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 $3.59, 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)$3.59
Latest FilingQ1 2026
Report Date2026-02-24
Market Cap$100.91B
P/E Ratio21.88
ROE9.38%

Other

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Capital Expenditures$452.0M$428.0M$459.0M$504.0M——
Common Stock Dividends Per Share$0.7$0.7—$0.7$0.7$0.7
Comprehensive Income Including Noncontrolling Interest$1.4B$1.7B—$729.0M$1.7B$1.1B
OCI Attributable to Noncontrolling Interest$9.0M$7.0M—$8.0M$3.0M$7.0M
Dividends per share declared$0.7$0.7—$0.7$0.7$0.7
OCI - Cash flow hedge, net of tax-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
OCI - Defined benefit plan, net of tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Other comprehensive income (loss), net of tax-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Comprehensive Income Attributable to Parent$1.4B$1.7B—$729.0M$1.7B$1.1B
OCI Unrealized Holding Gain (Loss) on Securities, Net of Tax$35.0M-$1.0M—$19.0M$55.0M-$12.0M
Other Comprehensive Income (Loss)$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Unrealized Gain (Loss) on Securities$35.0M-$1.0M—$19.0M$55.0M-$12.0M
OCI Cash Flow Hedge Gain (Loss)-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Comprehensive Income Including Noncontrolling Interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Foreign Currency Translation Gains (Losses)$116.0M-$663.0M—$349.0M-$257.0M$110.0M
OCI Defined Benefit Plan Net of Tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Unrealized Gains (Losses) on Hedge Instruments-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Income Taxes Paid, Net$1.0B$121.0M$304.0M$402.0M——
Interest Paid, Net$423.0M$25.0M$195.0M$81.0M——
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
Comprehensive income (loss), including noncontrolling interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Share-based compensation expense related to employee stock plans$159.0M$98.0M—$86.0M$182.0M$95.0M
Pre-tax stock-based compensation cost$159.0M$98.0M—$86.0M$182.0M$95.0M
Share-Based Payment Arrangement, Expense, after Tax$134.0M$81.0M—$71.0M$153.0M$77.0M
Amortization of capitalized software and acquired intangible assets$413.0M$416.0M$564.0M$459.0M$463.0M$441.0M
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions$0.0$0.0—$90.0M$0.0$0.0
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months———-$154.0M——
Dividends declared (in dollars per share)$0.7$0.7—$0.7$0.7$0.7
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$1.4B$1.7B—$720.0M$1.7B$1.1B
Less: comprehensive income attributable to noncontrolling interest$9.0M$7.0M—$8.0M$3.0M$7.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Deferred and other income taxes$72.0M-$241.0M-$235.0M$167.0M——
Depreciation$262.0M$268.0M—$289.0M$282.0M$308.0M
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings$47.0M$50.0M—$45.0M$40.0M$42.0M
Dividends, Common Stock, Cash$897.0M$897.0M—$910.0M$910.0M$911.0M
Effective tax rates$0.2$0.2—$0.2$0.1$0.2
Share-Based Payment Arrangement, Expense, Tax Benefit$25.0M$17.0M—$15.0M$29.0M$18.0M
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
Foreign Currency Translation and Other Adjustments—-$350.0M—$269.0M——
Goodwill impairment losses$0.0$0.0—$0.0$0.0$0.0
Gross interest expense increase (decrease)—$121.0M————
Income Taxes Paid, Net$1.0B$121.0M$304.0M$402.0M——
Accounts payable and other current liabilities-$176.0M$623.0M$366.0M-$598.0M——
Increase (Decrease) in Inventories$455.0M——$373.0M——
Increase (Decrease) in Other Operating Assets and Liabilities, Net$997.0M——$464.0M——
Interest Income (Expense), Operating$137.0M$114.0M—$120.0M$89.0M$85.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$423.0M$25.0M$195.0M$81.0M——
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$1.0B-$1.2B-$1.3B-$1.4B——
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$942.0M-$246.0M-$490.0M-$719.0M——
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$1.0B$2.5B$2.5B$1.1B——
Net Income Loss Attributable To Noncontrolling Interest$9.0M$9.0M—$7.0M$7.0M$6.0M
Noncontrolling Interest, Decrease from Deconsolidation—$2.0M——$39.0M—
Number of reportable segments———$4.0——
Unrealized gains (losses) on hedge instruments-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Other comprehensive income (loss)$161.0M$409.0M—-$318.0M$325.0M-$54.0M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Net investment hedges$35.0M$780.0M—-$559.0M$357.0M-$147.0M
Net unrealized gains (losses) on securities still held$35.0M-$1.0M—$19.0M$55.0M-$12.0M
Other Noncash Income (Expense)-$176.0M—-$296.0M-$159.0M——
Other income, net (Note 6)$173.0M$72.0M$0.0$33.0M$92.0M$121.0M
Other income, net$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Payment for (Proceeds from) Other Investing Activity-$31.0M$125.0M$138.0M$125.0M——
Payments for Repurchase of Common Stock—$2.5B$274.0M$123.0M——
Payments of Ordinary Dividends, Common Stock$922.0M$872.0M$897.0M$910.0M——
Payments to Acquire Businesses, Net of Cash Acquired$24.5M$24.5M$24.5M———
Payments to Acquire Investments$2.3B$1.9B$2.1B$2.1B——
Payments to Acquire Property, Plant, and Equipment$452.0M$428.0M$459.0M$504.0M——
Debt issued (Note 13)—$1.5B—$0.0——
Proceeds from issuance of shares$166.0M$145.0M$108.0M$95.0M——
Financing — other$80.0M$31.0M-$280.0M$70.0M——
Short-term borrowings/(repayments) less than 90 days — net$2.0B-$2.5B$0.0$649.0M——
Proceeds from disposition of marketable securities and other investments$1.8B$2.3B$2.2B$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
Net additions (releases) charged to costs and expenses$48.0M$30.0M$27.0M$28.0M——
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$2.9B-$2.9B$0.0$1.2B——
Research and development expense$697.0M$675.0M$684.0M$726.0M$754.0M$722.0M
Restructuring charges, net$30.0M$43.0M$147.0M$45.0M$10.0M$77.0M
Revenue From Contract With Customer Excluding Assessed Tax$8.4B$8.3B$8.9B$8.6B$9.0B$9.0B
Stock-based compensation$185.0M$72.0M$89.0M$86.0M——
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture$103.0M$152.0M—$93.0M$94.0M$146.0M
Value of shares repurchased$248.0M$164.0M—$120.0M$309.0M$85.0M
Comprehensive Income (Loss), Total$1.4B$1.7B—$729.0M$1.7B$1.1B
Cash Dividends, Common Stock$922.0M$872.0M$897.0M$910.0M——
Comprehensive Income Attributable to Noncontrolling Interests$9.0M$7.0M—$8.0M$3.0M$7.0M
Comprehensive Income, Including Noncontrolling Interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Currency Translation Adjustment, Net of Tax$116.0M-$663.0M—$349.0M-$257.0M$110.0M
OCI Defined Benefit Plan, After Tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Other Comprehensive Income (Loss)$1.4B$1.7B—$720.0M$1.7B$1.1B
OCI Pension Adjustments$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Comprehensive Income Including Noncontrolling Interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Total Comprehensive Income$1.4B$1.7B—$729.0M$1.7B$1.1B
Comprehensive Income, Noncontrolling Interest$9.0M$7.0M—$8.0M$3.0M$7.0M
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
OCI Pension Reclassification Adjustment, Pre-tax$0.0-$1.0M—-$1.0M-$3.0M-$2.0M

Operating Expenses

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Other Operating Expense, Net$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Stock-Based Compensation Expense$185.0M$72.0M$89.0M$86.0M——
Amortization of Finite-Lived Intangible Assets$413.0M$416.0M$564.0M$459.0M$463.0M$441.0M
Impairment of Intangible Assets$0.0$0.0—$0.0$0.0$0.0
Total stock-based compensation$159.0M$98.0M—$86.0M$182.0M$95.0M
Share-Based Compensation Expense$185.0M$72.0M$89.0M$86.0M——
Goodwill Foreign Currency Translation Gain (Loss)—-$350.0M—$269.0M——
Amortization expense$413.0M$416.0M$564.0M$459.0M$463.0M$441.0M
Stock-based compensation expense$103.0M$152.0M—$93.0M$94.0M$146.0M
Stock-Based Compensation Expense (Pre-tax)$159.0M$98.0M—$86.0M$182.0M$95.0M
Depreciation and amortization$831.0M$528.0M$840.0M$748.0M——
Allocated Share-Based Compensation Expense$159.0M$98.0M—$86.0M$182.0M$95.0M
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
Share-Based Compensation (Operating)$159.0M$98.0M—$86.0M$182.0M$95.0M
Impairment charges$0.0$0.0—$0.0$0.0$0.0
Allocated Share-Based Compensation (Net of Tax)$134.0M$81.0M—$71.0M$153.0M$77.0M
Share-Based Compensation Expense Before Income Taxes$159.0M$98.0M—$86.0M$182.0M$95.0M
Stock-based compensation expense$159.0M$98.0M$89.0M$86.0M$182.0M$95.0M
Other operating income (expense), net$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Other operating expenses$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Impairment of Intangible Assets (Excl. Goodwill)$0.0$0.0—$0.0$0.0$0.0
Share-Based Compensation Expense$103.0M$152.0M—$93.0M$94.0M$146.0M
Provision for credit losses$48.0M$30.0M—$28.0M——
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
Share-Based Compensation$185.0M$72.0M$89.0M$86.0M——
Stock-Based Compensation (Before Tax)$159.0M$98.0M—$86.0M$182.0M$95.0M

Operating Income

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Other Operating Income$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
Other operating income (expense), net$34.0M$5.0M—-$70.0M-$22.0M-$35.0M
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

Earnings Per Share

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share (Declared)$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Basic earnings per share$0.99$1.01$0.83$0.81$1.07$0.89
Diluted earnings per share$0.99$1.01$0.82$0.81$1.07$0.89
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common stock dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Dividends per Share Declared$0.7$0.7—$0.7$0.7$0.7
Dividends per share declared$0.70$0.70—$0.71$0.71$0.71
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common stock dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common Stock Dividends Per Share Declared$0.7$0.7—$0.7$0.7$0.7
Common stock dividends per share declared$0.7$0.7—$0.7$0.7$0.7
Weighted-average shares, basic1.3B1.3B—1.3B1.3B1.3B
Weighted-average shares, diluted1.3B1.3B—1.3B1.3B1.3B

Tax

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Effective Tax Rate (Continuing Operations)$0.2$0.2—$0.2$0.1$0.2
Effective Tax Rate$0.2$0.2—$0.2$0.1$0.2
Cash Paid for Income Taxes$1.0B$121.0M$304.0M$402.0M——
Effective Tax Rate, Continuing Operations$0.2$0.2—$0.2$0.1$0.2
Stock-Based Compensation Tax Benefit$25.0M$17.0M—$15.0M$29.0M$18.0M
Effective Income Tax Rate, Continuing Operations$0.2$0.2—$0.2$0.1$0.2
Effective Tax Rate$0.2$0.2—$0.2$0.1$0.2
Effective Tax Rate (Continuing Operations)$0.2$0.2—$0.2$0.1$0.2
Income Taxes Paid, Net$1.0B$121.0M$304.0M$402.0M——
Share-Based Compensation Tax Benefit$25.0M$17.0M—$15.0M$29.0M$18.0M
Income tax expense$281.0M$237.0M$199.0M$255.0M$215.0M$254.0M
Effective Tax Rate (Continuing Operations)$0.2$0.2—$0.2$0.1$0.2
Share-Based Compensation Tax Benefit$25.0M$17.0M—$15.0M$29.0M$18.0M
Deferred Income Tax Expense$72.0M-$241.0M-$235.0M$167.0M——
Effective Tax Rate (Continuing Operations)$0.2$0.2—$0.2$0.1$0.2
Income Taxes Paid, Net$1.0B$121.0M$304.0M$402.0M——
Effective Income Tax Rate$0.2$0.2—$0.2$0.1$0.2
Effective Tax Rate, Continuing Operations$0.2$0.2—$0.2$0.1$0.2
Deferred and Other Income Taxes$72.0M-$241.0M-$235.0M$167.0M——
Income and Other Taxes$1.0B$121.0M$304.0M$402.0M——
Effective Tax Rate Continuing Operations$0.2$0.2—$0.2$0.1$0.2

Other Income & Expense

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Other Non-Cash Income (Expense)-$176.0M—-$296.0M-$159.0M——
Cash Paid for Interest$423.0M$25.0M$195.0M$81.0M——
Other non-cash income (expense)-$176.0M—-$296.0M-$159.0M——
Other Charges$173.0M$72.0M$0.0$33.0M$92.0M$121.0M
Interest expense$209.0M$179.0M$174.0M$176.0M$181.0M$181.0M
Net Change in Cash Flow Hedges-$27.0M$292.0M—-$128.0M$167.0M-$7.0M
Equity Method Investment Impairment—$71.0M———$0.0
Interest Expense, Borrowings$252.0M$224.0M—$217.0M$222.0M$223.0M
OCI Defined Benefit Plans$0.0-$1.0M—-$1.0M-$3.0M-$2.0M
Other Non-Cash Income (Expense)-$176.0M—-$296.0M-$159.0M——
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
Impairment on Equity Investment—$71.0M———$0.0
Other Non-cash Income (Expense)-$176.0M—-$296.0M-$159.0M——
Other Non-Cash Income (Expense)-$176.0M—-$296.0M-$159.0M——

Revenue

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue Recognized from Contract Liability$121.0M$22.0M—$135.0M——
Revenue Recognized from Contract Liabilities$121.0M$22.0M—$135.0M——
Net interest income$137.0M$114.0M—$120.0M$89.0M$85.0M
Gift Card Revenue Recognized$121.0M$22.0M—$135.0M——
Revenue Recognized from Contract Liability$121.0M$22.0M—$135.0M——
Total revenue$8.4B$8.3B$8.9B$8.6B$9.0B$9.0B

Net Income

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Common Dividends Declared (Per Share)$0.7$0.7—$0.7$0.7$0.7
Comprehensive income (loss), including noncontrolling interest$1.4B$1.7B—$729.0M$1.7B$1.1B
Common Stock Dividends$922.0M$872.0M$897.0M$910.0M——
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
Common Stock Dividends$922.0M$872.0M$897.0M$910.0M——

Income Before Tax

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Income before income taxes$1.6B$1.5B$1.3B$1.3B$1.6B$1.4B

Cost of Revenue

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Total cost of revenue$2.9B$2.8B$3.1B$3.0B$3.1B$3.3B