What is Medtronic's R&D?

Medtronic (MDT) reported R&D of $671M in Q1 2026.

How has Medtronic's R&D changed year-over-year?

Medtronic's R&D decreased by 1.9% year-over-year, from $684M to $671M.

What is the long-term trend for Medtronic's R&D?

Over 4 years (2022 to 2026), Medtronic's R&D has grown at a 1.1% compound annual growth rate (CAGR), from $2.75B to $2.87B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Medtronic MDT R&D

R&D at other companies

AbbottABT

$767M+7.1%

TFX

TeleflexTFX

$44.39M+75.5%

StrykerSYK

$413M+2.0%

CONMEDCNMD

$16.33M+26.2%

Merit Medical SystemsMMSI

$22.61M+0.6%

Orthofix Medical Inc.OFIX

$15.32M-22.5%

Segments

By segment

See full

Cardiovascular$273M+5.4%

Medical Surgical$163M-3.6%

Neuroscience$139M-6.7%

Diabetes$109M+0.9%

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow$2.6B+1.8%

CapEx$488.0M+6.3%

Free cash flow$2.1B+0.8%

Valuation

See full

Market cap$103.66B-6.0%

Enterprise value$130.92B-5.0%

P/E21.6×-2.1×

P/S2.9×-0.4×

Profitability

See full

Gross margin65%-0.3pp

Operating margin17.8%0.0pp

Net margin13.2%-0.7pp

FCF margin14.9%-0.5pp

Returns & leverage

See full

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 official record: Medtronic’s 10-K, filed June 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Medtronic's R&D?: Medtronic (MDT) reported R&D of $671M in Q1 2026.
How has Medtronic's R&D changed year-over-year?: Medtronic's R&D decreased by 1.9% year-over-year, from $684M to $671M.
What is the long-term trend for Medtronic's R&D?: Over 4 years (2022 to 2026), Medtronic's R&D has grown at a 1.1% compound annual growth rate (CAGR), from $2.75B to $2.87B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.