Compare · Health Care
Abbott vs. Medtronic: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Abbott
1 · What it sells
Abbott sells medical devices, diagnostic tests, nutrition products and branded generic medicines, with FY2025 sales of $21.4 billion, $8.9 billion, $8.5 billion and $5.5 billion, or $44.3 billion in total.
Sources and detail on the Abbott page2 · Who pays it
Abbott reports no revenue by type of payer and no customer whose loss would be material; by location, customers in the US were 38.6% of FY2025 sales and customers outside the US 61.4%.
Sources and detail on the Abbott page3 · What it keeps from $100
Of every $100 that came in during FY2025, Abbott kept $14.4 as net earnings, after about $610 million of tax tied to its FY2024 tax benefit, and its operating earnings were $18.17 per $100 of sales.
Sources and detail on the Abbott page4 · Where the operating profit comes from
Medical Devices made 61.1% of Abbott's FY2025 segment operating earnings on 48.2% of sales, Diagnostics 14.7%, Nutrition 13.2% and Established Pharmaceuticals 10.9%.
Sources and detail on the Abbott page5 · The one thing to watch
Abbott's total debt rose from $12.9 billion at Dec 31, 2025 to $31.2 billion at Sep 30, 2026 after the Exact Sciences deal, and Q3 FY2026 diluted EPS was $0.53 against $0.94 a year earlier.
Sources and detail on the Abbott page
Medtronic
1 · What it sells
Medtronic sells medical devices, with FY2026 net sales of $14.0 billion in Cardiovascular, $10.3 billion in Neuroscience, $8.8 billion in Medical Surgical and $3.1 billion in Diabetes, $36.4 billion in total.
Sources and detail on the Medtronic page2 · Who pays it
Medtronic sells mainly to hospitals, surgery centers and physician offices, reports no customer above a tenth of net sales and no split by payer; by location, the US was 49.8% of FY2026 net sales and other countries 50.2%.
Sources and detail on the Medtronic page3 · What it keeps from $100
Of every $100 that came in during FY2026, Medtronic kept $13.1 as net income after $6.9 of amortization, restructuring, legal and other charges, and its operating profit was $17.78 per $100 of net sales.
Sources and detail on the Medtronic page4 · Where the operating profit comes from
Cardiovascular made 41.4% of Medtronic's FY2026 segment operating profit across its three reportable segments, Neuroscience 34.6% and Medical Surgical 24.0%.
Sources and detail on the Medtronic page5 · The one thing to watch
Diabetes, split off as MiniMed on Oct 15, 2026, was 8.6% of Medtronic's FY2026 net sales, and Q1 FY2027 included a 14th week that Medtronic estimates added about $570 million to Q1 organic revenue.
Sources and detail on the Medtronic page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Abbott
Where $100 went · FY2025
| Cost of making products | $42.7 |
|---|---|
| Selling, general and admin | $27.3 |
| Research and development | $6.5 |
| Amortization of acquired intangibles | $3.7 |
| Interest expense | $1.1 |
| Income tax | $4.3 |
| Kept as net earnings | $14.4 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (sales of $44.3 billion plus $906 million of interest, currency and other income): each line = line ÷ $45.2 billion × 100.
Medtronic
Where $100 went · FY2026
| Cost of making products | $34.6 |
|---|---|
| Selling, general and admin | $32.1 |
| Research and development | $7.8 |
| Amortization, restructuring, legal and other charges | $6.9 |
| Interest expense, net | $1.9 |
| Outside MiniMed shareholders | $0.1 |
| Income tax | $3.5 |
| Kept as net income | $13.1 |
| Total | $100 |
Cityfort calculation from the FY2026 10-K. Of every $100 that came in during FY2026 (net sales of $36.4 billion plus $384 million of other non-operating income): each line = line ÷ $36.7 billion × 100.
Line items differ because each company groups its costs its own way in its filings. Only on Abbott's receipt: Amortization of acquired intangibles; Interest expense; Kept as net earnings. Only on Medtronic's receipt: Amortization, restructuring, legal and other charges; Interest expense, net; Outside MiniMed shareholders; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Abbott
Medtronic
See the numbers
Net income
Abbott
Medtronic
See the numbers
Free cash flow
Abbott
Medtronic
See the numbers
Who pays each company
Abbott
- Customers in the US · 38.6% of revenue38.6% of FY2025 sales ($17.1 billion). Shares here are by location, because Abbott does not report revenue by type of payer.
- Customers outside the US · 61.4% of revenue61.4% of FY2025 sales ($27.2 billion), including Germany ($2.8 billion), China ($1.9 billion), Switzerland ($1.9 billion) and India ($1.9 billion). Emerging markets were 37% of sales.
Medtronic
- Customers in the US · 49.8% of revenue49.8% of FY2026 net sales ($18.1 billion), mostly hospitals, surgery centers and physician offices. Shares here are by location, because Medtronic does not report revenue by type of payer.
- Customers outside the US · 50.2% of revenue50.2% of FY2026 net sales ($18.3 billion), sold in more than 150 countries through Medtronic's own reps and independent distributors. Ireland, where Medtronic is based, was $143 million.
Revenue by segment
Abbott
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Medical Devices | $21.4B | 48.2% |
| Diagnostics | $8.9B | 20.2% |
| Nutrition | $8.5B | 19.1% |
| Established Pharmaceuticals | $5.5B | 12.5% |
Medtronic
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Cardiovascular | $14.0B | 38.4% |
| Neuroscience | $10.3B | 28.3% |
| Medical Surgical | $8.8B | 24.2% |
| Diabetes | $3.1B | 8.6% |
| Other | $174M | 0.5% |
Debt and cash
Abbott
- Debt
- $31.2B
- Cash and investments
- $4.3B
On Sep 30, 2026.
Net debt was $26.9 billion at Sep 30, 2026, about 3.0 times operating cash flow over the last four quarters (Cityfort calculation from the FY2025 10-K and the Q3 FY2026 10-Q).
Medtronic
- Debt
- $28.2B
- Cash and investments
- $8.8B
On Jul 31, 2026.
Net debt was $19.3 billion at Jul 31, 2026, about 2.6 times FY2026 cash from operations of $7.3 billion (Cityfort calculation from the Q1 FY2027 10-Q and the FY2026 10-K).
Who owns each company
Abbott
- One class of shares.
- Officers and directors as a group: 0.5% of shares (as of Jan 31, 2026).
- Vanguard Capital Management LLC: 7.5% (as of Apr 29, 2026).
- BlackRock, Inc.: 7.7% (as of Jan 26, 2024).
- The Vanguard Group: 0.0% (as of Mar 26, 2026).
Medtronic
- One class of shares.
- Officers and directors as a group: 0.3% of shares (as of Aug 5, 2026).
- The Vanguard Group: 9.1% (as of Aug 5, 2026).
- BlackRock, Inc.: 8.7% (as of Aug 5, 2026).
- Vanguard Capital Management: 7.5% (as of Apr 28, 2026).
Sources: Abbott S14, S1, S3, S24, S23 · Medtronic S4, S3, S22, S21
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: debt, legal cases, competition, execution, regulation. Every risk is on each company's page.
Abbott
- Currency and markets outside the US (currency)Customers outside the US were 61.4% of FY2025 sales and emerging markets 37%. Abbott's 10-K says currency moves have hurt its results, and sales in China fell from $2.3 billion in FY2023 to $1.9 billion in FY2025.
Medtronic
- Tariffs (other)Medtronic estimated as of Jun 3, 2026 a net pre-tax tariff cost of about $250 million in FY2027. Its largest factories include sites in Mexico, China, Puerto Rico and Ireland.
Key facts
- How does Abbott make money compared with Medtronic?
- Abbott's revenue by segment in FY2025: Medical Devices 48.2%, Diagnostics 20.2%, Nutrition 19.1%, Established Pharmaceuticals 12.5%. Medtronic's revenue by segment in FY2026: Cardiovascular 38.4%, Neuroscience 28.3%, Medical Surgical 24.2%, Diabetes 8.6%, Other 0.5%.
- Which is bigger by revenue, Abbott or Medtronic?
- Abbott reported $44.3B of revenue in FY2025, and Medtronic reported $36.4B in FY2026. The two fiscal years end in different months.
- How much net income did Abbott and Medtronic report?
- Abbott reported net income of $6.5B in FY2025, and Medtronic reported $4.8B in FY2026.
- How much of every $100 did Abbott and Medtronic keep as net income?
- Abbott kept $14.4 of every $100 that came in during FY2025, and Medtronic kept $13.1 in FY2026 (Cityfort calculation from each company's annual report).
- How much debt and cash do Abbott and Medtronic have?
- Abbott had $31.2B of debt and $4.3B of cash and investments on Sep 30, 2026. Medtronic had $28.2B of debt and $8.8B of cash and investments on Jul 31, 2026.
- When do Abbott's and Medtronic's fiscal years end?
- Abbott: December 31 (the fiscal year is the calendar year). Medtronic: Last Friday of April (52 or 53 weeks).
Sources: Abbott S2, S1, S13, S19, S3, S17, S25 · Medtronic S2, S1, S5, S20, S3
Built from each company's page. Abbott updated Nov 6, 2026; Medtronic updated Nov 6, 2026.
Sources
Abbott
- S1Form 10-K for fiscal 2025 (year ended Dec 31, 2025), Abbott Laboratories (SEC EDGAR), Feb 20, 2026
- S2Form 10-K for fiscal 2023 (year ended Dec 31, 2023), Abbott Laboratories (SEC EDGAR), Feb 16, 2024
- S3Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026), Abbott Laboratories (SEC EDGAR), Nov 4, 2026
- S13Q3 2026 earnings release (8-K Ex. 99.1), Abbott Laboratories (SEC EDGAR), Oct 21, 2026
- S142026 proxy statement (DEF 14A), Abbott Laboratories (SEC EDGAR), Mar 13, 2026
- S178-K filed Mar 9, 2026: issuance of senior notes (Items 1.01, 2.03), Abbott Laboratories (SEC EDGAR), Mar 9, 2026
- S198-K filed Oct 21, 2026: intention to separate the Nutrition business (Ex. 99.1), Abbott Laboratories (SEC EDGAR), Oct 21, 2026
- S23Schedule 13G/A by The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S24Schedule 13G by Vanguard Capital Management LLC (event Mar 31, 2026), Vanguard Capital Management LLC (SEC EDGAR), Apr 29, 2026
- S25XBRL company facts (financial data API), Abbott Laboratories CIK 0000001800, SEC (data.sec.gov), Nov 7, 2026
Medtronic
- S1Form 10-K for fiscal 2026 (year ended Apr 24, 2026), Medtronic plc (SEC EDGAR), Jun 18, 2026
- S2Form 10-K for fiscal 2024 (year ended Apr 26, 2024), Medtronic plc (SEC EDGAR), Jun 20, 2024
- S3Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026), Medtronic plc (SEC EDGAR), Sep 3, 2026
- S42026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting, Medtronic plc (SEC EDGAR), Aug 17, 2026
- S5Q1 fiscal 2027 earnings release (8-K Ex. 99.1), Medtronic plc (SEC EDGAR), Sep 1, 2026
- S208-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete, Medtronic plc (SEC EDGAR), Oct 19, 2026
- S21Schedule 13G filed Apr 28, 2026 by Vanguard Capital Management, Vanguard Capital Management (SEC EDGAR), Apr 28, 2026
- S22Schedule 13G/A filed Mar 27, 2026 by The Vanguard Group, The Vanguard Group (SEC EDGAR), Mar 27, 2026
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