Medtronic plc

For the period ended Apr 24, 2026. Filed Jun 18, 2026.

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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.

FY2026 · Filed Jun 18, 2026

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

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

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Contents

Item 8. Consolidated Financial Statements

	Fiscal Year
(in millions, except per share data)	2026	2025	2024
Net sales	$36,364	$33,537	$32,364
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	12,721	11,632	11,216
Research and development expense	2,873	2,732	2,735
Selling, general, and administrative expense	11,784	10,849	10,736
Amortization of intangible assets	1,772	1,807	1,693
Restructuring charges, net	249	267	226
Certain litigation charges, net	113	317	149
Other operating expense (income), net	386	(23)	464
Operating profit	6,467	5,955	5,144
Other non-operating expense (income), net	(384)	(402)	(412)
Interest expense, net	715	729	719
Income before income taxes	6,136	5,628	4,837
Income tax provision	1,299	936	1,133
Net income	4,837	4,691	3,705
Net income attributable to noncontrolling interests	(37)	(29)	(28)
Net income attributable to Medtronic	$4,801	$4,662	$3,676
Basic earnings per share	$3.75	$3.63	$2.77
Diluted earnings per share	$3.73	$3.61	$2.76
Basic weighted average shares outstanding	1,281.8	1,285.6	1,327.7
Diluted weighted average shares outstanding	1,288.1	1,289.9	1,330.2

	Fiscal Year
(in millions)	2026	2025	2024
Net income	$4,837	$4,691	$3,705
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on investment securities	48	149	46
Translation adjustment	387	853	(848)
Net investment hedges	(427)	(1,474)	633
Net change in retirement obligations	143	(110)	212
Unrealized gain (loss) on cash flow hedges	31	(381)	136
Other comprehensive income (loss)	181	(964)	178
Comprehensive income including noncontrolling interests	5,018	3,727	3,883
Comprehensive income attributable to noncontrolling interests	(35)	(31)	(27)
Comprehensive income attributable to Medtronic	$4,984	$3,696	$3,856

(in millions, except share amounts)	April 24, 2026	April 25, 2025
ASSETS
Current assets:
Cash and cash equivalents	$1,949	$2,218
Investments	7,271	6,747
Accounts receivable, less allowance for credit losses of $190 and $199, respectively	6,643	6,515
Inventories	5,951	5,476
Other current assets	2,972	2,858
Total current assets	24,787	23,814
Property, plant, and equipment, net	7,417	6,837
Goodwill	42,587	41,737
Other intangible assets, net	10,146	11,667
Tax assets	3,943	4,040
Other assets	4,147	3,584
Total assets	$93,028	$91,680
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$1,788	$2,874
Accounts payable	2,644	2,449
Accrued compensation	2,678	2,514
Accrued income taxes	914	1,358
Other accrued expenses	3,634	3,683
Total current liabilities	11,658	12,879
Long-term debt	26,173	25,642
Accrued compensation and retirement benefits	1,193	1,158
Accrued income taxes	1,515	1,574
Deferred tax liabilities	362	403
Other liabilities	2,055	1,769
Total liabilities	42,956	43,424
Commitments and contingencies (Notes 3, 16, and 18)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,280,177,293 and 1,281,934,628 shares issued and outstanding, respectively	—	—
Additional paid-in capital	20,926	20,833
Retained earnings	32,638	31,476
Accumulated other comprehensive loss	(4,101)	(4,284)
Total shareholders’ equity	49,463	48,024
Noncontrolling interests	609	232
Total equity	50,072	48,256
Total liabilities and equity	$93,028	$91,680

Consolidated Statements of Equity

Ordinary Shares · Additional Paid-in Capital · RetainedEarnings · AccumulatedOtherComprehensive(Loss) Income · Total Shareholders’ Equity · Noncontrolling Interests · Total Equity
(in millions, except per share data) · Number · Par Value
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 income (loss)	—	—	—	—	(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
Net income	—	—	—	4,801	—	4,801	37	4,837
Other comprehensive income (loss)	—	—	—	—	183	183	(2)	181
Dividends to shareholders ($2.84 per ordinary share)	—	—	—	(3,639)	—	(3,639)	—	(3,639)
Issuance of shares under stock purchase and award plans	8	—	426	—	—	426	—	426
Repurchase of ordinary shares	(10)	—	(944)	—	—	(944)	—	(944)
Stock-based compensation	—	—	457	—	—	457	—	457
MiniMed IPO	—	—	157	—	—	157	381	538
Changes to noncontrolling ownership interests	—	—	—	—	—	—	(39)	(39)
April 24, 2026	1,280	$—	$20,926	$32,638	$(4,101)	$49,463	$609	$50,072

	Fiscal Year
(in millions)	2026	2025	2024
Operating Activities:
Net income	$4,837	$4,691	$3,705
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,958	2,861	2,647
Provision for credit losses	136	123	90
Deferred income taxes	51	(316)	(508)
Stock-based compensation	457	429	393
Asset impairments and related inventory write-downs	—	—	371
Other, net	314	310	573
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(200)	(433)	(391)
Inventories	(404)	(292)	(139)
Accounts payable and accrued liabilities	46	209	391
Other operating assets and liabilities	(865)	(538)	(345)
Net cash provided by operating activities	7,330	7,044	6,787
Investing Activities:
Acquisitions, net of cash acquired	(406)	(98)	(211)
Additions to property, plant, and equipment	(1,904)	(1,859)	(1,587)
Purchases of investments	(8,725)	(8,226)	(7,748)
Sales and maturities of investments	8,105	8,495	7,441
Other investing activities, net	(4)	(249)	(261)
Net cash used in investing activities	(2,934)	(1,937)	(2,366)
Financing Activities:
Change in current debt obligations, net	9	(1,070)	1,073
Issuance of long-term debt	1,747	3,209	—
Payments on long-term debt	(2,930)	—	—
Dividends to shareholders	(3,639)	(3,589)	(3,666)
Issuance of ordinary shares	516	508	284
Repurchase of ordinary shares	(1,035)	(3,235)	(2,138)
Proceeds from MiniMed initial public offering	538	—	—
Other financing activities, net	44	(184)	(3)
Net cash used in financing activities	(4,751)	(4,361)	(4,450)
Effect of exchange rate changes on cash and cash equivalents	85	188	(230)
Net change in cash and cash equivalents	(269)	934	(259)
Cash and cash equivalents at beginning of period	2,218	1,284	1,543
Cash and cash equivalents at end of period	$1,949	$2,218	$1,284
Supplemental Cash Flow Information
Cash paid for:
Income taxes	$1,942	$1,819	$1,622
Interest	774	762	826

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