There has been numerous studies proving the negative effects of COVID-19 pandemic on educational institutions worldwide. However, there were limited studies measuring the actual financial performance of these institutions before and after the COVID-19 pandemic. Hence, this paper evaluates the financial performance of two Higher Education Institutions (HEIs) listed in the Muscat Securities Exchange (MSX) from accounting year 2018 to 2022. From the audited data publicly available through the MSX website, trending analysis was conducted on income statement and balance sheet. The results of the analysis showed that there was no significant impact on the financial performance of the HEIs amidst the restrictions brought by the pandemic. While there was decreasing trend in the revenues, there was decreasing pattern in the operating costs incurred. While the two HEIs posted sudden decrease in their net profits during the accounting year 2020, the same drastically increased the year after. Overall, the two HEIs sustained their operations pre and post COVID. With the limited financial analysis performed, further studies can be conducted on the operating costs highly affecting the profit of the HEIs.