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: Oct 24, 2025 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 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold, excluding amortization of intangible assets -34.16 -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 65.84% 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 -8.41 -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 -33.09 -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 -5.17 -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 -0.11 -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 0.00 -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 -0.25 -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 18.81% 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 1.03 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 -2.02 -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 17.82% 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 -2.41 -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 15.41% 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 -0.08 -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 15.33% 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: 2025-10-24), 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), 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).

Gross Profit and Cost of Products Sold
The gross profit margin experienced a notable decline in the quarter ending April 2020, falling to around 62.25% from previous levels near 68-69%. This decline coincides with a sharp increase in the cost of products sold as a percentage of net sales, which peaked at 38.5% in July 2020. Following this, the gross profit margin gradually recovered to hover mostly in the mid-60% range, indicating some stabilization but not returning fully to pre-2020 levels. The cost of goods sold similarly stabilized somewhat but remained elevated relative to figures before 2020.
Research and Development Expense
R&D expenses as a percentage of net sales showed variability over the periods, with a noticeable increase around mid-2020 to above 9%, followed by fluctuations mostly between approximately 7.5% and 9.5%. The data suggest a commitment to sustaining R&D investment despite the operational challenges indicated elsewhere in the financials.
Selling, General, and Administrative Expense
SG&A expenses as a percentage of net sales increased sharply during the early 2020 quarters, peaking near 39.34%, which may reflect increased operational expenses or restructuring efforts during that period. Subsequently, SG&A expenses decreased and stabilized around 30-34%, indicating efforts to control operating costs following the initial disruption.
Amortization of Intangible Assets
Amortization expenses remained relatively consistent ranging mostly between 4.9% and 6% of net sales, with a slight downward trend observed in later quarters. A spike around April 2025 may indicate new intangible assets or changing amortization schedules.
Restructuring Charges
Restructuring charges peaked notably in April 2023 at -3.43%, representing significant restructuring activity. Generally, these charges remained under 1%, suggesting relatively modest restructuring efforts outside of this exceptional quarter.
Certain Litigation Charges
This category displayed sporadic and modest volatility with mostly small negative charges, though an unusual positive figure (1.35%) was recorded in July 2020. The charges appeared inconsistent without a clear trend.
Other Operating Income (Expense), Net
Other operating income and expenses showed substantial volatility, including large negative spikes such as -9.52% in July 2021 and -5.55% in April 2024. These swings suggest occasional significant one-off operating income or expense events impacting operating profitability intermittently.
Operating Profit
Operating profit margins declined sharply in April 2020 to around 5.27%, coinciding with the pandemic impact. Subsequently, margins recovered steadily, mostly fluctuating between 16% and 20% in more recent quarters, indicating resilient operational performance despite fluctuating costs and expenses.
Other Non-Operating Income and Interest Expense
Other non-operating income generally remained positive and stable around 1%, with some periods above 2%. Interest expense showed a significant spike in October 2020 (-6.15%) but otherwise remained mostly in the range of approximately -1.5% to -2.5%, suggesting some period-specific financing costs.
Income Before Income Taxes and Income Tax Provision
Income before income taxes dropped sharply in April 2020 (3.42%) but rebounded strongly afterward. Income tax provisions showed considerable variability, including positive tax benefits in some quarters and a severe negative tax impact in October 2022 (-12.66%). This inconsistency in tax provision indicates fluctuating tax environments or adjustments impacting effective tax rates.
Net Income and Net Income Attributable to Medtronic
Net income mirrored the patterns observed in operating and pre-tax income, showing a substantial drop in April 2020 but a steady recovery in subsequent quarters. Recent periods display net income margins predominantly between approximately 10% and 16%, illustrating a rebound and stabilization of profitability. Net income attributable to the company closely aligns with overall net income, with minimal impact from noncontrolling interests.