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Medtronic MDT Diabetes — Research and development expense

Other segment segments

Cardiovascular
$273M+5.4%
Medical Surgical
$163M-3.6%
Neuroscience
$139M-6.7%

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Other financials

Income statement

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Revenue$9.8B+9.9%
Gross profit$6.4B+10.9%
Operating income$1.9B+30.4%
Net income$1.2B+17.8%
EPS (diluted)$0.97+18.3%

Balance sheet

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Cash & equivalents$1.9B-12.1%
Total debt$29.2B-1.6%
Total equity$49.5B+3.0%
Total assets$93.0B+1.5%

Cash flow

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Operating cash flow$2.6B+1.8%
CapEx$488.0M+6.3%
Free cash flow$2.1B+0.8%

Valuation

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Market cap$110.07B-3.9%
Enterprise value$137.33B-3.2%
P/E22.9×-1.6×
P/S-0.3×

Profitability

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Gross margin65%-0.3pp
Operating margin17.8%0.0pp
Net margin13.2%-0.7pp
FCF margin14.9%-0.5pp

Returns & leverage

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Return on equity9.8%+0.4pp
Debt / equity0.6×0.0×
Current ratio2.1×+0.3×

Where this comes from

Reported directly by Medtronic in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The source filing: Medtronic’s 10-Q, filed February 24, 2026.

Filed
Feb 24, 2026, 4:18 PM EST
Fiscal quarter
Q3 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-011107
(in millions)CardiovascularNeuroscienceMedical SurgicalDiabetesTotal
Total consolidated net sales$9,017
Less:
Cost of products sold, excluding amortization of intangible assets1,1598158673323,173
Research and development expense284153174109720
Selling, general, and administrative expense1,1298416283002,897
Other segment items(2)(14)126(2)3
Reportable segment operating profit$899$737$499$57$2,192
Reconciliation of segment profit / (loss)

Item 1. Financial Statements

FAQ

What is Medtronic's diabetes — research and development expense?
Medtronic (MDT) reported diabetes — research and development expense of $109M in Q4 2025.
How has Medtronic's diabetes — research and development expense changed year-over-year?
Medtronic's diabetes — research and development expense increased by 0.9% year-over-year, from $108M to $109M.
What is the long-term trend for Medtronic's diabetes — research and development expense?
Over 2 years (2023 to 2025), Medtronic's diabetes — research and development expense has grown at a 1.1% compound annual growth rate (CAGR), from $392M to $401M.
What does diabetes — research and development expense mean?
This captures the investment in innovation, clinical trials, and engineering for new diabetes management technologies and software. It reflects the company's commitment to maintaining a competitive pipeline of insulin delivery and glucose sensing devices. High spending is essential for long-term growth in the highly competitive medical technology market.

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