The first page of Pepperdine’s 990 filing ending July 2025. The form ensures nonprofits comply with IRS guidelines each year. Photo by Marcos Lizarraga
Pepperdine released its 2025 Internal Revenue Service Form 990, a financial form that tax-exempt organizations are required to file annually and publicly disclose, according to the IRS.
The document contains financial information regarding Pepperdine’s primary spending activities, contractor partnerships and its highest-paid employees from Aug. 1, 2024 through July 31, 2025.
Total revenue at Pepperdine climbed to $755,116,691 for the fiscal year ending July 2025. This marks an increase of nearly $49.6 million compared to the $705,484,656 reported in the 2024 fiscal year. This also represents a rise from the previous three-year high, when the University brought in $724,218,664.
Operating expenses rose to $666,452,572, continuing the upward trend in costs the University has maintained for decades. The previous fiscal year saw $664,734,965 in operating expenses.
Revenue growth, however, outpaced the rise in costs. Pepperdine’s net income experienced a notable rebound after declining in recent years. The July 2025 fiscal year ended with $88,664,119 in net income, more than doubling the $40,749,691 recorded in July 2024.
Student fees and residential housing continued to generate the majority of University operations. Pepperdine brought in $498,357,943 in student tuition and fees along with $50,092,254 in housing revenue. Combined, tuition fees and housing totaled $548,450,197, accounting for roughly 72.6% of Pepperdine’s total revenue. Fundraising also saw a notable spike, with total contributions and grants climbing to $56,339,649 after dropping to $31,484,848 in the 2024 fiscal year.
President Jim Gash once again topped the University’s payroll, earning $1,323,005 in total compensation, representing a $121,456 increase from the previous year. Provost Jay Brewster retained the second spot with $855,535. Brewster’s compensation for fiscal year 2025 was $37,296 lower than fiscal year 2024. Gash and Brewster were then followed by Executive Vice President and Chief Operating Officer Phil Phillips at $716,982.
Infographic by Christine Park
The filing also highlighted major financial commitments that were made to Men’s Basketball across recent coaching changes. Former Head Basketball Coach Ed Schilling — who was hired in April 2024 and let go in March 2026 after two seasons — appeared as the fourth highest earner overall, taking home $579,291. Former Head Basketball Coach Lorenzo Romar — who left Pepperdine in March 2024, remained among the highest-paid individuals in 2025 at eighth overall, earning $479,286.
Pepperdine employed 5,155 individuals — a number that includes student workers — during the 2025 fiscal year, a slight decrease from the 5,165 workers reported the previous year.
Outside of payroll, the University scaled back on its marketing budget, spending $6,282,245 on advertising and promotional expenses, down from $8,193,423 the previous year.
As for independent contractors, expenditures centered around online learning support and campus expansion. Pepperdine paid $54,190,121 to e-learning partner 2U and $11,411,379 to food service provider Bon Appétit. Physical campus development saw significant investments as well, with Pepperdine paying a combined $97,104,410 across three primary construction groups.
This story was copy edited by Lila Rendel.
__________________
Follow the Graphic on X: @PeppGraphic
Contact Marcos Lizarraga via email: marcos.lizarraga@pepperdine.edu