Analysis of Debt
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- Common-Size Income Statement
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- Capital Asset Pricing Model (CAPM)
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- Return on Assets (ROA) since 2005
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- Price to Book Value (P/BV) since 2005
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Total Debt (Carrying Amount)
Medtronic PLC, balance sheet: debt
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| Current debt obligations | |||||||
| Long-term debt | |||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2026-04-24), 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30).
The total debt profile exhibits a period of initial contraction followed by a sustained increase, reaching a peak in the later years of the analyzed period. The overall carrying amount of debt transitioned from 26,389 million USD in April 2021 to 27,961 million USD by April 2026, reflecting a general expansion of the leverage position.
- Total Debt Trends
- An initial decline in total debt was observed between April 2021 and April 2022, where the balance dropped to 24,114 million USD. Following this trough, a consistent upward trajectory occurred over the subsequent three years, culminating in a peak of 28,516 million USD in April 2025, before a slight moderation to 27,961 million USD in April 2026.
- Long-term Debt Analysis
- Long-term debt serves as the primary driver of the total debt carrying amount. A substantial reduction is evident in April 2022, with long-term obligations falling to 20,372 million USD. Subsequently, the balance grew steadily, returning to and eventually exceeding previous levels to reach 26,173 million USD by April 2026. This indicates a reliance on long-term capital markets to fund operations or strategic initiatives.
- Current Debt Volatility
- Current debt obligations exhibit significant volatility, characterized by sharp spikes and rapid reductions. Notable increases occurred in April 2022 (3,742 million USD) and April 2025 (2,874 million USD), while obligations remained negligible in April 2021 and April 2023. These fluctuations suggest a cyclical pattern of debt maturity and refinancing or the periodic use of short-term credit facilities to manage liquidity.
Total Debt (Fair Value)
| Apr 24, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Bank borrowings | |
| Commercial Paper | |
| Senior Notes | |
| Finance lease obligations | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-04-24).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-04-24).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =