Financial Statements

University Financial Performance 2024/25

We’ve now shared with the University Council our annual accounts for the financial year ending 31 July 2025.

They are available to read online.

As we celebrate our 60th anniversary, Warwick is reporting another robust financial performance, with a surplus of £35.9m (2023/24: £46.8m underlying surplus, excluding the positive USS pension adjustment of £251m which was a non-cash movement and did not impact the University’s day to day operations).

Here is an overview of our financial performance for 2024/25 in more detail:

• The underlying surplus for 2024/25 represents 4.1% of income (2023/24 – 5.4%). While this is below the University’s target surplus of 5% to 7% of income per annum, it reflects a good result in the current economic conditions and fiscal environment given cost pressures from rising prices and declining home undergraduate fees in real terms.
• The University’s total income has grown by £11m to a record level of £871m. This is primarily due to additional home student fee income and growth in consultancy, with some non-recurring income grants. Research grants and contracts income at £147.5m also increased slightly in a difficult funding environment.
• The University remains a highly popular destination for both home and international students and strong student recruitment is a critical factor in the financial outturn. At Warwick we are proud of our outstanding teaching reputation as a Gold-standard Teaching Excellence Framework institution which continues to be recognised in the National Student Survey results (85% of students saying that they would recommend Warwick as a place to study) and impressive rankings in league tables – we are a top 10 UK University (Guardian 7^th, The Times and Sunday Times 8^th) and internationally, the University ranks 74th in the world and 10th in the UK in the 2026 QS World University Rankings.
• We are also recognised for our world-leading research. We work proudly across public and private sectors to advance cutting-edge research, tackling some of the most pressing challenges of our age. 92% of our research was assessed to be ‘world leading or internationally excellent’ in the Research Excellence Framework 2021. Outstanding community engagement and deep business partnerships are part of what defines the University of Warwick, achieving strong results in the latest Knowledge Exchange Framework (KEF 5). This culture of excellence has enabled growth in research and other income streams despite challenging funding environments.
• Cost pressures have continued. Excluding the impact of the USS pension scheme adjustment in the prior year, staff costs increased by £17m (3.6%) from £471.5m (54.8% of income) to £488.6m (56.1% of income). The year-on-year movement reflects annual pay rises and increments with modest growth in staff numbers. The University benefited from lower employers’ contributions to the USS pension scheme from January 2024 onwards, offset by higher National Insurance contributions from April 2025. Other operating expenses have modestly increased by £4.7m to £289.5m.

Our ability to deliver strong financial results is a key enabler, and the surplus of £35.9m (with cash generated from operating activities of £31.6m) adds to the firm foundations from previous years cash generation and supports our ambitious future capital plans that will transform the campus with the development of a science precinct and a new social sciences quarter. These developments (the Connect Programme) will harness our power in research, education and innovation across Social Sciences and STEM (science, technology, engineering and mathematics), strengthen collaboration and foster interdisciplinary working. They will ensure the University moves forward into the future with the right facilities to promote continued excellence in research and learning.

Financial Statements for the Year Ended 31st July 2025

Additional information:

Annual list of Equity investments included in Non-Current Investments note in Statutory Accounts

Full archive of financial statements

This includes copies of the Statutory Accounts from the first 50 years, which were made available online as part of the University's 50th Anniversary.

Financial information for students