Common-Size Income Statement
Quarterly Data
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Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Medtronic PLC, common-size consolidated income statement (quarterly data)
Based on: 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), 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).
The common-size income statement reveals several noteworthy trends in the company’s financial performance over the analyzed period. Net sales are consistently represented as 100% across all periods, as expected. A significant fluctuation is observed in the cost of products sold, excluding amortization of intangible assets, generally increasing from approximately 31.6% to a high of 38.5% before settling around 34-36% in more recent periods. This impacts gross profit, which correspondingly decreases from around 68-69% to a low of 61.5% before partially recovering to the 63-66% range.
- Operating Expenses
- Research and development expense demonstrates variability, peaking at 9.39% and 9.54% before decreasing to around 7.66-8.67% in later periods. Selling, general, and administrative expense exhibits a more pronounced pattern, initially around 32-34%, increasing to nearly 39%, then decreasing to the 30-34% range. Amortization of intangible assets remains relatively stable, fluctuating between approximately 4.89% and 7.32%. Restructuring charges and certain litigation charges show considerable volatility, with restructuring charges increasing significantly in later periods, and litigation charges fluctuating widely. Other operating income (expense), net, also displays substantial variation, swinging from positive to negative percentages.
Operating profit as a percentage of net sales demonstrates a considerable range, from a low of 5.27% to a high of 21.24%. The trend shows a decline initially, followed by a recovery and then a decrease again in recent periods. Non-operating items also contribute to fluctuations. Other non-operating income, net, generally remains positive, though with some variability, while interest expense, net, consistently represents a significant portion of revenue, ranging from approximately 1.72% to 8.13%.
- Profitability
- Income before income taxes shows a similar pattern to operating profit, with a wide range and fluctuations. The income tax provision/benefit varies significantly, including a benefit in some periods, which impacts net income. Net income attributable to Medtronic fluctuates considerably, ranging from a low of 5.63% to a high of 24.82%. The trend is characterized by initial growth, followed by a decline and then some recovery. Net income attributable to noncontrolling interests remains a relatively small percentage of net sales.
Overall, the company’s profitability appears sensitive to changes in cost of products sold, operating expenses, and non-operating items. The fluctuations observed in several expense categories suggest potential areas for further investigation to understand the underlying drivers of these changes and their impact on overall financial performance. The recent periods show a trend of decreasing profitability, warranting attention.