U.S. Medical School Revenues

The U.S. Medical School Revenue summary tables and graphs summarize data from the Liaison Committee on Medical Education (LCME) Part I-A Annual Medical School Financial Questionnaire (AFQ) administered by the AAMC. Fiscal year (FY) 2025 is the most recent data covering 160 U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation.

Selected summary tables include a drop-down menu that allows users to choose between showing data from U.S. MD-granting medical education programs with full LCME accreditation and showing data from U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation. In order to maintain the confidentiality of medical schools in breakouts with fewer than five medical schools, summary tables including public medical school and private medical school details only show data from medical education programs with full LCME accreditation.

For the following data displays, constant-dollar values are based on FY 2025 dollars:

• Tables 6 through 8
• II. Percent Change in Revenue, FY 2024 to FY 2025
• III. Ten-Year Trends, FY 2016 to FY 2025

Like in FY 2024, the FY 2025 summary tables and graphs display Federal Appropriations combined with State, Local, and Parent University Support. This approach reflects the oftentimes commingled nature of the Government and Parent University Appropriations.

Questions about the data or requests for additional comparative data can be directed to Clarissa Gomez, Senior Research and Data Analyst, Data Operations and Services at [email protected].

• Total revenue supporting the 153 U.S. MD-granting medical education programs with full LCME accreditation was $226.0 billion in FY 2025, which represents an increase of 7.6% from FY 2024. Total revenue supporting the 160 U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation was $226.7 billion in FY 2025, which represents an increase of 7.3% from FY 2024.
• Of the $226.0 billion in total medical school revenue for U.S. MD-granting medical education programs with full LCME accreditation, $120.4 billion (53.3%) was "recorded" on the books of the medical schools, while $105.6 billion (46.7%) was "not-recorded" (received or borne by an entity other than the medical school such as an affiliated hospital or practice plan). Of the $226.7 billion in total medical school revenue for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation, $120.7 billion (53.2%) was "recorded" on the books of the medical schools, while $106.0 billion (46.8%) was "not-recorded" (received or borne by an entity other than the medical school such as an affiliated hospital or practice plan).
• Total federal research grants and contracts supporting U.S. MD-granting medical education programs with full LCME accreditation were $30.5 billion in FY 2025, which represents an increase of 1.1% from FY 2024. Total federal research grants and contracts direct costs for U.S. MD-granting medical education programs with full LCME accreditation were $21.7 billion in FY 2025, which represents an increase of 1.2% from FY 2024. Total federal research grants and contracts facilities and administrative/indirect costs for U.S. MD-granting medical education programs with full LCME accreditation were $8.8 billion in FY 2025, which represents an increase of 1.0% from FY 2024. Total federal research grants and contracts supporting U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $30.5 billion in FY 2025, which represents an increase of 1.1% from FY 2024. Total federal research grants and contracts direct costs for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $21.7 billion in FY 2025, which represents an increase of 1.1% from FY 2024. Total federal research grants and contracts facilities and administrative/indirect costs for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $8.8 billion in FY 2025, which represents an increase of 0.9% from FY 2024.