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MDT

Medtronic plc

MDT

Medtronic plc • NYSE
$105.33 ▲ 0.30% (+0.31)
Market Cap $135.10 B
52w High $106.33
52w Low $79.29
Dividend Yield 2.82%
P/E 28.54
Volume 2.34M
Outstanding Shares 1.28B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $8.961B ▲ $3.72B ▲ $1.374B ▲ 15.333% ▲ $1.07 ▲ $2.366B ▲
Q1-2026 $8.578B ▼ $3.501B ▼ $1.04B ▼ 12.124% ▲ $0.81 ▼ $2.225B ▼
Q4-2025 $8.927B ▲ $4.344B ▲ $1.057B ▼ 11.84% ▼ $0.82 ▼ $2.275B ▼
Q3-2025 $8.292B ▼ $3.867B ▲ $1.294B ▲ 15.605% ▲ $1.01 ▲ $2.403B ▼
Q2-2025 $8.403B $3.862B $1.27B 15.114% $0.99 $2.443B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $8.327B ▲ $91.346B ▲ $42.489B ▼ $48.652B ▲
Q1-2026 $8.121B ▼ $90.972B ▼ $42.839B ▼ $47.893B ▼
Q4-2025 $8.965B ▲ $91.68B ▲ $43.424B ▲ $48.024B ▼
Q3-2025 $7.922B ▼ $89.973B ▼ $40.358B ▼ $49.387B ▲
Q2-2025 $7.989B $90.042B $41.326B $48.494B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $1.374B ▲ $925M ▼ $-482M ▲ $-395M ▲ $-1.273B ▲ $457M ▼
Q1-2026 $1.047B ▼ $1.088B ▼ $-719M ▼ $-1.381B ▼ $-2.218B ▼ $584M ▼
Q4-2025 $1.057B ▼ $2.528B ▼ $-490M ▲ $-1.343B ▲ $978M ▲ $2.069B ▼
Q3-2025 $1.294B ▲ $2.572B ▲ $-843M ▼ $-1.753B ▼ $-154M ▼ $2.096B ▲
Q2-2025 $1.278B $958M $-345M $-534M $83M $554M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Cardiac and Vascular Group
Cardiac and Vascular Group
 $3.10Bn ▲$3.04Bn ▼$3.33Bn ▲$3.29Bn ▼
Diabetes Group
Diabetes Group
 $690.00M ▲$690.00M ▲$730.00M ▲$720.00M ▼
Medical Surgical
Medical Surgical
 $2.13Bn ▲$2.07Bn ▼$2.21Bn ▲$2.08Bn ▼
Neuroscience Group
Neuroscience Group
 $2.45Bn ▲$2.46Bn ▲$2.62Bn ▲$2.42Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been edging higher over the past several years, though the growth rate is modest rather than rapid. Profitability at the operating level looks fairly steady, with some improvement recently, but net income has been more up and down, which suggests periodic charges, pricing pressure, or product mix effects. Overall, the business still throws off healthy earnings, but the pattern is more of slow, durable growth with occasional bumps than a smooth upward line.

Balance Sheet

Balance Sheet The balance sheet is large and stable, with total assets broadly flat over time and a substantial equity base. Debt has crept up while cash balances have moved around, which means leverage is somewhat higher than a few years ago but not extreme for a company of this scale. The picture is of a mature, asset-rich business that has room to fund growth and shareholder returns, but not a fortress getting dramatically stronger each year. Watching debt levels and cash reserves over time remains important.

Cash Flow

Cash Flow Cash generation from the core business is a major strength. Operating cash flow has been consistently solid, and the company has been able to invest steadily in equipment and facilities while still leaving a comfortable amount of free cash each year. The pattern indicates that earnings are generally backed by real cash, not accounting alone, giving Medtronic flexibility to fund R&D, pay down debt, and support dividends or buybacks without stretching its finances too thin.

Competitive Edge

Competitive Edge Medtronic holds leading positions in several key device markets, especially in heart-related therapies, surgery, and neurology. It benefits from high switching costs for hospitals and surgeons, a long history of clinical trust, and a global sales network that is difficult for smaller rivals to match. Competition is intense in areas like robotics and diabetes devices, but the company’s scale, brand, and installed base give it a durable edge, particularly in core cardiac and neuromodulation franchises.

Innovation and R&D

Innovation and R&D Innovation is a central part of Medtronic’s strategy. The company is pushing into AI-assisted diagnostics, robotic surgery, miniaturized implants, and connected devices that can be monitored remotely. Its diabetes technologies, cardiac ablation tools, and deep brain stimulation systems show a steady stream of upgrades and new products. Management is also reshaping the portfolio, including the planned diabetes spin-off, to sharpen focus and unlock value. The main risks are execution—getting regulatory approvals, winning surgeon adoption in robotics, and keeping pace with fast-moving diabetes and digital health competitors.

Summary

Medtronic looks like a mature medical technology leader with slow but steady revenue growth, solid margins, and very robust cash generation. The balance sheet is sound, though leverage has ticked up and should be watched. Its competitive moat rests on clinical trust, installed base, intellectual property, and global reach, which together provide a meaningful buffer against rivals. The company is actively investing in next-generation technologies—robotics, AI, advanced diabetes care, and novel cardiac therapies—that could support long-term growth, but they also bring execution and regulatory risk. Overall, the profile is of a financially resilient, innovation-driven healthcare company navigating a competitive but opportunity-rich landscape.

NEWS

November 18, 2025 · 6:45 AM UTC

Medtronic reports strong second quarter fiscal 2026 financial results, enterprise growth drivers accelerate momentum

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November 12, 2025 · 1:00 AM UTC

Minze Health Announces Collaboration with Medtronic to Support Patients with Overactive Bladder in EMEA

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November 11, 2025 · 9:00 AM UTC

Orchestra BioMed to Participate in Upcoming Institutional Investor Conferences

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November 5, 2025 · 5:43 PM UTC

Medtronic to announce financial results for its second quarter of fiscal year 2026

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November 3, 2025 · 8:00 AM UTC

Orchestra BioMed to Host Business Update Call on November 12, 2025

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