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University President Christopher Eisgruber ’83 presented his annual State of the University letter and answered questions about various student concerns at the first 2026 meeting of the Council of the Princeton University Community (CPUC).
Eisgruber spent the majority of his presentation reviewing the University’s strategic shift in endowment spending priorities amid diminishing long-term endowment return projections. This includes a 10-year estimated $11.3 billion deficit in endowment growth relative to previous growth projections, according to the Princeton University Investment Company (PRINCO).
In his 2026 “State of the University” letter sent to students on Monday, University President Christopher Eisgruber ’83 previewed major upcoming changes to University finances. The letter, titled “From Growth to Focus,” described a move away from expansion, citing long-term economic factors.
The changes will come in addition to the 5–7 percent departmental budget cuts over the last year, alongside the hiring freeze instituted last March. “The long-term endowment trends described in this memorandum are likely to require more targeted, and in some cases deeper, reductions over a multiyear period,” Eisgruber wrote. “The change that I am describing … goes beyond the pace of construction. It will affect everyone on campus.”
Ten years ago, Princeton University’s Board of Trustees published a strategic framework to guide the institution into the future. As I prepared this annual letter to the community—the tenth in a series that began in 2017—I reread the framework and the mission statement included in it.
The strategic framework and the values expressed in it have shaped a period of remarkable, mission-driven growth. As I describe in the paragraphs that follow, those values will be equally crucial in the months and years to come, when changed political and economic circumstances require that we transition from a period of exceptional growth to one defined by steadfast focus on core priorities.
