Medtronic (MDT) financials
NYSE · Healthcare · Medical - Devices · 95,000 employees · CEO Geoffrey Straub Martha
- Price
- $96.54 -0.59%
- Market cap
- $123B
- Enterprise value
- $150B
- Last report
- Q1 '27 filed 2026-09-03
- Next report
- 2026-11-17 EPS est. $1.33
Revenue (TTM)$37.5B+9.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)18.1%+0.2 pp vs a year agoOperating income $6.79B
Net income (TTM)$5.23B+12.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$6.13B+15.6% vs a year agoCapex $1.9B
Diluted EPS (TTM)$4.06+11.8% vs a year agoSum of the last 4 quarters
Net cash-$19.3B+5.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $123B EV $150B
- Revenue
- $37.5B Trailing 12 months
- Revenue growth
- +7% FY2027 consensus
- Profit margin
- 13.9% Net income / revenue, TTM
- P/E
- 23.6× Forward 16.2× (FY2027)
- P/S
- 3.3× Price / sales, TTM
- EV / EBITDA
- 14.7× TTM
- Free cash flow
- $6.13B Trailing 12 months
- Net income
- $5.23B Trailing 12 months
- Revenue estimate
- $39B FY2027 consensus
- Earnings
- 2026-11-17 Revenue est. $9.48B
- Dividend
- $2.86 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-01): revenue beat by 2.2%, EPS beat by 4.3%Revenue $9.76B vs $9.55B expected (+2.2%); EPS $1.45 vs $1.39 (+4.3%).
- Revenue growth accelerating: 13.7% year on yearQ1 '27 revenue $9.76B, against an average of 8.4% over the four quarters before.
- Operating margin 18.1% (TTM), +0.2 pp on a year agoOperating income grew 10.8% while revenue grew 9.8%.
- Capex 5.1% of revenue (a year ago 5.4%)$1.9B invested in the last 4 quarters (+3.3% on a year earlier). Free cash flow $6.13B = 117.2% of net income.
- Returned $4.83B to shareholders = 78.8% of free cash flowBuybacks $1.18B (a year earlier $866M), dividends $3.65B, stock-based pay $496M (TTM).
- Diluted share count down 0.2% in a year1.29B diluted shares in Q1 '27, 1.29B a year earlier.
- Net debt $19.3BCash + short-term investments $8.82B, debt incl. leases $28.2B; a year ago net debt $20.5B.
Last quarter: Q1 '27
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q1 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.76B | $8.58B | +13.7% |
| Gross margin | 65.0% | 57.7% | +7.3 pp |
| Operating income | $1.76B | $1.45B | +22.1% |
| Operating margin | 18.1% | 16.8% | +1.2 pp |
| Net income | $1.47B | $1.04B | +41.3% |
| Diluted EPS | $1.14 | $0.81 | +40.7% |
| Operating cash flow | $1.79B | $1.09B | +64.8% |
| Capex | $503M | $504M | -0.2% |
| Free cash flow | $1.29B | $584M | +120.9% |
| R&D | $771M | $726M | +6.2% |
| Stock-based compensation | $125M | $86M | +45.3% |
Reported vs consensus
2026-09-01| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.76B | $9.55B | +2.2% |
| EPS (as estimated) | $1.45 | $1.39 | +4.3% |
From the report of 2026-09-01 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cardiac and Vascular Group | $3.93B | +19.5% | 40.4% | – | – | |
| Neuroscience Group | $2.68B | +10.8% | 27.5% | – | – | |
| Medical Surgical | $2.28B | +9.4% | 23.4% | – | – | |
| Diabetes Group | $843M | +16.9% | 8.7% | – | – |
Revenue by region
share of total| Segment | Q1 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $19.4B | +14.7% | 80.0% | – | – | |
| Total Other Countries, Excluding United States and Ireland | $4.81B | +11.3% | 19.9% | – | – | |
| IRELAND | $40M | +21.2% | 0.2% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q4 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Cardiovascular | – | – | $1.07B | +11.8% | – | – | $3.67B |
| Neuroscience Group | – | – | $872M | +1.8% | – | – | $3.06B |
| Medical Surgical | – | – | $612M | +6.4% | – | – | $2.13B |
| Diabetes Group | – | – | – | – | – | – | – |
| Other Segment | – | – | – | – | – | – | – |
| All other segments | – | – | – | – | – | – | – |
| Other Operating Segments Including Diabetes | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $8.04B
- Capex
- -$1.9B
- Buybacks
- -$1.18B
- Dividends
- -$3.65B
- Acquisitions
- -$1.57B
- Net debt issued
- $151M
- Stock-based compensation
- $496M
- Free cash flow
- $6.13B
- Returned to shareholders / FCF
- 78.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 23.6× | 26.8× | 22.2× – 32.1× |
| EV / EBITDA | 14.7× | 15.7× | 13.5× – 18.3× |
| EV / Sales | 4.0× | 4.3× | 3.7× – 5.1× |
| Price / FCF | 20.1× | 22.2× | 19.7× – 26.4× |
| Price / Book | 2.5× | 2.3× | 2.1× – 2.7× |
| FCF yield | 5.0% | 4.6% | 3.8% – 5.1% |
| Return on invested capital | 6.4% | 5.6% | 4.7% – 6.4% |
| Return on equity | 10.6% | 8.7% | 7.3% – 9.7% |
Analysts
Consensus target $97.73 (+1.2%)
range $83.00 – $115.00 · rating Buy
Strong buy1
Buy30
Hold20
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $39B | +7.4% | $5.98 | +60.2% | 16.2× | 18 |
| FY2028 | $40.3B | +3.2% | $6.39 | +7.0% | 15.1× | 17 |
| FY2029 | $42.1B | +4.5% | $6.91 | +8.1% | 14.0× | 7 |
| FY2030 | $44.7B | +6.2% | $7.49 | +8.3% | 12.9× | 2 |
| FY2031 | $46B | +2.8% | $8.09 | +8.0% | 11.9× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 295 figures Medtronic Plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $111M | – | – | |
| – | – | – | 1.8% | – | – | |
| – | – | – | $99M | – | – | |
| Accounts Payable, Current | $2.7B | $2.56B | +5.5% | $2.64B | $2.45B | +8.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $6.36B | $6.26B | +1.5% | $6.64B | $6.52B | +2.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $203M | $204M | -0.5% | $190M | $199M | -4.5% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $34M2026-04-24 | $27M | +25.9% | $136M | $123M | +10.6% |
| Accrued Income Taxes, Current | $1.06B | $933M | +13.2% | $914M | $1.36B | -32.7% |
| Accrued Income Taxes, Noncurrent | $1.52B | $1.72B | -11.6% | $1.52B | $1.57B | -3.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.76B | -$4.6B | +18.4% | -$4.1B | -$4.28B | +4.3% |
| Additional Paid in Capital | $20.8B | $20.9B | -0.4% | $20.9B | $20.8B | +0.4% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | $538M | – | – |
| Amortization of Intangible Assets | $408M2026-04-24 | $564M | -27.7% | $1.77B | $1.81B | -1.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $95M2026-01-23 | $98M | -3.1% | $457M | $429M | +6.5% |
| Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | $50M2026-04-24 | $171M | -70.8% | $140M | $171M | -18.1% |
| Asset Impairment Charges | – | – | – | $0 | $0 | – |
| Assets | $93.3B | $91B | +2.6% | $93B | $91.7B | +1.5% |
| Assets, Current | $24.4B | $23.2B | +5.0% | $24.8B | $23.8B | +4.1% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | – | – | – | -$5M | -$2M | -150.0% |
| Business Combination, Contingent Consideration, Liability | $275M | – | – | $163M | $81M | +101.2% |
| Cash and Cash Equivalents, at Carrying Value | $1.69B | $1.27B | +32.8% | $1.95B | $2.22B | -12.1% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -$7M2026-04-24 | – | – | -$87M | $62M | -240.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.69B | $1.27B | +32.8% | $1.95B | $2.22B | -12.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $803M2026-04-24 | $978M | -17.9% | -$269M | $934M | -128.8% |
| Common Stock, Dividends, Per Share, Declared | $0.712026-01-23 | $0.70 | +1.4% | $2.84 | $2.80 | +1.4% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 2.6B | 2.6B | 0.0% | 2.6B | 2.6B | 0.0% |
| Common Stock, Shares, Issued | 1.28B | 1.28B | -0.1% | 1.28B | 1.28B | -0.1% |
| Common Stock, Shares, Outstanding | 1.28B | 1.28B | -0.1% | 1.28B | 1.28B | -0.1% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $16M2026-04-24 | $8M | +100.0% | $35M | $31M | +12.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.47B2026-04-24 | -$389M | +478.7% | $4.98B | $3.7B | +34.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.49B2026-04-24 | -$381M | +490.6% | $5.02B | $3.73B | +34.6% |
| Contract with Customer, Liability | $500M | $442M | +13.1% | $500M | $446M | +12.1% |
| Contract with Customer, Liability, Revenue Recognized | $85M2026-04-24 | $69M | +23.2% | $399M | $320M | +24.7% |
| Cost of Goods and Services Sold | $3.4B2026-04-24 | $3.15B | +8.0% | $12.7B | $11.6B | +9.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $155M | $583M | -73.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.11B | $692M | +60.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.27B | $1.28B | -0.5% |
| Debt Instrument, Unamortized Discount (Premium), Net | $52M | $61M | -14.8% | $57M | $59M | -3.4% |
| Debt Issuance Costs, Net | $110M | $113M | -2.7% | $114M | $117M | -2.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $12M | $33M | -63.6% | $37M | $26M | +42.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $87M | $84M | +3.6% | $56M | $100M | -44.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $511M | $1.34B | -61.8% | $1.47B | $1.34B | +10.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $1.5B | $1.11B | +35.5% | $1.06B | $845M | +25.2% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.24B | $3.04B | +6.5% | $2.97B | $3.18B | -6.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.98B | $1.43B | +38.4% | $1.8B | $1.46B | +23.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $3.55B | $2.43B | +46.0% | $2.35B | $2.99B | -21.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $78M | $75M | +4.0% | $48M | $91M | -47.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $1.11B | $735M | +51.6% | $966M | $814M | +18.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $9M | $9M | 0.0% | $7M | $9M | -22.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $486M | $1.31B | -63.0% | $1.46B | $1.31B | +11.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $1.48B | $1.11B | +33.6% | $1.06B | $843M | +25.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.21B | $3.02B | +6.4% | $2.97B | $3.15B | -5.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.97B | $1.42B | +38.7% | $1.8B | $1.45B | +24.0% |
| Debt, Current | $2.54B | $2.43B | +4.4% | $1.79B | $2.87B | -37.8% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $7.23B | $6.91B | +4.5% | $7.31B | $6.83B | +7.0% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $7.23B | $6.91B | +4.5% | $7.31B | $6.83B | +7.0% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $7.15B | $6.86B | +4.2% | $7.29B | $6.75B | +7.9% |
| Deferred Compensation Liability, Current | $1.91B | $2.02B | -5.5% | $2.68B | $2.51B | +6.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-K 2026-04-24, 10-Q 2026-01-23, 10-Q 2025-10-24, 10-Q 2025-07-25, 10-K 2025-04-25, 10-Q 2025-01-24, 10-Q 2024-10-25
Not updated in the last refresh (older data or none shown): SEC segments.
Data as of 2026-11-01