Key facts

Reported value

USD 61.50 billion

As of

June 30, 2026

Portfolio

Merged Pool

Investment office

Stanford Management Company

Office head

Robert Wallace, chief executive officer; as of Nov. 2, 2026

Federal excise tax

8% from FY2027

Management model

Internal or institution-owned office; uses external managers

Data through FY2026

Balance reference Current officer source

Endowment size and reporting scope

The latest balance is labelled merged pool assets, including other long-term funds and is dated June 30, 2026. The return series identifies the portfolio as Merged Pool. The historical survey below retains the respondent scope reported to NACUBO. A pooled investment vehicle can include working capital, reserves or assets for associated organizations alongside endowed gifts. Each participating fund owns its own economic interest in that vehicle. The pool's market value, the institution's endowment balance and the investment manager's corporate assets describe different quantities. Official report

Source: NACUBO · Data through FY2026

The endowment's reported survey value moved from USD 22,398.1 million to USD 40,786.0 million across these observations. This 82.1% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table

Investment returns

Performance report

Fee basis: Net of internal and external costs; before federal excise tax.

The 1-year result is 31.7%, while the 10-year result is 12.5% annually. The trailing periods share the same end date and overlap; their percentages are not added together. A long-term annualized return describes compound growth over the full period. The year-end asset balance also reflects money entering or leaving the portfolio. Return series

Spending policy and payout

Stanford projects Merged Pool distributions of more than $2.2 billion for FY2027, beginning September 1, 2026. That is a forward budget figure for the pool. It is separate from endowment-only payout in the August-year-end financial statements. The Board of Trustees approves the endowment payout annually, using the university's smoothing rule. Spending disclosure

Spending reaches the beneficiary through the institution's appropriation process. Donor purposes continue to govern the use of the money after it leaves the investment pool. The reported payout and policy percentage answer different questions because their periods and denominators differ. Distribution basis

Governance and investment office

Stanford Management Company is the university's investment office. The September 24, 2026 release names Robert Wallace as chief executive officer. SMC manages the Merged Pool and other financial assets under fiduciary duties and Stanford's Ethical Investment Framework. Investment governance

The current official source names Robert Wallace, chief executive officer. Officer information is stated as of November 2, 2026. Office leadership

Federal excise tax on investment income

Public Law 119-21 changed IRC 4968 for tax years beginning after December 31, 2025. An applicable institution must have at least 3,000 tuition-paying students in the preceding tax year, with more than half located in the United States. Its student-adjusted endowment must be at least $500,000. The rate is 1.4% from $500,000 through $750,000 per student, 4% above $750,000 through $2 million, and 8% above $2 million. Enacted law, Section 70415

Stanford states that its federal investment-income excise rate rises to 8% in the academic year beginning in 2026. Its FY2026 Merged Pool returns exclude that tax. Stanford's fiscal year begins September 1, so the new rate applies from September 1, 2026.

The tax applies to net investment income. Student-adjusted endowment uses the prior year's fair value of assets other than those used directly for exempt purposes, with statutory student-count and related-organization rules. Dividing the headline endowment by a fall enrollment number can give a different result. A rate on investment income also differs from a spending-policy percentage applied to average assets.

FY2025 size-band comparison

The FY2025 NACUBO respondent value of USD 40,786.0 million places this reporting entity in the Over $5B band. The published group contains 30 respondents. Its average annualized five-year return was 11.4%, its ten-year average was 8.9%, and its average effective spending rate was 5.0%. These are survey averages for FY2025. Respondent counts Average net returns Spending-rate table

Source: NACUBO · Data through FY2025

Source: NACUBO · Data through FY2025

NCSE's figures are size-band averages, rather than medians or the institution's policy targets. The allocation graphic uses the published survey categories and identifies the rounding difference. A single year's result and a trailing annualized return measure different periods. Survey allocation definitions

Public records and reporting dates

The official investment report supplies the portfolio figures and measurement dates on this page. The institution or related reporting entity also has a public nonprofit filing record. Tax-return assets and expenses cover that legal filer and can be broader than its endowment. Nonprofit filing record

Related reading

• Endowment size bands
• Endowments.com
• FamilyOffices.com