Income StatementBalance SheetCash FlowSegments
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Medtronic Income Statement

Revenue, expenses, and profitability over time

Medtronic generated $35.5B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $4.6B with a 13.0% net margin. Gross margin stands at 64.86% and operating margin at 17.0%. Diluted EPS is $3.58, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$35.5BGross Profit (TTM)$23.0BOperating Income (TTM)$6.0BNet Income (TTM)$4.6BEps Diluted (TTM)$3.58
Latest FilingQ1 2026
Report Date2026-02-24
Market Cap$99.3B
P/E Ratio21.52
ROE9.38%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
OCI Before Reclassifications, Before Tax$19.0M$1.2B—-$717.0M$562.0M-$176.0M
Capital Expenditures$404.0M$476.0M—$504.0M$468.0M$444.0M
Change in Accounts and Notes Receivable$291.0M$3.0M—-$288.0M$214.0M-$13.0M
Change in Accounts Payable and Accrued Liabilities-$103.0M$550.0M—-$598.0M-$182.0M$703.0M
Change in Inventories$61.0M$200.0M—$373.0M$299.0M$131.0M
Effect of Exchange Rate on Cash (Continuing Operations)$4.0M-$130.0M—$67.0M-$39.0M$24.0M
Net Change in Cash and Restricted Cash$83.0M-$154.0M—-$945.0M$9.0M-$136.0M
Net Short-term Borrowings (Maturity < 3 Months)$557.0M-$1.0B—$649.0M$753.0M-$1.2B
Cash flow hedge gain loss to be reclassified within 12 months———-$154.0M$81.0M-$7.0M
Number of reportable segments0.000.00—4.000.000.00
Other comprehensive income (loss), after-tax$161.0M$409.0M—-$318.0M$325.0M-$54.0M
Other investing activities, net-$18.0M$112.0M—$125.0M-$139.0M$24.0M
OCI Foreign Currency Gain (Loss) Arising During Period, Net of Tax$116.0M-$663.0M—$349.0M-$257.0M$110.0M
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax$35.0M-$1.0M—$19.0M$55.0M-$12.0M
OCI - Cash Flow Hedges, Net of Tax-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions$0.0$0.0—$90.0M$0.0$0.0
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings$47.0M$50.0M—$45.0M$40.0M$42.0M
Interest income—$0.0———$17.0M
Gross gains—$8.0M———$13.0M
Equity Method Investment, Realized Loss—$4.0M———$22.0M
Additions$0.0$0.0——$7.0M$0.0
Equity Securities, FV-NI, Settlements—$0.0———$7.0M
Increase (Decrease) in Other Operating Assets and Liabilities, Net$606.0M-$115.0M—$464.0M$727.0M-$117.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$534.0M-$1.8B—-$1.4B-$395.0M-$2.1B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$345.0M-$843.0M—-$719.0M-$482.0M-$816.0M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$958.0M$2.6B—$1.1B$925.0M$2.7B
Noncontrolling Interest, Decrease from Deconsolidation—$2.0M——$39.0M—
Net investment hedges$35.0M$780.0M—-$559.0M$357.0M-$147.0M
Payments to Acquire Investments$2.1B$2.1B—$2.1B$2.1B$2.4B
Debt issued (Note 13)$0.0$0.0—$0.0$1.7B$0.0
Proceeds from disposition of marketable securities and other investments$2.2B$1.9B—$2.0B$1.9B$2.0B
Sale of investments$2.1B$1.9B—$2.0B$1.9B$2.0B
Sales of and distributions from equity method investments—$27.0M———$21.0M
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax$24.0M$28.0M—$18.0M-$4.0M-$15.0M
Repayments of Long-Term Debt$0.0$0.0—$1.2B$1.8B$0.0
Restructuring charges, net$30.0M$43.0M$147.0M$45.0M$10.0M$77.0M
Other Comprehensive Income (Loss)$1.4B$1.7B—$720.0M$1.7B$1.1B
Comprehensive Income, Noncontrolling Interest$9.0M$7.0M—$8.0M$3.0M$7.0M
Comprehensive Income$1.4B$1.7B—$729.0M$1.7B$1.1B
OCI Defined Benefit Plan, Net of Tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Stock Repurchased During Period, Value$248.0M$164.0M—$120.0M$309.0M$85.0M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Goodwill Foreign Currency Translation Gain (Loss)$77.0M-$453.0M—$269.0M-$196.0M$82.0M
Stock-based compensation expense$103.0M$152.0M—$93.0M$94.0M$146.0M
Depreciation and amortization$675.0M$684.0M—$748.0M$745.0M$749.0M
Goodwill impairment$0.0$0.0—$0.0$0.0$0.0
Share-Based Compensation Expense, Net of Tax$134.0M$81.0M—$71.0M$153.0M$77.0M
Impairment charges$0.0$0.0—$0.0$0.0$0.0
Loss Contingency Accrual Provision$0.0$22.0M—$27.0M$0.0$62.0M
Other operating expenses$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Provision for credit losses$27.0M$51.0M—$28.0M$38.0M$36.0M
Research and development$697.0M$675.0M$684.0M$726.0M$754.0M$722.0M
Restructuring charges$46.0M$46.0M—$67.0M$13.0M$172.0M
Selling, general and administrative$2.8B$2.7B$2.7B$2.8B$3.0B$3.0B

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Dividends, Common Stock$897.0M$897.0M—$910.0M$910.0M$911.0M
Net income attributable to noncontrolling interests$9.0M$9.0M—$7.0M$7.0M$6.0M
Net income$1.3B$1.3B$1.1B$1.0B$1.4B$1.1B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.99$1.01$0.82$0.81$1.07$0.89
Diluted earnings per share$0.99$1.01$0.81$0.81$1.07$0.89
Dividends per share declared$0.70$0.70—$0.71$0.71$0.71
Weighted-average shares, basic1.3B1.3B—1.3B1.3B1.3B
Weighted-average shares, diluted1.3B1.3B—1.3B1.3B1.3B

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$5.5B$5.5B$5.8B$5.6B$5.9B$5.8B
Operating income$1.6B$1.6B$1.4B$1.4B$1.7B$1.5B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$1.6B$1.5B$1.3B$1.3B$1.6B$1.4B

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$281.0M$237.0M$198.0M$255.0M$215.0M$254.0M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$209.0M$179.0M$174.0M$176.0M$181.0M$181.0M
Equity Method Investment Impairment—$71.0M———$0.0
Interest Expense, Borrowings$252.0M$224.0M—$217.0M$222.0M$223.0M
Other income (expense), net$173.0M$72.0M$0.0$33.0M$92.0M$121.0M
Realized Gain (Loss) on Equity Securities$0.0$0.0—-$90.0M$0.0$0.0
Sale of Subsidiary Stock$143.0M$168.0M—$95.0M$160.0M$164.0M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Alliance revenues$46.0M$50.0M—$36.0M$37.0M$36.0M
Revenue Recognized from Contract Liability$88.0M$55.0M—$135.0M$94.0M$85.0M
Total revenue$8.4B$8.3B$8.9B$8.6B$9.0B$9.0B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$2.9B$2.8B$3.1B$3.0B$3.1B$3.3B