What was Stanford's endowment return in 2026?

Stanford's Merged Pool returned 31.7% for the year ending June 30, 2026, Stanford announced on September 24, 2026, as reported by The Stanford Daily. That compares with 14.3% in fiscal 2025 and a 15.5% median for US college and university endowments reported by Cambridge Associates, making Stanford the strongest of the large endowments reported so far.

How big is Stanford's endowment in 2026?

The Merged Pool, which holds most of Stanford's endowment alongside other long-term university funds, was valued at $61.5 billion at June 30, 2026, per The Stanford Daily. A year earlier it was $47.7 billion, and Stanford reported the endowment itself at $40.8 billion at August 31, 2025, the close of its fiscal year (Stanford Report, Oct. 7, 2025).

What is the difference between Stanford's Merged Pool and its endowment?

The Merged Pool is the investment vehicle Stanford Management Company runs; the endowment is the largest set of funds invested in it, alongside other university reserves and expendable funds. That is why the Merged Pool value is larger than the endowment value. Returns are reported for the Merged Pool to June 30, while Stanford's fiscal year ends August 31.

How much does the Stanford endowment pay the university?

Stanford Management Company will disburse more than $2.2 billion to the university in fiscal 2027, about one-fifth of Stanford's operating budget, according to The Stanford Daily (Sept. 29, 2026). That follows $1.9 billion disbursed in fiscal 2025 and about $2.0 billion expected for fiscal 2026, per Stanford Report (Oct. 7, 2025).

Who manages Stanford's endowment?

Stanford's endowment is invested by Stanford Management Company (SMC), led by chief executive officer Robert Wallace. SMC runs the Merged Pool, in which private equity is the largest allocation at 38% of the portfolio, according to The Stanford Daily. Private, domestic and international equities were among the main sources of the fiscal 2026 gain.

Does Stanford pay the endowment excise tax?

Yes. Stanford noted in October 2025 that its reported returns do not reflect the federal excise tax on net investment income, and that the rate is rising from 1.4% to 8.0% under the 2025 tax law. The 8% tier applies to private universities with more than $2 million of endowment per student.

Stanford Endowment 2026: Return, Size and Payout

Stanford's Merged Pool — the main investment pool that holds its endowment — returned 31.7% in the year to June 30, 2026 and was worth $61.5 billion, up from 14.3% and $47.7 billion a year earlier. Its 10-year annualized return rose to 12.5%. Stanford Management Company will pay more than $2.2 billion to the university in fiscal 2027, about one-fifth of the operating budget.

Answer

Stanford's Merged Pool returned 31.7% for the year to June 30, 2026 and was worth $61.5 billion, more than double its 14.3% return in fiscal 2025. Its 10-year annualized return rose to 12.5%. That is the highest fiscal 2026 return among the largest US endowments reported so far, ahead of Harvard's 27.1%. Stanford Management Company (SMC) will pay more than $2.2 billion to the university in fiscal 2027.

Stanford endowment — fact box	FY2026 (year to June 30, 2026)
Merged Pool return	31.7% (FY2025: 14.3%)
Merged Pool value	$61.5 billion (June 30, 2025: $47.7 billion)
5-year annualized return	10.3%
10-year annualized return	12.5% (to June 2025: 9.4%)
Payout to university, FY2027	More than $2.2 billion (~one-fifth of operating budget)
Largest asset class	Private equity, 38%
Peer median (Cambridge Associates)	15.5%
Manager	Stanford Management Company, CEO Robert Wallace
Announced	September 24, 2026

Sources: The Stanford Daily, "Stanford reports 31.7% return on investment" (Sept. 29, 2026); Stanford Report, FY2025 investment report (Oct. 7, 2025).

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