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Washington University in St. Louis: endowment and investment office
Washington University in St. Louis reports USD 17.70 billion in university endowment for June 30, 2026. Balance source
WashU's chancellor reports an endowment of $17.7 billion at June 30, 2026 and describes a 37.3% year-over-year increase. That release does not separate a portfolio return from balance growth, so the return table retains the explicitly identified FY2025 Managed Endowment Pool result. In FY2025, the MEP held $14.5 billion, compared with $13.4 billion for the endowment itself. Other long-term funds account for part of that scope difference. Official report
Key facts
- Reported value
- USD 17.70 billion
- As of
- June 30, 2026
- Portfolio
- Managed Endowment Pool
- Investment office
- Washington University Investment Management Company
Endowment size and reporting scope
The latest balance is labelled university endowment and is dated June 30, 2026. The return series identifies the portfolio as Managed Endowment 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
| Fiscal year | Survey endowment, USD millions |
|---|---|
| FY2016 | 6,461.7 |
| FY2017 | 7,860.8 |
| FY2018 | 7,594.2 |
| FY2019 | 7,954.0 |
| FY2020 | 8,420.5 |
| FY2021 | 13,536.0 |
| FY2022 | 12,252.3 |
| FY2023 | 11,467.3 |
| FY2024 | 11,981.5 |
| FY2025 | 13,299.0 |
The endowment's reported survey value moved from USD 6,461.7 million to USD 13,299.0 million across these observations. This 105.8% change includes gains and losses on investments along with gifts, spending and transfers. NACUBO historical values FY2025 respondent table
Investment returns
| Portfolio | Period end | Horizon | Reported return |
|---|---|---|---|
| Managed Endowment Pool | June 30, 2025 | 1 year | 14.7% |
| Managed Endowment Pool | June 30, 2025 | 5 years, annualized | 12.4% |
| Managed Endowment Pool | June 30, 2025 | 10 years, annualized | 9.7% |
The 1-year result is 14.7%, while the 10-year result is 9.7% 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
Asset allocation
| Published category | Weight |
|---|---|
| Private capital | 58.9% |
| Global equities | 19.8% |
| Real assets | 8.8% |
| Cash and fixed income | 8.3% |
| Absolute return | 4.2% |
Actual Managed Endowment Pool allocation at June 30, 2025. Allocation report
Spending policy and payout
WashU distributed $586 million in fiscal-year endowment payout. The report divides endowment support by use: 42% for schools, departments, research and programs; 23% for scholarships and fellowships; 18% for facilities; and 17% for professorships. Spending disclosure
| Fiscal year | Reported endowment distributions, USD millions |
|---|---|
| FY2025 | 586 |
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
The investment company reviews its strategic asset allocation each year. Its report says actual weights emerge from manager selection and investment conviction rather than a strict effort to track individual class targets. That description belongs to the managed pool. Investment governance
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
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 13,299.0 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
| NCSE measure | FY2025 average |
|---|---|
| One-year net return | 11.8% |
| Five-year annualized net return | 11.4% |
| Ten-year annualized net return | 8.9% |
| Effective spending rate | 5.0% |
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
Sources
- https://andrewdmartin.washu.edu/washu-financial-outlook-update/
- https://bpb-us-e2.wpmucdn.com/sites.wustl.edu/dist/5/2478/files/2025/12/CRTV-9068-Endowment-Annual-Report-24-25-Digital.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/research/Final-Endowment-Market-Values--2023-to-1974-Revised.xlsx
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Endowment-Market-Values-for-US-and-Canadian-Institutions-FINAL.xlsx
- https://www.congress.gov/119/plaws/publ21/PLAW-119publ21.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Number-of-NCSE-Participants-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--10-Year-Returns-by-Size-and-Type-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Spending-Rates-FINAL.pdf
- https://edge.sitecorecloud.io/nacubo1-nacubo-prd-dc8b/media/Nacubo/Documents/EndowmentFiles/2025-NCSE-Public-Tables--Summary-Asset-Allocations-FINAL.pdf
- https://projects.propublica.org/nonprofits/organizations/430653611
- https://endowments.com/
- https://familyoffices.com/
Related profiles
- Johns Hopkins University (USD 19.09 billion)
- Duke University (USD 14.30 billion)
- Emory University (USD 12.00 billion)
- Cornell University (USD 11.75 billion)
- Northwestern University (USD 15.17 billion)
- Vanderbilt University (USD 12.70 billion)
Lists that include Washington University in St. Louis
- Missouri endowments
- Endowments of $10 billion or more
- Endowments over $5 billion
- Largest endowments by state and institution group
- Largest private institution endowments
- Top 100 endowments by FY2025 survey size
- Top 25 endowments by FY2025 survey size
- Top 50 endowments by FY2025 survey size
- University endowments
