Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Medtronic PLC pages available for free this week:
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Medtronic PLC, consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-07-31), 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).
Total assets exhibited a period of volatility followed by relative stabilization, fluctuating between a peak of 97,270 million US dollars in January 2021 and a low of 89,749 million US dollars in April 2024. The overall asset base remained largely range-bound, ending the period at 93,306 million US dollars in July 2026.
- Liquidity and Current Asset Composition
- A significant contraction in cash and cash equivalents is observed, falling from 6,499 million US dollars in July 2020 to 1,691 million US dollars by July 2026. This decline is punctuated by a sharp drop between April 2021 and July 2021, and another notable decrease in early 2023. Conversely, accounts receivable showed a consistent upward trajectory, rising from 4,876 million US dollars to 6,357 million US dollars over the analyzed period. Inventories also trended upward, increasing from 4,551 million US dollars in July 2020 to 6,215 million US dollars by July 2026, suggesting a growth in working capital requirements.
- Investment and Short-term Holdings
- Investments peaked at 9,562 million US dollars in January 2021 before correcting and stabilizing within a range of 6,400 to 7,300 million US dollars for the remainder of the period. This suggests a strategic reallocation of liquid reserves or a shift in the investment portfolio's scale.
- Long-term Fixed and Intangible Assets
- Property, plant, and equipment (net) demonstrated steady growth, increasing from 4,882 million US dollars in July 2020 to 7,473 million US dollars in July 2026, indicating continuous capital expenditure in infrastructure. Goodwill remained relatively stable, oscillating between 40,324 million US dollars and 43,187 million US dollars. In contrast, other intangible assets showed a persistent and significant decline, dropping from 18,670 million US dollars in July 2020 to 10,238 million US dollars in July 2026, which is indicative of ongoing amortization.
- Other Non-current Assets
- Tax assets and other assets both exhibited gradual growth. Tax assets rose from 2,988 million US dollars to 3,703 million US dollars, while other assets increased from 2,143 million US dollars to 4,315 million US dollars, reflecting a general expansion in miscellaneous non-current holdings.
The asset structure reveals a transition in the balance sheet's liquidity profile. The shift from high cash reserves toward increased accounts receivable and inventory indicates a higher concentration of capital tied up in operations. Furthermore, the divergence between growing fixed assets and declining intangible assets suggests a shift in the asset base from acquired intangibles toward physical production capacity.