Name: Medtronic PLC (NYSE:MDT) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Medtronic PLC, income statement, revenues

US$ in millions

12 months ended:	Apr 25, 2025	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020
Cardiac Rhythm & Heart Failure	6,392)	5,995)	5,784)	5,853)	5,584)	5,141)
Structural Heart & Aortic	3,554)	3,358)	3,363)	3,055)	2,834)	2,842)
Coronary & Peripheral Vascular	2,535)	2,478)	2,375)	2,460)	2,354)	2,485)
Cardiovascular	12,481)	11,831)	11,522)	11,368)	10,772)	10,468)
Cranial & Spinal Technologies	4,974)	4,755)	4,451)	4,456)	4,288)	4,082)
Specialty Therapies	2,940)	2,905)	2,815)	2,592)	2,307)	2,147)
Neuromodulation	1,932)	1,746)	1,693)	1,736)	1,600)	1,496)
Neuroscience	9,846)	9,406)	8,959)	8,784)	8,195)	7,725)
Surgical & Endoscopy	6,498)	6,509)	6,152)	6,543)	5,438)	5,513)
Acute Care & Monitoring	1,909)	1,908)	1,837)	1,926)	3,299)	2,839)
Medical Surgical	8,407)	8,417)	7,989)	8,469)	8,737)	8,352)
Diabetes	2,755)	2,488)	2,261)	2,338)	2,413)	2,368)
Reportable segment net sales	33,489)	32,142)	30,731)	30,959)	30,117)	28,913)
Other operating segment	137)	222)	496)	727)	—)	—)
Other adjustments	(89)	—)	—)	—)	—)	—)
Net sales	33,537)	32,364)	31,227)	31,686)	30,117)	28,913)

Based on: 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), 10-K (reporting date: 2020-04-24).

Cardiovascular Segment: The Cardiovascular segment experienced steady growth over the analyzed periods. Revenue increased from $10,468 million in 2020 to $12,481 million in 2025. The subcategories within this segment showed varying trends: Cardiac Rhythm & Heart Failure rose consistently from $5,141 million to $6,392 million; Structural Heart & Aortic increased from $2,842 million to $3,554 million with some fluctuations; Coronary & Peripheral Vascular remained relatively stable, exhibiting minor fluctuations between $2,354 million and $2,535 million.
Neuroscience Segment: The Neuroscience segment showed an overall positive trend. Cranial & Spinal Technologies increased steadily from $4,082 million to $4,974 million. Specialty Therapies also grew from $2,147 million to $2,940 million, with consistent year-over-year increases. Within this segment, Neuromodulation displayed some volatility, rising from $1,496 million to $1,932 million but experiencing a slight dip in 2023. Overall Neuroscience revenue climbed from $7,725 million in 2020 to $9,846 million in 2025.
Surgical & Related Segments: Surgical & Endoscopy revenues increased significantly from $5,513 million in 2020 to a peak of $6,543 million in 2022, but then experienced a decline before stabilizing around $6,498 million in 2025. Acute Care & Monitoring showed a notable decrease from $3,299 million in 2021 to approximately $1,909 million in 2025, suggesting a contraction in this area. Medical Surgical revenue fluctuated within a narrow range, peaking in 2021 at $8,737 million before declining slightly to $8,407 million in 2025.
Diabetes Segment: The Diabetes segment displayed some volatility with revenues ranging between $2,261 million and $2,755 million. While there was a dip between 2022 and 2023, the overall trajectory from 2020 to 2025 is upward, ending at $2,755 million.
Consolidated Net Sales: Reportable segment net sales exhibited steady growth from $28,913 million in 2020 to $33,489 million in 2025. The inclusion of Other operating segments contributed intermittently, with revenue recorded from 2022 onwards but declining from $727 million to $137 million. Other adjustments were minor and negative only in the last period (-$89 million). Net sales, considering all segments and adjustments, increased overall from $28,913 million in 2020 to $33,537 million in 2025, highlighting healthy revenue growth over the period analyzed.
Summary: The overall revenue trends point to steady growth across core segments, particularly in Cardiovascular and Neuroscience. Some subcategories display volatility or decline, such as Acute Care & Monitoring and fluctuations in Surgical & Endoscopy. The consolidated figures affirm gradual expansion with net sales growing approximately 16% over the six-year span. The presence of Other operating segments has diminished progressively, indicating a possible strategic focus on core business areas.

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