NYSE : MDT
Medtronic plc — Financial statements
Healthcare · Medical Devices · Ireland
Last price 96.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 118.18B
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Financial statements
Medtronic plc (MDT) reported revenue of 37.54B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 37.54B | 36.36B | 33.54B | 32.36B | 31.23B | 31.69B |
| Cost of Revenue | 13.04B | 12.62B | 11.61B | 11.09B | 10.62B | 10.03B |
| Gross Profit | 24.50B | 23.75B | 21.93B | 21.27B | 20.61B | 21.66B |
| Selling, General & Admin | 12.07B | 11.69B | 10.75B | 10.52B | 10.24B | 10.05B |
| Research & Development | 2.92B | 2.87B | 2.73B | 2.73B | 2.70B | 2.75B |
| Amortization of Goodwill & Intangibles | 1.89B | 1.89B | 1.96B | 1.69B | 1.70B | 1.73B |
| Other Operating Expenses | 76.00M | 31.00M | 159.00M | -506.00M | 405.00M | 285.00M |
| Operating Expenses | 16.96B | 16.48B | 15.60B | 14.44B | 15.04B | 14.81B |
| Operating Income | 7.54B | 7.27B | 6.33B | 6.83B | 5.57B | 6.85B |
| Interest Expense | -725.00M | -715.00M | -729.00M | -719.00M | -583.00M | -553.00M |
| Interest & Investment Income | 365.00M | 383.00M | 511.00M | 597.00M | 386.00M | 186.00M |
| Currency Exchange Gain (Loss) | -190.00M | -182.00M | 306.00M | 176.00M | 672.00M | 198.00M |
| Other Non Operating Income (Expenses) | 306.00M | 341.00M | 363.00M | -73.00M | 124.00M | 36.00M |
| EBT Excluding Unusual Items | 7.30B | 7.09B | 6.79B | 6.81B | 6.17B | 6.71B |
| Merger & Restructuring Charges | -394.00M | -370.00M | -303.00M | -828.00M | -645.00M | -1.11B |
| Impairment of Goodwill | -61.00M | |||||
| Gain (Loss) on Sale of Investments | -211.00M | -421.00M | -565.00M | -220.00M | 8.00M | |
| Gain (Loss) on Sale of Assets | -75.00M | |||||
| Asset Writedown | 166.00M | 121.00M | 151.00M | |||
| Legal Settlements | -86.00M | -113.00M | -317.00M | -149.00M | 30.00M | -95.00M |
| Other Unusual Items | -173.00M | -173.00M | -124.00M | -777.00M | -53.00M | |
| Pretax Income | 6.60B | 6.14B | 5.63B | 4.84B | 5.36B | 5.52B |
| Income Tax Expense | 1.33B | 1.30B | 936.00M | 1.13B | 1.58B | 456.00M |
| Earnings From Continuing Operations | 5.27B | 4.84B | 4.69B | 3.70B | 3.78B | 5.06B |
| Minority Interest in Earnings | -39.00M | -37.00M | -29.00M | -28.00M | -26.00M | -22.00M |
| Net Income | 5.23B | 4.80B | 4.66B | 3.68B | 3.76B | 5.04B |
| Net Income to Common | 5.23B | 4.80B | 4.66B | 3.68B | 3.76B | 5.04B |
| Shares Outstanding (Basic) | 1.28B | 1.28B | 1.29B | 1.33B | 1.33B | 1.34B |
| Shares Outstanding (Diluted) | 1.29B | 1.29B | 1.29B | 1.33B | 1.33B | 1.35B |
| EPS (Basic) | 4.08 | 3.75 | 3.63 | 2.77 | 2.83 | 3.75 |
| EPS (Diluted) | 4.06 | 3.73 | 3.61 | 2.76 | 2.82 | 3.73 |
| Free Cash Flow | 6.13B | 5.43B | 5.18B | 5.20B | 4.58B | 5.98B |
| Free Cash Flow Per Share | 4.76 | 4.21 | 4.02 | 3.91 | 3.44 | 4.42 |
| Dividend Per Share | 2.85 | 2.84 | 2.80 | 2.76 | 2.72 | 2.52 |
| Gross Margin | 65.27% | 65.31% | 65.39% | 65.73% | 65.98% | 68.35% |
| Operating Margin | 20.10% | 19.98% | 18.89% | 21.10% | 17.83% | 21.61% |
| Profit Margin | 13.93% | 13.20% | 13.90% | 11.36% | 12.03% | 15.90% |
| Free Cash Flow Margin | 16.33% | 14.92% | 15.46% | 16.07% | 14.67% | 18.87% |
| EBITDA | 10.41B | 10.10B | 9.04B | 9.48B | 8.27B | 9.55B |
| EBITDA Margin | 27.72% | 27.78% | 26.97% | 29.28% | 26.47% | 30.15% |
| D&A For EBITDA | 2.86B | 2.84B | 2.71B | 2.65B | 2.70B | 2.71B |
| EBIT | 7.54B | 7.27B | 6.33B | 6.83B | 5.57B | 6.85B |
| EBIT Margin | 20.10% | 19.98% | 18.89% | 21.10% | 17.83% | 21.61% |
| Effective Tax Rate | 20.19% | 21.17% | 16.63% | 23.42% | 29.46% | 8.27% |
Balance sheet
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.69B | 1.95B | 2.22B | 1.28B | 1.54B | 3.71B |
| Short-Term Investments | 7.13B | 7.27B | 6.75B | 6.72B | 6.42B | 6.86B |
| Cash & Short-Term Investments | 8.82B | 9.22B | 8.96B | 8.01B | 7.96B | 10.57B |
| Accounts Receivable | 6.36B | 6.64B | 6.51B | 6.13B | 6.00B | 5.55B |
| Other Receivables | 2.10B | |||||
| Receivables | 6.36B | 6.64B | 6.51B | 6.13B | 6.00B | 7.65B |
| Inventory | 6.21B | 5.95B | 5.48B | 5.22B | 5.29B | 4.62B |
| Other Current Assets | 3.00B | 1.81B | 1.81B | 1.75B | 1.54B | 695.00M |
| Total Current Assets | 24.39B | 24.79B | 23.81B | 21.93B | 21.68B | 27.70B |
| Property, Plant & Equipment | 7.47B | 8.61B | 7.94B | 7.14B | 6.61B | 6.27B |
| Long-Term Investments | 948.00M | 858.00M | 984.00M | 1.31B | 1.64B | 915.00M |
| Goodwill | 43.19B | 42.59B | 41.74B | 40.99B | 41.42B | 40.50B |
| Other Intangible Assets | 10.24B | 10.15B | 11.67B | 13.22B | 14.84B | 15.60B |
| Long-Term Deferred Tax Assets | 3.70B | 3.94B | 4.04B | 3.66B | 3.48B | |
| Other Long-Term Assets | 3.37B | 2.09B | 1.50B | 1.72B | 1.28B | |
| Total Assets | 93.31B | 93.03B | 91.68B | 89.98B | 90.95B | 90.98B |
| Accounts Payable | 2.69B | 2.64B | 2.45B | 2.41B | 2.66B | 2.28B |
| Accrued Expenses | 4.89B | 5.41B | 5.42B | 5.28B | 4.88B | 2.09B |
| Short-Term Debt | 450.00M | 22.00M | 13.00M | 1.09B | 13.00M | 12.00M |
| Current Portion of Long-Term Debt | 2.09B | 1.76B | 2.85B | 3.72B | ||
| Current Portion of Leases | 204.00M | 198.00M | 189.00M | 187.00M | 173.00M | |
| Current Income Taxes Payable | 1.06B | 914.00M | 1.36B | 1.33B | 840.00M | 704.00M |
| Current Unearned Revenue | 400.00M | 405.00M | 354.00M | 352.00M | 314.00M | 305.00M |
| Other Current Liabilities | 217.00M | 295.00M | 237.00M | 145.00M | 152.00M | 1.53B |
| Total Current Liabilities | 11.80B | 11.66B | 12.88B | 10.79B | 9.05B | 10.82B |
| Long-Term Debt | 25.57B | 26.12B | 25.59B | 23.88B | 24.29B | 20.32B |
| Long-Term Leases | 52.00M | 1.04B | 970.00M | 895.00M | 926.00M | 759.00M |
| Long-Term Unearned Revenue | 100.00M | 94.00M | 92.00M | 101.00M | 91.00M | 94.00M |
| Pension & Post-Retirement Benefits | 495.00M | 510.00M | 465.00M | 478.00M | 1.10B | |
| Long-Term Deferred Tax Liabilities | 349.00M | 362.00M | 403.00M | 515.00M | 708.00M | 884.00M |
| Other Long-Term Liabilities | 4.59B | 3.18B | 2.98B | 2.92B | 3.74B | 4.28B |
| Total Liabilities | 42.46B | 42.96B | 43.42B | 39.56B | 39.28B | 38.26B |
| Additional Paid-In Capital | 20.80B | 20.93B | 20.83B | 23.13B | 24.59B | 37.97B |
| Retained Earnings | 33.19B | 32.64B | 31.48B | 30.40B | 30.39B | 16.85B |
| Comprehensive Income & Other | -3.76B | -4.10B | -4.29B | -3.32B | -3.50B | -2.27B |
| Total Common Equity | 50.23B | 49.46B | 48.02B | 50.21B | 51.48B | 52.55B |
| Minority Interest | 618.00M | 609.00M | 232.00M | 206.00M | 182.00M | 171.00M |
| Shareholders' Equity | 50.85B | 50.07B | 48.26B | 50.42B | 51.66B | 52.72B |
| Total Liabilities & Equity | 93.31B | 93.03B | 91.68B | 89.98B | 90.95B | 90.98B |
| Total Debt | 28.15B | 29.15B | 29.63B | 26.05B | 25.41B | 24.98B |
| Net Cash (Debt) | -19.17B | -19.80B | -20.64B | -18.01B | -17.34B | -14.35B |
| Net Cash Per Share | -14.89 | -15.37 | -16.00 | -13.54 | -13.01 | -10.62 |
| Filing Date Shares Outstanding | 1.28B | 1.28B | 1.28B | 1.28B | 1.33B | 1.33B |
| Total Common Shares Outstanding | 1.28B | 1.28B | 1.28B | 1.31B | 1.33B | 1.33B |
| Working Capital | 12.59B | 13.13B | 10.94B | 11.15B | 12.62B | 16.88B |
| Book Value Per Share | 39.24 | 38.64 | 37.46 | 38.29 | 38.69 | 39.49 |
| Tangible Book Value | -3.19B | -3.27B | -5.38B | -4.00B | -4.79B | -3.55B |
| Tangible Book Value Per Share | -2.49 | -2.55 | -4.20 | -3.05 | -3.60 | -2.66 |
| Land | 170.00M | 160.00M | 159.00M | 162.00M | 170.00M | |
| Buildings | 2.88B | 2.69B | 2.51B | 2.49B | 2.35B | |
| Machinery | 7.97B | 7.16B | 6.40B | 6.71B | 6.49B | |
| Construction In Progress | 2.44B | 2.34B | 2.12B | 1.75B | 1.74B |
Cash flow statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 5.23B | 4.80B | 4.66B | 3.68B | 3.76B | 5.04B |
| Depreciation & Amortization | 2.86B | 2.84B | 2.71B | 2.65B | 2.70B | 2.71B |
| Asset Writedown & Restructuring Costs | 76.00M | 121.00M | 151.00M | 371.00M | 61.00M | 457.00M |
| Stock-Based Compensation | 496.00M | 457.00M | 429.00M | 393.00M | 355.00M | 359.00M |
| Provision & Write-off of Bad Debts | 133.00M | 136.00M | 123.00M | 90.00M | 73.00M | 58.00M |
| Other Operating Activities | 177.00M | 401.00M | 23.00M | 94.00M | 62.00M | -385.00M |
| Change in Accounts Receivable | -264.00M | -200.00M | -433.00M | -391.00M | -576.00M | -477.00M |
| Change in Inventory | -271.00M | -404.00M | -292.00M | -139.00M | -939.00M | -560.00M |
| Change in Accounts Payable | 113.00M | 46.00M | 209.00M | 391.00M | 696.00M | 213.00M |
| Change in Other Net Operating Assets | -519.00M | -865.00M | -538.00M | -345.00M | -148.00M | -65.00M |
| Operating Cash Flow | 8.04B | 7.33B | 7.04B | 6.79B | 6.04B | 7.35B |
| Capital Expenditures | -1.90B | -1.90B | -1.86B | -1.59B | -1.46B | -1.37B |
| Cash Acquisitions | -1.57B | -406.00M | -98.00M | -211.00M | -1.87B | -91.00M |
| Investment in Securities | -511.00M | -620.00M | 269.00M | -307.00M | -171.00M | -190.00M |
| Other Investing Activities | 148.00M | -4.00M | -249.00M | -261.00M | 4.00M | -10.00M |
| Investing Cash Flow | -3.83B | -2.93B | -1.94B | -2.37B | -3.49B | -1.66B |
| Short-Term Debt Issued | 9.00M | 1.07B | 2.28B | |||
| Long-Term Debt Issued | 1.75B | 3.21B | 5.41B | |||
| Total Debt Issued | 1.92B | 1.76B | 3.21B | 1.07B | 7.69B | |
| Short-Term Debt Repaid | -1.07B | -2.28B | ||||
| Long-Term Debt Repaid | -2.93B | -6.01B | -1.00M | |||
| Total Debt Repaid | -1.77B | -2.93B | -1.07B | -8.29B | -1.00M | |
| Net Debt Issued (Repaid) | 151.00M | -1.17B | 2.14B | 1.07B | -598.00M | -1.00M |
| Issuance of Common Stock | 598.00M | 673.00M | 508.00M | 284.00M | 308.00M | 429.00M |
| Repurchase of Common Stock | -1.18B | -1.03B | -3.23B | -2.14B | -645.00M | -2.54B |
| Common Dividends Paid | -3.65B | -3.64B | -3.59B | -3.67B | -3.62B | -3.38B |
| Other Financing Activities | 367.00M | 424.00M | -184.00M | -3.00M | -409.00M | 163.00M |
| Financing Cash Flow | -3.71B | -4.75B | -4.36B | -4.45B | -4.96B | -5.34B |
| Foreign Exchange Rate Adjustments | -71.00M | 85.00M | 188.00M | -230.00M | 243.00M | -231.00M |
| Miscellaneous Cash Flow Adjustments | 1.00M | 1.00M | 1.00M | |||
| Net Cash Flow | 418.00M | -269.00M | 934.00M | -259.00M | -2.17B | 121.00M |
| Free Cash Flow | 6.13B | 5.43B | 5.18B | 5.20B | 4.58B | 5.98B |
| Free Cash Flow Margin | 16.33% | 14.92% | 15.46% | 16.07% | 14.67% | 18.87% |
| Free Cash Flow Per Share | 4.76 | 4.21 | 4.02 | 3.91 | 3.44 | 4.42 |
| Levered Free Cash Flow | 5.41B | 4.63B | 4.16B | 5.72B | 10.06B | -1.16B |
| Unlevered Free Cash Flow | 5.87B | 5.07B | 4.62B | 6.17B | 10.42B | -818.62M |
| Cash Interest Paid | 776.00M | 774.00M | 762.00M | 826.00M | 606.00M | 540.00M |
| Cash Income Tax Paid | 1.74B | 1.94B | 1.82B | 1.62B | 1.55B | 996.00M |
| Change in Working Capital | -941.00M | -1.42B | -1.05B | -484.00M | -967.00M | -889.00M |
Ratios
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 118.97B | 106.97B | 107.94B | 105.88B | 121.00B | 140.00B |
| Enterprise Value | 138.14B | 126.73B | 126.82B | 122.90B | 138.09B | 154.04B |
| Last Close Price | 96.54 | 81.90 | 80.18 | 73.49 | 81.10 | 90.04 |
| PE Ratio | 23.94 | 22.28 | 23.15 | 28.80 | 32.20 | 27.78 |
| Forward PE | 16.18 | 14.29 | 14.64 | 14.87 | 17.32 | 18.03 |
| PS Ratio | 3.15 | 2.94 | 3.22 | 3.27 | 3.88 | 4.42 |
| PB Ratio | 2.46 | 2.14 | 2.24 | 2.10 | 2.34 | 2.65 |
| P/FCF Ratio | 19.27 | 19.71 | 20.82 | 20.36 | 26.42 | 23.42 |
| P/OCF Ratio | 14.71 | 14.59 | 15.32 | 15.60 | 20.04 | 19.06 |
| PEG Ratio | 3.27 | 2.63 | 2.16 | 2.83 | 4.12 | 1.82 |
| EV/Sales Ratio | 3.66 | 3.48 | 3.78 | 3.80 | 4.42 | 4.86 |
| EV/EBITDA Ratio | 13.20 | 12.54 | 14.02 | 12.97 | 16.71 | 16.12 |
| EV/EBIT Ratio | 18.20 | 17.44 | 20.02 | 17.99 | 24.80 | 22.50 |
| EV/FCF Ratio | 22.40 | 23.36 | 24.46 | 23.64 | 30.15 | 25.77 |
| Debt / Equity Ratio | 0.55 | 0.58 | 0.61 | 0.52 | 0.49 | 0.47 |
| Debt / EBITDA Ratio | 2.63 | 2.80 | 3.17 | 2.67 | 2.98 | 2.55 |
| Debt / FCF Ratio | 4.59 | 5.37 | 5.71 | 5.01 | 5.55 | 4.18 |
| Net Debt / Equity Ratio | 0.38 | 0.40 | 0.43 | 0.36 | 0.34 | 0.27 |
| Net Debt / EBITDA Ratio | 1.84 | 1.96 | 2.28 | 1.90 | 2.10 | 1.50 |
| Net Debt / FCF Ratio | 3.13 | 3.65 | 3.98 | 3.46 | 3.79 | 2.40 |
| Asset Turnover | 0.41 | 0.39 | 0.37 | 0.36 | 0.34 | 0.34 |
| Inventory Turnover | 2.15 | 2.21 | 2.17 | 2.11 | 2.14 | 2.25 |
| Quick Ratio | 1.29 | 1.36 | 1.20 | 1.31 | 1.54 | 1.68 |
| Current Ratio | 2.07 | 2.13 | 1.85 | 2.03 | 2.40 | 2.56 |
| Return on Equity (ROE) | 10.65% | 9.84% | 9.51% | 7.26% | 7.25% | 9.70% |
| Return on Assets (ROA) | 5.12% | 4.92% | 4.36% | 4.72% | 3.83% | 4.65% |
| Return on Invested Capital (ROIC) | 8.59% | 8.25% | 7.69% | 7.60% | 5.77% | 9.28% |
| Return on Capital Employed (ROCE) | 9.30% | 8.90% | 8.00% | 8.60% | 6.80% | 8.50% |
| Earnings Yield | 4.18% | 4.49% | 4.32% | 3.47% | 3.11% | 3.60% |
| FCF Yield | 5.19% | 5.07% | 4.80% | 4.91% | 3.79% | 4.27% |
| Dividend Yield | 2.96% | 3.40% | 3.33% | 3.42% | 2.99% | 2.40% |
| Payout Ratio | 70.94% | 75.80% | 76.98% | 99.73% | 96.22% | 67.14% |
| Buyback Yield / Dilution | -0.00% | 0.14% | 3.03% | 0.19% | 1.38% | 0.19% |
| Total Shareholder Return | 2.98% | 3.54% | 6.35% | 3.61% | 4.37% | 2.59% |