Common-Size Income Statement
Paying user area
Try for free
Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Medtronic PLC for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Medtronic PLC, common-size consolidated income statement
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 common-size income statement analysis for the period from April 2021 to April 2026 reveals a profile of stable gross margins and a general trend toward improved operating efficiency, despite volatility in net income margins.
- Gross Profitability Trends
- Gross profit margins remained relatively consistent over the analyzed period, fluctuating within a narrow range between 65.02% and 67.98%. A peak was observed in April 2022 at 67.98%, followed by a slight normalization to approximately 65% in the subsequent years. This indicates a stable relationship between net sales and the cost of products sold, suggesting consistent pricing power and cost management of direct production expenses.
- Operating Expense Management
- Research and development (R&D) expenses showed a gradual downward trend as a percentage of net sales, declining from a peak of 8.67% in 2022 to 7.90% by 2026. Selling, general, and administrative (SG&A) expenses remained stable, generally hovering between 32% and 34%, with a slight contraction observed in the final two years of the period. Additionally, amortization of intangible assets as a percentage of sales decreased steadily from 5.92% in 2021 to 4.87% in 2026, contributing to a relative reduction in total operating overhead.
- Operating Profit Performance
- Operating profit margins experienced an initial increase from 14.89% in 2021 to a peak of 18.15% in 2022. While there was a temporary decline to 15.89% in 2024, the margin recovered and stabilized at approximately 17.7% through 2026. This suggests that improvements in operating margins were primarily driven by the reduction in amortization and R&D intensities rather than significant shifts in gross margins.
- Net Income and Non-Operating Factors
- Net income attributable to the parent company exhibited more volatility than operating profit. A significant peak occurred in April 2022 at 15.90%, followed by a sharp decline to 11.36% in 2024. This volatility is partly attributable to fluctuations in the income tax provision, which peaked at 5.06% of net sales in 2023 before moderating. By 2026, the net income margin reached a stabilized level of 13.20%. Interest expenses remained relatively controlled, fluctuating between 1.75% and 3.07% of net sales, indicating a stable debt-servicing burden relative to revenue.