Medtronic plc

MDT 10-K · FY 2025

MDT FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 33,537 32,364 +3.6%
Show Business Segments breakouts
All Other Segments · International 70 131 -46.6%
All Other Segments · Operating Segments 137 221 -38.0%
All Other Segments · US 68 91 -25.3%
Cardiovascular 12,481 11,831 +5.5%
Cardiovascular · Cardiac Rhythm & Heart Failure 6,392 5,995 +6.6%
Cardiovascular · Coronary & Peripheral Vascular 2,535 2,478 +2.3%
Cardiovascular · International 6,677 6,234 +7.1%
Cardiovascular · Operating Segments 12,481 11,831 +5.5%
Cardiovascular · Structural Heart & Aortic 3,554 3,358 +5.8%
Cardiovascular · US 5,804 5,597 +3.7%
Diabetes 2,755 2,488 +10.7%
Diabetes · International 1,832 1,636 +12.0%
Diabetes · Operating Segments 2,755 2,488 +10.7%
Diabetes · US 923 852 +8.3%
Medical Surgical 8,407 8,417 -0.1%
Medical Surgical · Acute Care & Monitoring 1,909 1,908 +0.1%
Medical Surgical · International 4,744 4,700 +0.9%
Medical Surgical · Operating Segments 8,407 8,417 -0.1%
Medical Surgical · Surgical & Endoscopy 6,498 6,508 -0.2%
Medical Surgical · US 3,664 3,717 -1.4%
Neuroscience 9,846 9,406 +4.7%
Neuroscience · Cranial & Spinal Technologies 4,973 4,756 +4.6%
Neuroscience · International 3,133 3,101 +1.0%
Neuroscience · Neuromodulation 1,932 1,746 +10.7%
Neuroscience · Operating Segments 9,846 9,406 +4.7%
Neuroscience · Specialty Therapies 2,940 2,905 +1.2%
Neuroscience · US 6,713 6,305 +6.5%
Other Segment · Operating Segments 137 221 -38.0%
Reportable segment net sales · International 16,386 15,671 +4.6%
Reportable segment net sales · Operating Segments 33,489 32,142 +4.2%
Reportable segment net sales · US 17,104 16,471 +3.8%
Show Geography breakouts
IE 116 113 +2.7%
International 16,365 15,802 +3.6%
International · Consolidation Eliminations -90
Rest of world 16,250 15,689 +3.6%
Total other countries, excluding Ireland 33,421 32,251 +3.6%
US 17,171 16,562 +3.7%
Show Consolidation Items breakouts
Consolidation Eliminations -90
Operating Segments 33,489 32,142 +4.2%
Cost of Revenue 11,632 11,216 +3.7%
Show Business Segments breakouts
Cardiovascular · Operating Segments 3,967 3,731 +6.3%
Diabetes · Operating Segments 1,117 963 +16.0%
Medical Surgical · Operating Segments 3,142 3,057 +2.8%
Neuroscience · Operating Segments 2,762 2,634 +4.9%
Show Consolidation Items breakouts
Operating Segments 10,987 10,385 +5.8%
Research And Development Expense Excluding Acquired In Process Cost 2,732 2,735 -0.1%
Show Business Segments breakouts
Cardiovascular · Operating Segments 931 906 +2.8%
Diabetes · Operating Segments 400 402 -0.5%
Medical Surgical · Operating Segments 606 587 +3.2%
Neuroscience · Operating Segments 542 556 -2.5%
Show Consolidation Items breakouts
Operating Segments 2,478 2,452 +1.1%
Selling, General & Administrative 10,849 10,736 +1.1%
Show Product Lines breakouts
Shipping And Handling 322 341 -5.6%
Show Business Segments breakouts
Cardiovascular · Operating Segments 2,824 2,748 +2.8%
Diabetes · Operating Segments 791 778 +1.7%
Medical Surgical · Operating Segments 1,600 1,594 +0.4%
Neuroscience · Operating Segments 2,327 2,245 +3.7%
Show Consolidation Items breakouts
Operating Segments 7,541 7,365 +2.4%
Amortization Of Intangible Assets 1,807 1,693 +6.7%
Show Consolidation Items breakouts
Material Reconciling Items 1,807 1,693 +6.7%
Restructuring Charges Net Of Restructuring Reversals Including Cost Of Product Sold Impact 267 226 +18.1%
Loss Contingency Accrual Carrying Value Period Increase Decrease 317 149 +112.8%
Other Operating Income Expense Net -23 464 -105.0%
Operating Income 5,955 5,144 +15.8%
Show Business Segments breakouts
Cardiovascular · Operating Segments 4,801 4,474 +7.3%
Diabetes · Operating Segments 491 394 +24.6%
Medical Surgical · Operating Segments 3,042 3,170 -4.0%
Neuroscience · Operating Segments 4,183 3,940 +6.2%
Other Segment · Operating Segments 49 10 +390.0%
Show Consolidation Items breakouts
Operating Segments 12,518 11,979 +4.5%
Other Non-Operating Income (Expense) -402 -412 +2.4%
Show Consolidation Items breakouts
Material Reconciling Items -402 -412 +2.4%
Interest Expense 729 719 +1.4%
Income Before Taxes 5,628 4,837 +16.4%
Income Tax Expense (Benefit) 936 1,133 -17.4%
Net Income 4,691 3,705 +26.6%
Show Equity Components breakouts
Noncontrolling Interest 29 28 +3.6%
Parent 4,662 3,676 +26.8%
Retained Earnings 4,662 3,676 +26.8%
Net Income Loss Attributable To Noncontrolling Interest -29 -28 -3.6%
Net Income 4,662 3,676 +26.8%
EPS (Basic) 3.63 2.77 +31.0%
EPS (Diluted) 3.61 2.76 +30.8%
Wtd Avg Shares (Basic) 1,285.6 1,327.7 -3.2%
Wtd Avg Shares (Diluted) 1,289.9 1,330.2 -3.0%
Comprehensive Income 3,696 3,856 -4.1%
Interest Income Expense Net 511 597 -14.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 2,218 1,284 +72.7%
Short-Term Investments 6,747 6,721 +0.4%
Accounts Receivable 6,515 6,128 +6.3%
Inventory 5,476 5,217 +5.0%
Other Assets Current 2,858 2,584 +10.6%
Total Current Assets 23,814 21,935 +8.6%
Non-Current Assets
Property, Plant & Equipment 6,837 6,131 +11.5%
Show Geography breakouts
IE 291 252 +15.5%
Rest of world 1,414 1,286 +10.0%
Total other countries, excluding Ireland 6,547 5,879 +11.4%
US 5,133 4,593 +11.8%
Goodwill 41,737 40,986 +1.8%
Show Business Segments breakouts
Cardiovascular 8,017 7,966 +0.6%
Diabetes 2,255 2,255 0.0%
Medical Surgical 19,748 19,121 +3.3%
Neuroscience 11,716 11,644 +0.6%
Show Business Acquisition breakouts
Series Of Individually Immaterial Business Acquisitions 108 131 -17.6%
Deferred Tax Assets 4,040 3,657 +10.5%
Other Non-Current Assets 3,584 4,047 -11.4%
Total Assets 91,680 89,981 +1.9%
Show Business Segments breakouts
All Other Segments · Operating Segments 296 547 -45.9%
Cardiovascular · Operating Segments 16,548 16,128 +2.6%
Diabetes · Operating Segments 4,136 3,996 +3.5%
Medical Surgical · Operating Segments 33,317 33,586 -0.8%
Neuroscience · Operating Segments 18,476 18,270 +1.1%
Show Consolidation Items breakouts
Corporate Non Segment 18,906 17,455 +8.3%
Operating Segments 72,476 71,980 +0.7%
Operating Lease Right-of-Use Assets 1,100 1,012 +8.7%
Other Assets
Intangible Assets Net Excluding Goodwill 11,667 13,225 -11.8%
Current Liabilities
Debt Current 2,874 1,092 +163.2%
Accounts Payable 2,449 2,410 +1.6%
Deferred Compensation Liability Current 2,514 2,375 +5.9%
Accrued Income Taxes Current 1,358 1,330 +2.1%
Other Liabilities Current 3,683 3,582 +2.8%
Total Current Liabilities 12,879 10,789 +19.4%
Current Portion of Long-Term Debt (Q)
Show Debt Instrument breakouts
0.000 percent five-year 2020 senior notes · Senior Notes 1,142
0.250 percent six-year 2019 senior notes · Senior Notes 1,142
2.625 percent three-year 2022 senior notes · Senior Notes 571
Non-Current Liabilities
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 1,158 1,101 +5.2%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit · Foreign Plan 289 235 +23.0%
Pension Plans Defined Benefit · US 221 230 -3.9%
Accrued Income Taxes Noncurrent 1,574 1,859 -15.3%
Deferred Tax Liabilities 403 515 -21.7%
Other Non-Current Liabilities 1,769 1,365 +29.6%
Total Liabilities 43,424 39,561 +9.8%
Long-Term Debt (Q)
Show Debt Instrument breakouts
0.375 percent eight-year 2020 senior notes · Senior Notes 1,142 1,070 +6.7%
0.750 percent twelve-year 2020 senior notes · Senior Notes 1,142 1,070 +6.7%
1.000 percent twelve-year 2019 senior notes · Senior Notes 1,142 1,070 +6.7%
1.125 percent eight-year 2019 senior notes · Senior Notes 1,714 1,606 +6.7%
1.375 percent twenty-year 2020 senior notes · Senior Notes 1,142 1,070 +6.7%
1.500 percent twenty-year 2019 senior notes · Senior Notes 1,142 1,070 +6.7%
1.625 percent thirty-year 2020 senior notes · Senior Notes 1,142 1,070 +6.7%
1.625 percent twelve-year 2019 senior notes · Senior Notes 1,142 1,070 +6.7%
1.750 percent thirty-year 2019 senior notes · Senior Notes 1,142 1,070 +6.7%
2.250 percent twenty-year 2019 senior notes · Senior Notes 1,142 1,070 +6.7%
3.000 percent six-year 2022 senior notes · Senior Notes 1,142 1,070 +6.7%
3.125 percent nine-year 2022 senior notes · Senior Notes 1,142 1,070 +6.7%
3.375 percent twelve-year 2022 senior notes · Senior Notes 1,142 1,070 +6.7%
3.650 percent five-year 2024 senior notes · Senior Notes 971
3.875 percent twelve-year 2024 senior notes · Senior Notes 971
4.000 percent thirty-year 2013 senior notes · Senior Notes 305 305 0.0%
4.150 percent nineteen-year 2024 senior notes · Senior Notes 685
4.150 percent twenty-nine-year 2024 senior notes · Senior Notes 800
4.250 percent five-year 2023 senior notes · Senior Notes 1,000 1,000 0.0%
4.375 percent twenty-year 2015 senior notes · Senior Notes 1,932 1,932 0.0%
4.500 percent ten-year 2023 senior notes · Senior Notes 1,000 1,000 0.0%
4.500 percent thirty-year 2012 senior notes · Senior Notes 105 105 0.0%
4.625 percent thirty-year 2014 senior notes · Senior Notes 127 127 0.0%
4.625 percent thirty-year 2015 senior notes · Senior Notes 1,813 1,813 0.0%
5.550 percent thirty-year 2010 senior notes · Senior Notes 224 224 0.0%
6.500 percent thirty-year 2009 senior notes · Senior Notes 158 158 0.0%
6.550 percent thirty-year 2007 CIFSA senior notes · Senior Notes 253 253 0.0%
Operating Lease Liabilities 918 840 +9.3%
Other Liabilities
Long Term Debt And Capital Lease Obligations 25,642 23,932 +7.1%
Stockholders' Equity
Additional Paid-In Capital 20,833 23,129 -9.9%
Retained Earnings 31,476 30,403 +3.5%
Accumulated Other Comprehensive Income -4,284 -3,318 -29.1%
Total Stockholders' Equity 48,024 50,214 -4.4%
Minority Interest 232 206 +12.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 48,256 50,420 -4.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -640 -529 -21.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -149 229 -165.1%
Accumulated Net Unrealized Investment Gain Loss -63 -212 +70.3%
Accumulated Other Comprehensive Income -4,284 -3,318 -29.1%
Accumulated Translation Adjustment -2,835 -3,686 +23.1%
Additional Paid In Capital 20,833 23,129 -9.9%
Aoci Derivative Qualifying As Hedge Excluded Component Parent -597 878 -168.0%
Noncontrolling Interest 232 206 +12.6%
Parent 48,024 50,214 -4.4%
Retained Earnings 31,476 30,403 +3.5%
Total Liabilities & Equity 91,680 89,981 +1.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 2,861 2,647 +8.1%
Provision For Doubtful Accounts 123 90 +36.7%
Deferred Income Taxes And Tax Credits -316 -508 +37.8%
Stock-Based Compensation 429 393 +9.2%
Show Consolidation Items breakouts
Material Reconciling Items 429 393 +9.2%
Other Non-Cash Items 310 573 -45.9%
Increase Decrease In Accounts And Notes Receivable -433 -391 -10.7%
Change in Inventory -292 -139 -110.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 209 391 -46.5%
Increase Decrease In Other Operating Capital Net -538 -345 -55.9%
Net Cash from Operations 7,044 6,787 +3.8%
Deferred Income Taxes -339 -528 +35.8%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -98 -211 +53.6%
Capital Expenditures -1,859 -1,587 -17.1%
Payments To Acquire Investments -8,226 -7,748 -6.2%
Proceeds From Sale Maturity And Collections Of Investments 8,495 7,441 +14.2%
Other Investing Activities -249 -261 +4.6%
Net Cash from Investing -1,937 -2,366 +18.1%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -1,070 1,073 -199.7%
Proceeds From Issuance Of Long Term Debt 3,209
Payments Of Dividends Common Stock -3,589 -3,666 +2.1%
Proceeds From Issuance Or Sale Of Equity 508 284 +78.9%
Share Repurchases -3,235 -2,138 -51.3%
Proceeds From Payments For Other Financing Activities -184 -3 -6033.3%
Net Cash from Financing -4,361 -4,450 +2.0%
Supplemental
Income Taxes Paid 1,819 1,622 +12.1%
Interest Paid 762 826 -7.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 188 -230 +181.7%
Net Change in Cash 934 -259 +460.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,218 1,284 +72.7%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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