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Company file · MDT

Medtronic

Medtronic's sales grew in fiscal 2026, and net income edged up

Net sales rose 8.4% to $36.4B. Net income rose 3.0% to $4.8B.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Jun 18, 2026) · Latest quarter: 10-Q for the quarter ended Jul 31, 2026 (filed Sep 3, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2026, which ended Apr 24, 2026, Medtronic (NYSE: MDT) took in $36.4B of net sales (up 8.4% on fiscal 2025); net income to Medtronic was $4.8B (up 3.0%). The most recent quarter, ended Jul 31, 2026, brought net sales of $9.8B, up 13.7% year over year, with net income of $1.5B. Cardiovascular was the biggest single line by segment: 39% of fiscal 2026 net sales. Sources: 10-K for fiscal 2026 (filed Jun 18, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Sep 3, 2026).

Net sales$36.4BFY2026 · +8.4% vs FY2025
Net income to Medtronic$4.8BFY2026 · +3.0% vs FY2025
Operating cash flow$7.3BFY2026 · +4.1% vs FY2025
Cash & equivalents$1.7Bat Jul 31, 2026 · −13.2% vs FY2026 end
Total debt$28.2Bat Jul 31, 2026 · +0.7% vs FY2026 end
Diluted shares1.29BFY2026 avg · −0.1% vs FY2025
Net sales and net income to Medtronic, three fiscal yearsBy fiscal year, $bn
Net salesNet income to Medtronic
Net sales and net income to Medtronic by fiscal yearNet sales FY2024: $32.4B32.4Net income to Medtronic FY2024: $3.7B3.7FY2024Net sales FY2025: $33.5B33.5Net income to Medtronic FY2025: $4.7B4.7FY2025Net sales FY2026: $36.4B36.4Net income to Medtronic FY2026: $4.8B4.8FY2026

Source: 10-K FY2026, filed Jun 18, 2026

Quarterly net sales: fiscal 2027 vs a year earlierFiscal Q1, $bn (each quarter from that quarter's 10-Q)
FY2026FY2027
Quarterly net sales, fiscal 2027 vs 2026FY2026 Q1: $8.6B8.6FY2027 Q1: $9.8B9.8Q1

Source: 10-Q filed Sep 3, 2026

How it makes money

FY2026 total by categoryCardiovascular: $14.0B (39%)Neuroscience: $10.3B (28%)Medical Surgical: $8.8B (24%)Diabetes: $3.1B (9%)$36.2BFY2026 total

By segment, FY2026

  • LineAmountSharevs FY2025
  • Cardiovascular$14.0B39%+12.0%
  • Neuroscience$10.3B28%+4.5%
  • Medical Surgical$8.8B24%+4.9%
  • Diabetes$3.1B9%+13.0%

Source: 10-K FY2026, XBRL breakdown

Cardiovascular was 39% of FY2026 segment sales, Neuroscience 28%, Medical Surgical 24% and Diabetes 9%.

By segment: three-year mixShare of the total each fiscal year
CardiovascularNeuroscienceMedical SurgicalDiabetes

Source: 10-K FY2026

What changed last quarter

How the quarter compared with a year earlier

Comparing Q1 FY2027 (May to Jul 2026) compared with Q1 FY2026 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q1 FY2027Q1 FY2026

Company

Net sales
$9.8B Q1 FY2027
$8.6B Q1 FY2026
13.7% increase
Net income
$1.5B Q1 FY2027
$1.0B Q1 FY2026
41.3% increase

Source: Medtronic 10-Q for the quarter ended Jul 31, 2026, filed Sep 3, 2026

By segment

Cardiovascular
$3.9B Q1 FY2027
$3.3B Q1 FY2026
19.5% increase
Neuroscience
$2.7B Q1 FY2027
$2.4B Q1 FY2026
10.3% increase
Medical Surgical
$2.3B Q1 FY2027
$2.1B Q1 FY2026
9.9% increase
Diabetes
$843M Q1 FY2027
$721M Q1 FY2026
16.9% increase

Source: Medtronic 10-Q for the quarter ended Jul 31, 2026, filed Sep 3, 2026

  • Cash & equivalents $1.7B at Jul 31, 2026, vs $1.9B at FY2026 end.
  • Total debt $28.2B at Jul 31, 2026, vs $28.0B at FY2026 end.
  • Operating cash flow, first 3 months of fiscal 2027: $1.8B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

  • Net sales rose 8.4% in FY2026 to $36.4B, and Cardiovascular sales grew 12.0%. 10-K, FY2026
  • Diabetes sales grew 13.0% in FY2026. 10-K, FY2026
  • Net sales in the quarter ended Jul 31, 2026 were $9.8B, up 13.7% on a year earlier, and net income rose 41.3% to $1.5B. 10-Q, quarter ended Jul 31, 2026

The bear case

  • Net income rose only 3.0% in FY2026, much less than sales. 10-K, FY2026
  • Neuroscience sales grew 4.5% in FY2026 and Medical Surgical 4.9%, both slower than the company overall. 10-K, FY2026
  • The 10-K lists product recalls and quality issues, regulation, pricing pressure, competition, international operations and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Medtronic is one of the largest medical device companies. It makes devices for the heart, brain and spine, surgical tools and diabetes products. It is incorporated in Ireland.

Cardiovascular makes pacemakers, defibrillators, heart valves and devices to treat irregular heartbeats. Neuroscience makes spine, brain and pain therapies. Medical Surgical makes surgical tools, staplers and patient monitoring products. Diabetes makes insulin pumps and glucose monitors.

Its fiscal year ends on the last Friday in April.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Medtronic's latest 10-K. Read the original for the full list.

  1. QualityProduct recalls or safety issues can halt sales and lead to lawsuits.
  2. RegulationDevices need approval from the FDA and other regulators.
  3. PricingHospitals and governments push for lower prices.
  4. CompetitionIt competes with other device makers in every business.
  5. InternationalSales outside the US bring currency and political risks.
  6. CybersecurityConnected devices and systems can be attacked.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2024FY2025FY2026
Net sales$32.4B$33.5B$36.4B
Net income to Medtronic$3.7B$4.7B$4.8B
Operating cash flow$6.8B$7.0B$7.3B
Cash & equivalents (year end)$1.3B$2.2B$1.9B
Total debt (year end)$25.0B$28.5B$28.0B
Diluted shares1.33B1.29B1.29B
  • Net sales: Sales of medical devices for heart, brain and spine, surgery and diabetes care.
  • Net income to Medtronic: Net income attributable to Medtronic, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current debt plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the four segments' sales, which don't add up exactly to reported net sales.

Recent filings

FormFiledPeriod
10-QSep 3, 2026Jul 31, 2026
DEF 14AAug 17, 2026Oct 15, 2026
10-KJun 18, 2026Apr 24, 2026

Latest filings

  1. Oct 215:18 PM ET

    Form 4

    Medtronic director Kevin E. Lofton reports a other acquisition or disposition of 182 shares

    The filing reports 182 shares in an other acquisition or disposition (code J).

  2. Oct 194:23 PM ET

    8-K

    Medtronic files an 8-K on director or officer changes and shareholder vote results

    Medtronic filed a Form 8-K on Oct 19, 2026 at 4:23 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 5.07 (Submission of Matters to a Vote of Security Holders), Item 7.01 (Regulation FD Disclosure).

  3. Oct 166:02 PM ET

    Form 4

    Medtronic EVP Michael Marinaro reports selling 10,420 shares under a 10b5-1 plan

    The filing reports 10,420 shares in an open-market or private sale (code S) at $96.00, about $1.0 million in total.

  4. Oct 166:00 PM ET

    Form 4

    Medtronic CEO Geoffrey Martha reports selling 50,000 shares under a 10b5-1 plan

    The filing reports 50,000 shares in an open-market or private sale (code S) at $95.00, about $4.8 million in total.

All Medtronic filings notes →

Common questions about Medtronic

How does Medtronic make money?

In fiscal 2026, net sales totaled $36.4B. Cardiovascular was 39% of FY2026 segment sales, Neuroscience 28%, Medical Surgical 24% and Diabetes 9%. Source: 10-K for fiscal 2026, filed Jun 18, 2026.

What was Medtronic's revenue in fiscal 2026?

Net sales came to $36.4B in the year ended Apr 24, 2026. Going back two years, it was $32.4B in fiscal 2024 and $33.5B in fiscal 2025, so the latest year was up 8.4%. Source: 10-K for fiscal 2026, filed Jun 18, 2026.

Is Medtronic profitable?

Yes, by US accounting rules (GAAP): net income to Medtronic was $4.8B in fiscal 2026, up 3.0% from $4.7B a year earlier. For the quarter ended Jul 31, 2026, net income was $1.5B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Jun 18, 2026.

What did Medtronic report in its latest quarterly filing?

The 10-Q for the quarter ended Jul 31, 2026 shows net sales of $9.8B, against $8.6B in the same quarter a year before (up 13.7%), and net income of $1.5B, against $1.0B (up 41.3%). Source: 10-Q for the quarter ended Jul 31, 2026, filed Sep 3, 2026.

How much cash and debt does Medtronic have?

On Jul 31, 2026, cash and cash equivalents stood at $1.7B and total debt at $28.2B. Total debt here is current debt plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Sep 3, 2026.

What are the main risks Medtronic lists?

Item 1A of the fiscal 2026 10-K (filed Jun 18, 2026) sets out the risks. Grouped, they fall into 6 areas: Quality; regulation; pricing; competition; international; cybersecurity. To start with the first: Product recalls or safety issues can halt sales and lead to lawsuits. Source: 10-K, Item 1A Risk Factors.

Where do these Medtronic numbers come from?

Two filings Medtronic made with the SEC: its fiscal 2026 10-K, filed Jun 18, 2026, and its 10-Q for the quarter ended Jul 31, 2026, filed Sep 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MDT
The editor holds no position in Medtronic (MDT). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell MDT from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MDT, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
MedtronicMDTFY2026$36.4B+8.4%$4.8B
AbbottABTFY2025$44.3B+5.7%$6.5B
Intuitive SurgicalISRGFY2025$10.1B+20.5%$2.9B
DanaherDHRFY2025$24.6B+2.9%$3.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.