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The policy brief, released by AFSCME Local 3299, analyzes publicly available UC financial statements and shows the 10-campus system has nearly doubled its revenues over the past decade—from $29 billion in 2015 to $61 billion in 2025. The report suggests UC may be "in the strongest financial position in its 150-year history."
"The complex and expansive nature of the University of California often results in an opaque and incomplete understanding of the system's overall financial health," said Claudia Preparata, AFSCME 3299 research director. "This policy brief provides a comprehensive independent analysis of the University's overall financial performance."
The report comes as UC continues negotiating with more than 40,000 frontline patient care and service workers who have been without a contract for over a year. The union represents custodians, food service workers, groundskeepers and patient care technicians across the UC system.
UC's five medical centers have seen revenue increase 167% over the decade, from $9.5 billion to more than $25 billion, now comprising 42% of total annual revenues. In 2025, medical centers generated $1.9 billion in net operating income and project continued financial surpluses, according to the analysis.
The system's unrestricted capital reserves have grown to $24.5 billion, with total endowment and working capital pools reaching $41.5 billion. Investment returns added $4.5 billion to UC's bottom line in 2025, while stronger than expected pension fund performance erased $2.5 billion in long-term liabilities.
UC's expansion includes acquiring eight hospitals across California since 2023 for nearly $1.6 billion. The system completed 150 capital projects worth $3.2 billion in 2025 and has $27 billion in capital investments planned over the next six years.
