Medtronic plc

Listed Company

MDTCIK 0001613103NYSELarge AcceleratedElectromedical & Electrotherapeutic ApparatusFY ends Apr 24

Period

FY 2025

Revenue

$33.54B

Net Income

$4.66B

Total Assets

$91.68B

Equity

$48.02B

Shares Out

1.28B

Op. Cash Flow

$7.04B

Business

Medtronic plc develops, manufactures, and markets a broad range of device-based medical therapies and digital health solutions for healthcare systems, physicians, clinicians, and patients. It offers implantable cardiac devices, structural heart and aortic systems, coronary and peripheral vascular products, neurosurgical and spinal implants, neurovascular, ENT and pelvic health therapies, surgical and endoscopy tools, acute care and monitoring equipment, and diabetes insulin pumps and continuous glucose monitoring systems, plus related software and services. The company operates four reportable segments: the Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and the Diabetes Operating Unit. Medtronic sells globally in more than 150 countries through direct sales forces, independent distributors, consignment inventory at hospitals, and channels focused on physician specialties, with major markets including the U.S., Western Europe, China, and Japan.

Summary from filing dated 2025-06-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Net sales	33,537	32,364	31,227	31,686	30,117
Cost of products sold, excluding amortization of intangible assets	11,632	11,216	10,719	10,145	10,483
Research and development expense	2,732	2,735	2,696	2,746	2,493
Selling, general, and administrative expense	10,849	10,736	10,415	10,292	10,148
Amortization of intangible assets	1,800	1,700	1,700	1,700	1,800
Restructuring charges, net	267	226	375	60	293
Certain litigation charges, net	317	149	−30	—	—
Other operating (income) expense, net	−23	464	−131	862	315
Operating profit	5,955	5,144	5,485	5,752	4,484
Other non-operating income, net	−402	−412	−515	−318	−336
Interest expense, net	729	719	636	—	—
Income before income taxes	5,628	4,837	5,364	5,517	3,895
Income tax provision	936	1,133	1,580	456	265
Net income	4,691	3,705	3,784	5,062	3,630
Net income attributable to noncontrolling interests	−29	−28	−26	−22	−24
Net income attributable to Medtronic	4,662	3,676	3,758	5,039	3,606
Basic earnings per share (in dollars per share)	3.63	2.77	2.83	3.75	2.68
Diluted earnings per share (in dollars per share)	3.61	2.76	2.82	3.73	2.66
Basic weighted average shares outstanding (in shares)	1,286	1,328	1,330	1,342	1,345
Diluted weighted average shares outstanding (in shares)	1,290	1,330	1,333	1,351	1,354

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	2,218	1,284	1,543	3,714	3,593
Investments	6,747	6,721	6,416	6,859	7,224
Accounts receivable, less allowances and credit losses of $199 and $173, respectively	6,515	6,128	5,998	5,551	5,462
Inventories	5,476	5,217	5,293	4,616	4,313
Other current assets	2,858	2,584	2,425	2,318	1,955
Total current assets	23,814	21,935	21,675	23,059	22,548
Property, plant, and equipment, net	6,837	6,131	5,569	—	5,221
Goodwill	41,737	40,986	41,425	40,502	41,961
Other intangible assets, net	11,667	13,225	14,844	15,595	17,740
Tax assets	4,040	3,657	3,477	3,403	3,169
Other assets	3,584	4,047	3,959	3,008	2,443
Total assets	91,680	89,981	90,948	90,981	93,083
Current debt obligations	2,874	1,092	20	3,742	11
Accounts payable	2,449	2,410	2,662	2,276	2,106
Accrued compensation	2,514	2,375	1,949	2,121	2,482
Accrued income taxes	1,358	1,330	840	704	435
Other accrued expenses	3,683	3,582	3,581	3,551	3,475
Total current liabilities	12,879	10,789	9,051	12,394	8,509
Long-term debt	25,642	23,932	24,344	20,372	26,378
Accrued compensation and retirement benefits	1,158	1,101	1,093	1,113	1,557
Accrued income taxes	1,574	1,859	2,360	2,087	2,251
Deferred tax liabilities	403	515	708	884	1,028
Other liabilities	1,769	1,365	1,727	1,410	1,756
Total liabilities	43,424	39,561	39,283	38,260	41,481
Commitments and contingencies (Notes 3, 16, and 18)	—	—	—	—	—
Ordinary shares par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and 1,311,337,531 shares issued and outstanding, respectively	0	0	0	0	0
Additional paid-in capital	20,833	23,129	24,590	24,566	26,319
Retained earnings	31,476	30,403	30,392	30,250	28,594
Accumulated other comprehensive loss	−4,284	−3,318	−3,499	−2,265	−3,485
Total shareholders equity	48,024	50,214	51,483	52,551	51,428
Noncontrolling interests	232	206	182	171	174
Total equity	48,256	50,420	51,665	52,722	51,602
Total liabilities and equity	91,680	89,981	90,948	90,981	93,083

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Depreciation and amortization	2,861	2,647	2,697	2,707	2,702
Provision for credit losses	123	90	73	58	128
Deferred income taxes	−316	−508	−226	−604	−422
Stock-based compensation	429	393	355	359	344
Loss on debt extinguishment	0	0	53	0	308
Asset impairments and related inventory write-downs	0	371	0	515	0
Other, net	310	573	270	138	251
Accounts receivable, net	−433	−391	−576	−477	−761
Inventories	−292	−139	−939	−560	78
Accounts payable and accrued liabilities	209	391	696	213	531
Other operating assets and liabilities	−538	−345	−148	−65	−549
Net cash provided by operating activities	7,044	6,787	6,039	7,346	6,240
Acquisitions, net of cash acquired	−98	−211	−1,867	−91	−994
Additions to property, plant, and equipment	−1,859	−1,587	−1,459	−1,368	−1,355
Purchases of investments	−8,226	−7,748	−7,514	−9,882	−11,808
Sales and maturities of investments	8,495	7,441	7,343	9,692	11,345
Other investing activities, net	−249	−261	4	−10	−54
Net cash used in investing activities	−1,937	−2,366	−3,493	−1,659	−2,866
Change in current debt obligations, net	−1,070	1,073	0	0	−311
Proceeds from short-term borrowings (maturities greater than 90 days)	0	0	2,284	0	2,789
Repayments from short-term borrowings (maturities greater than 90 days)	0	0	−2,279	0	−2,853
Issuance of long-term debt	3,209	0	5,409	0	7,172
Payments on long-term debt	0	0	−6,012	−1	−7,367
Dividends to shareholders	−3,589	−3,666	−3,616	−3,383	−3,120
Issuance of ordinary shares	508	284	308	429	474
Repurchase of ordinary shares	−3,235	−2,138	−645	−2,544	−652
Other financing activities	−184	−3	−409	163	−268
Net cash used in financing activities	−4,361	−4,450	−4,960	−5,336	−4,136
Effect of exchange rate changes on cash and cash equivalents	188	−230	243	−231	215
Net change in cash and cash equivalents	934	−259	−2,171	121	−547
Income taxes	1,819	1,622	1,548	996	1,250
Interest	762	826	606	540	582

Filings

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