01—Abstract
Summary
Summary of the 10-K filed June 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Medtronic plc reported robust revenue growth of 8% for the fiscal year ended April 24, 2026, reaching $36.4 billiona.
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 billionb. 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.
02—Key points
Key Highlights
- Revenue increased by 8% to $36.4 billion for the fiscal year ended April 24, 2026.
- Cardiovascular portfolio saw a 12% increase in net sales, reaching $14.0 billion.
- Neuroscience portfolio net sales increased by 4% to $10.3 billion.
- Medical Surgical portfolio net sales grew by 5% to $8.8 billion.
- Diabetes Business net sales increased by 13% to $3.1 billion.
- Free cash flow was $5.4 billion for the fiscal year.
- Successfully completed the initial public offering of its Diabetes Business (MiniMed Group, Inc.).
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Medtronic plc kept $0.13.
- Revenue$36.36B100.0%
- Cost of revenue−$12.72B35.0%
- Gross profit$23.64B65.0%
- Operating costs−$17.18B47.2%
- Operating income$6.47B17.8%
- Interest, other & tax−$1.63B4.5%
- Net income$4.84B13.3%
Where FY2026 revenue went
$36.36B- Cost of revenue: $12.72B, 35% of revenue
- SG&A: $11.78B, 32% of revenue
- Other operating costs: $5.39B, 15% of revenue
- Net income: $4.84B, 13% of revenue
- Interest, other & tax: $1.63B, 4.5% of revenue
Kept 13% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed June 18, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $36.36B$33.54B | +8.4% |
| Cost of Revenue | $12.72B$11.63B | +9.4% |
| Gross Profit | $23.64B$21.91B | +7.9% |
| SG&A Expenses | $11.78B$10.85B | +8.6% |
| Operating Income | $6.47B$5.96B | +8.6% |
| Net Income | $4.84B$4.69B | +3.1% |
| EPS (Basic) | $3.75$3.63 | +3.3% |
| EPS (Diluted) | $3.73$3.61 | +3.3% |
| Shares Outstanding (Basic) | 1.28B1.29B | −0.3% |
| Shares Outstanding (Diluted) | 1.29B1.29B | −0.1% |
05—Questions
Frequently Asked Questions
What was Medtronic's overall financial performance in the fiscal year ended April 24, 2026?
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.
What is the status of the Diabetes Business separation?
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.
What were the key drivers of growth for Medtronic's product portfolios?
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.
What are Medtronic's future growth strategies and outlook?
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.
06—Continue