Medtronic PLC
NYSE: MDT · HEALTHCARE · MEDICAL DEVICES
Updated 2026-06-12
Medtronic PLC (MDT) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.30B | $13.52B | $14.60B | $15.82B | $15.93B | $16.18B | $16.59B | $17.00B | $20.26B | $28.83B | $29.71B | $29.95B | $30.56B | $28.91B | $30.12B | $31.69B | $31.23B | $32.36B | $33.54B | $36.36B |
| Revenue growth (YoY) | — | +9.9% | +8.0% | +8.3% | +0.7% | +1.6% | +2.5% | +2.5% | +19.1% | +42.3% | +3.0% | +0.8% | +2.0% | -5.4% | +4.2% | +5.2% | -1.4% | +3.6% | +3.6% | +8.4% |
| Cost of revenue | $3.17B | $3.45B | $3.52B | $3.58B | $3.70B | $3.89B | $4.13B | $4.33B | $6.31B | $9.14B | $9.29B | $9.07B | $9.15B | $9.42B | $10.48B | $10.14B | $10.72B | $11.22B | $11.63B | $12.72B |
| Gross profit | $9.13B | $10.07B | $11.08B | $11.81B | $11.81B | $12.29B | $12.46B | $12.67B | $13.95B | $19.69B | $20.42B | $20.89B | $21.40B | $19.49B | $19.63B | $21.54B | $20.51B | $21.15B | $21.91B | $23.64B |
| Gross margin | 74.2% | 74.5% | 75.9% | 74.7% | 74.1% | 76.0% | 75.1% | 74.5% | 68.9% | 68.3% | 68.7% | 69.7% | 70.0% | 67.4% | 65.2% | 68.0% | 65.7% | 65.3% | 65.3% | 65.0% |
| R&D | $1.24B | $1.27B | $1.35B | $1.46B | $1.51B | $1.49B | $1.56B | $1.48B | $1.64B | $2.22B | $2.19B | $2.26B | $2.33B | $2.33B | $2.49B | $2.75B | $2.70B | $2.73B | $2.73B | $2.87B |
| SG&A | $5.39B | $5.98B | $6.51B | $6.88B | $7.04B | $7.11B | $7.25B | $7.32B | $6.90B | $9.47B | $10.02B | $9.95B | $10.23B | $9.88B | $10.15B | $10.29B | $10.41B | $10.74B | $10.85B | — |
| Operating income | $3.74B | $3.65B | $3.46B | $4.79B | $4.46B | $4.48B | $4.40B | $3.81B | $3.77B | $5.36B | $5.38B | $6.64B | $6.27B | $4.79B | $4.48B | $5.75B | $5.49B | $5.14B | $5.96B | $6.47B |
| Operating margin | 30.4% | 27.0% | 23.7% | 30.3% | 28.0% | 27.7% | 26.5% | 22.4% | 18.6% | 18.6% | 18.1% | 22.2% | 20.5% | 16.6% | 14.9% | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
| EBITDA | $4.32B | $3.78B | $3.51B | $5.12B | $4.92B | $5.33B | $5.46B | $4.93B | $5.46B | $8.54B | $8.61B | $9.46B | $9.30B | $7.81B | $7.52B | $8.78B | $8.70B | $8.20B | $9.22B | $6.85B |
| EBITDA margin | 35.1% | 27.9% | 24.0% | 32.4% | 30.9% | 32.9% | 32.9% | 29.0% | 26.9% | 29.6% | 29.0% | 31.6% | 30.4% | 27.0% | 25.0% | 27.7% | 27.9% | 25.3% | 27.5% | 18.8% |
| EBIT | $3.74B | $3.14B | $2.81B | $4.35B | $4.11B | $4.46B | $4.64B | $4.08B | $4.15B | $5.72B | $5.70B | $6.82B | $6.64B | $5.15B | $4.82B | $6.07B | $6.00B | $5.56B | $6.36B | — |
| Interest expense | $0.00 | $255.00M | $371.00M | $402.00M | $450.00M | $349.00M | $388.00M | $379.00M | $666.00M | $1.39B | $1.09B | $1.15B | $1.44B | $1.09B | $925.00M | $553.00M | $636.00M | $719.00M | $729.00M | $715.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $2.80B | $2.23B | $2.17B | $3.10B | $3.10B | $3.62B | $3.47B | $3.06B | $2.67B | $3.54B | $4.03B | $3.10B | $4.63B | $4.79B | $3.61B | $5.04B | $3.76B | $3.68B | $4.66B | $4.80B |
| Net income growth (YoY) | — | -20.4% | -2.8% | +42.9% | -0.1% | +16.8% | -4.1% | -11.6% | -12.7% | +32.3% | +13.8% | -22.9% | +49.2% | +3.4% | -24.7% | +39.7% | -25.4% | -2.2% | +26.8% | +3.0% |
| Profit margin | 22.8% | 16.5% | 14.9% | 19.6% | 19.4% | 22.3% | 20.9% | 18.0% | 13.2% | 12.3% | 13.6% | 10.4% | 15.2% | 16.6% | 12.0% | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% |
Frequently asked questions
What is Medtronic PLC's revenue?
Medtronic PLC's trailing twelve-month revenue is $35.48B, and consensus projects about $46.89B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MDT?
In its most recent fiscal year, MDT ran a gross margin of 65.02%, an operating margin of 17.78%, and a net margin of 13.20%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MDT generate?
MDT produced $5.43B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.