Medtronic plc (MDTSTOCK) 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 and estimates are standardised from the company's filings. 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, 10-Q 2024-07-26
Data as of 2026-11-02