DePauw Stories

Moody's Ratings upgraded its outlook on DePauw University from stable to positive in March 2026, affirming the university's Baa1 credit rating and signaling growing confidence in the institution's long-term financial health.

The rating action reflects two standout strengths: record philanthropic giving and steadily improving operating performance, both of which are central to DePauw's ongoing strategic plan.

What's Driving the Upgraded Outlook

DePauw has averaged $93 million in gift revenue annually over the last three fiscal years, one of the strongest sustained fundraising runs in the university's history. That donor support is directly funding financial aid, campus facilities, and student recruitment efforts in an increasingly competitive higher education landscape.

In fiscal year 2025, DePauw posted $194 million in unrestricted and restricted revenue and enrolled 1,845 full-time equivalent students in Fall 2025. The university has worked to improve operating margins, reduce reliance on endowment draws, and redirect resources toward student success initiatives.

"This recognition from Moody's reflects the incredible generosity of DePauw alumni and donors and the disciplined work of our community to build a financially strong and sustainable university that uses our resources wisely," said Andrea Young, vice president for finance and administration. "We are reinvesting in our students, our campus and our future with confidence."

What a Positive Outlook Means

A positive outlook from Moody's indicates that continued progress on enrollment growth, net tuition revenue and balanced budgeting could position DePauw for a formal credit rating upgrade in the future. For prospective students, families and donors, it's an independent signal that DePauw is on sound financial footing.