Financial State of the Industry

This report provides a rare, data‑rich view into how independent schools navigated one of the most turbulent periods in recent history — the COVID pandemic and its aftermath — and what those patterns can signal for the road ahead.  

Analyzing trends across 18 key financial and operational indicators over five years (2020–21 through 2024–25), the Financial State of the Industry draws on highly vetted data from NBOA’s BIIS platform. School leaders can use this analysis to benchmark performance, stress‑test assumptions and make more informed decisions, as demographic and economic forces continue to challenge long‑term financial sustainability. The report includes: 

• An executive summary outlining seven top-level takeaways.  
• Succinct trend analysis of 18 indicators, including tuition, enrollment, net assets, financial aid, expenses, operating margin, contributions, plant and many more.  
• Full color charts for each indicator. 

While the findings reflect the unprecedented disruption of the pandemic era, they also surface enduring strengths, vulnerabilities and strategic pressure points in the independent school financial model.  

THIS REPORT IS FREE FOR NBOA MEMBERS. MEMBERS SHOULD SIGN INTO WEBSITE TO ACCESS THE REPORT.

Released: 2026