Annual Financial Report 2024 2025

Statement of Revenues, Expenses, and Changes in Net Position For the year ended June 30, 2025, with comparative financial information for the year ended June 30, 2024 (all dollars in thousands) 2025

2024 ( restated )

Virginia

Virginia Tech Foundation

Virginia

Virginia Tech Foundation

Tech

Tech

Operating revenues Student tuition and fees, net (Note 1)

$

676,002

$

-

$

686,428

$

-

Gifts and contributions Federal appropriations

-

90,205

-

97,612

16,890 367,844 37,246 16,812 65,005 35,246 408,602 16,279 563,022 478,142 136,880 162,209 39,229 117,323 109,622 13,361 332,027 192,802 1,639,926

- - - - - -

16,628 319,003 33,200 17,076 63,000 33,606 360,257

- - - - - -

Federal grants and contracts State grants and contracts Local grants and contracts (Note 3)

Nongovernmental grants and contracts Sales and services of educational activities Auxiliary enterprise revenue, net (Note 1)

29,860 75,877 195,942

28,768 75,659 202,039

Other operating revenues

8,685

Total operating revenues

1,537,883

Operating expenses Instruction

7,910

523,291 436,316 105,680 148,404 35,151 103,325 91,716 37,839 301,418 174,983

2,290

Research

11,235

12,283

Public service

5,765

6,161

Academic support Student services Institutional support

43,139

45,008

-

-

93,113 20,472 39,225 18,660 11,702 13,287 264,508

68,124 19,301 44,839 17,973 12,242 10,311 238,532

Operation and maintenance of plant

Student financial assistance

Auxiliary enterprises

Depreciation and amortization (Note 7)

Other operating expenses

-

-

Total operating expenses

2,144,617

1,958,123

Operating loss

(504,691)

(68,566)

(420,240)

(36,493)

Non-operating revenues (expenses) State appropriations (Note 24) CARES Act stabilization revenue Non-operating grants and contracts Federal student financial aid (Pell) Gifts

463,494 117,066

- - - - -

403,155 107,435

- - - - -

-

1

586

263

33,504 92,892

26,820 88,818

Investment income, net

17,022 106,359

21,211 96,371

Net gain (loss) on investments

-

-

Interest expense on subscription-based IT arrangements

(708)

- -

(521)

- -

Interest expense on long-term leases

(6,340) (16,464)

(6,871) (17,969) 10,457 611,588

Interest expense on debt related to capital assets

(8,686)

(8,324)

Other non-operating revenue

5,327

-

-

Net non-operating revenues (expenses)

689,357

114,695

109,258

Income before other revenues, expenses, gains, or losses

184,666

46,129

191,348

72,765

Change in valuation of split interest agreements

-

2,588

-

4,133

Capital appropriations (Note 24) Capital grants and gifts (Note 10)

266,588 39,957

-

115,470 105,664

-

15,593 (1,861) 45,143 (7,878) 53,585

22,139

Gain (loss) on disposal of capital assets Additions to permanent endowments

(1,107)

294

7,168

- -

- -

58,546 (5,608) 86,378

Other revenues (expenses)

Total other revenues, expenses, gains, and losses

305,438

221,428

Increase in net position

490,104

99,714

412,776

159,143

Net position—beginning of year, as restated (Note 1)

2,967,831 3,457,935

1,996,185 2,095,899

2,555,055 2,967,831

1,837,042 1,996,185

Net position—end of year

$

$

$

$

The accompanying Notes to Financial Statements are an integral part of this statement.

21