Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Paying user area
Try for free
Medtronic PLC pages available for free this week:
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Analysis of Revenues
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Medtronic PLC for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Medtronic PLC, consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2026-04-24), 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30).
The financial performance over the analyzed period demonstrates a consistent upward trajectory in top-line revenue, complemented by stable gross margins and a recovery in net profitability toward the end of the period. Net sales grew steadily from 30,117 million USD in 2021 to 36,364 million USD by 2026, indicating sustained market demand and growth in volume or pricing.
- Revenue and Gross Profitability
- Net sales exhibit a positive compound growth trend, with a notable acceleration between 2025 and 2026. Gross profit margins have remained resilient, consistently fluctuating between 65% and 68%. The increase in gross profit from 19,634 million USD in 2021 to 23,643 million USD in 2026 reflects an ability to maintain cost of products sold in relative alignment with sales growth.
- Operating Expense Analysis
- Selling, general, and administrative (SG&A) expenses show a gradual increase, rising from 10,148 million USD in 2021 to 11,784 million USD in 2026, suggesting expanding operational overhead. In contrast, research and development (R&D) spending has remained relatively flat, hovering between 2.4 billion and 2.9 billion USD, which indicates a disciplined approach to innovation spending relative to the growth in overall scale.
- Operating Income and Volatility
- Operating profit has experienced fluctuations, peaking at 5,752 million USD in 2022 before dipping and recovering to 6,467 million USD by 2026. This volatility is partially attributed to inconsistent restructuring charges and litigation expenses, which peaked in 2025 and 2023. Despite these intermittent charges, the long-term trend in operating profit is positive.
- Net Income and Taxation Trends
- Net income attributable to the company showed significant volatility, with a peak of 5,039 million USD in 2022, followed by a decline to 3,676 million USD in 2024. A primary driver of this decline was a sharp increase in income tax provisions, which rose from 265 million USD in 2021 to a peak of 1,580 million USD in 2023. Profitability recovered in the final two years, reaching 4,801 million USD in 2026 as tax burdens stabilized and operating profits grew.
- Non-Operating Items
- Interest expenses have stabilized after an initial high of 925 million USD in 2021, settling into a range between 715 million and 729 million USD from 2024 to 2026. This suggests a stabilized debt service requirement over the latter half of the period.