Medtronic reports strong finish to its fiscal year with its fourth quarter financial results; announces dividend increase

Medtronic reports strong finish to its fiscal year with its fourth quarter financial results; announces dividend increase

 
 

  Building momentum in key franchises including Pulsed Field Ablation, TAVR, Cardiac Rhythm Management, Diabetes, Spine, and Neuromodulation  

 

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its fourth quarter (Q4) and fiscal year 2025 (FY25), which ended April 25, 2025 .

 
 

  Medtronic FY25 Q4 Earnings 

 
 

   Q4 Key Highlights   

 
  • Q4 revenue of $8.9 billion increased 3.9% as reported and 5.4% organic

    •  
  • Q4 GAAP diluted EPS of $0.82 increased 67%; non-GAAP diluted EPS of $1.62 increased 11%

    •  
  • Q4 operating margin increased 380 basis points; Q4 non-GAAP operating margin increased 90 basis points

    •  
  • Q4 operating profit of $1.4 billion increased 36%; Q4 non-GAAP operating profit of $2.5 billion increased 8%

    •  
  • Cardiac Ablation Solutions Q4 revenue increased nearly 30% on strength of pulsed field ablation (PFA) products; business delivered $1.0 billion in FY25 revenue

    •  
  • Submitted Hugo™ RAS system to the U.S. Food and Drug Administration (FDA) for a urologic indication in the first quarter of calendar 2025

    •  
  • Commenced largest brain-computer interface launch following U.S. FDA approval of BrainSense™ Adaptive Deep Brain Stimulation (aDBS)
    •  

   Additional Key Highlights   

 
  • FY25 revenue of $33.5 billion , adjusted revenue of $33.6 billion , increased 3.6% as reported and 4.9% organic

    •  
  • FY25 GAAP diluted EPS of $3.61 increased 31%; non-GAAP diluted EPS of $5.49 increased 6%

    •  
  • FY25 operating margin increased 190 basis points; FY25 non-GAAP operating margin increased 10 basis points, 100 basis points constant currency

    •  
  • FY25 operating profit of $6.0 billion increased 16%; FY25 non-GAAP operating profit of $8.7 billion increased 5%, 9% constant currency

    •  
  • FY25 cash from operations of $7.0 billion ; FY25 free cash flow of $5.2 billion  

    •  
  • Company returned $6.3 billion to shareholders in FY25

    •  
  • Dividend for Q1 FY26 increased to $0.71 per share, implying annual $2.84 per share; 48th consecutive year of dividend increases

    •  
  • Announced today intent to separate Diabetes business into new standalone public company
    •  

   Q4 Financial Results
  Medtronic reported Q4 worldwide revenue of $8.927 billion , an increase of 3.9% as reported and 5.4% on an organic basis. The Q4 organic revenue growth comparison excludes:

 
  • Other revenue of $31 million in the current year and $57 million in the prior year; and

    •  
  • Foreign currency translation of - $95 million on the remaining segments.
    •  

Q4 GAAP operating profit and operating margin were $1.436 billion and 16.1%, respectively, increases of 36% and 380 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q4 non-GAAP operating profit and operating margin were $2.486 billion and 27.8%, respectively, increases of 8% and 90 basis points, respectively.

 

Q4 GAAP net income and diluted earnings per share (EPS) were $1.057 billion and $0.82 , respectively, increases of 62% and 67%, respectively. As detailed in the financial schedules included at the end of this release, Q4 non-GAAP net income and non-GAAP diluted EPS were $2.080 billion and $1.62 , respectively, increases of 8% and 11%, respectively. Included in Q4 non-GAAP diluted EPS was a -7 cent impact from foreign currency translation. Q4 non-GAAP diluted EPS on a constant currency basis increased 16%.

 

   FY25 Financial Results
  Medtronic reported FY25 worldwide revenue of $33.537 billion and adjusted revenue of $33.627 billion , an increase of 3.6% as reported and 4.9% on an organic basis. The FY25 organic revenue growth comparison excludes:

 
  • Other revenue of $48 million in the current year and $221 million in the prior year; and

    •  
  • Foreign currency translation of - $244 million on the remaining segments.
    •  

FY25 GAAP operating profit and operating margin were $5.955 billion and 17.8%, respectively, increases of 16% and 190 basis points respectively. As detailed in the financial schedules included at the end of the release, FY25 non-GAAP operating profit and operating margin were $8.648 billion and 25.7%, respectively, increases of 5% and 10 basis points, respectively. On a constant currency basis, FY25 non-GAAP operating profit and operating margin increased 9% and 100 basis points, respectively.

 

FY25 GAAP net income and diluted earnings per share (EPS) were $4.662 billion and $3.61 , respectively, representing increases of 27% and 31%, respectively. As detailed in the financial schedules included at the end of this release, fiscal year 2025 non-GAAP net income and non-GAAP diluted EPS were $7.079 billion and $5.49 , respectively, representing increases of 2% and 6%, respectively. Included in FY25 non-GAAP diluted EPS was a -22 cent impact from foreign currency translation. FY25 non-GAAP diluted EPS on a constant currency basis increased 10%.

 

FY25 cash from operations of $7.044 billion increased 4%. FY25 free cash flow of $5.185 billion was unchanged, representing free cash flow conversion from non-GAAP net earnings of 73%.

 

"We had a strong close to our fiscal year, and I'm excited to see the progress we are making as our growth drivers continue to build momentum. Operationally, we translated our accelerating revenue growth into earnings leverage, as we delivered at the upper end of the commitments that we laid out a year ago," said Geoff Martha , Medtronic chairman and chief executive officer. "The underlying fundamentals of our business are strong, and they are getting stronger. We are now at an inflection point as we accelerate our speed of travel to higher, more profitable growth."

 

   Cardiovascular Portfolio
  The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. FY25 revenue of $12.481 billion increased 5.5% as reported and 6.3% organic, with high-single digit organic increases in CRHF and SH&A, and a low-single digit organic increase in CPV. Q4 revenue of $3.336 billion increased 6.6% as reported and 7.8% organic, with a low-double digit increase in CRHF, high-single digit increase in SH&A, and low-single digit increase in CPV, all on an organic basis.

 
  • CRHF Q4 results included near-30s growth in Cardiac Ablation Solutions (CAS) on rapid adoption of the PulseSelect™ and Affera™ mapping and ablation system with Sphere-9™ PFA catheter; Cardiac Rhythm Management grew high-single digits, driven by high-single digit growth in both Defibrillation Solutions and Cardiac Pacing Therapies, including high-teens growth in both Micra™ transcatheter pacing systems and SelectSecure™ 3830 leads for conduction system pacing

    •  
  • SHA Q4 results driven by low-double digit Structural Heart growth, on the continued strength of the Evolut™ FX+ TAVR system, and low-double digit growth in Cardiac Surgery

    •  
  • CPV Q4 growth driven by low-double digit growth in guide catheters and high-single digit growth in balloons

    •  
  • SMART 2-year data demonstrating superior valve performance for Evolut TAVR™ system in small annulus patients published in Journal of the American College of Cardiology ; positive 5-year outcomes from the Evolut Low Risk Trial presented as a Late Breaking Clinical Trial at ACC.25 in March

    •  
  • Received U.S. FDA approval for the OmniaSecure™ lead, the smallest-diameter, lumenless defibrillation lead. OmniaSecure™ is based on the 3830 pacing lead, which has provided safe and reliable treatment to patients for more than 20 years.

    •  
  • Published positive clinical outcomes from two studies in atrial fibrillation patients treated with the Affera™ family of technologies, including the next-generation Sphere-360™ single-shot PFA catheter and the Sphere-9™ combination mapping and dual-energy (RF/PF) focal catheter
    •  

   Neuroscience Portfolio
  The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. FY25 revenue of $9.846 billion increased 4.7% reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis. Q4 revenue of $2.620 billion increased 2.9% as reported and 3.7% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit decrease in Specialty Therapies, all on an organic basis.

 
  • CST Q4 results driven by high-single digit U.S. growth on strong capital sales and implant pull through related to the company's AiBLE™ spine surgery ecosystem

    •  
  • Specialty Therapies Q4 results included low-single digit growth in ENT with strength in Navigation capital and Head & Neck disposable sales; Pelvic Health results were flat; Neurovascular decreased mid-single digits on volume-based procurement in China and the recall of the Pipeline™ Vantage flow diverter; Medtronic continues to offer the gold standard in flow diversion products with Pipeline™ Shield, which continues to be available globally

    •  
  • Neuromodulation above market Q4 performance driven by low-double digit Pain Stim growth, including mid-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-single digit globally on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology

    •  
  • Received U.S. FDA approval and began launch of BrainSense™ Adaptive Deep Brain Stimulation (aDBS), the largest ever commercial launch of brain-computer interface technology
    •  

   Medical Surgical Portfolio
  The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. FY25 revenue of $8.407 decreased 0.1% reported and increased 0.8% organic, with low-single digit organic growth in both SE and ACM. Q4 revenue of $2.212 billion grew 0.6% as reported and 2.0% organic, with low-single digit organic growth in both SE and ACM.

 
  • SE Q4 results were driven by mid-single digit growth in both Advanced Energy, driven by continued adoption of LigaSure™ vessel sealing technology, and Emerging Markets, partially offset by ongoing bariatric market and competitive robotic pressures in Advanced Stapling

    •  
  • ACM Q4 performance improved and included mid-teens growth in Respiratory Compromise and high-single digit growth in Perioperative Complications

    •  
  • Results from Expand URO Investigational Device Exemption (IDE) clinical study of the Hugo™ robotic-assisted surgery (RAS) system presented at American Urologic Association (AUA) last month; submitted Hugo™ RAS system to the U.S. FDA for urologic indication in the first quarter of calendar 2025
    •  

   Diabetes
  Diabetes FY25 revenue of $2.755 billion increased 10.7% as reported and 11.5% organic. Q4 revenue of $728 million increased 10.4% as reported and 12.0% organic, the sixth consecutive quarter of double-digit organic growth.

 
  • U.S. Q4 revenue grew high-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system with an increase in the MiniMed™ 780G installed base and strong CGM attachment rates

    •  
  • International Q4 revenue grew mid-teens driven by low-20s growth in pumps and increasing CGM attachment as users upgrade to the Simplera Sync™ sensor

    •  
  • Secured U.S. FDA approval for Simplera Sync™ CGM for use with the MiniMed™ 780G system

    •  
  • Submitted 510(k) applications to the FDA for an interoperable pump and algorithm, paving the way for system integration with an exclusive CGM based on Abbott's most advanced CGM platform
    •  

   Medtronic to Separate Diabetes Business
  As part of its ongoing portfolio management strategy, Medtronic today announced its intent to separate its Diabetes business into a new standalone public company. The separation is expected to be completed within 18 months through a series of capital markets transactions, with a preferred path of an initial public offering (IPO) and subsequent split-off. Additional details are available in a separate press release and presentation. The press release is available at news.medtronic.com and a PDF of the presentation can be viewed by clicking here .

 

   Cardiovascular Leadership Transition
   Sean Salmon , executive vice president and president, Cardiovascular Portfolio, will be leaving Medtronic. Skip Kiil , senior vice president and president of the Medtronic Cranial and Spinal Technologies (CST) business, has been promoted to executive vice president and president Cardiovascular Portfolio, effective immediately. Skip will report to Geoff Martha and will become a member of the Medtronic Executive Committee. Michael Carter , vice president and general manager, Spine, will succeed Kiil as senior vice president and president, CST.

 

"We are grateful to Sean for his more than 20 years of dedication to serving our Medtronic Mission – and for leading our Cardiovascular portfolio in developing some of the most exciting new technologies that are making an impact in the market today and accelerating our Cardiovascular growth," said Martha. "Skip's appointment comes at an exciting time for our Cardiovascular businesses. His global mindset, and proven track record of commercialization and market development will support our strong Cardiovascular team in further advancing the impact and momentum of these exciting therapies. Skip will be a great addition to both the Medtronic Executive Committee and our Cardiovascular leadership team."

 

   Dividend Increase
  The company today announced that effective May 20, 2025 , the Medtronic board of directors approved an increase in Medtronic's cash dividend for the first quarter of fiscal year 2026, raising the quarterly amount to $0.71 per ordinary share. This would translate into an annual amount of $2.84 per ordinary share. Today's announcement marks the 48th consecutive year of an increase in the dividend payment. The dividend is payable on July 11, 2025 , to shareholders of record at the close of business on June 27, 2025 .

 

   Guidance
  The company today issued its fiscal year 2026 (FY26) revenue growth and EPS guidance.

 

The company is guiding to FY26 organic revenue growth of approximately 5%. The organic revenue growth guidance excludes the impact of foreign currency exchange and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY26 revenue growth on a reported basis would be in the range of 4.8% to 5.1%.

 

Excluding the potential impacts from increased tariffs, Medtronic expects FY26 diluted non-GAAP EPS growth to be approximately 4%. This includes an expectation for non-GAAP operating profit to grow faster than organic revenue, partially offset by increased interest and tax expense. Including a potential impact from tariffs as detailed in the company's earnings presentation, Medtronic is guiding FY26 diluted non-GAAP EPS in the range of $5.50 to $5.60 . The lower end of the EPS range assumes that the bilateral US/ China tariffs resume at the higher rates following the 90 day pause, while the higher end of the EPS range assumes that the bilateral US/ China tariffs currently in effect during the pause remain in place through fiscal year 2026.

 

"Our fiscal 2026 guidance reflects increasing revenue growth contribution from our key growth drivers, and increased investment to support their growth, leading to leveraged operating profit growth pre-tariffs. In addition, the team has rallied to identify opportunities to offset a large portion of tariffs, and we have high confidence in our ability to execute additional mitigation efforts," said Thierry Piéton, Medtronic chief financial officer, who joined the company on March 3, 2025 . "This is an exciting time to join Medtronic. I am energized by the opportunities for durable growth and value creation ahead of us."

 

   Video Webcast Information
  Medtronic will host a video webcast today, May 21 , at 8:00 a.m. EDT ( 7:00 a.m. CDT ) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.medtronic.com , and this earnings release will be archived at news.medtronic.com . Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com .

 

Medtronic plans to report its FY26 first, second, third, and fourth quarter results on Tuesday, August 19, 2025 , November 18, 2025 , February 17, 2026 , and Wednesday, May 20, 2026 , respectively. Confirmation and additional details will be provided closer to the specific event.

 

   Financial Schedules and Earnings Presentation
  The fourth quarter and full year financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com . To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here . To view the fourth quarter earnings presentation, click here .

 

   About Medtronic
  Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn .

 

   FORWARD LOOKING STATEMENTS
   This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.  

 

   NON-GAAP FINANCIAL MEASURES
   This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2024, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis.  

 

  Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.  

 

  Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.  

 

  Contacts:
  Erika Winkels  
Public Relations
+1-763-526-8478

 

  Ryan Weispfenning  
Investor Relations
+1-763-505-4626

 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 

   Medtronic plc   

 
 

   WORLDWIDE   REVENUE   (1)    

 
 

  (Unaudited)  

 
 
 
 

   FOURTH QUARTER   

 		 
 
 

   FISCAL YEAR   

 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  FY25 (4)  

 		 
 

  FY24 (4)  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  FY25 (5)  

 		 
 

  FY24 (5)  

 		 
 

  Growth  

 
 

   Cardiovascular   

 		 

   $    3,336   

 		 
 

   $    3,130   

 		 
 

   6.6 %   

 		 
 

   $       (37)   

 		 
 

   $    3,373   

 		 
 

   $    3,130   

 		 
 

   7.8 %   

 		 
 
 

   $   12,481   

 		 
 

   $   11,831   

 		 
 

   5.5 %   

 		 
 

   $       (99)   

 		 
 

   $   12,580   

 		 
 

   $   11,831   

 		 
 

   6.3 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  1,733  

 		 
 

  1,587  

 		 
 

  9.2  

 		 
 

  (18)  

 		 
 

  1,751  

 		 
 

  1,587  

 		 
 

  10.3  

 		 
 
 

  6,392  

 		 
 

  5,995  

 		 
 

  6.6  

 		 
 

  (43)  

 		 
 

  6,435  

 		 
 

  5,995  

 		 
 

  7.3  

 
 

  Structural Heart & Aortic  

 		 

  944  

 		 
 

  883  

 		 
 

  7.0  

 		 
 

  (11)  

 		 
 

  955  

 		 
 

  883  

 		 
 

  8.3  

 		 
 
 

  3,554  

 		 
 

  3,358  

 		 
 

  5.8  

 		 
 

  (32)  

 		 
 

  3,587  

 		 
 

  3,358  

 		 
 

  6.8  

 
 

  Coronary & Peripheral Vascular  

 		 

  659  

 		 
 

  660  

 		 
 

  (0.1)  

 		 
 

  (8)  

 		 
 

  667  

 		 
 

  660  

 		 
 

  1.0  

 		 
 
 

  2,535  

 		 
 

  2,478  

 		 
 

  2.3  

 		 
 

  (23)  

 		 
 

  2,558  

 		 
 

  2,478  

 		 
 

  3.2  

 
 

   Neuroscience   

 		 

   2,620   

 		 
 

   2,545   

 		 
 

   2.9   

 		 
 

   (18)   

 		 
 

   2,638   

 		 
 

   2,545   

 		 
 

   3.7   

 		 
 
 

   9,846   

 		 
 

   9,406   

 		 
 

   4.7   

 		 
 

   (47)   

 		 
 

   9,893   

 		 
 

   9,406   

 		 
 

   5.2   

 
 

  Cranial & Spinal Technologies  

 		 

  1,342  

 		 
 

  1,291  

 		 
 

  3.9  

 		 
 

  (7)  

 		 
 

  1,348  

 		 
 

  1,291  

 		 
 

  4.4  

 		 
 
 

  4,973  

 		 
 

  4,756  

 		 
 

  4.6  

 		 
 

  (21)  

 		 
 

  4,995  

 		 
 

  4,756  

 		 
 

  5.0  

 
 

  Specialty Therapies  

 		 

  759  

 		 
 

  778  

 		 
 

  (2.5)  

 		 
 

  (7)  

 		 
 

  766  

 		 
 

  778  

 		 
 

  (1.6)  

 		 
 
 

  2,940  

 		 
 

  2,905  

 		 
 

  1.2  

 		 
 

  (17)  

 		 
 

  2,957  

 		 
 

  2,905  

 		 
 

  1.8  

 
 

  Neuromodulation  

 		 

  520  

 		 
 

  475  

 		 
 

  9.3  

 		 
 

  (4)  

 		 
 

  524  

 		 
 

  475  

 		 
 

  10.2  

 		 
 
 

  1,932  

 		 
 

  1,746  

 		 
 

  10.7  

 		 
 

  (9)  

 		 
 

  1,941  

 		 
 

  1,746  

 		 
 

  11.2  

 
 

   Medical Surgical   

 		 

   2,212   

 		 
 

   2,198   

 		 
 

   0.6   

 		 
 

   (30)   

 		 
 

   2,241   

 		 
 

   2,198   

 		 
 

   2.0   

 		 
 
 

   8,407   

 		 
 

   8,417   

 		 
 

   (0.1)   

 		 
 

   (80)   

 		 
 

   8,487   

 		 
 

   8,417   

 		 
 

   0.8   

 
 

  Surgical & Endoscopy  

 		 

  1,709  

 		 
 

  1,705  

 		 
 

  0.2  

 		 
 

  (25)  

 		 
 

  1,734  

 		 
 

  1,705  

 		 
 

  1.7  

 		 
 
 

  6,498  

 		 
 

  6,508  

 		 
 

  (0.2)  

 		 
 

  (65)  

 		 
 

  6,563  

 		 
 

  6,508  

 		 
 

  0.8  

 
 

  Acute Care & Monitoring  

 		 

  503  

 		 
 

  492  

 		 
 

  2.1  

 		 
 

  (5)  

 		 
 

  508  

 		 
 

  492  

 		 
 

  3.1  

 		 
 
 

  1,909  

 		 
 

  1,908  

 		 
 

  —  

 		 
 

  (15)  

 		 
 

  1,924  

 		 
 

  1,908  

 		 
 

  0.8  

 
 

   Diabetes   

 		 

   728   

 		 
 

   660   

 		 
 

   10.4   

 		 
 

   (11)   

 		 
 

   739   

 		 
 

   660   

 		 
 

   12.0   

 		 
 
 

   2,755   

 		 
 

   2,488   

 		 
 

   10.7   

 		 
 

   (18)   

 		 
 

   2,774   

 		 
 

   2,488   

 		 
 

   11.5   

 
 

   Total Reportable Segments   

 		 

   8,896   

 		 
 

   8,532   

 		 
 

   4.3   

 		 
 

   (95)   

 		 
 

   8,991   

 		 
 

   8,532   

 		 
 

   5.4   

 		 
 
 

   33,489   

 		 
 

   32,142   

 		 
 

   4.2   

 		 
 

   (244)   

 		 
 

   33,733   

 		 
 

   32,142   

 		 
 

   4.9   

 
 

   Other   (2)    

 		 

   31   

 		 
 

   57   

 		 
 

   (45.7)   

 		 
 

   (1)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   48   

 		 
 

   221   

 		 
 

   (78.5)   

 		 
 

   (3)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

   TOTAL   

 		 

   $    8,927   

 		 
 

   $    8,589   

 		 
 

   3.9 %   

 		 
 

   $       (96)   

 		 
 

   $    8,991   

 		 
 

   $    8,532   

 		 
 

   5.4 %   

 		 
 
 

   $   33,537   

 		 
 

   $   32,364   

 		 
 

   3.6 %   

 		 
 

   $     (247)   

 		 
 

   $   33,733   

 		 
 

   $   32,142   

 		 
 

   4.9 %   

 
 
 
 
            
 
 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.  

 
 

  (2)  

 		 

  Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.  

 
 

  (3)  

 		 

  The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.  

 
 

  (4)  

 		 

  The three months ended April 25, 2025 excludes $64 million of revenue adjustments related to $31 million of inorganic revenue for the transition activity noted in (2) and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $57 million of inorganic revenue related to the transition activity noted in (2).  

 
 

  (5)  

 		 

  The twelve months ended April 25, 2025 excludes $196 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $137 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $221 million of inorganic revenue related to the transition activity noted in (2).  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                
 

   Medtronic plc   

 
 

   U.S. REVENUE   (1)(2)    

 
 

  (Unaudited)  

 
 
 
 

   FOURTH QUARTER   

 		 

   FISCAL YEAR   

 
 
 

   REPORTED   

 		 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY25  

 		 
 

  FY24  

 		 
 

 

 

  Growth  

 		 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 
 

   Cardiovascular   

 		 

   $    1,563   

 		 
 

   $    1,448   

 		 
 

   8.0 %   

 		 
 

   $    1,563   

 		 
 

   $    1,448   

 		 
 

   8.0 %   

 		 
 
 

   $    5,804   

 		 
 

   $    5,597   

 		 
 

   3.7 %   

 		 
 

   $    5,804   

 		 
 

   $    5,597   

 		 
 

   3.7 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  875  

 		 
 

  791  

 		 
 

  10.7  

 		 
 

  875  

 		 
 

  791  

 		 
 

  10.7  

 		 
 
 

  3,184  

 		 
 

  3,037  

 		 
 

  4.8  

 		 
 

  3,184  

 		 
 

  3,037  

 		 
 

  4.8  

 
 

  Structural Heart & Aortic  

 		 

  404  

 		 
 

  366  

 		 
 

  10.2  

 		 
 

  404  

 		 
 

  366  

 		 
 

  10.2  

 		 
 
 

  1,532  

 		 
 

  1,453  

 		 
 

  5.5  

 		 
 

  1,532  

 		 
 

  1,453  

 		 
 

  5.5  

 
 

  Coronary & Peripheral Vascular  

 		 

  284  

 		 
 

  291  

 		 
 

  (2.3)  

 		 
 

  284  

 		 
 

  291  

 		 
 

  (2.3)  

 		 
 
 

  1,088  

 		 
 

  1,107  

 		 
 

  (1.7)  

 		 
 

  1,088  

 		 
 

  1,107  

 		 
 

  (1.7)  

 
 

   Neuroscience   

 		 

   1,782   

 		 
 

   1,692   

 		 
 

   5.3   

 		 
 

   1,782   

 		 
 

   1,692   

 		 
 

   5.3   

 		 
 
 

   6,713   

 		 
 

   6,305   

 		 
 

   6.5   

 		 
 

   6,713   

 		 
 

   6,305   

 		 
 

   6.5   

 
 

  Cranial & Spinal Technologies  

 		 

  999  

 		 
 

  936  

 		 
 

  6.7  

 		 
 

  999  

 		 
 

  936  

 		 
 

  6.7  

 		 
 
 

  3,723  

 		 
 

  3,495  

 		 
 

  6.5  

 		 
 

  3,723  

 		 
 

  3,495  

 		 
 

  6.5  

 
 

  Specialty Therapies  

 		 

  431  

 		 
 

  439  

 		 
 

  (1.8)  

 		 
 

  431  

 		 
 

  439  

 		 
 

  (1.8)  

 		 
 
 

  1,666  

 		 
 

  1,641  

 		 
 

  1.5  

 		 
 

  1,666  

 		 
 

  1,641  

 		 
 

  1.5  

 
 

  Neuromodulation  

 		 

  352  

 		 
 

  317  

 		 
 

  11.1  

 		 
 

  352  

 		 
 

  317  

 		 
 

  11.1  

 		 
 
 

  1,324  

 		 
 

  1,169  

 		 
 

  13.3  

 		 
 

  1,324  

 		 
 

  1,169  

 		 
 

  13.3  

 
 

   Medical Surgical   

 		 

   946   

 		 
 

   954   

 		 
 

   (0.9)   

 		 
 

   946   

 		 
 

   954   

 		 
 

   (0.9)   

 		 
 
 

   3,664   

 		 
 

   3,717   

 		 
 

   (1.4)   

 		 
 

   3,664   

 		 
 

   3,717   

 		 
 

   (1.4)   

 
 

  Surgical & Endoscopy  

 		 

  668  

 		 
 

  679  

 		 
 

  (1.7)  

 		 
 

  668  

 		 
 

  679  

 		 
 

  (1.7)  

 		 
 
 

  2,595  

 		 
 

  2,650  

 		 
 

  (2.1)  

 		 
 

  2,595  

 		 
 

  2,650  

 		 
 

  (2.1)  

 
 

  Acute Care & Monitoring  

 		 

  278  

 		 
 

  275  

 		 
 

  1.1  

 		 
 

  278  

 		 
 

  275  

 		 
 

  1.1  

 		 
 
 

  1,068  

 		 
 

  1,067  

 		 
 

  0.2  

 		 
 

  1,068  

 		 
 

  1,067  

 		 
 

  0.2  

 
 

   Diabetes   

 		 

   240   

 		 
 

   223   

 		 
 

   7.2   

 		 
 

   240   

 		 
 

   223   

 		 
 

   7.2   

 		 
 
 

   923   

 		 
 

   852   

 		 
 

   8.3   

 		 
 

   923   

 		 
 

   852   

 		 
 

   8.3   

 
 

   Total Reportable Segments   

 		 

   4,530   

 		 
 

   4,317   

 		 
 

   4.9   

 		 
 

   4,530   

 		 
 

   4,317   

 		 
 

   4.9   

 		 
 
 

   17,104   

 		 
 

   16,471   

 		 
 

   3.8   

 		 
 

   17,104   

 		 
 

   16,471   

 		 
 

   3.8   

 
 

   Other   (3)    

 		 

   17   

 		 
 

   26   

 		 
 

   (35.1)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   68   

 		 
 

   91   

 		 
 

   (25.2)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

   TOTAL   

 		 

   $    4,547   

 		 
 

   $    4,343   

 		 
 

   4.7 %   

 		 
 

   $    4,530   

 		 
 

   $    4,317   

 		 
 

   4.9 %   

 		 
 
 

   $   17,171   

 		 
 

   $   16,562   

 		 
 

   3.7 %   

 		 
 

   $   17,104   

 		 
 

   $   16,471   

 		 
 

   3.8 %   

 
 
 
 
        
 
 
 

  (1)  

 		 

  U.S. includes the United States and U.S. territories.  

 
 

  (2)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.  

 
 

  (3)  

 		 

  Includes operations and ongoing transition agreements from businesses the Company has exited or divested.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 

   Medtronic plc   

 
 

   INTERNATIONAL REVENUE   (1)    

 
 

  (Unaudited)  

 
 
 
 

   FOURTH QUARTER   

 		 
 
 

   FISCAL YEAR   

 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  FY25 (4)  

 		 
 

  FY24 (4)  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  FY25 (5)  

 		 
 

  FY24 (5)  

 		 
 

  Growth  

 
 

   Cardiovascular   

 		 

   $     1,773   

 		 
 

   $     1,682   

 		 
 

   5.4 %   

 		 
 

   $        (37)   

 		 
 

   $     1,810   

 		 
 

   $     1,682   

 		 
 

   7.6 %   

 		 
 
 

   $     6,677   

 		 
 

   $     6,234   

 		 
 

   7.1 %   

 		 
 

   $        (99)   

 		 
 

   $     6,775   

 		 
 

   $     6,234   

 		 
 

   8.7 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  858  

 		 
 

  797  

 		 
 

  7.7  

 		 
 

  (18)  

 		 
 

  876  

 		 
 

  797  

 		 
 

  9.9  

 		 
 
 

  3,208  

 		 
 

  2,958  

 		 
 

  8.4  

 		 
 

  (43)  

 		 
 

  3,251  

 		 
 

  2,958  

 		 
 

  9.9  

 
 

  Structural Heart & Aortic  

 		 

  541  

 		 
 

  516  

 		 
 

  4.7  

 		 
 

  (11)  

 		 
 

  552  

 		 
 

  516  

 		 
 

  6.9  

 		 
 
 

  2,022  

 		 
 

  1,905  

 		 
 

  6.1  

 		 
 

  (32)  

 		 
 

  2,054  

 		 
 

  1,905  

 		 
 

  7.8  

 
 

  Coronary & Peripheral Vascular  

 		 

  375  

 		 
 

  369  

 		 
 

  1.6  

 		 
 

  (8)  

 		 
 

  382  

 		 
 

  369  

 		 
 

  3.7  

 		 
 
 

  1,447  

 		 
 

  1,371  

 		 
 

  5.5  

 		 
 

  (23)  

 		 
 

  1,470  

 		 
 

  1,371  

 		 
 

  7.2  

 
 

   Neuroscience   

 		 

   838   

 		 
 

   853   

 		 
 

   (1.8)   

 		 
 

   (18)   

 		 
 

   856   

 		 
 

   853   

 		 
 

   0.3   

 		 
 
 

   3,133   

 		 
 

   3,101   

 		 
 

   1.0   

 		 
 

   (47)   

 		 
 

   3,180   

 		 
 

   3,101   

 		 
 

   2.6   

 
 

  Cranial & Spinal Technologies  

 		 

  343  

 		 
 

  356  

 		 
 

  (3.5)  

 		 
 

  (7)  

 		 
 

  350  

 		 
 

  356  

 		 
 

  (1.6)  

 		 
 
 

  1,250  

 		 
 

  1,260  

 		 
 

  (0.8)  

 		 
 

  (21)  

 		 
 

  1,272  

 		 
 

  1,260  

 		 
 

  0.9  

 
 

  Specialty Therapies  

 		 

  328  

 		 
 

  339  

 		 
 

  (3.5)  

 		 
 

  (7)  

 		 
 

  335  

 		 
 

  339  

 		 
 

  (1.4)  

 		 
 
 

  1,274  

 		 
 

  1,264  

 		 
 

  0.9  

 		 
 

  (17)  

 		 
 

  1,291  

 		 
 

  1,264  

 		 
 

  2.2  

 
 

  Neuromodulation  

 		 

  167  

 		 
 

  158  

 		 
 

  5.6  

 		 
 

  (4)  

 		 
 

  171  

 		 
 

  158  

 		 
 

  8.2  

 		 
 
 

  608  

 		 
 

  577  

 		 
 

  5.4  

 		 
 

  (9)  

 		 
 

  617  

 		 
 

  577  

 		 
 

  7.0  

 
 

   Medical Surgical   

 		 

   1,266   

 		 
 

   1,244   

 		 
 

   1.8   

 		 
 

   (30)   

 		 
 

   1,295   

 		 
 

   1,244   

 		 
 

   4.2   

 		 
 
 

   4,744   

 		 
 

   4,700   

 		 
 

   0.9   

 		 
 

   (80)   

 		 
 

   4,823   

 		 
 

   4,700   

 		 
 

   2.6   

 
 

  Surgical & Endoscopy  

 		 

  1,041  

 		 
 

  1,026  

 		 
 

  1.4  

 		 
 

  (25)  

 		 
 

  1,066  

 		 
 

  1,026  

 		 
 

  3.9  

 		 
 
 

  3,903  

 		 
 

  3,858  

 		 
 

  1.2  

 		 
 

  (65)  

 		 
 

  3,967  

 		 
 

  3,858  

 		 
 

  2.8  

 
 

  Acute Care & Monitoring  

 		 

  225  

 		 
 

  217  

 		 
 

  3.3  

 		 
 

  (5)  

 		 
 

  230  

 		 
 

  217  

 		 
 

  5.5  

 		 
 
 

  841  

 		 
 

  842  

 		 
 

  (0.1)  

 		 
 

  (15)  

 		 
 

  856  

 		 
 

  842  

 		 
 

  1.7  

 
 

   Diabetes   

 		 

   489   

 		 
 

   436   

 		 
 

   12.1   

 		 
 

   (11)   

 		 
 

   499   

 		 
 

   436   

 		 
 

   14.5   

 		 
 
 

   1,832   

 		 
 

   1,636   

 		 
 

   12.0   

 		 
 

   (18)   

 		 
 

   1,851   

 		 
 

   1,636   

 		 
 

   13.1   

 
 

   Total Reportable Segments   

 		 

   4,365   

 		 
 

   4,215   

 		 
 

   3.6   

 		 
 

   (95)   

 		 
 

   4,461   

 		 
 

   4,215   

 		 
 

   5.8   

 		 
 
 

   16,386   

 		 
 

   15,671   

 		 
 

   4.6   

 		 
 

   (244)   

 		 
 

   16,630   

 		 
 

   15,671   

 		 
 

   6.1   

 
 

   Other   (2)    

 		 

   14   

 		 
 

   31   

 		 
 

   (54.3)   

 		 
 

   (1)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   (20)   

 		 
 

   131   

 		 
 

   (115.4)   

 		 
 

   (3)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

   TOTAL   

 		 

   $     4,380   

 		 
 

   $     4,246   

 		 
 

   3.1 %   

 		 
 

   $        (96)   

 		 
 

   $     4,461   

 		 
 

   $     4,215   

 		 
 

   5.8 %   

 		 
 
 

   $   16,365   

 		 
 

   $   15,802   

 		 
 

   3.6 %   

 		 
 

   $      (247)   

 		 
 

   $   16,630   

 		 
 

   $   15,671   

 		 
 

   6.1 %   

 
 
 
 
            
 
 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.  

 
 

  (2)  

 		 

  Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.  

 
 

  (3)  

 		 

  The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.  

 
 

  (4)  

 		 

  The three months ended April 25, 2025 excludes $81 million of revenue adjustments related to $14 million of inorganic revenue for the transition activity noted in (2), and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $31 million of inorganic revenue related to the transition activity noted in (2).  

 
 

  (5)  

 		 

  The twelve months ended April 25, 2025 excludes $264 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $70 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $131 million of inorganic revenue related to the transition activity noted in (2).  

 
 
 

 

 
 
                                                                                                                                                                                        
 

   Medtronic plc   

 
 

   CONSOLIDATED STATEMENTS OF INCOME   

 
 

  (Unaudited)  

 
 
 
 

   Three months ended   

 		 
 

   Fiscal year ended   

 
 

   (in millions, except per share data)   

 		 

   April 25, 2025   

 		 
 

   April 26, 2024   

 		 
 

   April 25, 2025   

 		 
 

   April 26, 2024   

 
 

   Net sales   

 		 

  $               8,927  

 		 
 

  $               8,589  

 		 
 

  $             33,537  

 		 
 

  $             32,364  

 
 

   Costs and expenses:   

 		 
 
 
 
 
 
 
 

  Cost of products sold, excluding amortization of intangible assets  

 		 

  3,147  

 		 
 

  3,044  

 		 
 

  11,632  

 		 
 

  11,216  

 
 

  Research and development expense  

 		 

  684  

 		 
 

  675  

 		 
 

  2,732  

 		 
 

  2,735  

 
 

  Selling, general, and administrative expense  

 		 

  2,721  

 		 
 

  2,765  

 		 
 

  10,849  

 		 
 

  10,736  

 
 

  Amortization of intangible assets  

 		 

  564  

 		 
 

  419  

 		 
 

  1,807  

 		 
 

  1,693  

 
 

  Restructuring charges, net  

 		 

  147  

 		 
 

  112  

 		 
 

  267  

 		 
 

  226  

 
 

  Certain litigation charges, net  

 		 

  214  

 		 
 

  44  

 		 
 

  317  

 		 
 

  149  

 
 

  Other operating expense (income), net  

 		 

  15  

 		 
 

  477  

 		 
 

  (23)  

 		 
 

  464  

 
 

   Operating profit   

 		 

  1,436  

 		 
 

  1,053  

 		 
 

  5,955  

 		 
 

  5,144  

 
 

  Other non-operating expense (income), net  

 		 

  1  

 		 
 

  (4)  

 		 
 

  (402)  

 		 
 

  (412)  

 
 

  Interest expense, net  

 		 

  174  

 		 
 

  202  

 		 
 

  729  

 		 
 

  719  

 
 

   Income before income taxes   

 		 

  1,261  

 		 
 

  856  

 		 
 

  5,628  

 		 
 

  4,837  

 
 

   Income tax provision   

 		 

  199  

 		 
 

  196  

 		 
 

  936  

 		 
 

  1,133  

 
 

   Net income   

 		 

  1,061  

 		 
 

  659  

 		 
 

  4,691  

 		 
 

  3,705  

 
 

   Net income attributable to noncontrolling interests   

 		 

  (5)  

 		 
 

  (5)  

 		 
 

  (29)  

 		 
 

  (28)  

 
 

   Net income attributable to Medtronic   

 		 

  $               1,057  

 		 
 

  $                  654  

 		 
 

  $               4,662  

 		 
 

  $               3,676  

 
 

   Basic earnings per share   

 		 

  $                 0.82  

 		 
 

  $                 0.49  

 		 
 

  $                 3.63  

 		 
 

  $                 2.77  

 
 

   Diluted earnings per share   

 		 

  $                 0.82  

 		 
 

  $                 0.49  

 		 
 

  $                 3.61  

 		 
 

  $                 2.76  

 
 

   Basic weighted average shares outstanding   

 		 

  1,282.3  

 		 
 

  1,322.3  

 		 
 

  1,285.6  

 		 
 

  1,327.7  

 
 

   Diluted weighted average shares outstanding   

 		 

  1,287.7  

 		 
 

  1,325.4  

 		 
 

  1,289.9  

 		 
 

  1,330.2  

 
 
 
 
  
 
 

   The data in the schedule above has been intentionally rounded to the nearest million, and therefore, the quarterly amounts may not sum to the fiscal year-to-date amounts.   

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 

   Medtronic plc   

 
 

   GAAP TO NON-GAAP RECONCILIATIONS   (1)    

 
 

  (Unaudited)  

 
 
 
 

   Three months ended April 25, 2025   

 
 

   (in millions, except per share data)   

 		 

   Net
Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

   $  8,927   

 		 
 

   $   3,147   

 		 
 

   64.7 %   

 		 
 

   $     1,436   

 		 
 

   16.1 %   

 		 
 

   $    1,261   

 		 
 

   $       1,057   

 		 
 

   $     0.82   

 		 
 

   15.8 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets (2)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  564  

 		 
 

  6.3  

 		 
 

  564  

 		 
 

  455  

 		 
 

  0.35  

 		 
 

  19.3  

 
 

  Restructuring and associated costs (3)  

 		 

  —  

 		 
 

  (2)  

 		 
 

  —  

 		 
 

  149  

 		 
 

  1.7  

 		 
 

  149  

 		 
 

  114  

 		 
 

  0.09  

 		 
 

  23.5  

 
 

  Acquisition and divestiture-related items (4)  

 		 

  —  

 		 
 

  (21)  

 		 
 

  0.2  

 		 
 

  109  

 		 
 

  1.2  

 		 
 

  109  

 		 
 

  97  

 		 
 

  0.08  

 		 
 

  11.0  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  214  

 		 
 

  2.4  

 		 
 

  214  

 		 
 

  163  

 		 
 

  0.13  

 		 
 

  23.4  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  172  

 		 
 

  170  

 		 
 

  0.13  

 		 
 

  0.6  

 
 

  Medical device regulations (6)  

 		 

  —  

 		 
 

  (10)  

 		 
 

  0.1  

 		 
 

  14  

 		 
 

  0.2  

 		 
 

  14  

 		 
 

  12  

 		 
 

  0.01  

 		 
 

  21.4  

 
 

  Certain tax adjustments, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  13  

 		 
 

  0.01  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

   $  8,927   

 		 
 

   $   3,113   

 		 
 

   65.1 %   

 		 
 

   $     2,486   

 		 
 

   27.8 %   

 		 
 

   $    2,483   

 		 
 

   $       2,080   

 		 
 

   $     1.62   

 		 
 

   16.0 %   

 
 

  Currency impact  

 		 

  96  

 		 
 

  (25)  

 		 
 

  0.7  

 		 
 

  123  

 		 
 

  1.1  

 		 
 
 
 
 
 

  0.07  

 		 
 
 

   Currency Adjusted   

 		 

   $  9,023   

 		 
 

   $   3,088   

 		 
 

   65.8 %   

 		 
 

   $     2,609   

 		 
 

   28.9 %   

 		 
 
 
 
 
 

   $     1.69   

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Three months ended April 26, 2024   

 
 

   (in millions, except per share data)   

 		 

   Net
Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

   $  8,589   

 		 
 

   $   3,044   

 		 
 

   64.6 %   

 		 
 

   $     1,053   

 		 
 

   12.3 %   

 		 
 

   $      856   

 		 
 

   $          654   

 		 
 

   $     0.49   

 		 
 

   22.9 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  419  

 		 
 

  4.9  

 		 
 

  419  

 		 
 

  357  

 		 
 

  0.27  

 		 
 

  15.0  

 
 

  Restructuring and associated costs (3)  

 		 

  —  

 		 
 

  (13)  

 		 
 

  0.2  

 		 
 

  152  

 		 
 

  1.8  

 		 
 

  152  

 		 
 

  125  

 		 
 

  0.09  

 		 
 

  17.8  

 
 

  Acquisition and divestiture-related items (7)  

 		 

  —  

 		 
 

  (76)  

 		 
 

  0.9  

 		 
 

  611  

 		 
 

  7.1  

 		 
 

  611  

 		 
 

  515  

 		 
 

  0.39  

 		 
 

  15.9  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  44  

 		 
 

  0.5  

 		 
 

  44  

 		 
 

  37  

 		 
 

  0.03  

 		 
 

  15.9  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  195  

 		 
 

  197  

 		 
 

  0.15  

 		 
 

  (1.0)  

 
 

  Medical device regulations (6)  

 		 

  —  

 		 
 

  (21)  

 		 
 

  0.2  

 		 
 

  31  

 		 
 

  0.4  

 		 
 

  31  

 		 
 

  27  

 		 
 

  0.02  

 		 
 

  12.9  

 
 

  Certain tax adjustments, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  17  

 		 
 

  0.01  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

   $  8,589   

 		 
 

   $   2,934   

 		 
 

   65.8 %   

 		 
 

   $     2,311   

 		 
 

   26.9 %   

 		 
 

   $    2,309   

 		 
 

   $       1,929   

 		 
 

   $     1.46   

 		 
 

   16.2 %   

 
 
 
 
                 
 
 
 

  See description of non-GAAP financial measures contained in the press release dated May 21, 2025.  

 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.  

 
 

  (2)  

 		 

  The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment.  

 
 

  (3)  

 		 

  Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the three months ended April 25, 2025, contract terminations.  

 
 

  (4)  

 		 

  The charges primarily include changes in fair value of contingent consideration and exit of business-related charges.  

 
 

  (5)  

 		 

  We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.  

 
 

  (6)  

 		 

  The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific period.  

 
 

  (7)  

 		 

  The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 

   Medtronic plc   

 
 

   GAAP TO NON-GAAP RECONCILIATIONS   (1)    

 
 

  (Unaudited)  

 
 
 
 

   Fiscal year ended April 25, 2025   

 
 

   (in millions, except per share data)   

 		 

   Net
Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

   $  33,537   

 		 
 

   $  11,632   

 		 
 

   65.3 %   

 		 
 

   $     5,955   

 		 
 

   17.8 %   

 		 
 

   $    5,628   

 		 
 

   $         4,662   

 		 
 

   $     3.61   

 		 
 

   16.6 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets (2)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  1,807  

 		 
 

  5.3  

 		 
 

  1,807  

 		 
 

  1,471  

 		 
 

  1.14  

 		 
 

  18.5  

 
 

  Restructuring and associated costs (3)  

 		 

  —  

 		 
 

  (26)  

 		 
 

  0.1  

 		 
 

  303  

 		 
 

  0.9  

 		 
 

  303  

 		 
 

  238  

 		 
 

  0.18  

 		 
 

  21.5  

 
 

  Acquisition and divestiture-related items (4)  

 		 

  —  

 		 
 

  (38)  

 		 
 

  0.1  

 		 
 

  124  

 		 
 

  0.4  

 		 
 

  124  

 		 
 

  101  

 		 
 

  0.08  

 		 
 

  18.5  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  317  

 		 
 

  0.9  

 		 
 

  317  

 		 
 

  249  

 		 
 

  0.19  

 		 
 

  21.5  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  213  

 		 
 

  185  

 		 
 

  0.14  

 		 
 

  12.2  

 
 

  Medical device regulations (6)  

 		 

  —  

 		 
 

  (38)  

 		 
 

  0.1  

 		 
 

  52  

 		 
 

  0.2  

 		 
 

  52  

 		 
 

  42  

 		 
 

  0.03  

 		 
 

  19.2  

 
 

  Other (7)  

 		 

  90  

 		 
 

  —  

 		 
 

  0.2  

 		 
 

  90  

 		 
 

  0.3  

 		 
 

  90  

 		 
 

  70  

 		 
 

  0.05  

 		 
 

  22.2  

 
 

  Certain tax adjustments, net (8)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  62  

 		 
 

  0.05  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

   $  33,627   

 		 
 

   $  11,530   

 		 
 

   65.7 %   

 		 
 

   $     8,648   

 		 
 

   25.7 %   

 		 
 

   $    8,533   

 		 
 

   $         7,079   

 		 
 

   $     5.49   

 		 
 

   16.7 %   

 
 

  Currency impact  

 		 

  245  

 		 
 

  (98)  

 		 
 

  0.5  

 		 
 

  365  

 		 
 

  0.9  

 		 
 
 
 
 
 

  0.22  

 		 
 
 

   Currency Adjusted   

 		 

   $  33,872   

 		 
 

   $  11,432   

 		 
 

   66.2 %   

 		 
 

   $     9,013   

 		 
 

   26.6 %   

 		 
 
 
 
 
 

   $     5.71   

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Fiscal year ended April 26, 2024   

 
 

   (in millions, except per share data)   

 		 

   Net
Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

   $  32,364   

 		 
 

   $  11,216   

 		 
 

   65.3 %   

 		 
 

   $     5,144   

 		 
 

   15.9 %   

 		 
 

   $    4,837   

 		 
 

   $         3,676   

 		 
 

   $     2.76   

 		 
 

   23.4 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  1,693  

 		 
 

  5.2  

 		 
 

  1,693  

 		 
 

  1,435  

 		 
 

  1.08  

 		 
 

  15.2  

 
 

  Restructuring and associated costs (3)  

 		 

  —  

 		 
 

  (55)  

 		 
 

  0.2  

 		 
 

  389  

 		 
 

  1.2  

 		 
 

  389  

 		 
 

  323  

 		 
 

  0.24  

 		 
 

  17.0  

 
 

  Acquisition and divestiture-related items (9)  

 		 

  —  

 		 
 

  (100)  

 		 
 

  0.3  

 		 
 

  777  

 		 
 

  2.4  

 		 
 

  777  

 		 
 

  664  

 		 
 

  0.50  

 		 
 

  14.5  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  149  

 		 
 

  0.5  

 		 
 

  149  

 		 
 

  118  

 		 
 

  0.09  

 		 
 

  20.8  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  308  

 		 
 

  305  

 		 
 

  0.23  

 		 
 

  0.6  

 
 

  Medical device regulations (6)  

 		 

  —  

 		 
 

  (81)  

 		 
 

  0.3  

 		 
 

  119  

 		 
 

  0.4  

 		 
 

  119  

 		 
 

  97  

 		 
 

  0.07  

 		 
 

  18.5  

 
 

  Certain tax adjustments, net (10)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  299  

 		 
 

  0.22  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

   $  32,364   

 		 
 

   $  10,980   

 		 
 

   66.1 %   

 		 
 

   $     8,272   

 		 
 

   25.6 %   

 		 
 

   $    8,273   

 		 
 

   $         6,918   

 		 
 

   $     5.20   

 		 
 

   16.0 %   

 
 
 
 
                       
 
 
 

  See description of non-GAAP financial measures contained in the press release dated May 21, 2025.  

 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.  

 
 

  (2)  

 		 

  The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment.  

 
 

  (3)  

 		 

  Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the fiscal year ended April 25, 2025, contract terminations.  

 
 

  (4)  

 		 

  The charges primarily include exit of business-related charges, changes in fair value of contingent consideration, business combination costs, and gains related to certain business or asset sales.  

 
 

  (5)  

 		 

  We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.  

 
 

  (6)  

 		 

  The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.  

 
 

  (7)  

 		 

  Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.  

 
 

  (8)  

 		 

  Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions.  

 
 

  (9)  

 		 

  The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration and associated costs related to the previously contemplated separation of the PMRI businesses.  

 
 

  (10)  

 		 

  The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                         
 

   Medtronic plc   

 
 

   GAAP TO NON-GAAP RECONCILIATIONS   (1)    

 
 

  (Unaudited)  

 
 
 
 

   Three months ended April 25, 2025   

 
 

   (in millions)   

 		 

   Net Sales   

 		 
 

   SG&A
Expense   

 		 
 

   SG&A
Expense as
a % of Net
Sales   

 		 
 

   R&D
Expense   

 		 
 

   R&D
Expense
as a % of
Net Sales   

 		 
 

   Other
Operating
(Income)
Expense,
net   

 		 
 

   Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales   

 		 
 

   Other Non-
Operating
Expense
(Income), net   

 
 

   GAAP   

 		 

   $      8,927   

 		 
 

   $     2,721   

 		 
 

   30.5 %   

 		 
 

   $       684   

 		 
 

   7.7 %   

 		 
 

   $           15   

 		 
 

   0.2 %   

 		 
 

   $               1   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Acquisition and divestiture-related items (2)  

 		 

  —  

 		 
 

  (21)  

 		 
 

  (0.2)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (67)  

 		 
 

  (0.8)  

 		 
 

  —  

 
 

  Medical device regulations (3)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (4)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (172)  

 
 

   Non-GAAP   

 		 

   $      8,927   

 		 
 

   $     2,699   

 		 
 

   30.2 %   

 		 
 

   $       680   

 		 
 

   7.6 %   

 		 
 

   $         (52)   

 		 
 

   (0.6) %   

 		 
 

   $          (171)   

 
 
 
 

   Fiscal year ended April 25, 2025   

 
 

   (in millions)   

 		 

   Net Sales   

 		 
 

   SG&A
Expense   

 		 
 

   SG&A
Expense as
a % of Net
Sales   

 		 
 

   R&D
Expense   

 		 
 

   R&D Expense
as a % of
Net Sales   

 		 
 

   Other
Operating
(Income)
Expense,
net   

 		 
 

   Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales   

 		 
 

   Other Non-
Operating
Income, net   

 
 

   GAAP   

 		 

   $    33,537   

 		 
 

   $   10,849   

 		 
 

   32.3 %   

 		 
 

   $    2,732   

 		 
 

   8.1 %   

 		 
 

   $         (23)   

 		 
 

   (0.1) %   

 		 
 

   $          (402)   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Restructuring and associated costs (5)  

 		 

  —  

 		 
 

  (10)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Acquisition and divestiture-related items (2)  

 		 

  —  

 		 
 

  (60)  

 		 
 

  (0.2)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (25)  

 		 
 

  (0.1)  

 		 
 

  —  

 
 

  Medical device regulations (3)  

 		 

  —  

 		 
 

  (1)  

 		 
 

  —  

 		 
 

  (14)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Other (6)  

 		 

  90  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (213)  

 
 

   Non-GAAP   

 		 

   $    33,627   

 		 
 

   $   10,778   

 		 
 

   32.1 %   

 		 
 

   $    2,719   

 		 
 

   8.1 %   

 		 
 

   $         (47)   

 		 
 

   (0.1) %   

 		 
 

   $          (615)   

 
 
 
 
               
 
 
 

  See description of non-GAAP financial measures contained in the press release dated May 21, 2025.  

 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.  

 
 

  (2)  

 		 

  The charges primarily include exit of business-related charges and changes in fair value of contingent consideration. The fiscal year ended April 25, 2025 includes business combination costs and gains related to certain business or asset sales.  

 
 

  (3)  

 		 

  The charges represent estimated incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.  

 
 

  (4)  

 		 

  We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.  

 
 

  (5)  

 		 

  Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and contract terminations.  

 
 

  (6)  

 		 

  Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.  

 
 
 

 

 
 
                              
 

   Medtronic plc   

 
 

   GAAP TO NON-GAAP RECONCILIATIONS   (1)    

 
 

  (Unaudited)  

 
 
 
 

   Fiscal Year   

 
 

   (in millions)   

 		 

   2025   

 		 
 

   2024   

 		 
 

   2023   

 
 

   Net cash provided by operating activities   

 		 

  $                      7,044  

 		 
 

  $                      6,787  

 		 
 

  $                      6,039  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,859)  

 		 
 

  (1,587)  

 		 
 

  (1,459)  

 
 

   Free Cash Flow   (2)    

 		 

  $                      5,185  

 		 
 

  $                      5,200  

 		 
 

  $                      4,580  

 
 
 
 
       
 
 
 

  See description of non-GAAP financial measures contained in the press release dated May 21, 2025.  

 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million, and therefore, may not sum.  

 
 

  (2)  

 		 

  Free cash flow represents operating cash flows less property, plant, and equipment additions.  

 
 
 

 

 
 
                                                                                                                                                                                                       
 

   Medtronic plc   

 
 

   CONSOLIDATED BALANCE SHEETS   

 
 

  (Unaudited)  

 
 
 

   (in millions)   

 		 
 

   April 25, 2025   

 		 
 

   April 26, 2024   

 
 

    ASSETS    

 		 
 
 
 
 

   Current assets:   

 		 
 
 
 
 

  Cash and cash equivalents  

 		 
 

  $               2,218  

 		 
 

  $               1,284  

 
 

  Investments  

 		 
 

  6,747  

 		 
 

  6,721  

 
 

  Accounts receivable, less allowances and credit losses of $199 and $173, respectively  

 		 
 

  6,515  

 		 
 

  6,128  

 
 

  Inventories  

 		 
 

  5,476  

 		 
 

  5,217  

 
 

  Other current assets  

 		 
 

  2,858  

 		 
 

  2,584  

 
 

   Total current assets   

 		 
 

  23,814  

 		 
 

  21,935  

 
 

   Property, plant, and equipment, net   

 		 
 

  6,837  

 		 
 

  6,131  

 
 

   Goodwill   

 		 
 

  41,737  

 		 
 

  40,986  

 
 

   Other intangible assets, net   

 		 
 

  11,667  

 		 
 

  13,225  

 
 

   Tax assets   

 		 
 

  4,040  

 		 
 

  3,657  

 
 

   Other assets   

 		 
 

  3,584  

 		 
 

  4,047  

 
 

   Total assets   

 		 
 

  $             91,680  

 		 
 

  $             89,981  

 
 

    LIABILITIES AND EQUITY    

 		 
 
 
 
 

   Current liabilities:   

 		 
 
 
 
 

  Current debt obligations  

 		 
 

  $               2,874  

 		 
 

  $               1,092  

 
 

  Accounts payable  

 		 
 

  2,449  

 		 
 

  2,410  

 
 

  Accrued compensation  

 		 
 

  2,514  

 		 
 

  2,375  

 
 

  Accrued income taxes  

 		 
 

  1,358  

 		 
 

  1,330  

 
 

  Other accrued expenses  

 		 
 

  3,683  

 		 
 

  3,582  

 
 

   Total current liabilities   

 		 
 

  12,879  

 		 
 

  10,789  

 
 

   Long-term debt   

 		 
 

  25,642  

 		 
 

  23,932  

 
 

   Accrued compensation and retirement benefits   

 		 
 

  1,158  

 		 
 

  1,101  

 
 

   Accrued income taxes   

 		 
 

  1,574  

 		 
 

  1,859  

 
 

   Deferred tax liabilities   

 		 
 

  403  

 		 
 

  515  

 
 

   Other liabilities   

 		 
 

  1,769  

 		 
 

  1,365  

 
 

   Total liabilities   

 		 
 

  43,424  

 		 
 

  39,561  

 
 

   Commitments and contingencies   

 		 
 
 
 
 

   Shareholders' equity:   

 		 
 
 
 
 

  Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and
1,311,337,531 shares issued and outstanding, respectively  

 		 
 

  —  

 		 
 

  —  

 
 

  Additional paid-in capital  

 		 
 

  20,833  

 		 
 

  23,129  

 
 

  Retained earnings  

 		 
 

  31,476  

 		 
 

  30,403  

 
 

  Accumulated other comprehensive loss  

 		 
 

  (4,284)  

 		 
 

  (3,318)  

 
 

   Total shareholders' equity   

 		 
 

  48,024  

 		 
 

  50,214  

 
 

  Noncontrolling interests  

 		 
 

  232  

 		 
 

  206  

 
 

   Total equity   

 		 
 

  48,256  

 		 
 

  50,420  

 
 

   Total liabilities and equity   

 		 
 

  $             91,680  

 		 
 

  $             89,981  

 
 
 
 
  
 
 

   The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.   

 
 
 

 

 
 
                                                                                                                                                                                                                                                                        
 

   Medtronic plc   

 
 

   CONSOLIDATED STATEMENTS OF CASH FLOWS   

 
 

  (Unaudited)  

 
 
 
 

   Fiscal Year   

 
 

   (in millions)   

 		 

   2025   

 		 
 

   2024   

 		 
 

   2023   

 
 

   Operating Activities:   

 		 
 
 
 
 
 

  Net income  

 		 

  $           4,691  

 		 
 

  $           3,705  

 		 
 

  $           3,784  

 
 

  Adjustments to reconcile net income to net cash provided by operating activities:  

 		 
 
 
 
 
 

  Depreciation and amortization  

 		 

  2,861  

 		 
 

  2,647  

 		 
 

  2,697  

 
 

  Provision for credit losses  

 		 

  123  

 		 
 

  90  

 		 
 

  73  

 
 

  Deferred income taxes  

 		 

  (316)  

 		 
 

  (508)  

 		 
 

  (226)  

 
 

  Stock-based compensation  

 		 

  429  

 		 
 

  393  

 		 
 

  355  

 
 

  Loss on debt extinguishment  

 		 

  —  

 		 
 

  —  

 		 
 

  53  

 
 

  Asset impairments and related inventory write-downs  

 		 

  —  

 		 
 

  371  

 		 
 

  —  

 
 

  Other, net  

 		 

  310  

 		 
 

  573  

 		 
 

  270  

 
 

  Change in operating assets and liabilities, net of acquisitions and divestitures:  

 		 
 
 
 
 
 

  Accounts receivable, net  

 		 

  (433)  

 		 
 

  (391)  

 		 
 

  (576)  

 
 

  Inventories  

 		 

  (292)  

 		 
 

  (139)  

 		 
 

  (939)  

 
 

  Accounts payable and accrued liabilities  

 		 

  209  

 		 
 

  391  

 		 
 

  696  

 
 

  Other operating assets and liabilities  

 		 

  (538)  

 		 
 

  (345)  

 		 
 

  (148)  

 
 

   Net cash provided by operating activities   

 		 

  7,044  

 		 
 

  6,787  

 		 
 

  6,039  

 
 

   Investing Activities:   

 		 
 
 
 
 
 

  Acquisitions, net of cash acquired  

 		 

  (98)  

 		 
 

  (211)  

 		 
 

  (1,867)  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,859)  

 		 
 

  (1,587)  

 		 
 

  (1,459)  

 
 

  Purchases of investments  

 		 

  (8,226)  

 		 
 

  (7,748)  

 		 
 

  (7,514)  

 
 

  Sales and maturities of investments  

 		 

  8,495  

 		 
 

  7,441  

 		 
 

  7,343  

 
 

  Other investing activities, net  

 		 

  (249)  

 		 
 

  (261)  

 		 
 

  4  

 
 

   Net cash used in investing activities   

 		 

  (1,937)  

 		 
 

  (2,366)  

 		 
 

  (3,493)  

 
 

   Financing Activities:   

 		 
 
 
 
 
 

  Change in current debt obligations, net  

 		 

  (1,070)  

 		 
 

  1,073  

 		 
 

  —  

 
 

  Proceeds from short-term borrowings (maturities greater than 90 days)  

 		 

  —  

 		 
 

  —  

 		 
 

  2,284  

 
 

  Repayments from short-term borrowings (maturities greater than 90 days)  

 		 

  —  

 		 
 

  —  

 		 
 

  (2,279)  

 
 

  Issuance of long-term debt  

 		 

  3,209  

 		 
 

  —  

 		 
 

  5,409  

 
 

  Payments on long-term debt  

 		 

  —  

 		 
 

  —  

 		 
 

  (6,012)  

 
 

  Dividends to shareholders  

 		 

  (3,589)  

 		 
 

  (3,666)  

 		 
 

  (3,616)  

 
 

  Issuance of ordinary shares  

 		 

  508  

 		 
 

  284  

 		 
 

  308  

 
 

  Repurchase of ordinary shares  

 		 

  (3,235)  

 		 
 

  (2,138)  

 		 
 

  (645)  

 
 

  Other financing activities  

 		 

  (184)  

 		 
 

  (3)  

 		 
 

  (409)  

 
 

   Net cash used in financing activities   

 		 

  (4,361)  

 		 
 

  (4,450)  

 		 
 

  (4,960)  

 
 

  Effect of exchange rate changes on cash and cash equivalents  

 		 

  188  

 		 
 

  (230)  

 		 
 

  243  

 
 

   Net change in cash and cash equivalents   

 		 

  934  

 		 
 

  (259)  

 		 
 

  (2,171)  

 
 

  Cash and cash equivalents at beginning of period  

 		 

  1,284  

 		 
 

  1,543  

 		 
 

  3,714  

 
 

   Cash and cash equivalents at end of period   

 		 

  $           2,218  

 		 
 

  $           1,284  

 		 
 

  $           1,543  

 
 

   Supplemental Cash Flow Information   

 		 
 
 
 
 
 

  Cash paid for:  

 		 
 
 
 
 
 

  Income taxes  

 		 

  $           1,819  

 		 
 

  $           1,622  

 		 
 

  $           1,548  

 
 

  Interest  

 		 

  762  

 		 
 

  826  

 		 
 

  606  

 
 
 
 
  
 
 

   The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.   

 
 
 

 

 
 

  Medtronic FY25 Q4 Earnings 

 

  

 

  (PRNewsfoto/Medtronic plc) 

 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-reports-strong-finish-to-its-fiscal-year-with-its-fourth-quarter-financial-results-announces-dividend-increase-302461588.html  

 

SOURCE Medtronic plc 

 
 

 

News Provided by PR Newswire via QuoteMedia

medtronic plc.nyse:mdt:usmdt:usmedical device investing
MDT:US
The Conversation (0)
Medtronic plc.

Medtronic plc.

One of the largest medical device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, and surgical tools. The company markets its products to healthcare institutions and physicians in the United States and overseas. Foreign sales account for almost 50% of the company's total sales.

illustration of brain and cell phone.

BlinkLab Completes First Patient Test for US Autism Diagnostic Study

Digital healthcare company BlinkLab (ASX:BB1) has tested the first patient in its US autism diagnostic study, which is geared at validating the company's Dx1 test as a diagnostic aid for clinicians.

BlinkLab states in its Wednesday (March 12) release that the study is the largest digital diagnostic trial for autism in the US, with its aim being to support the early detection of developmental conditions like autism.

The first patient test took place at PriMED Clinical Research in Dayton, Ohio. PriMED, a division of PriMED Physicians, is one of two clinical sites selected for the study’s initial phase, which is targeting 100 patients.

Keep reading...Show less
HeraMED Signs Strategic Collaboration Agreement with Garmin Health

HeraMED Signs Strategic Collaboration Agreement with Garmin Health

HeraMED Limited (ASX: HMD), a medical data and technology company leading the digital transformation of maternity care, is delighted to announce it has entered into a collaboration agreement with Garmin (NYSE: GRMN), a leading global provider of smartwatches and GPS-enabled products, aimed at enhancing remote pregnancy monitoring and expanding the range of health data available to expectant mothers and their healthcare providers.

Keep reading...Show less
Cardiologist wearing virtual reality glasses.

2 Biggest Medical Device ETFs in 2025

Exchange-traded funds (ETFs) are a popular investment strategy, and generally contain a variety of publicly traded companies under one stock symbol, often with a focus on a specific sector.

Depending on the ETF, investors may be able to track up-and-coming companies, get exposure to top firms or a mix of both. Aside from stocks, some ETFs also track commodities or bonds.

In the healthcare industry, medical device ETFs bring together companies that go to great lengths to develop pharmaceutical-based technology that can improve the lives of patients.

Keep reading...Show less
Cyclomedica

Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

Cyclopharm Limited (ASX: CYC) is pleased to announce the signing of a major contract with Hospital Corporation of America Healthcare (HCA), one of the largest single healthcare providers in the United States. This agreement marks a significant milestone for the company which will allow the deployment of Technegas® in up to 169 nuclear medicine departments across HCA’s extensive network.1

Keep reading...Show less
CONNEQT App Launches in USA as Pulse Deliveries Commence

CONNEQT App Launches in USA as Pulse Deliveries Commence

Cardiex Limited (CDX:AU) has announced CONNEQT App Launches in USA as Pulse Deliveries Commence

Download the PDF here.

Female doctor with clipboard talking to smiling female patient at hospital.

Revolutionizing Women's Health: Antifungal Innovation Brings New Investment Opportunities

The intersection of women's health and antifungal innovation represents a pivotal moment in healthcare, offering both transformative medical advancements and compelling investment opportunities.

The groundbreaking developments in antifungal treatments specifically targeting women's health issues present a substantial market potential, resulting in rising investor interest in this rapidly evolving sector.

Despite comprising half the global population, women face unique health challenges that have historically received insufficient attention and investment. Among these health challenges, vaginal candidiasis stands out as a persistent and widespread issue affecting millions of women worldwide.

Keep reading...Show less

Latest News

More News

Latest Press Releases

Pinnacle Increases Non-Brokered Private Placement

Metals & Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

Metals & Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

Quarterly Activities/Appendix 5B Cash Flow Report

Related News

copper investing

Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent

vanadium investing

Top 5 Australian Mining Stocks This Week: Vanadium Resources Soars on DSO Offtake Deal

Copper Investing

Editor's Picks: Miners Rescued, US Mine Waste Strategy, Ontario Expands CIMF

Precious Metals Investing

Pinnacle Increases Non-Brokered Private Placement

copper investing

Teck Greenlights Highland Valley Expansion After Beating Q2 Profit Estimates

Base Metals Investing

Metals & Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

Precious Metals Investing

Metals & Mining Virtual Investor Conference: Presentations Now Available for Online Viewing

×