MiniMed (MMED) financial statements
MiniMed reported revenue of $3.1B in fiscal 2026, up 12.1% a year over 2 years.
Net income was -$333M and the operating margin -6.1%, against -2.8% in 2024.
Free cash flow was -$420M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MiniMed's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | $2.5B | $2.7B | $3.1B |
| Cost of revenue | $1.0B | $1.2B | $1.4B |
| Gross profit | $1.4B | $1.5B | $1.7B |
| Research and development | $437M | $436M | $448M |
| Selling, general and admin | $1.1B | $1.1B | $1.2B |
| Operating income | -$69M | -$146M | -$190M |
| Pre-tax income | -$70M | -$147M | -$189M |
| Income tax | $38M | $52M | $128M |
| Net income | -$112M | -$213M | -$333M |
| EPS (diluted) | -$0.44 | -$0.84 | -$1.30 |
| Diluted shares | 253M | 253M | 257M |
| Gross margin | 58.2% | 56.3% | 54.2% |
| Operating margin | -2.8% | -5.4% | -6.1% |
| Net margin | -4.5% | -7.8% | -10.7% |
Balance sheet
Fiscal years, from MiniMed's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Cash and short-term investments | $54M | $11M | $298M |
| Receivables | — | $570M | $200M |
| Inventory | — | $311M | $341M |
| Total current assets | — | $939M | $1.3B |
| Property, plant and equipment | — | $706M | $711M |
| Goodwill | — | $2.3B | $2.3B |
| Total assets | — | $4.2B | $4.6B |
| Total current liabilities | — | $710M | $702M |
| Total liabilities | — | $871M | $1.0B |
| Shareholders' equity | $3.4B | $3.3B | $3.6B |
| Net debt | -$54M | -$11M | -$298M |
Cash flow
Fiscal years, from MiniMed's 10-K filings with the SEC.
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating cash flow | $41M | $140M | -$197M |
| Capital spending | $148M | $193M | $223M |
| Free cash flow | -$107M | -$53M | -$420M |
| Stock-based compensation | $38M | $41M | $46M |
| Free cash flow margin | -4.3% | -2.0% | -13.5% |
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Open MMED in InvestinglyQuestions
What was MiniMed's revenue in 2026?
$3.1B in fiscal 2026, from its 10-K filing.
How much free cash flow does MiniMed generate?
-$420M in fiscal 2026 (operating cash flow minus capital spending).
From MiniMed's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.