Medtronic plc

For the period ended Apr 25, 2025. Filed Jun 20, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Jun 20, 2025

MDT$101.59-1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Financial Statements

	Fiscal Year
(in millions, except per share data)	2025	2024	2023
Net sales	$33,537	$32,364	$31,227
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	11,632	11,216	10,719
Research and development expense	2,732	2,735	2,696
Selling, general, and administrative expense	10,849	10,736	10,415
Amortization of intangible assets	1,807	1,693	1,698
Restructuring charges, net	267	226	375
Certain litigation charges, net	317	149	(30)
Other operating (income) expense, net	(23)	464	(131)
Operating profit	5,955	5,144	5,485
Other non-operating income, net	(402)	(412)	(515)
Interest expense, net	729	719	636
Income before income taxes	5,628	4,837	5,364
Income tax provision	936	1,133	1,580
Net income	4,691	3,705	3,784
Net income attributable to noncontrolling interests	(29)	(28)	(26)
Net income attributable to Medtronic	$4,662	$3,676	$3,758
Basic earnings per share	$3.63	$2.77	$2.83
Diluted earnings per share	$3.61	$2.76	$2.82
Basic weighted average shares outstanding	1,285.6	1,327.7	1,329.8
Diluted weighted average shares outstanding	1,289.9	1,330.2	1,332.8

	Fiscal Year
(in millions)	2025	2024	2023
Net income	$4,691	$3,705	$3,784
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on investment securities	149	46	(49)
Translation adjustment	853	(848)	(240)
Net investment hedges	(1,474)	633	(596)
Net change in retirement obligations	(110)	212	32
Unrealized (loss) gain on cash flow hedges	(381)	136	(381)
Other comprehensive (loss) income	(964)	178	(1,234)
Comprehensive income including noncontrolling interests	3,727	3,883	2,549
Comprehensive income attributable to noncontrolling interests	(31)	(27)	(26)
Comprehensive income attributable to Medtronic	$3,696	$3,856	$2,524

(in millions, except share amounts)	April 25, 2025	April 26, 2024
ASSETS
Current assets:
Cash and cash equivalents	$2,218	$1,284
Investments	6,747	6,721
Accounts receivable, less allowances and credit losses of $199 and $173, respectively	6,515	6,128
Inventories	5,476	5,217
Other current assets	2,858	2,584
Total current assets	23,814	21,935
Property, plant, and equipment, net	6,837	6,131
Goodwill	41,737	40,986
Other intangible assets, net	11,667	13,225
Tax assets	4,040	3,657
Other assets	3,584	4,047
Total assets	$91,680	$89,981
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$2,874	$1,092
Accounts payable	2,449	2,410
Accrued compensation	2,514	2,375
Accrued income taxes	1,358	1,330
Other accrued expenses	3,683	3,582
Total current liabilities	12,879	10,789
Long-term debt	25,642	23,932
Accrued compensation and retirement benefits	1,158	1,101
Accrued income taxes	1,574	1,859
Deferred tax liabilities	403	515
Other liabilities	1,769	1,365
Total liabilities	43,424	39,561
Commitments and contingencies (Notes 3, 16, and 18)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and 1,311,337,531 shares issued and outstanding, respectively	—	—
Additional paid-in capital	20,833	23,129
Retained earnings	31,476	30,403
Accumulated other comprehensive loss	(4,284)	(3,318)
Total shareholders’ equity	48,024	50,214
Noncontrolling interests	232	206
Total equity	48,256	50,420
Total liabilities and equity	$91,680	$89,981

Consolidated Statements of Equity

Ordinary Shares · Additional Paid-in Capital · RetainedEarnings · AccumulatedOtherComprehensiveLoss · Total Shareholders’ Equity · Noncontrolling Interests · Total Equity
(in millions, except per share data) · Number · Par Value
April 29, 2022	1,331	$—	$24,566	$30,250	$(2,265)	$52,551	$171	$52,722
Net income	—	—	—	3,758	—	3,758	26	3,784
Other comprehensive loss	—	—	—	—	(1,234)	(1,234)	—	(1,234)
Dividends to shareholders ($2.72 per ordinary share)	—	—	—	(3,616)	—	(3,616)	—	(3,616)
Issuance of shares under stock purchase and award plans	6	—	236	—	—	236	—	236
Repurchase of ordinary shares	(6)	—	(571)	—	—	(571)	—	(571)
Stock-based compensation	—	—	355	—	—	355	—	355
Changes to noncontrolling ownership interests	—	—	5	—	—	5	(15)	(10)
April 28, 2023	1,331	$—	$24,590	$30,392	$(3,499)	$51,483	$182	$51,665
Net income	—	—	—	3,676	—	3,676	28	3,705
Other comprehensive income (loss)	—	—	—	—	180	180	(2)	178
Dividends to shareholders ($2.76 per ordinary share)	—	—	—	(3,666)	—	(3,666)	—	(3,666)
Issuance of shares under stock purchase and award plans	6	—	231	—	—	231	—	231
Repurchase of ordinary shares	(25)	—	(2,084)	—	—	(2,084)	—	(2,084)
Stock-based compensation	—	—	393	—	—	393	—	393
Changes to noncontrolling ownership interests	—	—	—	—	—	—	(2)	(2)
April 26, 2024	1,311	$—	$23,129	$30,403	$(3,318)	$50,214	$206	$50,420
Net income	—	—	—	4,662	—	4,662	29	4,691
Other comprehensive (loss) income	—	—	—	—	(966)	(966)	2	(964)
Dividends to shareholders ($2.80 per ordinary share)	—	—	—	(3,589)	—	(3,589)	—	(3,589)
Issuance of shares under stock purchase and award plans	9	—	440	—	—	440	—	440
Repurchase of ordinary shares	(38)	—	(3,166)	—	—	(3,166)	—	(3,166)
Stock-based compensation	—	—	429	—	—	429	—	429
Changes to noncontrolling ownership interests	—	—	—	—	—	—	(6)	(6)
April 25, 2025	1,282	$—	$20,833	$31,476	$(4,284)	$48,024	$232	$48,256

	Fiscal Year
(in millions)	2025	2024	2023
Operating Activities:
Net income	$4,691	$3,705	$3,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,861	2,647	2,697
Provision for credit losses	123	90	73
Deferred income taxes	(316)	(508)	(226)
Stock-based compensation	429	393	355
Loss on debt extinguishment	—	—	53
Asset impairments and related inventory write-downs	—	371	—
Other, net	310	573	270
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(433)	(391)	(576)
Inventories	(292)	(139)	(939)
Accounts payable and accrued liabilities	209	391	696
Other operating assets and liabilities	(538)	(345)	(148)
Net cash provided by operating activities	7,044	6,787	6,039
Investing Activities:
Acquisitions, net of cash acquired	(98)	(211)	(1,867)
Additions to property, plant, and equipment	(1,859)	(1,587)	(1,459)
Purchases of investments	(8,226)	(7,748)	(7,514)
Sales and maturities of investments	8,495	7,441	7,343
Other investing activities, net	(249)	(261)	4
Net cash used in investing activities	(1,937)	(2,366)	(3,493)
Financing Activities:
Change in current debt obligations, net	(1,070)	1,073	—
Proceeds from short-term borrowings (maturities greater than 90 days)	—	—	2,284
Repayments from short-term borrowings (maturities greater than 90 days)	—	—	(2,279)
Issuance of long-term debt	3,209	—	5,409
Payments on long-term debt	—	—	(6,012)
Dividends to shareholders	(3,589)	(3,666)	(3,616)
Issuance of ordinary shares	508	284	308
Repurchase of ordinary shares	(3,235)	(2,138)	(645)
Other financing activities	(184)	(3)	(409)
Net cash used in financing activities	(4,361)	(4,450)	(4,960)
Effect of exchange rate changes on cash and cash equivalents	188	(230)	243
Net change in cash and cash equivalents	934	(259)	(2,171)
Cash and cash equivalents at beginning of period	1,284	1,543	3,714
Cash and cash equivalents at end of period	$2,218	$1,284	$1,543
Supplemental Cash Flow Information
Cash paid for:
Income taxes	$1,819	$1,622	$1,548
Interest	762	826	606

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.