Oregon State athletics claimed an operating surplus for a second straight year, but with more than $15 million less revenue.

OSU reported total revenues of $104,767,707 and expenses of $100,306,455 for fiscal year 2025, according to its annual filing to the NCAA.

The school’s $4.46 million surplus in its first year in the depleted Pac-12 and WCC is down from $7.43 million in 2024. Its revenues are down from $120,312,417 and expenses from $112,883,911 in fiscal year 2024.

While Oregon State reported significant increases in revenue from direct state or other government support and direct institutional support compared to 2024, its revenue from media rights dropped from $34,050,500 while in the old Pac-12 to just $3,015,108.

Its biggest decline in expenses came from an all-encompassing category of other operating expenses, which includes non-team travel, team banquets and awards and other miscellaneous categories, from $11,634,817 in 2024 to $267,877 last year.

By comparison, the University of Oregon had a surplus of $2.7 million in its first year in the Big Ten. UO produced $185,420,904 in revenue and $182,702,378 in expenses.

OSU football revenue dropped from $49,178,636 to $31,096,301 due almost entirely to a total loss of media rights revenue from over $21 million in 2024. The program’s net profit dropped from $23.2 million to $7.25 million.

The men’s basketball program saw a big increase in revenue thanks to nearly $7 million in conference distribution and ended with a profit of $3.79 million compared to a loss of more than $722,000 in 2024.

Baseball revenues increased to $4.52 million from $2.84 million, but also had greater expenses ($5.895 million from $4.64 million).

Other noteworthy items:

  • Football ticket revenue was $7.65 million, down from $8.22 million. Baseball ticket revenue increased to $2.39 million from $1.899 million. Women’s basketball ticket revenue dropped to $364K from $762K.
  • Recruiting expenses were $1.789 million, down from $2.01 million, with football seeing the biggest drop in spending ($863,916 from $1,016,289).
  • Team travel costs dropped to $5.91 million from $6.98 million, with football spending over $400K less than in 2024 and baseball and men’s basketball each cutting more than $100K.
  • The report lists Oregon State with over $929 million in institutional debt, with $103.8 million in athletics.
  • Athletics endowments increased from $22.96 million in 2024 to $31.63 million last year.