Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Common-Size Income Statement 
Quarterly Data

Medtronic PLC, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jul 25, 2025 Apr 25, 2025 Jan 24, 2025 Oct 25, 2024 Jul 26, 2024 Apr 26, 2024 Jan 26, 2024 Oct 27, 2023 Jul 28, 2023 Apr 28, 2023 Jan 27, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 Apr 24, 2020 Jan 24, 2020 Oct 25, 2019 Jul 26, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold, excluding amortization of intangible assets -34.98 -35.24 -33.51 -35.06 -34.88 -35.45 -34.39 -34.58 -34.12 -34.87 -34.80 -33.42 -34.13 -32.03 -31.68 -31.82 -32.53 -32.39 -33.71 -35.37 -38.50 -37.75 -31.10 -31.07 -31.58
Gross profit 65.02% 64.76% 66.49% 64.94% 65.12% 64.55% 65.61% 65.42% 65.88% 65.13% 65.20% 66.58% 65.87% 67.97% 68.32% 68.18% 67.47% 67.61% 66.29% 64.63% 61.50% 62.25% 68.90% 68.93% 68.42%
Research and development expense -8.46 -7.66 -8.14 -8.29 -8.54 -7.85 -8.59 -8.74 -8.67 -7.49 -8.90 -8.91 -9.39 -8.06 -8.60 -8.61 -9.39 -7.72 -7.73 -8.36 -9.54 -9.47 -7.43 -7.83 -7.83
Selling, general, and administrative expense -32.71 -30.47 -32.77 -32.81 -33.54 -32.18 -33.04 -33.64 -33.93 -30.62 -33.84 -34.50 -34.83 -31.76 -32.99 -33.32 -31.89 -31.68 -32.63 -34.00 -37.14 -39.34 -33.52 -34.00 -33.94
Amortization of intangible assets -5.35 -6.32 -5.02 -4.91 -5.23 -4.89 -5.18 -5.32 -5.57 -4.95 -5.58 -5.55 -5.74 -5.37 -5.56 -5.49 -5.46 -5.46 -5.83 -5.79 -6.76 -7.32 -5.65 -5.72 -5.87
Restructuring charges, net -0.52 -1.65 -0.52 -0.36 -0.59 -1.30 -0.25 -0.50 -0.70 -3.43 -0.49 -0.40 -0.19 -0.33 -0.15 -0.13 -0.14 -0.73 -1.07 -1.27 -0.81 -0.52 -0.17 -0.35 -0.63
Certain litigation charges, net -0.31 -2.40 -0.27 0.00 -1.02 -0.51 0.00 -0.81 -0.52 0.35 0.00 0.00 0.00 0.00 -0.45 -0.43 -0.33 0.00 -1.57 -1.10 1.35 -0.62 -1.40 -1.57 -0.63
Other operating income (expense), net -0.80 -0.18 0.07 0.42 -0.04 -5.55 -0.21 0.39 -0.03 -0.69 1.63 1.29 -0.46 -1.79 0.81 -0.27 -9.52 -2.43 -1.04 -1.95 1.75 0.28 0.51 -1.93 0.29
Operating profit 16.85% 16.09% 19.85% 18.98% 16.15% 12.26% 18.33% 16.78% 16.46% 18.31% 18.01% 18.51% 15.26% 20.66% 21.37% 19.92% 10.75% 19.59% 16.42% 12.16% 10.34% 5.27% 21.24% 17.53% 19.82%
Other non-operating income, net 0.38 -0.01 0.88 2.06 1.98 0.07 2.19 1.92 0.99 2.02 1.94 1.44 1.13 0.91 0.86 0.84 1.39 1.26 1.11 0.85 1.26 0.85 1.24 1.40 1.35
Interest expense, net -2.05 -1.95 -2.16 -2.49 -2.11 -2.36 -2.32 -2.25 -1.92 -2.19 -2.16 -1.56 -2.22 -1.77 -1.76 -1.73 -1.72 -1.72 -1.84 -6.15 -2.63 -2.70 -2.02 -2.14 -8.13
Income before income taxes 15.18% 14.13% 18.57% 18.55% 16.02% 9.97% 18.20% 16.45% 15.53% 18.14% 17.79% 18.39% 14.16% 19.80% 20.47% 19.03% 10.43% 19.13% 15.69% 6.87% 8.97% 3.42% 20.46% 16.79% 13.04%
Income tax (provision) benefit -2.97 -2.24 -2.86 -3.34 -2.77 -2.28 -1.67 -5.04 -5.18 -4.23 -1.89 -12.66 -1.53 -1.35 -1.37 -2.24 -0.80 -2.44 0.76 -0.41 -1.43 7.24 4.41 1.00 -1.33
Net income 12.21% 11.89% 15.71% 15.21% 13.25% 7.68% 16.53% 11.41% 10.35% 13.92% 15.91% 5.74% 12.63% 18.46% 19.10% 16.78% 9.63% 16.68% 16.45% 6.46% 7.55% 10.66% 24.87% 17.79% 11.70%
Net income attributable to noncontrolling interests -0.08 -0.06 -0.11 -0.10 -0.09 -0.07 -0.19 -0.03 -0.08 -0.11 -0.09 -0.11 -0.03 -0.10 -0.04 -0.08 -0.08 -0.07 -0.12 -0.07 -0.06 0.12 -0.05 -0.09 -0.17
Net income attributable to Medtronic 12.12% 11.83% 15.61% 15.11% 13.16% 7.61% 16.34% 11.39% 10.27% 13.81% 15.81% 5.63% 12.60% 18.36% 19.06% 16.71% 9.55% 16.61% 16.33% 6.39% 7.48% 10.77% 24.82% 17.70% 11.53%

Based on: 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), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).

Cost of Products Sold
The cost of products sold as a percentage of net sales generally fluctuates between approximately -31% and -38%, with a notable spike to around -38.5% in mid-2020. Following this peak, a gradual improvement is observable, stabilizing in the low to mid -30% range toward 2024 and 2025.
Gross Profit
Gross profit margins exhibit a declining trend during the early part of the timeline, dropping from about 69% to the low 60% range around mid-2020. Afterwards, there is a partial recovery and stabilization near the mid-60% levels throughout subsequent periods, indicating some resilience in managing product costs or pricing.
Research and Development Expense
R&D expenses as a percentage of net sales generally remain between -7.4% and -9.5%. There is a peak in the middle of the timeline near 9.5% around mid-2020, followed by a mild reduction toward the later periods, with slightly lower values in 2023 and 2024, signaling possible cost optimization efforts or changes in investment priorities.
Selling, General, and Administrative Expense
SG&A expenses show a downward trend from roughly -34% to around -31% between 2019 and 2021, followed by fluctuations within a -30% to -34% range. A notable reduction occurs around early 2023, reaching approximately -30.5%, suggesting improved efficiency or cost control in administrative functions.
Amortization of Intangible Assets
This expense remains relatively stable around a band of -5% to -6%, with minor fluctuations over the periods. A slight decrease is visible toward 2023 and 2024, dipping to near -4.9%, indicating possible changes in the asset base or amortization schedules.
Restructuring Charges
Restructuring charges are generally low, mostly under -1%, but notable spikes occur including a significant one around -3.43% in early 2023 and another increase in early 2025 to about -1.65%, indicating periodic restructuring activities potentially aimed at operational adjustments or cost savings.
Certain Litigation Charges
Litigation charges fluctuate mostly under -1%, with occasional positive or near-zero values, reflecting variability in legal or settlement expenses. Sporadic negative spikes occur but do not present a clear trend.
Other Operating Income (Expense), Net
This item is volatile, swinging between positive and negative values across quarters. Significant negative deviations are observed notably around late 2021 (-9.52%) and early 2024 (-5.55%), suggesting episodic charges or income events impacting operating results intermittently.
Operating Profit
Operating profit margins display considerable volatility, with lows near 5% during early 2020 and peaks exceeding 21% in early 2022. Generally, values range between approximately 10% and 20%, reflecting fluctuating operational performance potentially influenced by cost management and revenue variations.
Other Non-operating Income, Net
Other non-operating income remains modestly positive, predominantly between 0.8% and 2.2%, except for a few periods such as early 2025 where it approaches neutral or slightly negative. This suggests stable but relatively minor contributions from non-core activities.
Interest Expense, Net
Interest expenses show irregular patterns with a significant decline from over -8% early in 2019 to mostly around -2% in subsequent periods, indicating improvements in debt management or refinancing activities leading to reduced interest costs.
Income Before Income Taxes
Income before taxes correlates with operating profit, showing fluctuations from lows around 3.4% in early 2020 to peaks near 20.5% in early 2022. The general trend suggests recovery and strengthening profitability after a difficult period coinciding with 2020.
Income Tax (Provision) Benefit
Income tax rates vary significantly, occasionally showing benefits (positive values) and at other times higher tax provisions (negative values). Large negative spikes, such as -12.66% in late 2022, imply periods of higher tax expenses or adjustments affecting net profitability.
Net Income
Net income as a percentage of net sales is volatile, ranging from under 8% to near 25% throughout the timeline. Peaks occur early 2020 and early 2022, while notable declines appear during mid-2020 and late 2022. Overall, net income mirrors operating trends with susceptibility to tax and other operating factors.
Net Income Attributable to Noncontrolling Interests
Noncontrolling interest income remains marginal, consistently below -0.2%, indicating a relatively small impact on consolidated net income.
Net Income Attributable to Medtronic
The majority of net income is attributable to the company itself, closely tracking total net income trends with the same fluctuations and volatility, confirming that core operations primarily drive profitability.