10-KPeriod: FY2026

Medtronic plc Annual Report, Year Ended Apr 24, 2026

Filed June 18, 2026For Securities:MDT

Summary

Medtronic plc reported robust revenue growth of 8% for the fiscal year ended April 24, 2026, reaching $36.4 billion. This growth was primarily driven by strong performance across its Cardiovascular, Neuroscience, and Medical Surgical portfolios, with notable increases in Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Neuromodulation. The company successfully completed the initial public offering of its Diabetes Business, now operating as MiniMed Group, Inc., marking a significant step in its strategic separation efforts. While the company faced increased costs due to tariffs and restructuring activities, it maintained a strong free cash flow of $5.4 billion. Medtronic's commitment to innovation is evident in its ongoing research and development, with key product launches and approvals expected to drive future growth across its diverse product segments.

Financial Highlights

55 data points
Beta

Revenue

$36.36B

65.0% Gross Margin

Net Income

$4.84B

13.3% Net Margin

EPS (Diluted)

$3.73

Total Assets

$93.03B

Cash & Equivalents

$1.95B

Free Cash Flow

$5.43B

Financial Statements
Beta
Revenue$36.36B
Cost of Revenue$12.72B
Gross Profit$23.64B
SG&A Expenses$11.78B
Operating Income$6.47B
Net Income$4.84B
EPS (Basic)$3.75
EPS (Diluted)$3.73
Shares Outstanding (Basic)1.28B
Shares Outstanding (Diluted)1.29B

Key Highlights

  • 1Revenue increased by 8% to $36.4 billion for the fiscal year ended April 24, 2026.
  • 2Cardiovascular portfolio saw a 12% increase in net sales, reaching $14.0 billion.
  • 3Neuroscience portfolio net sales increased by 4% to $10.3 billion.
  • 4Medical Surgical portfolio net sales grew by 5% to $8.8 billion.
  • 5Diabetes Business net sales increased by 13% to $3.1 billion.
  • 6Free cash flow was $5.4 billion for the fiscal year.
  • 7Successfully completed the initial public offering of its Diabetes Business (MiniMed Group, Inc.).

Frequently Asked Questions

Medtronic plc reported a strong financial performance with an 8% increase in net sales, reaching $36.4 billion for the fiscal year ended April 24, 2026. This growth was fueled by solid performance across its core business segments, particularly Cardiovascular and Neuroscience.

Medtronic has completed the initial public offering (IPO) of its Diabetes Business, which now operates as MiniMed Group, Inc. Medtronic retains a significant ownership stake and plans to further separate or dispose of its remaining interest in the next fiscal year.

Growth was driven by several factors including the Cardiovascular portfolio's expansion, particularly in Cardiac Rhythm & Heart Failure and Structural Heart & Aortic. The Neuroscience portfolio saw increased sales driven by advancements in spinal technologies and neuromodulation. The Medical Surgical portfolio also contributed positively with growth in both Surgical & Endoscopy and Acute Care & Monitoring.

Medtronic aims to accelerate innovation-driven growth, deliver superior outcomes for patients and providers, and leverage data, AI, and automation. Key initiatives include continued global penetration of products like the Micra transcatheter pacing system, adoption of new technologies in electrophysiology, and expansion of its robotic-assisted surgery systems.