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

Rhea-AI Summary

Medtronic (MDT) reported strong Q4 FY25 results with revenue of $8.9 billion, up 5.4% organic. Q4 GAAP EPS increased 67% to $0.82, while non-GAAP EPS rose 11% to $1.62. For FY25, revenue reached $33.5 billion, growing 4.9% organic, with GAAP EPS of $3.61 (up 31%) and non-GAAP EPS of $5.49 (up 6%). The company announced three major developments: 1) Plans to separate its Diabetes business into a standalone public company within 18 months, 2) A dividend increase to $0.71 per share (marking the 48th consecutive annual increase), and 3) FY26 guidance projecting ~5% organic revenue growth and non-GAAP EPS of $5.50-$5.60. Strong performance was noted across key franchises, particularly in Cardiac Ablation Solutions which grew nearly 30% in Q4.

Positive

• Q4 revenue grew 5.4% organic to $8.9 billion with strong performance across segments
• Q4 GAAP EPS increased 67% to $0.82; non-GAAP EPS up 11% to $1.62
• Cardiac Ablation Solutions revenue grew nearly 30% in Q4
• Announced 48th consecutive annual dividend increase to $0.71 per share
• Generated strong FY25 free cash flow of $5.2 billion
• Returned $6.3 billion to shareholders in FY25
• Plans to separate Diabetes business into standalone public company to unlock value

Negative

• Potential impact from increased US/China tariffs could affect FY26 earnings
• Medical Surgical Portfolio showed minimal growth with FY25 revenue down 0.1% reported
• Neurovascular segment decreased mid-single digits due to China procurement issues and Pipeline™ Vantage recall

Insights

Financial Analyst

Medtronic delivered strong Q4/FY25 results with 5.4% organic growth, dividend increase, and plans to spin off its high-growth Diabetes unit.

Medtronic closed FY25 with robust Q4 organic revenue growth of 5.4% reaching $8.9 billion, accelerating from its full-year organic growth of 4.9% on $33.5 billion in revenue. This performance reflects strengthening momentum in key growth drivers, particularly in high-growth segments like Pulsed Field Ablation (nearly 30% growth) and Diabetes (12% organic growth in Q4).

The company's profitability metrics showed meaningful improvement with Q4 non-GAAP operating margin expanding 90 basis points to 27.8% and Q4 non-GAAP EPS growing 11% to $1.62 (16% constant currency). This translated to full-year non-GAAP EPS of $5.49, up 6% (10% constant currency). Cash generation remained solid with $7.0 billion in operating cash flow and $5.2 billion in free cash flow for FY25.

The most significant strategic announcement is Medtronic's plan to separate its Diabetes business into a standalone public company within 18 months, likely through an IPO followed by a split-off. This decision comes as the Diabetes segment delivered its sixth consecutive quarter of double-digit organic growth (12% in Q4, 11.5% for FY25), outpacing overall company growth. The separation should allow both entities to pursue focused strategies while potentially unlocking shareholder value.

Looking ahead, management provided FY26 guidance of approximately 5% organic revenue growth and non-GAAP EPS of $5.50 to $5.60, with the range accounting for potential impacts from increased US-China tariffs. Importantly, the company increased its quarterly dividend by 5.6% to $0.71 per share, marking its 48th consecutive year of dividend increases, an impressive record that places it among the elite dividend aristocrats in healthcare.

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

GALWAY, Ireland, May 21, 2025 /PRNewswire/ -- 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.

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.

 

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SOURCE Medtronic plc

FAQ

What were Medtronic's (MDT) Q4 2025 earnings results?

Medtronic reported Q4 revenue of $8.9 billion (up 5.4% organic), GAAP EPS of $0.82 (up 67%), and non-GAAP EPS of $1.62 (up 11%).

Why is Medtronic (MDT) separating its Diabetes business?

Medtronic plans to separate its Diabetes business into a standalone public company within 18 months through capital markets transactions, preferably via an IPO and subsequent split-off, as part of its portfolio management strategy.

What is Medtronic's (MDT) dividend increase for 2025?

Medtronic increased its quarterly dividend by to $0.71 per share ($2.84 annually), marking its 48th consecutive year of dividend increases.

What is Medtronic's (MDT) guidance for fiscal year 2026?

Medtronic expects approximately 5% organic revenue growth and non-GAAP EPS between $5.50-$5.60 for FY26, with the range accounting for potential US/China tariff impacts.

Which segments performed best for Medtronic (MDT) in Q4 2025?

Cardiac Ablation Solutions was the standout performer with nearly 30% growth, while the Cardiovascular Portfolio showed strong overall performance with 7.8% organic growth.