Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients in the United States, Ireland, and internationally. The Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves, surgical valve replacement and repair products, endovascular stent grafts and accessories, and transcatheter pulmonary valves, and percutaneous coronary intervention products, percutaneous angioplasty balloons, and other products. The Neuroscience Portfolio segment offers medical devices and implants, biologic solutions, spinal cord stimulation and brain modulation systems, implantable drug infusion systems, and interventional products, as well as nerve ablation system under the Accurian name. The segment offers its products for spinal surgeons, neurosurgeons, neurologists, pain management specialists, anesthesiologists, orthopedic surgeons, urologists, urogynecologists, and interventional radiologists, as well as ear, nose, and throat specialists, and energy surgical instruments. The Medical Surgical Portfolio segment offers surgical stapling devices, vessel sealing instruments, wound closure and electrosurgery products, AI-powered surgical video and analytics platform, robotic-assisted surgery products, hernia mechanical devices, mesh implants, gynecology products, gastrointestinal and hepatologic diagnostics and therapies, and therapies to treat diseases and conditions, and patient monitoring and airway management products. The Diabetes Operating Unit segment provides insulin pumps and consumables, continuous glucose monitoring systems and sensors, and InPen, a smart insulin pen. Medtronic plc was founded in 1949 and is headquartered in Galway, Ireland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $33.5B | $9.2B | $4.7B | $5.2B | 9.7% | 3.6% | 26.8% |
| 2024 | $32.4B | $8.2B | $3.7B | $5.2B | 7.3% | 3.6% | -2.2% |
| 2023 | $31.2B | $8.7B | $3.8B | $4.6B | 7.3% | -1.4% | -25.4% |
| 2022 | $31.7B | $8.8B | $5.0B | $6.0B | 9.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 31,686 | 31,227 | 32,364 | 33,537 |
| Operating Revenue | 31,686 | 31,227 | 32,364 | 33,537 |
| Cost Of Revenue | 10,145 | 10,719 | 11,216 | 11,632 |
| Gross Profit | 21,541 | 20,508 | 21,148 | 21,905 |
| Operating Expense | 15,633 | 14,678 | 15,628 | 15,365 |
| Research And Development | 2,746 | 2,696 | 2,735 | 2,732 |
| Selling General And Administration | 10,292 | 10,415 | 10,736 | 10,849 |
| Total Expenses | 25,778 | 25,397 | 26,844 | 26,997 |
| Operating Income | 5,908 | 5,830 | 5,520 | 6,540 |
| Total Operating Income As Reported | 5,752 | 5,485 | 5,144 | 5,955 |
| EBITDA | 8,777 | 8,697 | 8,203 | 9,218 |
| Normalized EBITDA | 8,932 | 9,042 | 8,578 | 9,802 |
| EBIT | 6,070 | 6,000 | 5,556 | 6,357 |
| Interest Expense | 553 | 636 | 719 | 729 |
| Net Interest Income | -553 | -636 | -719 | -729 |
| Other Non Operating Income Expenses | 318 | 515 | 412 | 402 |
| Other Income Expense | 163 | 170 | 37 | -182 |
| Interest Expense Non Operating | 553 | 636 | 719 | 729 |
| Net Non Operating Interest Income Expense | -553 | -636 | -719 | -729 |
| Pretax Income | 5,517 | 5,364 | 4,837 | 5,628 |
| Tax Provision | 456 | 1,580 | 1,133 | 936 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -12.86 | -101.78 | -87.75 | -96.94 |
| Net Income Continuous Operations | 5,062 | 3,784 | 3,705 | 4,691 |
| Net Income From Continuing And Discontinued Operation | 5,039 | 3,758 | 3,676 | 4,662 |
| Net Income From Continuing Operation Net Minority Interest | 5,039 | 3,758 | 3,676 | 4,662 |
| Net Income | 5,039 | 3,758 | 3,676 | 4,662 |
| Net Income Common Stockholders | 5,039 | 3,758 | 3,676 | 4,662 |
| Net Income Including Noncontrolling Interests | 5,062 | 3,784 | 3,705 | 4,691 |
| Normalized Income | 5,181.14 | 4,001.22 | 3,963.25 | 5,149.06 |
| Diluted NI Availto Com Stockholders | 5,039 | 3,758 | 3,676 | 4,662 |
| Basic Average Shares | 1,342.40 | 1,329.80 | 1,327.70 | 1,285.60 |
| Diluted Average Shares | 1,351.40 | 1,332.80 | 1,330.20 | 1,289.90 |
| Reconciled Depreciation | 2,707 | 2,697 | 2,647 | 2,861 |
| Reconciled Cost Of Revenue | 9,171 | 9,720 | 10,262 | 10,578 |
| Total Unusual Items | -155 | -345 | -375 | -584 |
| Total Unusual Items Excluding Goodwill | -155 | -345 | -375 | -584 |
| Minority Interests | -22 | -26 | -28 | -29 |
| Special Income Charges | -155 | -345 | -375 | -584 |
| Other Special Charges | 95 | -30 | 149 | 317 |
| Restructuring And Mergern Acquisition | 60 | 375 | 226 | 267 |
| Depreciation Amortization Depletion Income Statement | 1,733 | 1,698 | 1,693 | 1,807 |
| Depreciation And Amortization In Income Statement | 1,733 | 1,698 | 1,693 | 1,807 |
| Other Operating Expenses | 862 | -131 | 464 | -23 |
| Amortization | 1,733 | 1,698 | 1,693 | 1,807 |
| Amortization Of Intangibles Income Statement | 1,733 | 1,698 | 1,693 | 1,807 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Medtronic plcthis co. | MDT | $105.2B | 22.56 | 2.19 | 9.7% | 14.26 |
| Danaher Corporation | DHR | $132.1B | 36.55 | 2.51 | 6.9% | 21.19 |
| CVS Health Corporation | CVS | $121.0B | 68.43 | 1.61 | 2.4% | 19.52 |
| Bristol-Myers Squibb Company | BMY | $115.6B | 16.39 | 6.26 | 38.2% | 10.01 |
| Stryker Corporation | SYK | $115.5B | 35.57 | 5.15 |
| 14.5% |
| 20.16 |
| Vertex Pharmaceuticals Incorporated | VRTX | $112.1B | 28.36 | 6.01 | 21.2% | 22.41 |
| McKesson Corporation | MCK | $91.0B | 19.11 | -41.89 | -219.2% | 13.32 |
| Elevance Health, Inc. | ELV | $88.9B | 15.70 | 2.03 | 12.9% | - |
| HCA Healthcare, Inc. | HCA | $80.3B | 11.83 | -13.32 | -112.6% | 8.20 |
| Peer Median | - | 23.73 | 2.27 | 9.9% | 19.52 | |