Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Medtronic PLC, consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-07-31), 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
Financial performance over the analyzed period demonstrates a sustained expansion in top-line revenue and a general improvement in operational efficiency, despite intermittent volatility in net income. Net sales grew from 6,507 million USD in July 2020 to 9,756 million USD by July 2026, reflecting a consistent upward trajectory with periodic quarterly fluctuations.
- Revenue and Gross Profitability
- Net sales experienced a gradual increase, characterized by a period of stability between 2021 and 2023 before accelerating growth in 2024 and 2025. Gross profit followed a similar path, rising from 4,002 million USD to 6,340 million USD. The gross profit margin has remained resilient, generally expanding over the long term, which suggests effective management of the cost of products sold relative to sales growth.
- Operating Expense Management
- Research and development expenses remained relatively stable, typically fluctuating between 600 million USD and 770 million USD, indicating a consistent commitment to innovation without proportional scaling to revenue growth. Conversely, selling, general, and administrative expenses showed a steady increase from 2,417 million USD to 3,198 million USD, suggesting rising overhead costs associated with the expanded scale of operations.
- Operating Profit Trends
- Operating profit exhibited significant growth, increasing from 673 million USD in July 2020 to 1,764 million USD in July 2026. While the trend is positive, the growth was non-linear, impacted by periodic restructuring charges and litigation expenses. Notably, restructuring charges showed spikes in April 2023 and April 2025, which created temporary pressures on operating margins.
- Net Income and Bottom-Line Volatility
- Net income attributable to Medtronic displayed considerable volatility compared to operating profit. This variance is primarily driven by fluctuations in income tax provisions and non-operating income. For instance, a sharp decline in net income was observed in October 2022, coinciding with a substantial tax provision of 960 million USD. Despite these irregularities, the long-term trend for net income remains positive, ending the period at 1,470 million USD.
- Non-Operating Factors
- Interest expenses remained relatively consistent, generally ranging between 130 million USD and 210 million USD, suggesting a stable debt service profile. Other non-operating income provided inconsistent but generally positive contributions to the pre-tax income, although these amounts were insufficient to fully offset the volatility introduced by tax adjustments and litigation charges.
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