Medtronic plc (MDT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.39	$1.45	+4.3%	—	$9.8B	—
Q4 26	$1.34	$1.36	+1.5%	—	—	—
Q3 26	$1.31	$1.36	+3.8%	—	—	—
Q2 26	$1.23	$1.26	+2.4%	—	—	—
Q1 26	$1.58	$1.62	+2.5%	—	—	—
Q4 25	$1.36	$1.39	+2.2%	—	—	—
Q3 25	$1.25	$1.26	+0.8%	—	—	—
Q2 25	$1.2	$1.23	+2.5%	—	—	—
Q1 25	$1.45	$1.46	+0.7%	—	—	—
Q4 24	$1.26	$1.3	+3.2%	—	—	—
Q3 24	$1.18	$1.25	+5.9%	—	—	—
Q2 24	$1.11	$1.2	+8.1%	—	—	—
Q1 24	$1.55	$1.57	+1.3%	—	—	—
Q4 23	$1.27	$1.3	+2.4%	—	—	—
Q3 23	$1.28	$1.3	+1.6%	—	—	—
Q2 23	$1.12	$1.13	+0.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$3.75	—	—	$36.4B	—
FY25	—	$3.63	—	—	$33.5B	—
FY24	—	$2.77	—	—	$32.4B	—
FY23	—	$2.83	—	—	$31.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$29.7B	$30B	$30.6B	$28.9B	$30.1B	$31.7B	$31.2B	$32.4B	$33.5B	$36.4B
YoY change	+3.04%	+0.82%	+2.02%	-5.38%	+4.16%	+5.21%	-1.45%	+3.64%	+3.62%	+8.43%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	29.7B	30B	30.6B	28.9B	30.1B	31.7B	31.2B	32.4B	33.5B	36.4B
Cost of revenue	9.3B	9.1B	9.2B	9.4B	10.5B	10.1B	10.7B	11.2B	11.6B	12.7B
Gross profit	20.4B	20.9B	21.4B	19.5B	19.6B	21.5B	20.5B	21.1B	21.9B	23.6B
Gross margin	68.7%	69.7%	70%	67.4%	65.2%	68%	65.7%	65.3%	65.3%	65%
Research & development	2.2B	2.3B	2.3B	2.3B	2.5B	2.7B	2.7B	2.7B	2.7B	2.9B
Selling, general & administrative	10B	10.2B	10.4B	10.1B	10.1B	10.3B	10.4B	10.7B	10.8B	11.8B
Operating expenses	12.4B	13B	13B	12.5B	13B	13.9B	13B	13.9B	13.6B	15B
Operating income	6B	6B	6.6B	5.2B	4.9B	5.9B	5.8B	5.5B	6.5B	6.8B
Operating margin	20.1%	20.1%	21.7%	18.1%	16.3%	18.6%	18.7%	17.1%	19.5%	18.8%
Non-operating income, net	-290M	787M	9M	-75M	-75M	163M	170M	37M	-182M	22M
Pretax income	4.6B	5.7B	5.2B	4.1B	3.9B	5.5B	5.4B	4.8B	5.6B	6.1B
Income tax	578M	2.6B	547M	-751M	265M	456M	1.6B	1.1B	936M	1.3B
Net income	4B	3.1B	4.7B	4.8B	3.6B	5.1B	3.8B	3.7B	4.7B	4.8B
Net margin	13.5%	10.3%	15.2%	16.6%	12.1%	16%	12.1%	11.4%	14%	13.3%
EBITDA	9.2B	8.9B	9.7B	8.2B	7.9B	8.9B	9B	8.6B	9.8B	10.2B
EPS	2.92	2.29	3.44	3.57	2.68	3.75	2.83	2.77	3.63	3.75
Diluted EPS	2.89	2.27	3.41	3.54	2.66	3.73	2.82	2.76	3.61	3.73

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	8B	8.1B	8.6B	7.9B	8.4B	8.3B	8.9B	8.6B	9B	9B	9.8B	9.8B
Cost of revenue	2.8B	2.8B	3B	2.8B	2.9B	2.8B	3.1B	3B	3.1B	3.3B	3.4B	3.4B
Gross profit	5.2B	5.3B	5.5B	5.2B	5.5B	5.5B	5.8B	5.6B	5.9B	5.8B	6.4B	6.3B
Gross margin	65.4%	65.6%	64.6%	65.1%	64.9%	66.5%	64.7%	65%	65.8%	63.8%	65.4%	65%
Research & development	698M	695M	675M	676M	697M	675M	684M	726M	754M	722M	671M	771M
Selling, general & administrative	2.7B	2.7B	2.8B	2.7B	2.8B	2.7B	2.7B	2.8B	3B	3B	3.1B	3.2B
Operating expenses	3.4B	3.4B	3.9B	3.3B	3.4B	3.4B	3.4B	3.6B	3.7B	3.7B	4B	4.1B
Operating income	1.4B	1.5B	1.2B	1.4B	1.6B	1.7B	1.8B	1.5B	1.7B	1.6B	2B	1.8B
Operating margin	18.1%	18.6%	14.1%	17.8%	19.3%	20.6%	20.1%	17.7%	18.9%	17.8%	20.5%	18.8%
Non-operating income, net	49M	157M	-151M	29M	143M	7M	-361M	-39M	82M	-18M	-5M	118M
Pretax income	1.3B	1.5B	855M	1.3B	1.6B	1.5B	1.3B	1.3B	1.6B	1.4B	1.8B	1.8B
Income tax	402M	135M	197M	220M	281M	237M	199M	255M	215M	254M	575M	289M
Net income	911M	1.3B	660M	1B	1.3B	1.3B	1.1B	1B	1.4B	1.1B	1.3B	1.5B
Net margin	11.4%	16.5%	7.68%	13.3%	15.2%	15.7%	11.9%	12.2%	15.4%	12.8%	12.8%	15.2%
EBITDA	2.3B	2.3B	1.9B	2.2B	2.5B	2.5B	2.6B	2.3B	2.5B	2.5B	2.9B	2.8B
EPS	0.68	0.99	0.49	0.81	0.99	1.01	0.82	0.81	1.07	0.89	0.97	1.15
Diluted EPS	0.68	0.99	0.49	0.8	0.99	1.01	0.82	0.81	1.07	0.89	0.96	1.14

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	114.6B	108.7B	119.6B	130.9B	176.1B	140.1B	120.9B	106.5B	109B	103.8B	111.4B
Enterprise value	134.3B	123.2B	135B	144.7B	191.6B	153.6B	137.4B	123.6B	128.5B	122.5B	134.4B
Shares outstanding	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	28.5	35.1	25.7	27.2	48.5	27.7	32	28.8	23.2	21.5	21.5
P/S	3.86	3.63	3.91	4.53	5.85	4.42	3.87	3.29	3.25	2.85	2.97
P/B	2.28	2.14	2.38	2.57	3.41	2.66	2.34	2.11	2.26	2.07	2.22
EV/EBITDA	14.6	13.9	14	17.6	24.2	17.2	15.2	14.4	13.1	12	12.9
EV/Sales	4.52	4.11	4.42	5.01	6.36	4.85	4.4	3.82	3.83	3.37	3.58
Earnings yield	3.51%	2.85%	3.89%	3.67%	2.06%	3.61%	3.13%	3.48%	4.3%	4.66%	4.65%
FCF yield	4.91%	3.33%	4.91%	4.6%	2.77%	4.27%	3.79%	4.88%	4.76%	5.23%	4.86%
PEG	—	—	—	—	—	—	—	—	—	—	0.51

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	68.7%	69.7%	70%	67.4%	65.2%	68%	65.7%	65.3%	65.3%	65%	65%
Operating margin	20.1%	20.1%	21.7%	18.1%	16.3%	18.6%	18.7%	17.1%	19.5%	18.8%	19.3%
Net margin	13.5%	10.3%	15.2%	16.6%	12.1%	16%	12.1%	11.4%	14%	13.3%	13.9%
ROE	8%	6.09%	9.26%	9.45%	7.03%	9.6%	7.32%	7.35%	9.72%	9.66%	10.6%
ROA	4.03%	3.39%	5.18%	5.3%	3.9%	5.56%	4.16%	4.12%	5.12%	5.2%	5.12%
ROIC	7.47%	5.04%	9.03%	8.07%	6.79%	8.18%	6.04%	6.27%	8.04%	7.82%	8.13%
Return on tangible assets	-16.8%	-9.94%	-14.8%	-17.7%	-13.8%	-23.9%	-17.5%	-20.1%	-31%	-38.9%	-38.9%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.74	2.28	2.59	2.13	2.65	1.86	2.39	2.03	1.85	2.13	2.07
Quick ratio	1.51	1.92	2.15	1.72	2.14	1.49	1.81	1.55	1.42	1.62	1.54
Debt / equity	0.66	0.51	0.5	0.49	0.51	0.46	0.47	0.5	0.59	0.56	0.55
Debt / assets	0.33	0.28	0.28	0.27	0.28	0.27	0.27	0.28	0.31	0.3	0.3
Net debt / EBITDA	2.14	1.64	1.6	1.68	1.96	1.52	1.81	1.98	1.99	1.84	1.82
Interest coverage	5.21	5.95	4.6	4.71	5.21	11	9.43	7.73	8.72	9.58	10.1
Effective tax rate	12.6%	45.5%	10.5%	0%	6.8%	8.27%	29.5%	23.4%	16.6%	21.2%	20.2%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	21.5	22.1	22.7	21.6	22.4	23.6	23.5	24.4	26.1	28.4	29.3
EPS (basic)	2.92	2.29	3.44	3.57	2.68	3.75	2.83	2.77	3.63	3.75	3.75
EPS (diluted)	2.89	2.27	3.41	3.54	2.66	3.73	2.82	2.76	3.61	3.73	4.06
Book value per share	36.5	37.5	37.3	37.9	38.4	39.3	38.9	38	37.5	39.1	39.2
FCF per share	4.08	2.67	4.36	4.49	3.63	4.45	3.44	3.92	4.03	4.23	4.77
Cash per share	9.94	8.28	7.31	8.17	8.04	7.88	5.99	6.03	6.97	7.19	6.89
Capex per share	0.91	0.79	0.84	0.9	1.01	1.02	1.1	1.2	1.45	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	4.22%	3.57%	3.71%	4.2%	4.5%	4.32%	4.67%	4.9%	5.54%	—	—
Capex / operating cash flow	19.3%	21.4%	18.7%	17.9%	25.7%	20.9%	28%	26.7%	27.7%	—	—
Payout ratio	59%	80.6%	57.9%	60.2%	86%	66.8%	95.6%	98.9%	76.5%	75.2%	70.2%
Dividend yield	2.07%	2.29%	2.25%	2.21%	1.77%	2.41%	2.99%	3.44%	3.29%	3.51%	3.32%

Yield

3.32%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.72

ex-dividend Sep 25, 2026

Payout ratio

70%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 25, 2026	$0.72
Jun 26, 2026	$0.72
Mar 27, 2026	$0.71

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$8B	$8.1B	$8.6B	$7.9B	$8.4B	$8.3B	$8.9B	$8.6B	$9B	$9B	$9.8B	$9.8B
YoY change	+5.26%	+4.68%	+0.51%	+2.77%	+5.25%	+2.51%	+3.94%	+8.38%	+6.64%	+8.74%	+9.86%	+13.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	13.7B	11.2B	9.8B	10.9B	10.8B	10.6B	8B	8B	9B	9.2B
Receivables	5.6B	6B	6.2B	4.6B	5.5B	5.6B	6B	6.1B	6.5B	6.6B
Inventory	3.3B	3.6B	3.8B	4.2B	4.3B	4.6B	5.3B	5.2B	5.5B	6B
Total current assets	24.9B	23B	22B	22B	22.5B	23.1B	21.7B	21.9B	23.8B	24.8B
Property, plant & equipment	2.2B	2.3B	2.4B	2.6B	9.2B	3.1B	3.1B	3.6B	4.2B	4.5B
Goodwill & intangibles	123.8B	122.5B	121B	117.8B	119.4B	112.2B	112.5B	108.4B	106.8B	105.5B
Total assets	99.9B	91.4B	89.7B	90.7B	93.1B	91B	90.9B	90B	91.7B	93B
Accounts payable	1.6B	1.6B	2B	2B	2.1B	2.3B	2.7B	2.4B	2.4B	2.6B
Short-term debt	7.5B	2.1B	838M	2.8B	11M	3.7B	20M	1.1B	2.9B	1.8B
Total current liabilities	14.3B	10.1B	8.5B	10.4B	8.5B	12.4B	9.1B	10.8B	12.9B	11.7B
Long-term debt	25.9B	23.7B	24.5B	22B	26.4B	20.4B	24.3B	23.9B	25.6B	26.2B
Total liabilities	49.5B	40.6B	39.5B	39.8B	41.5B	38.3B	39.3B	39.6B	43.4B	43B
Shareholders' equity	50.3B	50.8B	50.2B	50.9B	51.6B	52.7B	51.7B	50.4B	48.3B	50.1B
Total debt	33.4B	25.8B	25.3B	24.8B	26.4B	24.1B	24.4B	25B	28.5B	28B
Net debt	28.4B	22.1B	20.9B	20.7B	22.8B	20.4B	22.8B	23.7B	26.3B	26B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	7.7B	8.3B	8B	7.8B	8B	7.9B	9B	8.1B	8.3B	8.4B	9.2B	8.8B
Receivables	5.9B	6B	6.1B	6B	6.3B	6.1B	6.5B	6.3B	6.4B	6.4B	6.6B	6.4B
Inventory	5.8B	5.7B	5.2B	5.4B	5.5B	5.6B	5.5B	5.9B	6.2B	6.3B	6B	6.2B
Total current assets	22.1B	22.5B	21.9B	21.9B	22.4B	22.5B	23.8B	23.2B	24B	24.1B	24.8B	24.4B
Property, plant & equipment	—	—	3.6B	—	—	—	4.2B	—	—	—	4.5B	—
Goodwill & intangibles	109.8B	109.7B	108.4B	107.8B	107.2B	106B	106.8B	106.5B	105.2B	104.5B	105.5B	106.8B
Total assets	90.1B	90.8B	90B	89.7B	90B	90B	91.7B	91B	91.3B	91.5B	93B	93.3B
Accounts payable	2.2B	2B	2.4B	2.3B	2.4B	2.3B	2.4B	2.6B	2.6B	2.6B	2.6B	2.7B
Short-term debt	1.3B	1B	1.1B	1.6B	3.7B	2.6B	2.9B	2.4B	1.4B	191M	1.8B	2.5B
Total current liabilities	9.7B	9.8B	10.8B	10.3B	12.2B	11.8B	12.9B	11.5B	9.9B	9.5B	11.7B	11.8B
Long-term debt	23.7B	24.2B	23.9B	26.3B	24.6B	24B	25.6B	26.2B	27.7B	27.9B	26.2B	25.6B
Total liabilities	38.4B	38.8B	39.6B	41.6B	41.3B	40.4B	43.4B	42.8B	42.5B	42.3B	43B	42.5B
Shareholders' equity	51.6B	52B	50.4B	48.2B	48.7B	49.6B	48.3B	48.1B	48.9B	49.2B	50.1B	50.9B
Total debt	25.1B	25.2B	25B	27.9B	28.3B	26.6B	28.5B	28.6B	29.1B	28.1B	28B	28.2B
Net debt	23.8B	23.6B	23.7B	26.6B	26.9B	25.4B	26.3B	27.3B	27.8B	26.9B	26B	26.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	4B	3.1B	4.7B	4.8B	3.6B	5.1B	3.8B	3.7B	4.7B	4.8B
Depreciation & amortization	2.9B	2.6B	2.7B	2.7B	2.7B	2.7B	2.7B	2.6B	2.9B	3B
Stock-based compensation	348M	344M	290M	297M	344M	359M	355M	393M	429M	457M
Change in working capital	-217M	-238M	-1.5B	105M	-1.2B	-1.1B	-1.7B	-875M	-1.3B	-1.5B
Operating cash flow	6.5B	5B	6.1B	6.8B	5.3B	6.6B	5.2B	5.9B	6.7B	7.3B
Capital expenditure	-1.3B	-1.1B	-1.1B	-1.2B	-1.4B	-1.4B	-1.5B	-1.6B	-1.9B	—
Investing cash flow	-1.6B	5.9B	-774M	-3.2B	-2.9B	-1.7B	-3.5B	-2.4B	-1.9B	-1B
Dividends paid	-2.4B	-2.5B	-2.7B	-2.9B	-3.1B	-3.4B	-3.6B	-3.7B	-3.6B	-3.6B
Share repurchases	-3.5B	-2.2B	-2.9B	-1.3B	-652M	-2.5B	-645M	-2.1B	-3.2B	-1B
Financing cash flow	-3.3B	-12B	-6.1B	-4.2B	-7.3B	-5.3B	-7.2B	-4.5B	-5.4B	-4.8B
Net change in cash	1.6B	-1.1B	-845M	-645M	-4.9B	-435M	-5.5B	-881M	-656M	1.5B
Free cash flow	5.6B	3.6B	5.9B	6B	4.9B	6B	4.6B	5.2B	5.2B	5.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	911M	1.3B	660M	1B	1.3B	1.3B	1.1B	1B	1.4B	1.1B	1.3B	1.5B
Depreciation & amortization	672M	649M	654M	662M	675M	684M	840M	748M	745M	749M	716M	729M
Stock-based compensation	146M	84M	90M	83M	159M	98M	89M	86M	182M	94M	95M	125M
Change in working capital	-1.1B	64M	280M	-301M	-958M	-88M	84M	-549M	-1.2B	-1M	321M	-134M
Operating cash flow	671M	2B	1.7B	1.6B	1B	2B	2.1B	1.1B	925M	2.7B	2.6B	1.8B
Capital expenditure	-461M	-346M	-426M	-520M	-404M	-476M	-459M	—	—	—	—	—
Investing cash flow	-424M	-707M	-696M	-259M	-345M	-843M	-490M	-215M	-14M	-372M	-429M	-1.1B
Dividends paid	-918M	-917M	-913M	-898M	-897M	-897M	-897M	-910M	-910M	-911M	-908M	-921M
Share repurchases	-226M	-132M	-1.6B	-2.5B	-288M	-181M	-274M	-123M	-372M	-105M	-435M	-267M
Financing cash flow	-90M	-1.5B	-2.4B	-731M	-534M	-1.8B	-1.3B	-1.4B	-395M	-2.1B	-888M	-343M
Net change in cash	157M	-204M	-1.3B	582M	155M	-625M	302M	-508M	516M	285M	1.3B	334M
Free cash flow	200M	2.1B	2.4B	466M	554M	2.1B	2.1B	584M	457M	2.3B	2.1B	1.3B

Date	Ratio
Sep 27, 1999	2:1
Sep 15, 1997	2:1
Sep 29, 1995	2:1
Sep 30, 1994	2:1
Aug 30, 1991	2:1
Aug 31, 1989	2:1
Aug 1, 1980	2:1

Medtronic plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history