Common-Size Income Statement
Quarterly Data
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Medtronic PLC pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Medtronic PLC, common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-04-24), 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
The financial performance across the analyzed period demonstrates a general trend of margin expansion followed by a phase of stabilization. Gross profitability improved significantly from the initial period, peaking in early 2022 before settling into a consistent range. Net profitability remains subject to periodic volatility driven by non-operating charges and tax provisions.
- Gross Profitability and Cost of Sales
- Gross profit margins exhibited an upward trajectory from 61.50% in July 2020, reaching a peak of 68.32% in January 2022. This improvement was primarily driven by a reduction in the cost of products sold, which declined from 38.50% to a low of 31.68% during the same period. In the subsequent years, gross margins stabilized, fluctuating between 63.83% and 66.49%, indicating a consistent ability to manage direct production costs relative to net sales.
- Operating Expense Management
- Selling, general, and administrative (SG&A) expenses showed notable volatility, starting at 37.14% and experiencing several contractions, including a low of 30.47% in January 2025. Research and development (R&D) spending remained relatively stable, generally oscillating between 7% and 9% of net sales, with a recent decline to 6.84% by April 2026. Amortization of intangible assets also trended downward over the long term, moving from 6.76% to 4.17%.
- Operating Profit Trends
- Operating profit margins showed significant growth from 10.34% in July 2020 to a peak of 21.37% in January 2022. While there were subsequent fluctuations, the margin largely remained resilient, staying between 12.26% and 19.85% for the remainder of the period. This suggests that operating leverage improved as the company optimized its cost structure and managed overhead expenses more effectively.
- Net Income and Non-Operating Impacts
- Net income attributable to the company has been characterized by periodic instability. A significant contraction occurred in October 2022, where net income fell to 5.63%, largely due to a substantial income tax provision of 12.66% of net sales. Other disruptions include intermittent restructuring charges and litigation costs, such as the 2.40% litigation charge in January 2025. Despite these variances, net income margins have generally recovered and stabilized between 12% and 16% in the most recent quarters.