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Medtronic MDT Research and development expense

Research and development expense at other companies

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Segments

By segment

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Cardiovascular$273M+5.4%
Medical Surgical$163M-3.6%
Neuroscience$139M-6.7%
Diabetes$109M+0.9%

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, except per share data)Fiscal Year / 2026Fiscal Year / 2025Fiscal Year / 2024
Net sales$36,364$33,537$32,364
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets12,72111,63211,216
Research and development expense2,8732,7322,735
Selling, general, and administrative expense11,78410,84910,736
Amortization of intangible assets1,7721,8071,693
Restructuring charges, net249267226
Certain litigation charges, net113317149

Item 8. Financial Statements and Supplementary Data

FAQ

What is Medtronic's research and development expense?
Medtronic (MDT) reported research and development expense of $671M in Q1 2026.
How has Medtronic's research and development expense changed year-over-year?
Medtronic's research and development expense decreased by 1.9% year-over-year, from $684M to $671M.
What is the long-term trend for Medtronic's research and development expense?
Over 4 years (2022 to 2026), Medtronic's research and development expense has grown at a 1.1% compound annual growth rate (CAGR), from $2.75B to $2.87B.

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