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Medtronic MDT Medical Surgical — Research and development expense

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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-K, filed June 18, 2026.

Filed
Jun 18, 2026, 4:27 PM EDT
Fiscal year
FY2026
Accession
0001628280-26-044354
(in millions)CardiovascularNeuroscienceMedical SurgicalTotal
Total consolidated net sales$36,364
Less:
Cost of products sold, excluding amortization of intangible assets4,6953,1513,47611,323
Research and development expense1,1366166862,438
Selling, general, and administrative expense4,5193,4212,51110,451
Other segment items(3)(46)36144
Reportable segment operating profit$3,672$3,062$2,128$8,862
Reconciliation of segment profit / (loss)

Item 8. Financial Statements and Supplementary Data

FAQ

What is Medtronic's medical surgical — research and development expense?
Medtronic (MDT) reported medical surgical — research and development expense of $163M in Q1 2026.
How has Medtronic's medical surgical — research and development expense changed year-over-year?
Medtronic's medical surgical — research and development expense decreased by 3.6% year-over-year, from $169M to $163M.
What is the long-term trend for Medtronic's medical surgical — research and development expense?
Over 3 years (2023 to 2026), Medtronic's medical surgical — research and development expense has grown at a 8.2% compound annual growth rate (CAGR), from $543M to $687M.
What does medical surgical — research and development expense mean?
Represents the costs incurred by the Medical Surgical segment for research, design, and development of new medical devices and technologies. This investment is critical for maintaining a competitive pipeline of surgical tools and advanced energy products. It reflects the company's commitment to long-term innovation and product lifecycle management.

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