Financial Overview

William & Mary leads where it matters most — innovative teaching, learning and research.

The School of Computing, Data Sciences & Physics launched in July and announced an undergraduate minor in artificial intelligence, offering students the tools to gain hands-on experience with evolving systems. W&M’s Batten School & VIMS’ positioning as a global leader for coastal resilience built even more momentum in 2025, following a record-setting $50 million dollar gift to provide full tuition support for students pursuing the new bachelor’s degree in coastal and marine sciences. The Raymond A. Mason School of Business received a $15 million gift to establish the Estes Center for Excellence in Accounting, while the School of Education launched a new Master of Arts in Education, empowering teachers to deepen their expertise and amplify their impact without leaving the classroom. The university will also soon host one of just three centers in the world supporting the next generation of nuclear-powered submarine production, harnessing academic expertise to strengthen international efforts.

Operating revenue for the university and its affiliated foundations increased by $33.8 million — or 5.4% — over the prior year. Student tuition and fees, net of scholarship allowances, provided $208.6 million of operating revenue in 2025, and state appropriations increased by $22.5 million, in part for the Commonwealth of Virginia’s share of salary and benefit increases. One-time allocations totaling $7.8 million supported continued investment in affordable access funding, community law and veterans programming and modernizing the university’s finance, human resources and payroll workflows through a new Enterprise Resource Planning (ERP) software, reflecting William & Mary’s Vision 2026 commitment to evolve to excel.

William & Mary’s strength in providing the most personal education of any public university is boosted further by our classification as an R1 research institution by the Carnegie Classification system. Growth in research awards increased revenue from grants and contracts by 14.3%, indicative of the university’s expanding ability to empower our scholars as they advance research of consequence and drive solutions to the most urgent challenges of the next 100 years.

FY25 operating expenses totaled $639.1 million. The majority of increase in operating expenses — $37.8 million over FY24 — related to state-mandated salary and benefits. Last fiscal year also included expenses for the implementation of Workday, a unified, cloud-based ERP system that allows the university to more effectively integrate finance, human resources and payroll into a single user-friendly platform, enhancing the employee experience. The implementation was partially funded through a generous one-time appropriation from the Commonwealth. Another example of efforts to enhance safety, efficiency and modernization was investment in new access control technology. This prepares the university to launch a mobile credential option in summer 2026.

Resilience & Stewardship

Through strategic planning and investment, William & Mary is building a more resilient, inclusive and forward-looking campus that supports academic excellence and student belonging. This work is often grounded in efforts to find an elegant balance between conserving our past and building for future generations, prioritizing solutions that are sustainable and grounded in existing strengths.

The iconic Wren Building, built even before Williamsburg was founded, symbolizes the university’s preeminence as a place of universal learning. Marking a significant investment in William & Mary’s heritage, the building is currently undergoing renovations, or “Wrenovations.” Funded through state pool resources, the project has a construction value of $10.2 million and a total project value of $13.9 million. An additional $416,000 grant from the National Park Service will restore the historic west portico steps, further enhancing the building’s preservation and structural integrity. These efforts reflect the university’s balance between preservation and progress — upholding tradition while ensuring the functionality and accessibility of the nation’s oldest academic building in the U.S. still in active use today.

William & Mary’s Comprehensive Campus Plan was adopted and endorsed by the Board of Visitors. The plan is multi-faceted, data-driven and lays out improvements in every corner of William & Mary, inclusive of 10 years of learning spaces improvements and 100 years of landscape goals and improvements. The first phase of the Housing & Dining Comprehensive Plan, nearing completion, has produced visible, measurable impact. Since implementation, all new or renovated facilities, including West Woods Commons, Cedar Hall and Old Dominion Hall, now include elevators, air conditioning and barrier-free entries, advancing accessibility and comfort for every student.

The university prioritizes initiatives that strengthen the university’s physical environment, modernize operations and promote sustainability across all facets of campus life. In FY25, William & Mary surpassed one million square feet of LEED-certified space, a bold statement for our ongoing commitment to sustainable design. Geothermal systems in place at Monroe Hall and Barksdale Field already reduced energy dependency by up to 60%, reducing expenses and directly contributing to the university’s long-term carbon- reduction goals and its national reputation for environmental stewardship.

Construction of Integrated Science Center IV is a major milestone in advancing William & Mary’s leadership in interdisciplinary education and research. ISC IV introduces state-of-the-art teaching environments, such as flipped classrooms and a 100-seat auditorium, that promote collaboration across disciplines. The facility’s first classes will begin in spring 2026, representing the next generation of learning environments envisioned
in the Campus Comprehensive Plan.

The Alma Mater of the Nation has flourished through centuries by investing in our core strengths and innovating to evolve. We plan for the future by preparing the institution and our students to thrive in the midst
of global change.

Michael J. Todd
Executive Vice President for Finance & Administration