Income StatementBalance SheetCash FlowSegments
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Medtronic Business Segments

Business, geographic, and product segment breakdowns

Medtronic generates $35.5B in annual revenue across 4 key segments: Cardiovascular ($13.5B), Diabetes ($3.0B), Medical Surgical ($8.6B), and Neuroscience ($10.2B). The company-wide operating margin is 17.0%. Based on the Q1 2026 filing.

Cardiovascular (TTM)$13.5BDiabetes (TTM)$3.0BMedical Surgical (TTM)$8.6BNeuroscience (TTM)$10.2BOther operating segment (TTM)$131.0M
Latest FilingQ1 2026
Report Date2026-02-24
Market Cap$100.91B
P/E Ratio21.88
ROE9.38%

Products & Services

MetricQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Selling, general, and administrative expense$80.5M$80.5M$80.5M———

Geographic

Net Sales

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
UNITED STATES$4.3B$4.2B$4.5B$4.2B$4.5B$4.5B
Rest of world$4.1B$4.0B$4.4B$4.3B$4.4B$4.5B
Ireland$29.0M$28.0M$30.0M$33.0M$35.0M$36.0M

Property, plant, and equipment, net

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Ireland——$291.0M———
Rest of world——$1.4B———
UNITED STATES——$5.1B———

Increase (Decrease) in Contract with Customer, Liability

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
ITALY———-$39.0M——

Business Segments

Accelerated amortization

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$37.8M$37.8M$37.8M$45.0M$46.0M$30.0M

Cost of products sold, excluding amortization of intangible assets

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$1.1B$964.0M$954.0M$1.1B$1.1B$1.2B
Medical Surgical$819.0M$788.0M$757.0M$814.0M$831.0M$867.0M
Neuroscience$739.0M$712.0M$654.0M$721.0M$772.0M$815.0M
Diabetes$288.0M$284.0M$273.0M$304.0M$316.0M$332.0M

Currency translation and other

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Medical Surgical$70.0M-$351.0M$725.0M$203.0M—$54.0M
Neuroscience$14.0M-$58.0M$106.0M$38.0M—$19.0M
Cardiovascular—-$42.0M$88.0M$28.0M—$9.0M
Diabetes$0.0$0.0$1.0M$0.0$0.0$0.0

Depreciation

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Neuroscience$71.0M$73.0M$72.0M$77.0M$79.0M$80.0M
Cardiovascular$56.0M$56.0M$58.0M$64.0M$56.0M$66.0M
Medical Surgical$51.0M$51.0M$53.0M$54.0M$53.0M$62.0M
Diabetes$27.0M$30.0M$31.0M$31.0M$32.0M$32.0M
Other operating segment—$0.0———$0.0

Net Sales

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$3.1B$3.0B$3.3B$3.3B$3.4B$3.5B
Neuroscience$2.5B$2.5B$2.6B$2.4B$2.6B$2.6B
Medical Surgical$2.1B$2.1B$2.2B$2.1B$2.2B$2.2B
Diabetes$686.0M$694.0M$728.0M$721.0M$757.0M$796.0M
Other operating segment$37.0M$32.0M$31.0M$33.0M$35.0M$32.0M

Other segment items

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular-$7.0M-$14.0M-$14.0M-$15.0M-$17.0M-$14.0M
Neuroscience-$4.0M$12.0M$12.0M$2.0M$9.0M$12.0M
Medical Surgical$5.0M$4.0M$4.0M$1.0M$2.0M$6.0M
Diabetes-$9.0M-$15.0M-$10.0M-$3.0M$1.0M-$2.0M

Reportable segment operating profit

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$781.0M$828.0M$2.4B$828.0M$877.0M$899.0M
Neuroscience$725.0M$762.0M$2.0B$705.0M$740.0M$737.0M
Medical Surgical$525.0M$512.0M$1.5B$494.0M$531.0M$499.0M
Diabetes$33.0M$50.0M$383.0M$26.0M$53.0M$57.0M
Other operating segment$12.0M$13.0M—$11.0M$9.0M-$1.0M

Research and development expense

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$256.0M$248.0M$170.0M$280.0M$299.0M$284.0M
Medical Surgical$171.0M$164.0M$110.0M$169.0M$181.0M$174.0M
Neuroscience$158.0M$152.0M$79.0M$157.0M$167.0M$153.0M
Diabetes$109.0M$108.0M$83.0M$120.0M$108.0M$109.0M

Selling, general, and administrative expense

SegmentQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Cardiovascular$1.0B$1.0B$0.0$1.1B$1.1B$1.1B
Neuroscience$834.0M$820.0M$0.0$831.0M$874.0M$841.0M
Medical Surgical$609.0M$605.0M—$605.0M$627.0M$628.0M
Diabetes$266.0M$266.0M$1.0M$274.0M$279.0M$300.0M