Health Care · NYSE: MDT
Medtronic: how the business works
Medtronic plc makes medical devices for heart, brain, spine and surgical care that hospitals and doctors use, with net sales of $36.4 billion in FY2026, the year to Apr 24, 2026.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Medtronic plc · Galway, Ireland · Founded 1949
Updated for Q1 FY2027 · checked
- Net sales, FY2026
- $36.4B
- Net income, FY2026
- $4.8B
- Countries served
- More than 150
- Employees, Feb 2, 2026
- 101,369
- Founded
- 1949
The short version
Medtronic in 5 points
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.
2 · 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%.
3 · 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.
4 · 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%.
5 · 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: From Medtronic's FY2026 10-K, Q1 FY2027 earnings release and 8-K filed Oct 19, 2026 · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2026
Where does $100 of Medtronic's money go?
Medtronic · FY2026
Receipt for every $100
| 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 |
| Income tax | $3.5 |
| Outside MiniMed shareholders | $0.1 |
| Kept as net income | $13.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
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02The business in one line
What does Medtronic do?
Hospitals, surgery centers and doctors in more than 150 countries pay Medtronic for medical devices; most of the money goes on making and selling them, and what is left is profit.
- Cardiovascular devices, such as pacemakers, heart valves and ablation catheters, were 38.4% of FY2026 net sales. Customers in the US were 49.8% of net sales.
- Medtronic kept $13.1 of every $100 that came in during FY2026 as net income, or $4.8 billion. It split off its Diabetes business, now a separate company called MiniMed, on Oct 15, 2026.
03Who pays it
Who pays Medtronic?
Customers in the US
50%
of revenue
49.8% 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%
of revenue
50.2% 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.
- Customers in the US50%
- Customers outside the US50%
How spread out the customers are
Medtronic says no single customer was more than 10% of net sales in FY2024, FY2025 or FY2026. It does not report revenue by payer, such as hospitals, insurers or government programs. The US and outside-US shares are a Cityfort calculation from the FY2026 10-K.
04Why it makes money
Why does Medtronic make money?
Medtronic earns from many devices that doctors use in procedures, so its profit depends on new devices growing faster than older lines and costs.
Each segment kept $24.1 to $29.8 of segment operating profit per $100 of FY2026 sales, before $1.8 billion of amortization and other company-wide charges. Cardiovascular, where pulsed field ablation grew, rose from 35.9% of net sales in FY2022 to 38.4% in FY2026.
Cardiovascular share of net sales (Cityfort calculation from the FY2024 and FY2026 10-Ks)
35.9%38.4%
FY2022 to FY2026
- Medtronic develops or buys a device
- Regulators clear it after clinical trials
- Sales reps bring it to hospitals and surgeons
- Doctors use it in procedures, often again and again
- Segments kept $24.1 to $29.8 of operating profit per $100 of FY2026 sales
- Cash pays for research, deals and dividends
↺ Step 6 feeds back into step 1.
05Business segments · FY2026
Which businesses make up Medtronic?
Cardiovascular
38%Pacemakers, heart valves, ablation catheters and stents. Segment operating profit was $3.7 billion, or 41.4% of the three reportable segments' total (Cityfort calculation from the FY2026 10-K). Sales were $3.9 billion in Q1 FY2027.
Revenue $14.0B · Operating profit $3.7B
Neuroscience
28%Spine and brain surgery tools, nerve stimulators and devices for strokes. Segment operating profit was $3.1 billion, or 34.6% of the total. Sales were $2.7 billion in Q1 FY2027.
Revenue $10.3B · Operating profit $3.1B
Medical Surgical
24%Surgical staplers, vessel-sealing and energy tools, the Hugo surgical robot and patient monitors. Segment operating profit was $2.1 billion, or 24.0% of the total. Sales were $2.3 billion in Q1 FY2027.
Revenue $8.8B · Operating profit $2.1B
Diabetes
9%Insulin pumps and glucose monitors, no longer a reportable segment after the MiniMed IPO, and split off on Oct 15, 2026. Its profit sits in "other operating segments" ($106 million in FY2026).
Revenue $3.1B
Other
1%An other operating segment and adjustments for Italian payback charges on device sales.
Revenue $174M
How the mix changed
- Cardiovascular
- Neuroscience
- Medical Surgical
- Diabetes
- Other
Revenue by segment, FY2022 to FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Medtronic done?
Revenue
$36.4BFY2026
Net sales fell from $31.7 billion in FY2022 to $31.2 billion in FY2023, then rose each year to $36.4 billion in FY2026; Q1 FY2027 had 14 weeks, and Medtronic estimates the extra week added about $570 million to Q1 organic revenue.
US$
See the numbers
Net profit
$4.8BFY2026
Net income fell from $5.0 billion in FY2022 to $3.7 billion in FY2024 and was $4.8 billion in FY2026; it was $1.5 billion in Q1 FY2027, against $1.0 billion a year earlier.
US$
See the numbers
Profit kept per $100 of revenue
$13.2FY2026
EBITDA per $100 of net sales was $26.7 in FY2022, $24.1 in FY2024 and $25.9 in FY2026; EBITDA is operating profit plus depreciation and amortization, a Cityfort calculation from the FY2024 and FY2026 10-Ks and, by quarter, from the Q2 FY2025 to Q1 FY2027 earnings releases.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$5.4BFY2026
Free cash flow, cash from operations minus purchases of property and equipment (the same definition Medtronic uses), was $6.0 billion in FY2022, $4.6 billion in FY2023 and $5.4 billion in FY2026.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Last Friday of April (52 or 53 weeks); FY2026 ended Apr 24, 2026, and FY2027 has 53 weeks). Net profit is the share belonging to the company's owners.
Download Medtronic's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K for fiscal 2024 (year ended Apr 26, 2024)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- Q2 fiscal 2025 earnings release (8-K Ex. 99.1)
- Q1 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q3 fiscal 2025 earnings release (8-K Ex. 99.1)
- Q4 and fiscal 2025 earnings release (8-K Ex. 99.1)
- Q2 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q3 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q4 and fiscal 2026 earnings release (8-K Ex. 99.1)
- Q1 fiscal 2027 earnings release (8-K Ex. 99.1)
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
07Who runs it
Who runs Medtronic, and did they deliver?
Geoffrey S. Martha
Chairman and Chief Executive Officer
His FY2026 total pay in the summary compensation table was $22,940,252, against $21,240,058 in FY2025; most of it was stock and options.
Thierry Piéton
Executive Vice President and Chief Financial Officer · since 2025
Joined on Mar 3, 2025; previously CFO of Renault Group.
Michael Marinaro
President, Medtronic · since 2026
Named President effective Oct 14, 2026, with a base salary of $1.0 million.
Michelle Quinn
Executive Vice President and General Counsel
What they said, and what happened
2 delivered · 1 partly delivered · 1 too early to tell
Said on May 21, 2025
Separate the Diabetes business within 18 months, through an IPO followed by a split-off.
DeliveredWhat happened
MiniMed's IPO closed on Mar 9, 2026, and the split-off was completed on Oct 15, 2026, about 17 months later.
Said on May 21, 2025
FY2026 organic revenue growth of about 5% and non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more diluted EPS of $5.50 to $5.60.
DeliveredWhat happened
Medtronic reported FY2026 organic growth of 5.8% and non-GAAP EPS of $5.53. GAAP diluted EPS was $3.73.
Said on Nov 18, 2025
FY2026 organic revenue growth of about 5.5% and non-GAAP diluted EPS of $5.62 to $5.66, raised from earlier ranges.
Partly deliveredWhat happened
On Mar 24, 2026 Medtronic lowered the EPS range to $5.50 to $5.54 for MiniMed items, including a $157 million charge. It reported $5.53, with organic growth of 5.8%.
Said on Sep 1, 2026
FY2027 organic revenue growth of 7.25% to 7.75% and non-GAAP diluted EPS of $5.94 to $6.00.
Too early to tellWhat happened
The outlook assumed Diabetes for all 12 months and includes the 53rd week. Medtronic completed the MiniMed split-off on Oct 15, 2026.
Sources (9)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 2026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting
- Q4 and fiscal 2025 earnings release (8-K Ex. 99.1)
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
- 8-K filed May 21, 2025, Ex. 99.2: intent to separate the Diabetes business
- Q4 and fiscal 2026 earnings release (8-K Ex. 99.1)
- Q2 fiscal 2026 earnings release (8-K Ex. 99.1)
- 8-K filed Mar 24, 2026: MiniMed Flex FDA clearance, $157M charge, FY26 EPS guidance revision
- Q1 fiscal 2027 earnings release (8-K Ex. 99.1)
08What could go wrong
What could go wrong for Medtronic?
- Legal
Applied Medical antitrust verdict
A jury awarded Applied Medical $382 million in February 2026, which is automatically trebled. Medtronic plans to appeal and has not accrued a loss. An injunction hearing was set for October 2026.
Watch The appeal, any injunction and the legal note in each 10-Q.
- Execution
Results without Diabetes
Diabetes was $3.1 billion, or 8.6% of FY2026 net sales, and left with the Oct 15, 2026 split-off. Medtronic expects $300 million to $500 million of pre-tax restructuring costs tied to the separation, and its FY2027 outlook assumed Diabetes for 12 months.
Watch How the Q2 FY2027 results present Diabetes, and any updated FY2027 outlook.
- Competition
Competition in new technologies
Medtronic's 10-K says it must differentiate and scale new technologies such as pulsed field ablation, surgical robots and renal denervation against large and small rivals. Cardiovascular was 38.4% of FY2026 net sales.
Watch Cardiac ablation and Electrophysiology Therapies growth in each earnings release.
- Regulation
Regulation, quality and recalls
Medtronic's devices are regulated by the FDA and EU medical device rules. Its 10-K says quality problems can lead to recalls, product liability claims and costly settlements, and that it stopped selling the HVAD heart pump in June 2021.
Watch Recalls, FDA warning letters and litigation charges in each 10-Q.
- Other
Tariffs
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.
Watch Tariff cost updates in each earnings release.
- Debt
Debt
Total debt was $28.2 billion at Jul 31, 2026 and net debt $19.3 billion. S&P rates Medtronic's long-term debt A and Moody's A3, as stated in the Q1 FY2027 10-Q.
Watch Total debt and the ratings Medtronic states in each 10-Q.
- Legal
Puerto Rico tax dispute
Medtronic, Inc.'s case with the IRS over Puerto Rico income for FY2005 and FY2006 was sent back to the US Tax Court in September 2025. PwC named the related tax reserve a critical audit matter.
Watch Any settlement or ruling disclosed in a 10-Q or 8-K.
Sources (5)
09Both sides
What do supporters and critics point to?
What supporters point to
- Net sales rose each year from $31.2 billion in FY2023 to $36.4 billion in FY2026.
- Cardiac Rhythm and Heart Failure sales rose 17% to $7.5 billion in FY2026, and Medtronic said Cardiac Ablation Solutions grew 88% organic in Q1 FY2027.
- Free cash flow was $5.4 billion in FY2026, and dividends paid were $3.6 billion.
- Dividends declared per share rose every year from $2.52 in FY2022 to $2.84 in FY2026.
- Medtronic completed the Diabetes separation on Oct 15, 2026, within the 18 months it set in May 2025.
What critics point to
- A jury awarded Applied Medical $382 million, automatically trebled, and Medtronic has not accrued a loss.
- Net income of $4.8 billion in FY2026 was below the $5.0 billion of FY2022.
- On Mar 24, 2026 Medtronic lowered its FY2026 non-GAAP EPS range to $5.50 to $5.54, from $5.62 to $5.66.
- Total debt was $28.2 billion at Jul 31, 2026, and goodwill and intangibles were 56.7% of total assets at Apr 24, 2026.
- Medtronic estimated a net pre-tax tariff cost of about $250 million in FY2027.
10What to watch next
What should you watch next at Medtronic?
Next event
Q2 FY2027 results
Date not announced yet.
Results without Diabetes
Diabetes was 8.6% of FY2026 net sales and left on Oct 15, 2026. Medtronic's FY2027 outlook, given Jun 3, 2026 and raised Sep 1, 2026, assumed Diabetes for the full 12 months (Jun 3 release).
The Applied Medical case
The jury award was $382 million, automatically trebled. Medtronic plans to appeal and had not accrued a loss at Jul 31, 2026.
Pulsed field ablation growth
Electrophysiology Therapies sales were $2.2 billion in Q1 FY2027, up 29.5% in a 14-week quarter. Medtronic estimates the extra week added about $570 million to Q1 organic revenue.
11Key facts
Key facts about Medtronic
- What does Medtronic do?
- Medtronic plc, founded in 1949 and based in Galway, Ireland, makes medical devices for heart, brain, spine and surgical care, sold in more than 150 countries. Medtronic had net sales of $36.4 billion in FY2026, the year to Apr 24, 2026, and 101,369 employees at Feb 2, 2026.
- What is Medtronic's business model, and how does it make money?
- Medtronic makes money by selling devices that doctors use in procedures, through its own sales reps and independent distributors. In FY2026 Medtronic's Cardiovascular segment brought in $14.0 billion (38.4% of net sales), Neuroscience $10.3 billion (28.3%), Medical Surgical $8.8 billion (24.2%) and Diabetes $3.1 billion (8.6%).
- Is Medtronic profitable?
- Yes. Medtronic reported net income of $4.8 billion in FY2026 on net sales of $36.4 billion, up from $4.7 billion in FY2025, and $1.5 billion in Q1 FY2027. Medtronic's operating profit was $6.5 billion in FY2026, after $1.8 billion of amortization of acquired intangibles.
- What is Medtronic's revenue by segment?
- In Q1 FY2027, the 14 weeks to Jul 31, 2026, Medtronic's net sales were $3.9 billion in Cardiovascular, $2.7 billion in Neuroscience, $2.3 billion in Medical Surgical and $843 million in Diabetes, for $9.8 billion in total. Medtronic estimates the 14th week added about $570 million to Q1 organic revenue.
- Who are Medtronic's customers?
- Medtronic sells mainly to hospitals, surgery centers and physician offices, and no single customer was more than 10% of net sales in FY2024 to FY2026. Customers in the US were 49.8% of Medtronic's FY2026 net sales and customers in other countries 50.2%.
- Who owns Medtronic?
- Medtronic plc is widely held, with one class of ordinary shares and one vote per share. Medtronic's 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more lists The Vanguard Group at 9.12% and BlackRock at 8.72%, from holdings reported for Mar 31, 2026. Directors and executive officers as a group held about 0.27% on Aug 5, 2026.
- How much does Medtronic earn from heart devices?
- Medtronic's Cardiovascular segment had net sales of $14.0 billion in FY2026, up from $11.4 billion in FY2022, and $3.7 billion of segment operating profit. Cardiac Rhythm and Heart Failure, which includes pacemakers and pulsed field ablation catheters, was $7.5 billion of FY2026 sales, up 17%.
- How much does Medtronic earn from brain and spine devices?
- Medtronic's Neuroscience segment had net sales of $10.3 billion in FY2026 and $3.1 billion of segment operating profit, or $29.8 per $100 of sales. Cranial and Spinal Technologies, such as spine implants and surgical navigation, was $5.2 billion of FY2026 sales.
- How much does Medtronic earn from surgical products?
- Medtronic's Medical Surgical segment had net sales of $8.8 billion in FY2026, against $8.5 billion in FY2022, and $2.1 billion of segment operating profit. Surgical and Endoscopy, which includes staplers, vessel-sealing tools and the Hugo surgical robot, was $6.8 billion of FY2026 sales.
- What happened to Medtronic's diabetes business?
- Medtronic's Diabetes business, with $3.1 billion of FY2026 net sales, completed its Nasdaq IPO as MiniMed on Mar 9, 2026. Medtronic exchanged its remaining 252,813,348 MiniMed shares for 55,032,401 Medtronic shares in the exchange offer that settled on Oct 15, 2026 (final results announced Oct 14), completing the separation.
Sources (6)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 2026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting
- Q1 fiscal 2027 earnings release (8-K Ex. 99.1)
- Form 10-K for fiscal 2024 (year ended Apr 26, 2024)
- Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Dividend payout ratio
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Medtronic sell?
Cardiac Rhythm and Heart Failure ($7.5B in FY2026)
Pacemakers, including the tiny Micra leadless pacemaker, implanted defibrillators, heart monitors and catheters that treat irregular heartbeats with pulsed field ablation (Affera Sphere-9, PulseSelect). Sales rose 17% in FY2026.
Structural Heart and Aortic ($3.8B in FY2026)
Evolut heart valves placed through a catheter instead of open-heart surgery, surgical heart valves and stent grafts for the aorta.
Coronary and Peripheral Vascular ($2.7B in FY2026)
Stents and balloons that open blocked arteries, and the Symplicity Spyral system, which treats high blood pressure through the kidney nerves.
Cranial and Spinal Technologies ($5.2B in FY2026)
Spine implants, StealthStation surgical navigation and robotic systems that guide brain and spine surgery.
Specialty Therapies ($3.0B in FY2026)
Devices for strokes and brain blood vessels, ear, nose and throat surgery, and pelvic health, such as InterStim bladder control.
Neuromodulation ($2.1B in FY2026)
Implanted stimulators that send electrical signals to nerves: spinal cord stimulators for chronic pain, deep brain stimulation and drug pumps.
Surgical and Endoscopy ($6.8B in FY2026)
Surgical staplers, LigaSure vessel-sealing tools, Valleylab energy devices, the Hugo robotic-assisted surgery system, hernia mesh and digestive-tract products.
Acute Care and Monitoring ($2.1B in FY2026)
Nellcor pulse oximeters that measure blood oxygen, and airway products used in hospitals.
Diabetes ($3.1B in FY2026, split off Oct 15, 2026)
Insulin pumps and continuous glucose monitors. This business is now MiniMed (Nasdaq: MMED), which Medtronic no longer owns.
What it does
- Does: Sells through its own sales reps and independent distributors to hospitals, surgery centers and physician offices
- Does: Keeps some of its products at hospitals on consignment, so the hospital pays when it uses them
- Does: Buys smaller device makers: CathWorks in April 2026, Scientia Vascular in June 2026 and SPR Therapeutics in July 2026
What it does not do
- Does not: Does not own the diabetes business any more: it was split off as MiniMed on Oct 15, 2026
- Does not: Does not depend on one buyer: no customer was more than 10% of net sales in FY2024 to FY2026
- Does not: Does not sell the HVAD heart pump: it stopped distribution and sale in June 2021
13How the money flows
13How the money flows · FY2026
How does money flow through Medtronic?
Money in
- Cardiovascular sales$14.0B
- Neuroscience sales$10.3B
- Medical Surgical sales$8.8B
- Diabetes and other sales$3.3B
- Other non-operating income$384M
The company
Medtronic
$36.7B came in
Money out
- Cost of making products$12.7B
- Selling, general and admin$11.8B
- Research and development$2.9B
- Amortization, restructuring, legal and other charges$2.5B
- Interest expense, net$715M
- Income tax$1.3B
- Share of outside MiniMed shareholders$37M
- Net income$4.8B
- Hospitals and doctors paid Medtronic $36.4 billion in FY2026, $14.0 billion of it for Cardiovascular devices.
- Making the products cost $12.7 billion. Selling, general and admin took $11.8 billion, and research took $2.9 billion.
- Amortization, the yearly write-down of products and patents Medtronic bought, took $1.8 billion; restructuring, legal and other charges took $748 million. Operating profit was $6.5 billion, or $17.78 per $100 of net sales.
- Other non-operating income added $384 million, and net interest expense took $715 million.
- Income tax took $1.3 billion, and $37 million belonged to MiniMed's outside shareholders. $4.8 billion was left as net income.
14What it needs to run
14What it needs to run
What does Medtronic need to run?
Research
Research and development cost $2.9 billion in FY2026, or 7.9% of net sales. New devices such as pulsed field ablation catheters need clinical trials and approvals before they can be sold.
Factories
About 10.2 million square feet of manufacturing and research space, about 41% owned. The largest sites are in the US, Mexico, Puerto Rico, China, Ireland, the Dominican Republic, Switzerland, Italy and France.
Regulatory approvals
Medtronic's devices need clearance from regulators such as the US FDA and approval under the EU's medical device rules. Its 10-K lists adverse regulatory action and product recalls as risks.
People
101,369 employees at Feb 2, 2026: 44,383 in the US and 56,986 outside it.
15Where growth could come from
15Where growth could come from
Where could Medtronic's growth come from?
Medtronic said in its Q1 FY2027 earnings release (Sep 1, 2026) that it expects FY2027 organic revenue growth of 7.25% to 7.75%, up from the 6.75% to 7.25% it gave on Jun 3, 2026, and non-GAAP diluted EPS of $5.94 to $6.00. The outlook includes the 53rd week and assumed Diabetes for all 12 months; Medtronic had filed no updated outlook after the Oct 15, 2026 split-off by Nov 7, 2026.
Pulsed field ablation (heart rhythm)
WorkingCardiac Ablation Solutions up 88% organic in Q1 FY2027
Medtronic said Cardiac Ablation Solutions grew 88% on an organic basis in Q1 FY2027. Electrophysiology Therapies sales were $2.2 billion in the quarter, up 29.5%, which includes the 14th week.
Status: Working, on track against what the company said.
Renal denervation (Symplicity Spyral)
EarlyMedicare coverage finalized Oct 2025
The Centers for Medicare and Medicaid Services finalized a national coverage decision for renal denervation, a high blood pressure procedure, in October 2025.
Status: Early, too early to judge.
Neuroscience
WorkingUp 10.3% in Q1 FY2027 (9.3% organic)
Neuroscience sales were $2.7 billion in Q1 FY2027. Segment sales rose every year from $8.8 billion in FY2022 to $10.3 billion in FY2026.
Status: Working, on track against what the company said.
Medical Surgical and the Hugo robot
Mixed$8.8B in FY2026 vs $8.5B in FY2022
Medical Surgical sales rose 10.0% in Q1 FY2027 to $2.3 billion, including the 14th week. They fell to $8.0 billion in FY2023 and were flat in FY2025.
Status: Mixed, partly on track.
Acquisitions
New$19M acquired revenue in Q1 FY2027
Medtronic bought CathWorks in April 2026 ($525 million, including $115 million contingent), Scientia Vascular in June and SPR Therapeutics in July. It agreed in September 2026 to invest about $700 million in Cornerstone Robotics, with distribution rights.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
- Q1 fiscal 2027 earnings release (8-K Ex. 99.1)
- Q4 and fiscal 2026 earnings release (8-K Ex. 99.1)
- EDGAR submissions record for Medtronic plc (CIK 0001613103)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- Form 10-K for fiscal 2024 (year ended Apr 26, 2024)
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
16The company's own measures (non-GAAP)
16The company's own measures · FY2025, FY2026 and Q1 FY2027
What do Medtronic's own measures show?
Official (GAAP): Diluted EPS, FY2026
$3.73
Company's own measure: Non-GAAP diluted EPS, FY2026
$5.53
Medtronic leaves out amortization of intangibles ($1.12 a share), restructuring ($0.23), deal costs, litigation, minority-investment losses and certain tax items.
Official (GAAP): Net income, FY2026
$4.8B
Company's own measure: Non-GAAP net income, FY2026
$7.1B
Same exclusions; amortization alone was $1.8 billion before tax.
Official (GAAP): Operating profit, FY2026
$6.5B
Company's own measure: Non-GAAP operating profit, FY2026
$8.9B
Medtronic's non-GAAP operating margin was 24.4%, against a GAAP operating margin of 17.8%.
Official (GAAP): Reported net sales growth, FY2026
8.4%
Company's own measure: Organic revenue growth, FY2026
5.8%
Organic growth leaves out currency moves, "Other" revenue and significant acquisitions and divestitures.
Official (GAAP): Diluted EPS, FY2025
$3.61
Company's own measure: Non-GAAP diluted EPS, FY2025
$5.49
Same exclusions. Medtronic had guided $5.50 to $5.60 for FY2026 on May 21, 2025.
Official (GAAP): Diluted EPS, Q1 FY2027
$1.14
Company's own measure: Non-GAAP diluted EPS, Q1 FY2027
$1.45
Before tax, Medtronic left out amortization of $412 million, restructuring of $89 million and deal costs of $50 million, and a $64 million minority-investment gain.
Official (GAAP): Operating profit, Q1 FY2027
$1.8B
Company's own measure: Non-GAAP operating profit, Q1 FY2027
$2.3B
The quarter had 14 weeks; Medtronic estimates the extra week added about $570 million to Q1 organic revenue.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
17Financial strength and debt
17Financial strength · Jul 31, 2026
How much debt does Medtronic have?
- Total debt$28.2B
- Cash and investments$8.8B
- Net debt (debt minus cash)$19.3B
- Net worth (shareholders' money)$50.2B
- Debt to equity
- 0.56×
- $ of debt for every $1 of shareholders' money
- Net debt is total debt of $28.2 billion minus $1.7 billion of cash and $7.1 billion of current investments (Cityfort calculation from the Q1 FY2027 10-Q). It was $18.7 billion at Apr 24, 2026 (Cityfort calculation from the FY2026 10-K).
- Medtronic had $450 million of commercial paper outstanding under $3.5 billion of programs at Jul 31, 2026, and a $3.5 billion credit facility running to December 2030.
- Goodwill and other intangible assets were $52.7 billion, or 56.7% of total assets of $93.0 billion at Apr 24, 2026 (Cityfort calculation from the FY2026 10-K), mostly from past acquisitions such as Covidien.
18Who owns it
18Who owns it · ownership as of Aug 5, 2026
Who owns Medtronic?
- Officers and directors (as a group), shares
- 0.3%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Medtronic's insiders report trading?
Medtronic's insiders made 52 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 18 sales (151,718 shares) in the open market or privately (codes P and S).
3 of the 18 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 64 other share transactions (F: 29, A: 22, M: 9, G: 3, J: 1).
They also report 28 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- G
- a bona fide gift
- J
- another acquisition or disposition, described in a footnote
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 82 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Medtronic's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (7)
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
- Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
- 2026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting
- Schedule 13G/A filed Mar 27, 2026 by The Vanguard Group
- Schedule 13G filed Apr 28, 2026 by Vanguard Capital Management
19What it does with profit
19What it does with profit
What does Medtronic do with its profit?
Dividend per share
$2.84FY2026
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Apr 26, 2024
Paid $2.1 billion for share repurchases in FY2024. The board authorized a $5.0 billion program in March 2024.
$2.1B
Buyback · Apr 25, 2025
Paid $3.2 billion for share repurchases in FY2025, buying 38 million shares at an average of $83.36.
$3.2B
Buyback · Apr 24, 2026
Paid $1.0 billion for share repurchases in FY2026, buying 10 million shares at an average of $93.25; about $1.2 billion of the authorization remained.
$1.0B
Buyback · Jul 31, 2026
Paid $267 million for share repurchases in Q1 FY2027, buying 3 million shares at an average of $81.56.
$267M
Money raised · Mar 9, 2026
Medtronic's Diabetes business, MiniMed, sold 28.0 million new shares at $20.00 in its IPO, raising $538 million net. Medtronic kept about 90% until the October 2026 exchange offer.
$538M
20Governance signals
20Governance signals
What do Medtronic's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Medtronic owned about 90% of MiniMed from its Mar 9, 2026 IPO until the Oct 2026 exchange offer, and provides MiniMed with services under transition agreements of up to 24 months. The 2026 proxy statement says the insider trading policy bars directors and named executive officers from hedging Medtronic shares, and named executive officers from using them as collateral for a loan.
- Credit rating
- S&P Global Ratings and Moody's, as stated in Medtronic's Q1 FY2027 10-Q A long-term and A-1 short-term (S&P); A3 long-term and P-2 short-term (Moody's), unchanged since at least Apr 25, 2025 (Not stated in the filing), Jul 31, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · Sep 3, 2026
Applied Medical antitrust verdict
On Feb 5, 2026 a jury awarded Applied Medical $382 million, automatically trebled, in an antitrust case over Medtronic's advanced bipolar devices and hospital group purchasing contracts. Medtronic plans to appeal. It has not accrued a loss, saying one is reasonably possible but cannot be estimated.
other · Sep 3, 2026
Hernia mesh lawsuits
About 10,500 plaintiffs had hernia mesh claims against Medtronic at Aug 5, 2026. Medtronic recorded litigation charges in FY2026 and holds an accrual for them.
other · Sep 3, 2026
US tax dispute over Puerto Rico income
Medtronic, Inc. is disputing how income from its Puerto Rico operations was allocated for FY2005 and FY2006. An appeals court sent the case back to the US Tax Court in September 2025, and the parties asked for a stay to discuss a resolution.
other
What the auditor flagged
PwC's critical audit matter for FY2026 was the income tax reserve for the Puerto Rico uncertain tax position. PwC gave an unqualified opinion, and shareholders ratified it for FY2027 on Oct 15, 2026.
other · Apr 27, 2026
Unauthorized access to IT systems
On Apr 24, 2026 Medtronic disclosed unauthorized access to its corporate IT systems. It said it did not expect a material impact.
other · Aug 19, 2025
Board changes after talks with Elliott
On Aug 19, 2025 Medtronic added two directors and formed Growth and Operating committees of the board after talks with Elliott Investment Management, which said in the release that it had become one of Medtronic's largest investors. Elliott's stake size is not disclosed.
other · Oct 19, 2026
Chairman and CEO are one person
Geoffrey Martha holds both roles. At the Oct 15, 2026 annual meeting, 12 directors were elected, and the say-on-pay vote received 936.3 million votes for and 62.5 million against.
other
Irish company
Medtronic plc is incorporated in Ireland, so Irish law governs shareholder rights, and its 10-K names Irish stamp duty and Irish dividend withholding tax as risks for shareholders.
Sources (7)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
- 2026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting
- Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
- 8-K filed Apr 27, 2026: unauthorized access to corporate IT systems
- 8-K filed Aug 19, 2025, Ex. 99.2: board appointments, Growth and Operating committees, Elliott engagement
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for Medtronic on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Medtronic closed at $104.84, from Nasdaq's historical price table; Medtronic's shares are listed on the NYSE. The market value of about $134.1 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q1 FY2027 10-Q) uses the 1,279.1 million shares on the 10-Q cover (Aug 28, 2026). Medtronic took back 55.0 million shares in the MiniMed exchange offer that settled on Oct 15, 2026 (final results announced Oct 14) and has filed no newer share count. P/E is price ÷ earnings per share: 28.1 on FY2026 diluted EPS of $3.73 (Cityfort calculation from the Nov 5, 2026 closing price and the FY2026 10-K).
- Share price
- $104.84
- Market value (market cap)
- $134.1B
- P/E
- 28.1×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
3.6×
$134.1B market value ÷ $37.5B revenue (four quarters to Jul 31, 2026) = 3.6×
Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 to Q1 FY2027 10-Qs and earnings releases. Source: MDT historical prices, Oct 29 to Nov 5, 2026; Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026); Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer and 7 more
How price ratios workDividend yield
2.71%
$2.84 dividends per share (FY2026) ÷ $104.84 share price = 2.71%
Cityfort calculation from the FY2026 10-K and the Nov 5, 2026 closing price. Source: MDT historical prices, Oct 29 to Nov 5, 2026; Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026); Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer and 2 more
What dividend yield meansFree cash flow yield
4.0%
$5.4B free cash flow (FY2026) ÷ $134.1B market value = 4.0%
Cityfort calculation from the FY2026 10-K and the Nov 5, 2026 closing price. Source: MDT historical prices, Oct 29 to Nov 5, 2026; Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026); Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer and 2 more
What free cash flow means
Shares used for the market value: 1,279.14 million ($104.84 × 1,279.14 million shares ≈ $134.1B). Source: Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026); Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer; Form 10-K for fiscal 2026 (year ended Apr 24, 2026) and 1 more
Source: MDT historical prices, Oct 29 to Nov 5, 2026; Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026); Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer and 2 more
Sources (10)
- MDT historical prices, Oct 29 to Nov 5, 2026
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
- Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
- Q2 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q1 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q3 fiscal 2026 earnings release (8-K Ex. 99.1)
- Q4 and fiscal 2026 earnings release (8-K Ex. 99.1)
- Q1 fiscal 2027 earnings release (8-K Ex. 99.1)
22How it got here
22How it got here
How did Medtronic get here?
1949
Milestone
Founded in 1949
Medtronic was founded in 1949. Its main operational offices are in the Minneapolis, Minnesota area.
2015
Business-model change
Covidien deal and an Irish parent
Medtronic combined with Covidien in January 2015, and Medtronic plc, an Irish company, became the parent.
2021
Crisis
HVAD heart pump withdrawn
Medtronic stopped the distribution and sale of its HVAD heart pump in June 2021.
2024
Milestone
Pulsed field ablation approval
The FDA approved the Affera mapping system and Sphere-9 catheter in late October 2024.
2025
Business-model change
Plan to separate Diabetes
On May 21, 2025 Medtronic said it would separate its Diabetes business within 18 months, through an IPO and then a split-off.
2025
Milestone
Board changes after Elliott talks
On Aug 19, 2025 Medtronic added two directors and formed Growth and Operating committees of the board.
2026
Crisis
Applied Medical verdict
On Feb 5, 2026 a jury awarded Applied Medical $382 million, automatically trebled, in an antitrust case. Medtronic plans to appeal.
2026
Business-model change
MiniMed IPO
MiniMed, the Diabetes business, completed its Nasdaq IPO on Mar 9, 2026, selling 28.0 million shares at $20.00. Medtronic kept about 90%.
2026
Crisis
IT systems breach
On Apr 24, 2026 Medtronic disclosed unauthorized access to its corporate IT systems.
2026
Business-model change
MiniMed split-off completed
Medtronic exchanged its 252,813,348 MiniMed shares for 55,032,401 of its own shares in the exchange offer that settled on Oct 15, 2026 (final results announced Oct 14), completing the separation.
Sources (8)
- Form 10-K for fiscal 2026 (year ended Apr 24, 2026)
- 2026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting
- 8-K filed May 21, 2025, Ex. 99.2: intent to separate the Diabetes business
- 8-K filed Aug 19, 2025, Ex. 99.2: board appointments, Growth and Operating committees, Elliott engagement
- Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026)
- 8-K filed Apr 27, 2026: unauthorized access to corporate IT systems
- Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer
- 8-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete
23Sources and changes
Where every number on this page comes from
Sources (23 documents)
- S1Form 10-K for fiscal 2026 (year ended Apr 24, 2026) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Jun 18, 2026
- S2Form 10-K for fiscal 2024 (year ended Apr 26, 2024) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Jun 20, 2024
- S3Form 10-Q for Q1 fiscal 2027 (quarter ended Jul 31, 2026) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2026
- S42026 proxy statement (DEF 14A) for the Oct 15, 2026 annual general meeting · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Aug 17, 2026
- S5Q1 fiscal 2027 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
- S6Q4 and fiscal 2026 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Jun 3, 2026
- S7Q3 fiscal 2026 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S8Q2 fiscal 2026 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Nov 18, 2025
- S9Q1 fiscal 2026 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2025
- S10Q4 and fiscal 2025 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2025
- S11Q3 fiscal 2025 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2025
- S12Q2 fiscal 2025 earnings release (8-K Ex. 99.1) · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2024
- S13Form 10-K for fiscal 2022 (year ended Apr 29, 2022), XBRL data · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Jun 23, 2022
- S148-K filed May 21, 2025, Ex. 99.2: intent to separate the Diabetes business · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2025
- S158-K filed Aug 19, 2025, Ex. 99.2: board appointments, Growth and Operating committees, Elliott engagement · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2025
- S168-K filed Mar 24, 2026: MiniMed Flex FDA clearance, $157M charge, FY26 EPS guidance revision · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2026
- S178-K filed Apr 27, 2026: unauthorized access to corporate IT systems · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
- S19Form 425 filed Oct 14, 2026: final results of the MiniMed exchange offer · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2026
- S208-K filed Oct 19, 2026: AGM results, President appointment, MiniMed separation complete · Medtronic plc (SEC EDGAR) · Tier 1: company or exchange filing · Oct 19, 2026
- S21Schedule 13G filed Apr 28, 2026 by Vanguard Capital Management · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S22Schedule 13G/A filed Mar 27, 2026 by The Vanguard Group · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S23MDT historical prices, Oct 29 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S25EDGAR submissions record for Medtronic plc (CIK 0001613103) · SEC EDGAR · Tier 1: company or exchange filing · Nov 7, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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