Top universities are financial titans, generating investment profits that mirror those of Wall Street firms. They are health care companies; the University of Pennsylvania gets half its revenue from the hospitals it runs. They commercialize the inventions that spring from their labs. They sell four-year subscriptions for rent and classes to their students and lifelong memberships in an elite club to their donors (posthumous, if the checks are big enough).
By revenue, UPenn is bigger than BNY Mellon; Columbia is as big as Coinbase. But these universities operate on profit margins thinner than those of a grocery store. In short, they make a lot of money but spend almost all of it.
