Medtronic (MDT) financial statements
Medtronic reported revenue of $36.4B in fiscal 2026, up 2.3% a year over 9 years.
Net income was $4.8B and the operating margin 17.8%, against 18.1% in 2017.
Free cash flow was $5.4B, and the company returned $3.6B in dividends and $1.0B in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Medtronic's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.7B | $30.0B | $30.6B | $28.9B | $30.1B | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| Cost of revenue | $9.3B | $9.1B | $9.2B | $9.4B | $10.5B | $10.1B | $10.7B | $11.2B | $11.6B | $12.7B |
| Gross profit | $20.4B | $20.9B | $21.4B | $19.5B | $19.6B | $21.5B | $20.5B | $21.1B | $21.9B | $23.6B |
| Research and development | $2.2B | $2.3B | $2.3B | $2.3B | $2.5B | $2.7B | $2.7B | $2.7B | $2.7B | $2.9B |
| Selling, general and admin | $10.0B | $10.2B | $10.4B | $10.1B | $10.1B | $10.3B | $10.4B | $10.7B | $10.8B | $11.8B |
| Operating income | $5.4B | $6.6B | $6.3B | $4.8B | $4.5B | $5.8B | $5.5B | $5.1B | $6.0B | $6.5B |
| Interest expense | $1.1B | $1.1B | $1.4B | $1.1B | $925M | $553M | $636M | $719M | $729M | $715M |
| Pre-tax income | $4.6B | $5.7B | $5.2B | $4.1B | $3.9B | $5.5B | $5.4B | $4.8B | $5.6B | $6.1B |
| Income tax | $578M | $2.6B | $547M | -$751M | $265M | $456M | $1.6B | $1.1B | $936M | $1.3B |
| Net income | $4.0B | $3.1B | $4.6B | $4.8B | $3.6B | $5.0B | $3.8B | $3.7B | $4.7B | $4.8B |
| EPS (diluted) | $2.89 | $2.27 | $3.41 | $3.54 | $2.66 | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 |
| Diluted shares | 1.39B | 1.37B | 1.36B | 1.35B | 1.35B | 1.35B | 1.33B | 1.33B | 1.29B | 1.29B |
| Gross margin | 68.7% | 69.8% | 70.0% | 67.4% | 65.2% | 68.0% | 65.7% | 65.3% | 65.3% | 65.0% |
| Operating margin | 18.1% | 22.2% | 20.5% | 16.6% | 14.9% | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
| Net margin | 13.6% | 10.4% | 15.2% | 16.6% | 12.0% | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% |
Balance sheet
Fiscal years, from Medtronic's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13.7B | $11.2B | $9.8B | $10.9B | $10.8B | $10.6B | $8.0B | $8.0B | $9.0B | $9.2B |
| Receivables | $5.6B | $6.0B | $6.2B | $4.6B | $5.5B | $5.6B | $6.0B | $6.1B | $6.5B | $6.6B |
| Inventory | $3.3B | $3.6B | $3.8B | $4.2B | $4.3B | $4.6B | $5.3B | $5.2B | $5.5B | $6.0B |
| Total current assets | $24.9B | $23.0B | $22.0B | $22.0B | $22.5B | $23.1B | $21.7B | $21.9B | $23.8B | $24.8B |
| Property, plant and equipment | $4.4B | $4.6B | $4.7B | $4.8B | $5.2B | $5.4B | $5.6B | $6.1B | $6.8B | $7.4B |
| Goodwill | $38.5B | $39.5B | $40.0B | $39.8B | $42.0B | $40.5B | $41.4B | $41.0B | $41.7B | $42.6B |
| Total assets | $99.9B | $91.4B | $89.7B | $90.7B | $93.1B | $91.0B | $90.9B | $90.0B | $91.7B | $93.0B |
| Total current liabilities | $14.3B | $10.1B | $8.5B | $10.4B | $8.5B | $12.4B | $9.1B | $10.8B | $12.9B | $11.7B |
| Long-term debt | $25.9B | $23.7B | $24.5B | $22.0B | $26.4B | $20.4B | $24.3B | $23.9B | $25.6B | $26.2B |
| Total liabilities | $49.5B | $40.6B | $39.5B | $39.8B | $41.5B | $38.3B | $39.3B | $39.6B | $43.4B | $43.0B |
| Shareholders' equity | $50.2B | $50.7B | $50.1B | $50.7B | $51.4B | $52.6B | $51.5B | $50.2B | $48.0B | $49.5B |
| Net debt | $28.5B | $22.1B | $20.9B | $20.7B | $22.8B | $20.4B | $22.8B | $23.7B | $26.3B | $26.0B |
Cash flow
Fiscal years, from Medtronic's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.9B | $4.7B | $7.0B | $7.2B | $6.2B | $7.3B | $6.0B | $6.8B | $7.0B | $7.3B |
| Capital spending | $1.3B | $1.1B | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B | $1.9B | $1.9B |
| Free cash flow | $5.6B | $3.6B | $5.9B | $6.0B | $4.9B | $6.0B | $4.6B | $5.2B | $5.2B | $5.4B |
| Stock-based compensation | $348M | $344M | $290M | $297M | $344M | $359M | $355M | $393M | $429M | $457M |
| Dividends paid | $2.4B | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B | $3.6B | $3.7B | $3.6B | $3.6B |
| Share buybacks (net) | -$3.5B | -$2.2B | -$2.9B | -$1.3B | -$652M | -$2.5B | -$645M | -$2.1B | -$3.2B | -$1.0B |
| Net borrowing | $2.2B | -$7.3B | -$154M | -$542M | -$195M | -$1M | -$603M | $0 | $3.2B | -$1.2B |
| Free cash flow margin | 18.9% | 12.1% | 19.2% | 20.8% | 16.2% | 18.9% | 14.7% | 16.1% | 15.5% | 14.9% |
| Dividends per share | $1.71 | $1.82 | $1.98 | $2.14 | $2.30 | $2.50 | $2.71 | $2.76 | $2.78 | $2.83 |
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Open MDT in InvestinglyQuestions
What was Medtronic's revenue in 2026?
$36.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Medtronic generate?
$5.4B in fiscal 2026 (operating cash flow minus capital spending).
From Medtronic's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.