In six years, Italian universities' income have increased by €5.5 billion. The university system's operating income, which includes public funding, increased by an average of 6.8% annually from €14 billion in 2019 to €19.5 billion in 2024. This rise was attributed to both special post-Covid allocations and the National Recovery and Resilience Plan (NRRP). The issue is that some of this additional €5.5 billion, at least the chunk related to the Recovery Plan, is going to vanish. A Mediobanca report focuses on the system's internal power balance, as well as the results of online instruction. First and foremost, it underscores that 85.2% of the revenues cited were from public universities (87.3% in 2019), 9.7% from private universities (10.2%), and 5.1% from online instruction. The latter saw their earnings increase by an average of 23.6% every year (compared to 6% for other universities). The trend is even more apparent in terms of profits: in 2024, aggregate profits amounted to €1.08 billion, representing an average 11.5% annual increase since 2019. This result reflects a 7.1% growth in public universities, a 13.7% increase in private universities, and a 38.2% increase in online universities. Online colleges earned €234.9 million in profits in 2024, the most since 2019 and more than double that of other non-state universities.