$MDT

Medtronic plc

CIK:0001613103|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Income Statement [Abstract]
Net sales	$ 9,756	$ 8,578
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	3,416	3,001
Research and development expense	771	726
Selling, general, and administrative expense	3,198	2,806
Amortization of intangible assets	412	459
Restructuring charges, net	72	45
Certain litigation charges, net	0	27
Other operating expense (income), net	123	70
Operating profit	1,764	1,445
Other non-operating expense (income), net	(190)	(33)
Interest expense, net	186	176
Income before income taxes	1,769	1,302
Income tax provision	289	255
Net income	1,479	1,047
Net income attributable to noncontrolling interests	(9)	(7)
Net income attributable to Medtronic	$ 1,470	$ 1,040
Basic earnings per share (in dollars per share)	$ 1.15	$ 0.81
Diluted earnings per share (in dollars per share)	$ 1.14	$ 0.81
Basic weighted average shares outstanding (in shares)	1,279.8	1,281.6
Diluted weighted average shares outstanding (in shares)	1,285.1	1,287.1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Operating Activities:
Net income	$ 1,479	$ 1,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	729	748
Provision for credit losses	25	28
Deferred income taxes	127	167
Stock-based compensation	125	86
Other, net	(29)	159
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	224	288
Inventories	(240)	(373)
Accounts payable and accrued liabilities	(531)	(598)
Other operating assets and liabilities	(118)	(464)
Net cash provided by operating activities	1,793	1,088
Investing Activities:
Acquisitions, net of cash acquired	(1,162)	0
Additions to property, plant, and equipment	(503)	(504)
Purchases of investments	(2,190)	(2,100)
Sales and maturities of investments	2,209	2,010
Other investing activities, net	26	(125)
Net cash used in investing activities	(1,619)	(719)
Financing Activities:
Change in current debt obligations, net	812	649
Payments on long-term debt	0	(1,162)
Dividends to shareholders	(921)	(910)
Issuance of ordinary shares	20	95
Repurchase of ordinary shares	(267)	(123)
Other financing activities, net	13	70
Net cash used in financing activities	(343)	(1,381)
Effect of exchange rate changes on cash and cash equivalents	(89)	67
Net change in cash and cash equivalents	(258)	(945)
Cash and cash equivalents at beginning of period	1,949	2,218
Cash and cash equivalents at end of period	1,691	1,273
Cash paid for:
Income taxes	199	402
Interest	$ 83	$ 81

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 31, 2026	Apr. 24, 2026
Current assets:
Cash and cash equivalents	$ 1,691	$ 1,949
Investments	7,128	7,271
Accounts receivable, less allowances for credit losses of $203 and $190, respectively	6,357	6,643
Inventories	6,215	5,951
Other current assets	2,999	2,972
Total current assets	24,390	24,787
Property, plant, and equipment, net	7,473	7,417
Goodwill	43,187	42,587
Other intangible assets, net	10,238	10,146
Tax assets	3,703	3,943
Other assets	4,315	4,147
Total assets	93,306	93,028
Current liabilities:
Current debt obligations	2,536	1,788
Accounts payable	2,695	2,644
Accrued compensation	1,906	2,678
Accrued income taxes	1,056	914
Other accrued expenses	3,606	3,634
Total current liabilities	11,799	11,658
Long-term debt	25,617	26,173
Accrued compensation and retirement benefits	1,167	1,193
Accrued income taxes	1,522	1,515
Deferred tax liabilities	349	362
Other liabilities	2,001	2,055
Total liabilities	42,456	42,956
Commitments and contingencies (Note 16)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,280,046,863 and 1,280,177,293 shares issued and outstanding, respectively	0	0
Additional paid-in capital	20,805	20,926
Retained earnings	33,187	32,638
Accumulated other comprehensive loss	(3,759)	(4,101)
Total shareholders’ equity	50,232	49,463
Noncontrolling interests	618	609
Total equity	50,850	50,072
Total liabilities and equity	$ 93,306	$ 93,028