Medtronic Plc

MDT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$106,973	$104,912	$105,881	$121,002	$140,003	$176,030	$133,515	$117,447	$109,299	$111,719	$106,422	$104,351	$58,944	$47,581	$40,259	$44,981	$48,334	$35,901	$55,042	$60,854	$60,165	$63,806	$61,243	$58,123	$54,146	$53,654	$62,423	$42,340	$30,480	$19,794	$12,640	$8,454	$4,317	$3,841	$3,886	$3,316	$1,803	$1,302	$1,029	$1,140	$899
Enterprise value	$126,323	$124,695	$123,106	$137,589	$153,715	$191,776	$147,499	$133,035	$123,937	$131,534	$124,801	$120,978	$56,575	$47,190	$48,209	$52,210	$54,078	$41,000	$60,385	$63,863	$61,986	$62,866	$61,675	$58,996	$56,138	$52,581	$62,197	$42,381	$30,290	$19,717	$12,605	$8,403	$4,286	$3,867	$3,874	$3,326	$1,861	$1,330	$1,011	$1,064	$810
P/E (TTM) at period end	22.28×	22.50×	28.80×	32.20×	27.78×	48.82×	27.88×	25.36×	35.21×	27.74×	30.08×	39.01×	19.23×	13.72×	11.13×	14.53×	15.60×	16.55×	24.67×	21.72×	23.62×	35.37×	31.26×	36.33×	55.03×	51.29×	56.83×	90.39×	51.26×	33.94×	29.51×	28.76×	18.57×	19.48×	24.06×	24.86×	16.58×	13.36×	11.90×	15.44×	16.83×
P/S (TTM) at period end	2.94×	3.13×	3.27×	3.87×	4.42×	5.84×	4.62×	3.84×	3.65×	3.76×	3.69×	5.15×	3.47×	2.87×	2.49×	2.82×	3.06×	2.46×	4.07×	4.95×	5.33×	6.35×	6.74×	7.58×	8.45×	9.66×	12.45×	10.24×	11.70×	8.12×	5.83×	4.85×	3.10×	2.89×	3.30×	3.25×	2.15×	1.75×	1.58×	2.27×	2.23×
P/B at period end	2.16×	2.18×	2.11×	2.35×	2.66×	3.42×	2.63×	2.34×	2.15×	2.23×	2.04×	1.96×	3.03×	2.55×	2.35×	2.82×	3.30×	2.79×	4.77×	5.54×	6.41×	6.11×	6.75×	7.35×	8.42×	9.74×	13.90×	11.23×	14.91×	11.34×	7.06×	6.33×	4.10×	4.56×	4.88×	4.85×	3.33×	2.75×	2.60×	2.95×	2.58×
EV / EBITDA (TTM)	13.40×	14.14×	15.80×	16.82×	18.17×	26.69×	19.79×	14.90×	13.35×	15.85×	15.25×	23.85×	12.13×	9.04×	9.02×	9.92×	9.73×	9.85×	14.08×	14.78×	14.59×	16.09×	17.02×	19.27×	22.65×	24.17×	32.28×	26.93×	24.07×	19.13×	16.86×	15.48×	10.42×	10.60×	12.68×	13.15×	9.10×	–	–	–	–
EV / Sales (TTM)	3.47×	3.72×	3.80×	4.41×	4.85×	6.37×	5.10×	4.35×	4.14×	4.43×	4.33×	5.97×	3.33×	2.84×	2.98×	3.28×	3.42×	2.81×	4.47×	5.19×	5.49×	6.25×	6.79×	7.70×	8.76×	9.47×	12.40×	10.25×	11.63×	8.09×	5.81×	4.82×	3.08×	2.91×	3.29×	3.26×	2.22×	1.79×	1.55×	2.12×	2.01×
Returns
Return on equity	9.7%	9.7%	7.3%	7.3%	9.6%	7.0%	9.4%	9.2%	6.1%	8.0%	6.8%	5.0%	15.8%	18.6%	21.1%	19.4%	21.2%	16.9%	19.3%	25.5%	27.1%	17.3%	21.6%	20.2%	15.3%	19.0%	24.5%	12.4%	29.1%	33.4%	23.9%	22.0%	22.1%	23.4%	20.3%	19.5%	20.1%	20.6%	21.8%	19.1%	15.3%
Return on invested capital	6.7%	6.7%	5.3%	5.2%	7.2%	5.6%	6.7%	7.9%	5.0%	6.0%	5.5%	3.4%	10.5%	12.7%	14.0%	15.2%	16.4%	15.6%	16.2%	18.9%	20.9%	22.9%	22.6%	20.6%	16.2%	27.3%	25.8%	21.0%	38.4%	36.0%	23.6%	22.6%	21.8%	23.0%	20.8%	20.2%	18.7%	16.7%	22.8%	23.1%	21.6%
Dividend yield	3.4%	3.4%	3.5%	3.0%	2.4%	1.8%	2.2%	2.3%	2.3%	2.1%	2.0%	1.3%	1.9%	2.2%	2.5%	2.2%	1.9%	2.3%	1.0%	0.8%	0.8%	0.6%	0.6%	0.5%	0.5%	0.4%	0.3%	0.3%	0.3%	0.5%	0.5%	0.6%	0.9%	0.9%	0.8%	0.7%	1.0%	–	–	–	–
Financial health
Current ratio	2.13×	1.85×	2.03×	2.39×	1.86×	2.65×	2.13×	2.59×	2.28×	1.74×	3.29×	3.36×	3.82×	4.49×	1.68×	1.93×	1.92×	2.37×	2.07×	3.09×	2.36×	2.20×	1.25×	2.43×	0.88×	2.76×	3.04×	2.42×	2.71×	2.39×	2.56×	2.42×	1.93×	2.23×	2.26×	2.10×	1.84×	1.82×	2.23×	2.91×	2.67×
Debt / equity	0.57×	0.59×	0.50×	0.47×	0.46×	0.51×	0.49×	0.51×	0.51×	0.67×	0.60×	0.68×	0.61×	0.56×	0.60×	0.60×	0.65×	0.53×	0.60×	0.55×	0.84×	0.23×	0.26×	0.30×	0.39×	0.03×	0.07×	0.07×	0.09×	0.07×	0.04×	0.04×	0.07×	0.12×	0.11×	0.14×	0.17×	0.17×	0.15×	0.10×	0.13×
Effective tax rate	21.2%	16.6%	23.4%	29.5%	8.3%	6.8%	(18.5%)	10.5%	45.5%	12.6%	18.4%	23.3%	17.3%	18.4%	17.6%	17.1%	22.1%	17.4%	22.7%	20.3%	19.4%	29.1%	29.9%	31.7%	35.4%	32.5%	32.9%	42.9%	34.8%	34.2%	35.0%	33.5%	33.0%	32.5%	33.5%	32.0%	32.0%	35.2%	34.0%	32.1%	26.5%
Share count
Diluted shares outstanding	1,288	1,290	1,330	1,333	1,351	1,354	1,351	1,358	1,368	1,391	1,426	1,109	1,014	1,028	1,060	1,082	1,109	1,126	1,142	1,162	1,217	1,219	1,225	1,228	1,224	1,226	1,223	1,208	1,177	1,166	952	922	920	939	950	953	906	885	865	820	890

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$37,542	$36,364	$33,537	$32,364	$31,227	$31,686	$30,117	$28,913	$30,557	$29,953	$29,710	$28,833	$20,261	$17,005	$16,590	$16,184	$15,933	$15,817	$14,599	$13,515	$12,299	$11,292	$10,055	$9,087	$7,665	$6,411	$5,552	$5,015	$4,134	$2,605	$2,438	$2,169	$1,742	$1,391	$1,328	$1,177	$1,021	$837	$742	$653	$502	$403
Cost of revenue	($13,041)	($12,721)	($11,632)	($11,216)	($10,719)	($10,145)	($10,483)	($9,424)	($9,155)	($9,067)	($9,294)	($9,142)	($6,309)	($4,333)	($4,126)	($3,889)	–	–	($3,518)	($3,446)	($3,168)	($2,815)	($2,446)	($2,253)	($1,890)	($1,653)	($1,113)	($1,022)	–	–	–	($479)	($434)	($353)	($350)	($322)	($285)	($232)	($194)	($181)	($143)	($118)
Gross profit	$24,500	$23,643	$21,905	$21,148	$20,508	$21,541	$19,634	$19,489	$21,402	$20,898	$20,419	$19,691	$13,952	$12,672	$12,464	$12,295	–	–	$11,081	$10,069	$9,131	$8,477	$7,609	$6,834	$5,775	$4,758	$4,438	$3,994	–	–	–	$1,693	$1,309	$1,038	$978	$854	$736	$604	$547	$472	$359	$285
Operating expenses
Research and development	($2,918)	($2,873)	($2,732)	($2,735)	($2,696)	($2,746)	($2,493)	($2,331)	($2,330)	($2,256)	($2,193)	($2,224)	($1,640)	($1,477)	($1,557)	($1,490)	($1,508)	($1,460)	($1,355)	($1,275)	($1,239)	($1,113)	($951)	($852)	($749)	($646)	($578)	($480)	($429)	($297)	($280)	($237)	($191)	($156)	–	–	–	–	–	–	–	–
Selling, general and administrative	($12,175)	($11,784)	($10,849)	($10,736)	($10,415)	($10,292)	($10,148)	($10,109)	($10,418)	($10,238)	($10,018)	($9,469)	($6,904)	($5,847)	($5,698)	($5,623)	($5,427)	($5,282)	($5,866)	($4,707)	($4,153)	($3,659)	($3,214)	($2,801)	($2,372)	($1,963)	($1,685)	($1,579)	($1,325)	($1,052)	($944)	($945)	($575)	($470)	($613)	($549)	($483)	($400)	($373)	($313)	($227)	($186)
Total operating expenses	($17,404)	($17,176)	($15,950)	($16,004)	($15,023)	($15,789)	($15,150)	($14,698)	($15,134)	($14,258)	($15,036)	($14,330)	($10,186)	($8,859)	($8,062)	($7,812)	–	–	($7,617)	($6,418)	($5,392)	($4,772)	($4,165)	($3,653)	($3,121)	($2,609)	($2,560)	($2,311)	–	–	–	($1,057)	($872)	($705)	($683)	($608)	($530)	($439)	($418)	($342)	($254)	($209)
Total costs and expenses	($30,446)	($29,897)	($27,582)	($27,220)	($25,742)	($25,934)	($25,633)	($24,122)	($24,289)	($23,313)	($24,327)	($23,472)	($16,495)	($13,192)	($12,188)	($11,701)	($11,473)	($11,030)	($11,135)	($9,864)	($8,560)	($7,587)	($6,611)	($5,906)	($5,012)	($4,262)	($3,673)	($3,331)	($2,774)	($1,513)	($1,524)	($1,533)	($1,306)	($1,058)	($1,033)	($931)	($815)	($672)	($612)	($523)	($396)	($326)
Operating income	$7,096	$6,467	$5,955	$5,144	$5,485	$5,752	$4,484	$4,791	$6,268	$6,640	$5,383	$5,361	$3,766	$3,813	$4,402	$4,483	$4,460	$4,787	$3,464	$3,651	$3,739	$3,705	$3,444	$3,181	$2,654	$2,149	$1,878	$1,684	$1,360	$1,092	$914	$636	$436	$333	$295	$246	$206	$165	$130	$130	$106	$76
Earnings
EBITDA	$10,035	$9,425	$8,816	$7,791	$8,182	$8,459	$7,186	$7,454	$8,927	$9,284	$8,300	$8,181	$5,072	$4,663	$5,221	$5,345	$5,264	$5,559	$4,163	$4,288	$4,322	$4,249	$3,907	$3,624	$3,062	$2,479	$2,176	$1,927	$1,574	$1,258	$1,031	$748	$543	$411	$365	$305	$253	$204	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	$397	$366	$431	$386	$271	$237	$200	$172	$156	$188	$364	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($724)	($715)	($729)	($719)	($636)	($553)	($925)	($1,092)	($1,444)	($1,146)	($1,094)	($1,386)	($666)	($379)	($388)	($349)	($450)	($402)	($371)	($255)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$6,604	$6,136	$5,628	$4,837	$5,364	$5,517	$3,895	$4,055	$5,197	$5,675	$4,602	$4,336	$3,486	$3,705	$4,251	$4,145	$3,664	$3,944	$2,440	$2,885	$3,515	$3,161	$2,544	$2,797	$2,341	$1,524	$1,549	$1,615	$825	$911	$887	$659	$442	$347	$314	$243	$196	$160	$150	$131	$109	$92
Income tax expense	($1,333)	($1,299)	($936)	($1,133)	($1,580)	($456)	($265)	$751	($547)	($2,580)	($578)	($798)	($811)	($640)	($784)	($730)	($627)	($870)	($425)	($654)	($713)	($615)	($740)	($838)	($742)	($540)	($503)	($530)	($354)	($317)	($304)	($231)	($148)	($114)	($102)	($81)	($63)	($51)	($53)	($45)	($35)	($24)
Net income	$5,231	$4,801	$4,662	$3,676	$3,758	$5,039	$3,606	$4,789	$4,631	$3,104	$4,028	$3,538	$2,675	$3,065	$3,467	$3,617	$3,096	$3,099	$2,169	$2,231	$2,802	$2,547	$1,804	$1,959	$1,600	$984	$1,046	$1,098	$468	$595	$583	$428	$294	$232	$197	$162	$133	$109	$97	$86	$74	$53
Per share
Diluted EPS (GAAP)	$4.06	$3.73	$3.61	$2.76	$2.82	$3.73	$2.66	$3.54	$3.41	$2.27	$2.89	$2.48	$2.41	$3.02	$3.37	$3.41	$2.86	$2.79	$1.84	$1.95	$2.41	$2.09	$1.48	$1.60	$1.30	$0.80	$0.85	$0.89	$0.39	$0.51	$0.50	$0.45	$0.32	$0.25	$0.21	$0.17	$0.14	$0.12	$0.11	$0.10	$0.09	$0.06
Basic EPS (GAAP)	$4.09	$3.75	$3.63	$2.77	$2.83	$3.75	$2.68	$3.57	$3.44	$2.29	$2.92	$2.51	$2.44	$3.06	$3.40	$3.43	$2.87	$2.80	$1.85	$1.97	$2.44	$2.11	$1.49	$1.61	$1.31	$0.81	$0.87	$0.91	$0.40	$0.52	$0.51	$0.45	$0.32	$0.25	$0.21	$0.17	$0.14	$0.12	$0.11	$0.10	$0.09	$0.06
Basic shares outstanding	1,281	1,282	1,286	1,328	1,330	1,342	1,345	1,341	1,346	1,357	1,379	1,410	1,096	1,002	1,019	1,054	1,077	1,106	1,122	1,131	1,150	1,204	1,211	1,214	1,218	1,212	1,203	1,195	1,177	1,150	1,144	952	922	918	939	950	953	906	885	865	820	890
Margins
Gross margin	65.3%	65.0%	65.3%	65.3%	65.7%	68.0%	65.2%	67.4%	70.0%	69.8%	68.7%	68.3%	68.9%	74.5%	75.1%	76.0%	–	–	75.9%	74.5%	74.2%	75.1%	75.7%	75.2%	75.3%	74.2%	79.9%	79.7%	–	–	–	78.0%	75.1%	74.6%	73.6%	72.6%	72.1%	72.2%	73.8%	72.3%	71.6%	70.8%
Operating margin	18.9%	17.8%	17.8%	15.9%	17.6%	18.2%	14.9%	16.6%	20.5%	22.2%	18.1%	18.6%	18.6%	22.4%	26.5%	27.7%	28.0%	30.3%	23.7%	27.0%	30.4%	32.8%	34.3%	35.0%	34.6%	33.5%	33.8%	33.6%	32.9%	41.9%	37.5%	29.3%	25.0%	23.9%	22.2%	20.9%	20.2%	19.7%	17.5%	19.9%	21.1%	18.9%
Net margin	13.9%	13.2%	13.9%	11.4%	12.0%	15.9%	12.0%	16.6%	15.2%	10.4%	13.6%	12.3%	13.2%	18.0%	20.9%	22.3%	19.4%	19.6%	14.9%	16.5%	22.8%	22.6%	17.9%	21.6%	20.9%	15.3%	18.8%	21.9%	11.3%	22.8%	23.9%	19.7%	16.9%	16.7%	14.8%	13.7%	13.1%	13.0%	13.1%	13.2%	14.7%	13.3%

Analyst consensus

Buy51 analysts

Bearish · 0 · Hold · 20 · Bullish · 31

Earnings history

	EPS	Estimate
Q2 2025	$1.26	$1.25	Beat
Q3 2025	$1.39	$1.36	Beat
Q4 2025	$1.62	$1.58	Beat
Q1 2026	$1.26	$1.23	Beat
Q2 2026	$1.36	$1.31	Beat
Q3 2026	$1.36	$1.34	Beat
Q4 2026	$1.55	$1.54	Beat
Q1 2027	$1.45	$1.39	Beat

Peers

Company overview

IPO dateMay 2, 1973

CEOGeoffrey Straub Martha

Employees95,000

SectorHealthcare

IndustryMedical - Devices

CountryIE

ExchangeNew York Stock Exchange

Websitewww.medtronic.com

Medtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons). Medical Surgical Portfolio: Offering a broad spectrum of surgical instruments and therapies, this division includes staples, vessel sealing devices, wound closure products, and electrosurgical equipment. It also pioneers surgical artificial intelligence and robotic-assisted platforms, alongside solutions for hernia repair, gynecology, lung conditions, minimally invasive gastrointestinal and hepatologic diagnostics, patient monitoring, airway management, ventilation therapies, and renal disease. Neuroscience Portfolio: This division delivers specialized products for a diverse group of medical professionals, such as spinal surgeons, neurosurgeons, neurologists, pain management specialists, and ENT experts. Its offerings span energy surgical instruments, advanced image-guided and intra-operative imaging systems, robotic guidance for spine procedures, and therapies targeting the brain's vasculature. Diabetes Operating Unit: Dedicated to diabetes management, this unit provides innovative solutions like insulin pumps and their associated consumables, continuous glucose monitoring (CGM) systems, and smart insulin pen technologies. Established in 1949, Medtronic plc maintains its corporate headquarters in Dublin, Ireland.

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