Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

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Common-Size Income Statement

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Medtronic PLC, common-size consolidated income statement

Microsoft Excel
12 months ended: Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020
Net sales
Cost of products sold, excluding amortization of intangible assets
Gross profit
Research and development expense
Selling, general, and administrative expense
Amortization of intangible assets
Restructuring charges, net
Certain litigation charges, net
Other operating income (expense), net
Operating profit
Other non-operating income, net
Interest expense, net
Income before income taxes
Income tax (provision) benefit
Net income
Net income attributable to noncontrolling interests
Net income attributable to Medtronic

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.