Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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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).
- Cost of Products Sold
- The cost of products sold as a percentage of net sales demonstrates a fluctuating but generally stable pattern, with values ranging between -32.02% and -34.81%. A slight increase was noted in 2021 and 2023, indicating a marginally higher cost burden on sales during those years, but the ratio returns close to prior levels in subsequent periods.
- Gross Profit
- Gross profit as a percentage of net sales inversely mirrors the cost of products sold trend, generally remaining above 65%. Notable fluctuations between 65.19% and 67.98% suggest moderate variability, but overall gross margins remain consistent and relatively strong throughout the period.
- Research and Development Expense
- Research and development expense steadily increases its share of net sales from -8.06% in 2020 to a peak of -8.67% in 2022 before slightly decreasing to -8.15% in 2025. This trend indicates a continued commitment to innovation with a slight recent reduction in relative spending.
- Selling, General, and Administrative Expense
- Selling, general, and administrative expenses show a gradual decreasing trend from -34.96% in 2020 to -32.35% in 2025, signifying improved efficiency or tighter cost control in these areas over the examined periods.
- Amortization of Intangible Assets
- This expense declines moderately from -6.07% to a low of -5.23% in 2024 before slightly rising to -5.39% in 2025. The overall downward movement suggests a reduction in intangible asset-related charges relative to net sales.
- Restructuring Charges, Net
- Restructuring charges exhibit variability, including a sharp increase to -1.2% in 2023 followed by a reduction to -0.7% in 2024 and a slight rise again to -0.8% in 2025. This indicates episodic restructuring activity impacting operational expenses unevenly across years.
- Certain Litigation Charges, Net
- Litigation charges mostly remain below -1.0% except for a minor positive value of 0.1% in 2023, reflecting occasional litigation-related impacts on profitability that are generally manageable and sporadic.
- Other Operating Income (Expense), Net
- Other operating income or expenses fluctuate significantly, ranging from negative impacts as low as -2.72% in 2022 to positive contributions up to 0.42% in 2023. This suggests unpredictable and non-recurring items influencing operating results in certain periods.
- Operating Profit
- Operating profit as a percentage of net sales shows variability, peaking at 18.15% in 2022 and dipping to 14.89% in 2021 and 15.89% in 2024. Overall, operating margins maintain a strong position but with some sensitivity to cost and expense fluctuations noted earlier.
- Other Non-Operating Income, Net
- This category remains relatively stable, fluctuating modestly around 1.0% to 1.65%, providing a consistent but small positive contribution to overall profitability beyond core operations.
- Interest Expense, Net
- Interest expense shows a clear declining trend from -3.78% in 2020 to around -2.17% in 2025, reflecting either improved debt terms or reduced borrowing cost, thereby slightly easing the financial burden over time.
- Income Before Income Taxes
- Income before income taxes follows a pattern similar to operating profit, with highs near 17.41% and lows around 12.93%, displaying responsiveness to operational efficiency and other income/expense fluctuations.
- Income Tax Provision
- The income tax provision as a percentage of net sales displays considerable variation, turning negative (indicating a tax provision) from 2021 onward, with the most substantial provisions occurring in 2023 (-5.06%) and 2024 (-3.5%). This reflects changes in tax expense that adversely affect net income.
- Net Income
- Net income attributable to the company shows a decline from 16.56% in 2020 to a low of 11.36% in 2024, followed by a partial recovery to 13.9% in 2025. The downward trend through much of the period appears influenced by increased tax provisions and variable operating costs, while the recent improvement may suggest enhanced profitability management.