Rochester, Minn.-based Mayo Clinic recorded an income from current activities of $373 million (7.3% margin) in the first quarter of 2025, compared to $363 million (7.7% margin) during the same period last year, according to its May 19 financial report.
The health system posted a total revenue of $5.1 billion in the three months ended March 31, up from $4.7 billion during the same period last year. Mayo Clinic recorded net medical service revenue of $4.3 billion, up from $4 billion last year. The system said this growth was driven by strong outpatient, surgical and hospital volumes and increased service demand.
Operating expenses totaled $4.7 billion in the first quarter, up from $4.4 billion during the same period last year. Salaries and benefits rose by 4.4% year over year, attributed to staff growth to accommodate higher volumes, as well as annual salary increases for all staff. Supply and service expenses rose 13.2% year over year, also driven by volume increases.
Mayo had 357 days cash on hand as of March 31, down from 362 on Dec. 31. The system had a long-term debt of $4.6 billion as of March 31.
The system posted a net income of $467 million in the quarter, down from $927 million during the same period last year.
