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: 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), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
The financial performance over the reported quarters exhibits distinct patterns and fluctuations across key metrics.
- Net Sales
- Net sales generally increased over the periods, with occasional declines. The trend reveals a recovery and growth phase following a dip around early 2020, likely impacted by external factors. From mid-2020 onwards, sales showed progressive growth, culminating in higher sales figures toward the end of the timeline.
- Cost of Products Sold
- The cost of products sold remained somewhat stable with moderate fluctuations. There is a noticeable increase in costs in certain periods, particularly around early 2021 and mid-2023, paralleling the rise in net sales but with less volatility.
- Gross Profit
- Gross profit trends mirror those of net sales, with an initial decline in early 2020 followed by steady improvement. The gross profit margin appears to be maintained effectively, as profit values increase in line with net sales growth, indicating sustained operational efficiency.
- Research and Development Expense
- Research and development expenses showed slight variability, generally maintaining a consistent level throughout the periods. Some increases, notably in later quarters, suggest ongoing investment in innovation despite fluctuations in revenue.
- Selling, General, and Administrative Expense (SG&A)
- SG&A expenses remained relatively stable with minor ups and downs. The values indicate controlled administrative and sales expenses, even as net sales and gross profit figures evolved, reflecting disciplined cost management.
- Amortization of Intangible Assets
- Amortization charges were generally consistent, with a mild downward trend in certain periods followed by irregular spikes, which may relate to asset acquisitions or amortization policy changes.
- Restructuring Charges, Net
- Restructuring charges varied considerably, with some significant spikes, particularly one notable peak in early 2023. Such charges suggest periods of organizational realignment or cost restructuring to optimize operations.
- Certain Litigation Charges, Net
- Litigation charges were irregular and sporadic, with alternating positive and negative values. This reflects cyclical or one-off legal matters impacting the financials unpredictably.
- Other Operating Income (Expense), Net
- Other operating income and expenses presented volatile amounts, including some substantial negative values, indicating occasional operational gains or losses outside core activities affecting profitability in certain quarters.
- Operating Profit
- Operating profit showed substantial recovery after a pronounced dip in early 2020, tracking upward with growing net sales and controlling costs. Some quarters experienced reduced operating profit due to increased restructuring or unusual operating expenses.
- Other Non-operating Income, Net
- This income component generally contributed positively with minor fluctuations, supporting overall profitability.
- Interest Expense, Net
- Interest expense declined significantly in early periods, stabilizing afterward with moderate fluctuations, indicating effective debt management and reduced financing costs over time.
- Income Before Income Taxes
- Income before income taxes reflected the operating profit and non-operating income trends, with a strong recovery post-2020-related downturn and peaks aligning with high operating profits and controlled expenses.
- Income Tax (Provision) Benefit
- Income tax provisions exhibited volatility, including some quarters of significant tax expense spikes, which impacted net income disproportionately in selected periods.
- Net Income
- Net income followed the general recovery pattern seen in operating profit, with strong increases after early 2020 lows. Despite some pressure from income tax provisions and restructuring, net income attained notable highs in recent quarters.
- Net Income Attributable to Noncontrolling Interests
- Values were minor in magnitude and fluctuated between small positive and negative amounts, indicating limited but variable impact on consolidated net income from noncontrolling interests.
- Net Income Attributable to the Company
- Net income attributable to the company represented the majority of consolidated net income, demonstrating a recovery trend consistent with overall profitability improvements in the reported quarters.