Analysis of Revenues
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- Common-Size Income Statement
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- 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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Revenues as Reported
Medtronic PLC, income statement, revenues
US$ in millions
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).
Net sales exhibit a general upward trajectory over the analyzed period, growing from 30,117 million US dollars in 2021 to 36,364 million US dollars by 2026. While a slight contraction was observed in 2023, the subsequent years show accelerated growth, particularly between 2025 and 2026, where net sales increased by approximately 8.4%.
- Cardiovascular Segment Performance
- The Cardiovascular segment is the primary driver of revenue growth, increasing from 10,772 million US dollars in 2021 to 13,976 million US dollars in 2026. This growth is heavily supported by the Cardiac Rhythm and Heart Failure sub-segment, which experienced a significant surge in 2026, reaching 7,503 million US dollars. Structural Heart and Aortic revenues also maintained a steady upward trend, whereas Coronary and Peripheral Vascular sales remained relatively stagnant, showing only marginal growth over the six-year period.
- Neuroscience Segment Trends
- Consistent growth is observed within the Neuroscience segment, with revenues rising from 8,195 million US dollars in 2021 to 10,287 million US dollars in 2026. This expansion is distributed across both Cranial and Spinal Technologies and Neuromodulation, both of which demonstrated a stable year-over-year increase without significant volatility.
- Medical Surgical Segment Volatility
- The Medical Surgical segment experienced the most instability, with total revenues dipping from 8,737 million US dollars in 2021 to a low of 7,989 million US dollars in 2023 before recovering to 8,815 million US dollars by 2026. This trend was primarily influenced by the Acute Care and Monitoring sub-segment, which saw a sharp decline from 3,299 million US dollars in 2021 to 1,926 million US dollars in 2022, failing to return to its baseline levels despite a gradual recovery in later years.
- Diabetes and Other Operating Segments
- Revenue from the Diabetes segment showed a V-shaped recovery, declining from 2,413 million US dollars in 2021 to 2,261 million US dollars in 2023, followed by a strong climb to 3,112 million US dollars by 2026. Conversely, the Other operating segment showed a consistent downward trend, decreasing from 727 million US dollars in 2022 to 135 million US dollars in 2026.