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.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Medtronic PLC, consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
Revenue exhibits a consistent long-term growth trajectory, expanding from 6,507 million USD in July 2020 to 9,808 million USD by April 2026. While growth was relatively stable between 2021 and 2023, a more pronounced acceleration in net sales is observed starting in 2024, peaking in the final quarter of the analyzed period.
- Profitability and Margin Trends
- Gross profit followed a similar upward trend as net sales, increasing from 4,002 million USD to 6,410 million USD. The gross margin remained resilient, showing a slight expansion over the period, which indicates effective management of the cost of products sold relative to revenue growth.
- Operating Expense Management
- Research and development expenses remained relatively stable, generally fluctuating between 600 million and 750 million USD, suggesting a consistent investment in innovation regardless of revenue volatility. Selling, general, and administrative expenses showed a gradual increase, rising from 2,417 million USD in July 2020 to 3,057 million USD in April 2026, though this increase was modest compared to the growth in top-line revenue.
- Operating Income Performance
- Operating profit demonstrated significant growth, rising from 673 million USD to 1,872 million USD. The expansion of operating profit occurred at a faster rate than net sales, indicating improved operating leverage as the company scaled its operations.
- Net Income Volatility
- Net income exhibited higher volatility than operating profit, influenced heavily by non-operating items and tax provisions. A notable dip occurred in October 2022, where net income fell to 435 million USD, primarily driven by a substantial income tax provision of 960 million USD. Despite these fluctuations, net income recovered and maintained a general upward trend, reaching 1,259 million USD by April 2026.
- Impact of One-time Charges
- Restructuring charges and litigation expenses created periodic fluctuations in earnings. Restructuring costs were particularly impactful in April 2023 and January 2025, while litigation charges appeared sporadically, contributing to the variance observed in quarterly operating results.
Overall, the financial results indicate a period of sustained revenue expansion and improved operational efficiency. The growth in operating profit, coupled with disciplined control over R&D and SG&A expenses, has strengthened the underlying profitability of the core business, despite periodic volatility in net income caused by tax adjustments and restructuring activities.