SCHOOL PROFILE · FREE PREVIEW
SCHOOL PROFILE · FREE PREVIEW
Phillips Exeter Academy
Exeter, NH · Independent K-12NAIS MEMBER
THE READ · FREE SUMMARY
Phillips Exeter Academy looks durable. The school holds 11.9 years of operating cushion, a deep balance even by boarding-school standards. Revenue is unusually diversified at 41% tuition-dependent (peer median 80%), with the endowment and gifts carrying real weight. Staff compensation runs 47% of expenses, leaner than the peer median. Expenses are outpacing revenue 3.9% vs -8.6% per year over three years, signaling margin compression worth flagging. NACUBO Composite Financial Index: 8.4 / 10, strong.
Phillips Exeter Academy runs only 41% tuition-dependent — unusually diversified for an independent school. Endowment payout and contributions carry meaningful weight in the operating budget.
Phillips Exeter Academy reported $187.3M in revenue against $158.2M in expenses in fiscal year 2023, the most recent filing on record. Net assets stood at $1.89B — about 11.92x annual operating expense.
Operating margin landed at 15.5%, with 40.7% of revenue coming from tuition. Among same-size peers, that puts Phillips Exeter Academy at the p77 on operating margin.
$187.3M
REVENUE FY2023
15.5%
OP MARGIN
20
PEERS RESOLVED
IRS FORM 990 · DATA THROUGH FY2023
THE FULL REPORT
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Ten panels on Phillips Exeter Academy: financial health, peer comparison, community demographics, paying & giving capacity, competitive position, enrollment demand, leadership compensation, governance — and the questions to ask. One subscription opens every school.
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WHERE THIS SCHOOL SITS · REVENUE SCALE VS PEERS
Among 20 similar peer schools, Phillips Exeter Academy ranks 3rd by latest 990 revenue.
Revenue scale
WHAT’S IN THE REPORT
- Financials — IRS Form 990, up to nine years on file.
- Enrollment & demand — IRS 990 tuition revenue + U.S. Census county births.
- Competition — NCES private (PSS) + public (CCD) school inventory.
- Demographics — U.S. Census Bureau, ACS 5-year estimates.
- Local economy — U.S. Bureau of Labor Statistics, QCEW and CES.
- Peer set — 1,620 independent schools with verified financials.
The full school report
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