Medtronic plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Medtronic plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	29,710	29,953	30,557	28,913	30,117	31,686	31,227	32,364	33,537	36,364
Cost of revenue	9,294	9,067	9,155	9,424	10,483	10,145	10,719	11,216	11,632	12,721
Gross profit	20,419	20,898	21,402	19,489	19,634	21,541	20,508	21,148	21,905	23,643
Research and development	2,193	2,256	2,330	2,331	2,493	2,746	2,696	2,735	2,732	2,873
Selling, general and administrative	10,018	10,238	10,418	10,109	10,148	10,292	10,415	10,736	10,849	11,784
Operating income	5,383	6,640	6,268	4,791	4,484	5,752	5,485	5,144	5,955	6,467
Interest expense	1,094	1,146	1,444	1,092	925	553	636	719	729	715
Interest income	366	397
Other non-operating income	-222	-505	373	356	336	318	515	412	402	384
Pre-tax income	4,602	5,675	5,197	4,055	3,895	5,517	5,364	4,837	5,628	6,136
Income tax	578	2,580	547	-751	265	456	1,580	1,133	936	1,299
Net income to minority interests	-4	-9	19	17	24	22	26	28	29	37
Net income	4,028	3,104	4,631	4,789	3,606	5,039	3,758	3,676	4,662	4,801
EBITDA	8,300	9,284	8,927	7,454	7,186	8,459	8,182	7,791	8,816	9,425
EPS, basic	2.92	2.29	3.44	3.57	2.68	3.75	2.83	2.77	3.63	3.75
EPS, diluted	2.89	2.27	3.41	3.54	2.66	3.73	2.82	2.76	3.61	3.73
Shares, basic (weighted)	1,379	1,357	1,346	1,341	1,345	1,342	1,330	1,328	1,286	1,282
Shares, diluted (weighted)	1,391	1,368	1,358	1,351	1,354	1,351	1,333	1,330	1,290	1,288
Dividend per share	1.72	1.84	2.00	2.16	2.32	2.52	2.72	2.76	2.80	2.84

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	4,967	3,669	4,393	4,140	3,593	3,714	1,543	1,284	2,218	1,949
Short-term investments	8,741	7,558	5,455	6,808	7,224	6,859	6,416	6,721	6,747	7,271
Receivables	5,591	5,987	6,222	4,645	5,462	5,551	5,998	6,128	6,515	6,643
Inventory	3,338	3,579	3,753	4,229	4,313	4,616	5,293	5,217	5,476	5,951
Other current assets	1,865	2,187	2,144	2,209	1,955	2,318	2,425	2,584	2,858	2,972
Total current assets	24,873	22,980	21,967	22,031	22,548	23,059	21,675	21,935	23,814	24,787
Property, plant and equipment	4,361	4,604	4,675	4,828	5,221	5,413	5,569	6,131	6,837	7,417
Lease right-of-use assets				927	998	854	1,041	1,012	1,100	1,197
Goodwill	38,515	39,543	39,959	39,841	41,961	40,502	41,425	40,986	41,737	42,587
Intangible assets	23,407	21,723	20,560	19,063	17,740	15,595	14,844	13,225	11,667	10,146
Other non-current assets	1,232	1,078	1,014	2,094	2,443	3,008	3,959	4,047	3,584	4,147
Total assets	99,857	91,393	89,694	90,689	93,083	90,981	90,948	89,981	91,680	93,028
Accounts payable	1,555	1,628	1,953	1,996	2,106	2,276	2,662	2,410	2,449	2,644
Short-term debt	7,520	2,058	838	2,776	11	3,742	20	1,092	2,874	1,788
Total current liabilities	14,264	10,084	8,472	10,366	8,509	12,394	9,051	10,789	12,879	11,658
Long-term debt	25,874	23,692	24,552	22,140	26,378	20,372	24,344	23,932	25,642	26,173
Lease liabilities				774	829	703	869	840	918	989
Other non-current liabilities	1,515	889	757	1,664	1,756	1,410	1,727	1,365	1,769	2,055
Total liabilities	49,527	40,571	39,482	39,817	41,481	38,260	39,283	39,561	43,424	42,956
Total debt	33,368	25,750	25,390	24,916	26,378	20,372	24,344	23,932	25,642	26,173
Paid-in capital	29,551	28,127	26,532	26,165	26,319	24,566	24,590	23,129	20,833	20,926
Retained earnings	23,270	24,379	26,270	28,132	28,594	30,250	30,392	30,403	31,476	32,638
Other comprehensive income	-2,613	-1,786	-2,711	-3,560	-3,485	-2,265	-3,499	-3,318	-4,284	-4,101
Shareholders' equity	50,208	50,720	50,091	50,737	51,428	52,551	51,483	50,214	48,024	49,463
Minority interests	122	102	121	135	174	171	182	206	232	609
Total equity	50,330	50,822	50,212	50,872	51,602	52,722	51,665	50,420	48,256	50,072
Total liabilities and equity	99,857	91,393	89,694	90,689	93,083	90,981	90,948	89,981	91,680	93,028
Shares outstanding	1,369	1,354	1,341	1,341	1,345	1,331	1,331	1,311	1,282	1,280

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	4,024	3,095	4,650	4,806	3,630	5,062	3,784	3,705	4,691	4,837
Depreciation and amortization	2,917	2,644	2,659	2,663	2,702	2,707	2,697	2,647	2,861	2,958
Stock-based compensation	348	344	290	297	344	359	355	393	429	457
Deferred income tax	-876	-1,115	-438	-1,277	-461	-611	-253	-528	-339	31
Change in inventory	-227	-192	-274	-577	78	-560	-939	-139	-292	-404
Change in payables	356	65	399	-44	531	213	696	391	209	46
Cash from operations	6,880	4,684	7,007	7,234	6,240	7,346	6,039	6,787	7,044	7,330
Capital expenditures	-1,254	-1,068	-1,134	-1,213	-1,355	-1,368	-1,459	-1,587	-1,859	-1,904
Acquisitions	-1,324	-137	-1,827	-488	-994	-91	-1,867	-211	-98	-406
Purchases of investments	-4,371	-3,200	-2,532	-11,039	-11,808	-9,882	-7,514	-7,748	-8,226	-8,725
Sales and maturities of investments	5,356	4,227	4,683	9,574	11,345	9,692	7,343	7,441	8,495	8,105
Cash from investing	-1,571	5,858	-774	-3,203	-2,866	-1,659	-3,493	-2,366	-1,937	-2,934
Debt issued	2,140	21	7,794	5,568	7,172	0	5,409	0	3,209	1,747
Debt repaid	-863	-7,370	-7,948	-6,110	-7,367	-1	-6,012	0	0	-2,930
Stock issued								284	508	516
Share buybacks	-3,544	-2,171	-2,877	-1,326	-652	-2,544	-645	-2,138	-3,235	-1,035
Dividends paid	-2,376	-2,494	-2,693	-2,894	-3,120	-3,383	-3,616	-3,666	-3,589	-3,639
Cash from financing	-3,283	-11,954	-5,431	-4,198	-4,136	-5,336	-4,960	-4,450	-4,361	-4,751
Exchange rate effect	65	114	-78	-86	215	-231	243	-230	188	85
Net change in cash	2,091	-1,298	724	-253	-547	121	-2,171	-259	934	-269
Free cash flow	5,626	3,616	5,873	6,021	4,885	5,978	4,580	5,200	5,185	5,426
Interest paid	1,134	1,147	973	643	582	540	606	826	762	774
Income taxes paid	1,029	2,542	1,558	878	1,250	996	1,548	1,622	1,819	1,942

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $88.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.0%	Gross profit / revenue.
Operating margin	18.1%	Operating income / revenue.
EBITDA margin	23.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.6%	Pre-tax income / revenue.
Net margin	13.9%	Net income / revenue.
FCF margin	16.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.4%	Cash from operations / revenue.
Effective tax rate	20.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.6%	Net income / average total assets.
Return on invested capital (ROIC)	7.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.8%	Research and development expense / revenue.
SG&A / revenue	32.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	3.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	3.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.07x	Current assets / current liabilities.
Quick ratio	1.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.5%	Total debt / total assets.
Liabilities / assets	45.5%	Total liabilities / total assets.
Net debt	$16.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.37x	Operating income / interest expense.
Working capital	$12.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	57.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	5.02x	Revenue / average property, plant and equipment.
Inventory turnover	2.11x	Cost of revenue / average inventory.
Days inventory	173 days	365 x average inventory / cost of revenue.
Receivables turnover	5.91x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	160 days	Days inventory + days sales outstanding - days payables.
FCF conversion	117.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.21	Revenue / diluted weighted shares.
FCF per share	$4.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.25	Cash from operations / diluted weighted shares.
Book value per share	$39.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.49	Tangible book value / shares outstanding.
Cash per share	$6.89	(Cash + short-term investments) / shares outstanding.
Payout ratio	69.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	59.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	19.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$113.46B	Share price x shares outstanding.
Enterprise value	$130.26B	Market cap + total debt - cash - short-term investments.
P/E	21.7x	Market cap / net income. Only when net income is positive.
P/S	3.02x	Market cap / revenue.
P/B	2.26x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	18.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.1x	Market cap / cash from operations, when positive.
EV/Sales	3.47x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	4.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.22x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Medtronic plc's revenue in fiscal 2026?

Medtronic plc reported revenue of $36.36B for fiscal 2026, 8.4% higher than the year before.

Was Medtronic plc profitable in fiscal 2026?

Yes. Net income was $4.80B, a net margin of 13.2%.

How much free cash flow did Medtronic plc generate in fiscal 2026?

Cash from operations of $7.33B minus capital expenditures of $1.90B left free cash flow of $5.43B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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