Medtronic plc (MDT) Financials: Revenue, Profit & Balance Sheet

By the Company Financials Data Editorial Team · Last updated: October 2026

Medtronic plc files annual reports with the U.S. Securities and Exchange Commission, and this page organises the headline numbers from those filings in one place. The most recent fiscal year covered here is fiscal 2026. In that reporting cycle the company recorded revenue of $36.36 billion and net income of $4.80 billion. Everything on this page is drawn from the SEC EDGAR XBRL company facts dataset, which republishes the exact tagged values companies submit in their 10-K annual filings, so the figures can be checked against the original documents at any time. Data: SEC EDGAR company facts, retrieved October 2026; fiscal years are shown as filed by the company.

Medtronic plc financial results in detail

Revenue in fiscal 2026 was $36.36 billion, up 8.4% from $33.54 billion in fiscal 2025. Over the three years from fiscal 2023, when revenue was $31.23 billion, the compound annual growth rate works out to about 5.2% a year. The earliest annual revenue figure in the table on this page is $16.59 billion for fiscal 2013, so readers can judge for themselves whether the most recent year continues a longer pattern or breaks from it. Revenue is the top line of the income statement: it records what customers paid for goods and services before any costs are deducted, which is why analysts pair it with the profit measures below rather than reading it on its own.

Medtronic plc reported net income of $4.80 billion in fiscal 2026, a net profit margin of about 13.2% on that year's revenue. Net income is the bottom line: revenue minus the cost of goods sold, operating expenses, interest and taxes. Gross profit was $20.90 billion, a gross margin of about 57.5%, which shows how much of each sales dollar survived the direct cost of production before overheads. Operating income came to $6.47 billion, and the gap between operating income and net income is where interest and tax sit, so comparing the two tells you how much financing and tax shaped the final result. Diluted earnings per share were $3.73 in fiscal 2026. Diluted EPS spreads net income across all shares that could exist if convertible instruments were exercised, making it the most conservative per-share profit figure in the filing.

Balance sheet strength

On the balance sheet, Medtronic plc held total assets of $93.03 billion at the end of fiscal 2026. Stockholders' equity — the owners' residual claim after liabilities — stood at $49.46 billion, meaning equity financed about 53.2% of the asset base. Cash and cash equivalents were $1.95 billion, the most liquid reserve the company can draw on without selling anything or borrowing. Long-term debt was reported at $22.14 billion. Reading debt next to cash and equity, rather than in isolation, is the honest way to judge leverage: a large debt figure can be routine for a company with large cash balances and steady operating cash flow, and a small one can still strain a company whose cash flow is weak. Balance-sheet figures are a snapshot at the fiscal year-end date, not an average across the year, which is why they are labelled with the fiscal year they were filed under.

Cash flow and free cash flow

Operating cash flow in the most recent reported year was $7.33 billion. Cash flow and profit are different things: net income includes non-cash charges such as depreciation, while operating cash flow records cash actually generated by the business. After capital expenditures, free cash flow — a calculated figure on this site, defined as operating cash flow minus payments to acquire property, plant and equipment — was $5.43 billion in fiscal 2026. Free cash flow is the cash available for dividends, buybacks, debt repayment or reinvestment once the asset base has been maintained, which is why it is watched so closely. When operating cash flow persistently exceeds net income, it usually signals heavy non-cash charges or disciplined working capital; when it persistently trails net income, readers should look in the 10-K for receivables or inventory building faster than sales.

Frequently asked questions

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