Cornell University's endowment returned 16.9% in fiscal 2026 (the year to June 30, 2026) and was worth approximately $13.6 billion, up from $11.8 billion a year earlier. It contributed $494 million to financial aid, research, academic programs, faculty salaries and facilities, up from $439 million in fiscal 2025.
Answer
Cornell University's endowment returned 16.9% in fiscal 2026 (the year to June 30, 2026) and was worth approximately $13.6 billion, up from $11.8 billion a year earlier. It contributed $494 million to financial aid, research, academic programs, faculty salaries and facilities, up from $439 million in fiscal 2025.
| Cornell endowment — fact box | Fiscal 2026 (year to June 30, 2026) |
|---|---|
| Endowment value | ~$13.6 billion |
| Prior year | $11.8 billion (FY2025) |
| Return | 16.9% (FY2025: 12.3%; FY2024: 8.7%) |
| Contribution to university | $494 million (FY2025: $439 million) |
| Per-student ranking | 71st in U.S. and Canada (2024 NACUBO-Commonfund study, cited by Cornell) |
| Statement signed by | Kenneth Miranda, CIO; Christopher Cowen, EVP and CFO |
| Published | October 29, 2026 |
Sources: Cornell University statements of October 29, 2026 and October 28, 2025; Cornell Chronicle, October 15, 2024.
How big is Cornell's endowment in 2026?
Cornell put the value of its endowment at approximately $13.6 billion as of June 30, 2026. Twelve months earlier the university reported $11.8 billion, and at the end of fiscal 2024 the Cornell Chronicle reported about $10.7 billion. Over two years, then, the endowment has added roughly $2.9 billion, even after paying out close to $1 billion to the university across fiscal 2025 and 2026.
That makes Cornell larger than Brown ($9.5 billion) and Dartmouth (about $10 billion), but far smaller than Harvard (about $68 billion), Yale ($54.5 billion) and Princeton ($42.3 billion). For a full ranking of the biggest U.S. funds, see our Largest University Endowments 2026 table.
What return did Cornell earn in fiscal 2026?
Cornell's statement says the endowment "earned a 16.9% return in the fiscal year ending June 30." It is the third consecutive year of improvement:
| Fiscal year (to June 30) | Return | Year-end value | Paid to university |
|---|---|---|---|
| 2024 | 8.7% | ~$10.7 billion | — |
| 2025 | 12.3% | $11.8 billion | $439 million |
| 2026 | 16.9% | ~$13.6 billion | $494 million |
Cornell's short statement does not give three-, five- or ten-year annualised returns, a policy benchmark, or a breakdown by asset class. Readers comparing Cornell with peers should therefore treat the 16.9% as a single-year figure only. One strong or weak year says little about a manager's skill; the long-horizon numbers that schools such as Brown and Yale publish are a better guide.
How does Cornell compare with the Ivy League in 2026?
The table below lists Ivy League fiscal 2026 results that UAO checked against the institution or a named news report this week.
| University | FY2026 return | Endowment value | Source |
|---|---|---|---|
| Harvard | 27.1% | ~$68 billion | Harvard Magazine, Oct. 15, 2026 |
| Yale | 26.3% (net of fees) | $54.5 billion | Yale News, Oct. 27, 2026 |
| Princeton | 23.7% | $42.3 billion | Princeton Alumni Weekly, Oct. 16, 2026 |
| Brown | 19.6% | $9.5 billion | Brown University, Oct. 9, 2026 |
| Dartmouth | 17.5% | ~$10 billion | Chief Investment Officer, Oct. 22, 2026 |
| Cornell | 16.9% | ~$13.6 billion | Cornell University, Oct. 29, 2026 |
On these figures Cornell's return sits behind the other five Ivy League schools listed. Penn has reported a large jump in its endowment for fiscal 2026, but published reports differ on whether its widely quoted 27.4% figure is the investment return or the increase in value, so we have left it out of the table. Columbia had not published a fiscal 2026 return when this page was updated.
The gap is wide: Harvard's return was about 10 percentage points higher than Cornell's. Differences of that size usually come from asset mix rather than from one manager decision. Cornell has not disclosed its allocation in the statement, so UAO cannot say which exposures drove its result.
How much does the endowment pay to Cornell?
In fiscal 2026 the endowment contributed $494 million to financial aid, research, academic programs, faculty salaries and facilities expenses, up from $439 million in fiscal 2025, an increase of about 12.5%. Cornell describes these as costs that tuition and other sources would otherwise have to fund.
As a rough guide, $494 million is about 4.2% of the $11.8 billion value at the start of the year (UAO calculation; Cornell's spending rule applies to a smoothed average, not to a single year-end value). In its fiscal 2025 statement Cornell also said it budgeted a record $463 million for institutional grant and scholarship aid in fiscal 2026.
Why per-student wealth matters at Cornell
Cornell enrols more undergraduates than any other Ivy League school, and it says plainly that its endowment is "significantly smaller than many peer institutions on a per student basis." In its fiscal 2025 statement the university said it ranked 71st among U.S. and Canadian colleges and universities on endowment per student in the 2024 NACUBO-Commonfund Study of Endowments.
For asset owners this is the key context. A $13.6 billion fund spread across a large student body supports a smaller share of the operating budget than a similar-sized fund at a smaller school, so Cornell depends more on tuition, research funding and gifts. It also means a below-peer return year has a smaller cushion behind it.
Who manages Cornell's endowment?
The fiscal 2026 statement is signed jointly by Kenneth Miranda, Chief Investment Officer, and Christopher Cowen, Executive Vice President and Chief Financial Officer; the same two officials signed the fiscal 2025 statement. The statements quote no individual. For how large endowments are typically run, see The Endowment Model Explained.
What to watch next
- Long-term returns. If Cornell publishes five- and ten-year figures in its annual financial report, they will show whether fiscal 2026 narrowed or widened the long-run gap with peers.
- Columbia and Penn. Columbia's fiscal 2026 figure and a clear Penn investment return will complete the Ivy League picture. We will update this page and the Harvard, Princeton and Dartmouth pages when they appear.
Sources
- Cornell University, Christopher Cowen and Kenneth Miranda, "University endowment gains 16.9% in FY 2026," October 29, 2026 (statements.cornell.edu).
- Cornell University, Christopher Cowen and Kenneth Miranda, "University endowment gains 12.3% in FY 2025," October 28, 2025 (statements.cornell.edu).
- Cornell Chronicle, "University endowment posts 'strong' gain in FY 2024," October 15, 2024.
- Yale News, "Yale reports investment return for fiscal 2026," October 27, 2026.
- Princeton Alumni Weekly, "Princeton's Endowment Returns 23.7%, Grows to $42.3 Billion," October 16, 2026.
- Harvard Magazine, "Harvard Stabilizes Finances With Strong Endowment Returns, Philanthropy," October 15, 2026.
- Brown University, "With 19.6% investment return, Brown endowment continues record support for academic priorities," October 9, 2026.
- Chief Investment Officer (ai-cio.com), "Dartmouth Endowment Returns 17.5% in Fiscal 2026," October 22, 2026.
Last updated November 2, 2026.