Operating revenue rose 2.6 percent to $6.92 billion, according to Executive Vice President for Finance Anne Sullivan, slower than the prior year's growth but below historical averages. Government grants and contracts fell by nearly $215 million, about 16 percent, and indirect cost recovery dropped $48 million. Tuition revenue grew by over $103 million, while instruction spending decreased by over $32 million. Tao Tan, an affiliate at the American Enterprise Institute, called the results unusually disciplined, noting a $260 million operating surplus, more than $700 million in new debt over two years, and an AAA rating.
Columbia released its audited statements in November, the latest since fiscal 2017, while every other Ivy League school released its 2026 statements by the end of October. A university spokesperson did not respond to a request for comment on the delay.
Investment Management Company CEO Kim Lew said the increase was largely due to the hedge fund portfolio, which had "exceptional outperformance due to both sector, particularly AI related exposure, and geographic exposure." Markov Processes International, a financial analytics firm, attributed Columbia's returns primarily to public equities, followed by venture capital and emerging markets, and to a lesser extent hedge funds. Michael Markov, MPI's co-founder and CEO, described Columbia's portfolio as historically the most risk averse of its peers and said the 2026 return was a "pretty good result" given that conservative approach. He said MPI's public-data indices did not identify significant AI exposure, and MPI estimated Columbia had little SpaceX exposure, which it linked to the higher returns at several peers. Robert Kelchen of the University of Tennessee, Knoxville, said earlier small private investments may have contributed to gaps among institutions.
The university's total operating surplus more than doubled to $259.2 million as it enacted cost-cutting measures amid federal research funding cuts. Operating revenue rose 2.6 percent to $6.92 billion, according to Executive Vice President for Finance Anne Sullivan, slower than the prior year's growth but below historical averages. Government grants and contracts fell by nearly $215 million, about 16 percent, and indirect cost recovery dropped $48 million. Tuition revenue grew by over $103 million, while instruction spending decreased by over $32 million. Tao Tan, an affiliate at the American Enterprise Institute, called the results unusually disciplined, noting a $260 million operating surplus, more than $700 million in new debt over two years, and an AAA rating.
Columbia released its audited statements in November, the latest since fiscal 2017, while every other Ivy League school released its 2026 statements by the end of October. A university spokesperson did not respond to a request for comment on the delay.
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