Income Statement

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

US$ in millions

12 months ended:	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019	Apr 27, 2018
Net sales	31,227)	31,686)	30,117)	28,913)	30,557)	29,953)
Cost of products sold, excluding amortization of intangible assets	(10,719)	(10,145)	(10,483)	(9,424)	(9,155)	(9,055)
Gross profit	20,508)	21,541)	19,634)	19,489)	21,402)	20,898)
Research and development expense	(2,696)	(2,746)	(2,493)	(2,331)	(2,330)	(2,253)
Selling, general, and administrative expense	(10,415)	(10,292)	(10,148)	(10,109)	(10,418)	(9,974)
Amortization of intangible assets	(1,698)	(1,733)	(1,783)	(1,756)	(1,764)	(1,823)
Restructuring charges, net	(375)	(60)	(293)	(118)	(198)	(30)
Acquisition-related items	—)	—)	—)	—)	—)	(104)
Certain litigation charges, net	30)	(95)	(118)	(313)	(166)	(61)
Divestiture-related items	—)	—)	—)	—)	—)	(114)
Gain on sale of businesses	—)	—)	—)	—)	—)	697)
Special charge, net	—)	—)	—)	—)	—)	(80)
Other operating income (expense), net	131)	(863)	(315)	(71)	(258)	(505)
Operating profit	5,485)	5,752)	4,484)	4,791)	6,268)	6,651)
Other non-operating income, net	515)	318)	336)	356)	373)	170)
Interest expense, net	(636)	(553)	(925)	(1,092)	(1,444)	(1,146)
Income before income taxes	5,364)	5,517)	3,895)	4,055)	5,197)	5,675)
Income tax (provision) benefit	(1,580)	(455)	(265)	751)	(547)	(2,580)
Net income	3,784)	5,062)	3,630)	4,806)	4,650)	3,095)
Net (income) loss attributable to noncontrolling interests	(26)	(23)	(24)	(17)	(19)	9)
Net income attributable to Medtronic	3,758)	5,039)	3,606)	4,789)	4,631)	3,104)

Based on: 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24), 10-K (reporting date: 2019-04-26), 10-K (reporting date: 2018-04-27).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Medtronic PLC net sales increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Medtronic PLC operating profit increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Medtronic PLC income before income taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net income attributable to Medtronic	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Medtronic PLC net income attributable to Medtronic increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Medtronic PLC (NYSE:MDT)

Income Statement