UCL published its 2025 Annual Report and Accounts (ARA) on 22 December 2025, reporting an operating margin of £141m or 6.4%. This outcome highlights sustained financial resilience during a year shaped by global uncertainty and financial pressures impacting the HE sector.
The ARA were approved by Council following completion of the external audit by EY. The audit represented a significant undertaking, involving around 9,000 hours of work and close collaboration across Finance, academic departments and professional services. Sincere thanks go to everyone across the university who contributed their time, expertise and commitment to delivering this result.
This year also marks the first publication of the ARA as an interactive document, featuring highlights, images and the updated UCL brand.
Access the report on the UCL Finance website
The Finance team is now reviewing published ARAs across the Russell Group to undertake a benchmarking exercise, assessing how UCL’s financial performance compares with peer institutions.
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