From Investment to Impact

At Carnegie Mellon University, we turn investment into impact through disciplined stewardship, agile financial management, and a commitment to long-term resilience and sustainability. Every dollar is spent with integrity and foresight. These investments fuel research and education, sparking the curiosity of the brightest minds in the next generation of visionaries to move society forward. From unlocking the future of energy to leading in the ethical use of generative AI and revolutionizing patient care, aligning financial stewardship with the mission enables the interdisciplinary, innovative, and transformative breakthroughs that define Carnegie Mellon University’s lasting global impacts.

Highlights from the CFO and CIO

Angela Blanton, Vice President for Finance and CFO

It’s my privilege to present Carnegie Mellon University’s Annual Financial Report for the fiscal year ending on June 30, 2025 (FY25).

For 125 years, Carnegie Mellon University has consistently turned the seemingly impossible into remarkable reality. This report highlights stories from FY25 that demonstrate how our continued commitment to transparency and sound financial stewardship sustains the university’s mission, amplifies its global impact on society, and prepares us all to meet the opportunities and challenges of today and tomorrow.

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Charles A. Kennedy, CIO

Carnegie Mellon University’s mission seeks to shape the future for the greater good by providing transformational research and education focused on advancing knowledge and understanding in science, technology, the humanities, business and the fine arts. Carnegie Mellon’s endowment is a key strategic asset in achieving this mission. Created largely through incredible acts of philanthropy and augmented by careful financial stewardship, the endowment stood at a market value of $3.5 billion as of June 30, 2025.

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Year in Review

a photo taken from above the Walking to The Sky sculpture that is

New CMU Pathway Program to Provide Significant Financial Relief to Undergraduate Students

Carnegie Mellon announced the launch of the CMU Pathway Program, which aims to provide significant financial relief to undergraduates from low- and middle-income families, ensuring that a quality education at CMU is within reach for all deserving students. The initiative began in the 2025-26 academic year.

a photo composition of Edda Fields-Black with her book at her right

Carnegie Mellon Professor Wins 2025 Pulitzer Prize in History

CMU historian, author and librettist Edda Fields-Black received a Pulitzer Prize in History for her book “COMBEE: Harriet Tubman, the Combahee River Raid and Black Freedom during the Civil War.” The prize, shared this year with “Native Nations: A Millennium in North America” by Kathleen DuVal, is annually awarded to a “distinguished and appropriately documented book on the history of the United States.”

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Top Rankings Reflect Strong Investment in Student Success

In the 2026 Best Colleges rankings, U.S. News and World Report announced that Carnegie Mellon ranks No. 1 in seven different undergraduate disciplines — analytics, artificial intelligence, cybersecurity, information systems, mobile/web applications, programming languages and software engineering, all of which drive technological innovation worldwide.

a composite photo of three students, looking proud

Three CMU Students Awarded 2025 Goldwater Scholarship

Three Carnegie Mellon students were selected to receive the Barry Goldwater Scholarship in 2025 — Hyojae Park, a sophomore in the School of Computer Science; Jana Reiser, a third-year student in the College of Engineering; and Sheng Shu, a junior majoring in computer science and also studying chemistry in the Mellon College of Science. Park, Reiser and Shu were among those selected from a pool of over 5,000 applicants. The Goldwater Scholarship is one of the most prestigious undergraduate scholarships in the science, technology, engineering and math (STEM) fields.

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CMU and NVIDIA to Lead Joint Research Center for Robotics, Autonomy & AI

Carnegie Mellon, in collaboration with NVIDIA and the University of Pittsburgh, is part of a first-of-its-kind NVIDIA AI tech community in Pittsburgh to advance the city’s robotics, autonomy and artificial intelligence innovation ecosystem. Through its joint research center, CMU researchers will be able to collaborate with an embedded NVIDIA “solutions architect” to leverage NVIDIA’s full-stack AI platform, software and computing expertise and gain early access to new technologies that could advance their research. This will enhance the university’s existing deep knowledge and resources in machine learning, programming, data analysis, design, physics and math, which has made CMU a world center for AI for more than half a century.

a medical illustration showing the head and chest

Carnegie Mellon Lands ARPA-H Award for Implantable Bioelectric Medicine Project

A Carnegie Mellon-led team has secured an award of up to $42 million from the Advanced Research Projects Agency for Health (ARPA-H) to accelerate the development of implantable, cell-based bioelectronic devices that deliver patient-specific therapy and monitor disease status, for conditions like hypothyroidism and hyperthyroidism, in real time. This award is part of the ARPA-H REACT program, which supports the advancement of implantable bioelectronic devices to improve patient management of chronic diseases.

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Energy and Innovation Summit Brings Government and Industry Leadership to CMU

Some of the nation’s top decision-makers visited Carnegie Mellon July 15 for the inaugural Energy and Innovation Summit, a gathering, convened by U.S. Sen. David McCormick and attended by U.S. President Donald Trump, to discuss the future of energy technology.

Natalie Venetia Belcon looks stunning in a black feathered dress as she poses for photos on the Tony's red carpet

Carnegie Mellon Alumnae Earn Two 2025 Tony Awards

Two CMU alumnae received Tony Awards at the 2025 ceremony. Natalie Venetia Belcon won Actress in a Featured Role in a Musical for “Buena Vista Social Club,” and Jamie deRoy won for Best Revival of a Musical for “Sunset Blvd.” To date, CMU alumni have won 66 Tony awards for their roles onstage and behind the scenes.

a line art illustration of two people holding up an oversizes lightbulb

Empowering the Energy Workforce for an AI-Driven Future

CMU experts weigh in on how CMU AI is revolutionizing the energy industry, preparing the energy workforce to meet job demands, and the importance of empowering communities and embracing continuous learning.

CMU-Developed Artificial Lung Gives Lift to DARPA Project

The Defense Advanced Research Projects Agency (DARPA) has awarded $18 million to a multi-institutional team, including Carnegie Mellon’s Keith Cook, to develop a novel extracorporeal membrane oxygenation (ECMO) and advanced life-support system device capable of rapid deployment to support wounded military personnel. ECMO systems assist patients by supporting heart and lung function when their organs are too damaged or weak to function normally.

headshots of 10 winners arranged in two rows of five

Carnegie Mellon Again Named Top Fulbright Producer

The U.S. Department of State’s Bureau of Educational and Cultural Affairs recognized Carnegie Mellon for being one of the colleges and universities with the highest number of students selected for the Fulbright U.S. Student Program. Ten students and recent alumni from CMU were selected for Fulbright awards for academic year 2024-25. Since the program’s inception, Carnegie Mellon has seen 138 Tartans become Fulbright U.S. Student grantees.

CMU-Led Project to Fight Obesity, Type 2 Diabetes Receives ARPA-H Backing

A Carnegie Mellon-led team of researchers secured an award of up to $34.9 million from the Advanced Research Projects Agency for Health (ARPA-H) to fast track a bioelectronic implant that could radically improve treatment options and significantly reduce the cost of care for patients with obesity and Type 2 diabetes.