lies, damn lies, and (financial) statistics...
Comparing things like revenue and expense growth is a pretty esoteric comparison. Especially over a 4 year period bridging Covid.
Anytime you look at financial statements, you have to REALLY get into the weeds to truly understand what they are telling you. Just comparing a couple numbers like this... take it with not a grain of salt, but the whole salt lick. I mean, ok revenue grew 3% and expenses grew 2%. But what if you were showing a 25% annual loss over the period?
I would say that is DOUBLY true when dealing with public universities, which may or may not be getting money from the state, and which may or may not be doing big capital projects. And they can smooth things based on depreciation treatments.
All that said, I think we'd all agree JP is doing a fantastic job wrt ROI. And obviously UA, not so much...