Mayo Clinic set a new record for operating profit last year as the Rochester-based health system continued seeing growth in patient visits for outpatient and hospital care. In 2022, Mayo was like many health systems in struggling to find enough workers to fully staff its operations.

Rochester-based nonprofit health system Mayo Clinic says its operating income hit nearly $1.3 billion in 2024.

Mayo Clinic reported a record-setting $1.3 billion operating profit in 2024 with a total $19.79 billion in revenue. It also more than doubled its patient charity care spending to $130 million.

Mayo Clinic plans to invest nearly $1.9 billion in its Phoenix campus as part of its ongoing effort to expand and help patients. The plan, under Mayo’s “Bold. Forward.

The Mayo Clinic is flexing its muscles in north Phoenix with a $1.9 billion expansion of its local hospital, on the heels of a $748 million growth spurt. The expansion includes 48 new rooms, a 59 percent increase in clinical space,