Medtronic
MDT · NYSEElectromedical & Electrotherapeutic Apparatus · Fiscal year ends Apr 24
Medtronic reported revenue of $36.4B in the fiscal year ended Apr 2026, up 8.4% from the year before. Operating income was $6.5B, an operating margin of 17.8%, and net income was $4.8B. Operating cash flow of $7.3B less capital expenditure of $1.9B left free cash flow of $5.4B. Net debt was $26B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| Cost of revenue | $10.1B | $10.7B | $11.2B | $11.6B | $12.7B |
| Gross profit | $21.5B | $20.5B | $21.1B | $21.9B | $23.6B |
| Selling, general & admin | $10.3B | $10.4B | $10.7B | $10.8B | $11.8B |
| Operating income | $5.8B | $5.5B | $5.1B | $6B | $6.5B |
| Net interest incomeBanks | $186M | $386M | $597M | $511M | $383M |
| Interest expense | $553M | $636M | $719M | $729M | $715M |
| Pre-tax income | $5.5B | $5.4B | $4.8B | $5.6B | $6.1B |
| Income tax | $456M | $1.6B | $1.1B | $936M | $1.3B |
| Net income | $5B | $3.8B | $3.7B | $4.7B | $4.8B |
| Diluted EPS | 3.73 | 2.82 | 2.76 | 3.61 | 3.73 |
| Diluted shares | 1,351M | 1,333M | 1,330M | 1,290M | 1,288M |
Balance sheet
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.7B | $1.5B | $1.3B | $2.2B | $1.9B |
| Receivables | $5.6B | $6B | $6.1B | $6.5B | $6.6B |
| Inventory | $4.6B | $5.3B | $5.2B | $5.5B | $6B |
| Current assets | $23.1B | $21.7B | $21.9B | $23.8B | $24.8B |
| Net PP&E | $5.4B | $5.6B | $6.1B | $6.8B | $7.4B |
| Goodwill | $40.5B | $41.4B | $41B | $41.7B | $42.6B |
| Total assets | $91B | $90.9B | $90B | $91.7B | $93B |
| Payables | $2.3B | $2.7B | $2.4B | $2.4B | $2.6B |
| Deferred revenue | $399M | $405M | $453M | $446M | $500M |
| Current liabilities | $12.4B | $9.1B | $10.8B | $12.9B | $11.7B |
| Short-term debt | $3.7B | $20M | $1.1B | $2.9B | $1.8B |
| Long-term debt | $20.4B | $24.3B | $23.9B | $25.6B | $26.2B |
| Total liabilities | $38.3B | $39.3B | $39.6B | $43.4B | $43B |
| Shareholders' equity | $52.6B | $51.5B | $50.2B | $48B | $49.5B |
| Backlog (remaining obligations) | $925M | $600M | $500M | $300M | $400M |
Cash flow
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $7.3B | $6B | $6.8B | $7B | $7.3B |
| Capital expenditure | $1.4B | $1.5B | $1.6B | $1.9B | $1.9B |
| Free cash flow | $6B | $4.6B | $5.2B | $5.2B | $5.4B |
| Depreciation & amortisation | $2.7B | $2.7B | $2.6B | $2.9B | $3B |
| Stock-based compensation | $359M | $355M | $393M | $429M | $457M |
| Acquisitions | $91M | $1.9B | $211M | $98M | $406M |
| Share buybacks | $2.5B | $645M | $2.1B | $3.2B | $1B |
| Dividends paid | $3.4B | $3.6B | $3.7B | $3.6B | $3.6B |
| Dividend per share | 2.52 | 2.72 | 2.76 | 2.80 | 2.84 |
Key ratios
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.4% | 3.6% | 3.6% | 8.4% |
| Operating income growth (YoY) | – | −4.6% | −6.2% | 15.8% | 8.6% |
| EPS growth (YoY) | – | −24.4% | −2.1% | 30.8% | 3.3% |
| Gross margin | 68.0% | 65.7% | 65.3% | 65.3% | 65.0% |
| Operating margin | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
| Net margin | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% |
| Return on equityBlank when equity is negative | 9.6% | 7.3% | 7.3% | 9.7% | 9.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.3% | 6.7% | 6.5% | 7.6% | 7.9% |
| Free cash flow margin | 18.9% | 14.7% | 16.1% | 15.5% | 14.9% |
| Cash conversion (CFO ÷ net income) | 1.46x | 1.61x | 1.85x | 1.51x | 1.53x |
| Receivable days | 64 | 70 | 69 | 71 | 67 |
| Inventory days | 166 | 180 | 170 | 172 | 171 |
| Payable days | 82 | 91 | 78 | 77 | 76 |
| Interest cover | 10.4x | 8.62x | 7.15x | 8.17x | 9.04x |
| Debt ÷ equity | 0.46x | 0.47x | 0.50x | 0.59x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20.4B | $22.8B | $23.7B | $26.3B | $26B |
| Current ratio | 1.86x | 2.39x | 2.03x | 1.85x | 2.13x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.