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.

Medtronic PLC, consolidated income statement

US$ in millions

12 months ended:	Apr 24, 2026	Apr 25, 2025	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021
Net sales	36,364)	33,537)	32,364)	31,227)	31,686)	30,117)
Cost of products sold, excluding amortization of intangible assets	(12,721)	(11,632)	(11,216)	(10,719)	(10,145)	(10,483)
Gross profit	23,643)	21,905)	21,148)	20,508)	21,541)	19,634)
Research and development expense	(2,873)	(2,732)	(2,735)	(2,696)	(2,746)	(2,493)
Selling, general, and administrative expense	(11,784)	(10,849)	(10,736)	(10,415)	(10,292)	(10,148)
Amortization of intangible assets	(1,772)	(1,807)	(1,693)	(1,698)	(1,733)	(1,783)
Restructuring charges, net	(249)	(267)	(226)	(375)	(60)	(293)
Certain litigation charges, net	(113)	(317)	(149)	30)	(95)	(118)
Other operating income (expense), net	(385)	22)	(465)	131)	(863)	(315)
Operating profit	6,467)	5,955)	5,144)	5,485)	5,752)	4,484)
Other non-operating income, net	384)	402)	412)	515)	318)	336)
Interest expense, net	(715)	(729)	(719)	(636)	(553)	(925)
Income before income taxes	6,136)	5,628)	4,837)	5,364)	5,517)	3,895)
Income tax (provision) benefit	(1,299)	(937)	(1,132)	(1,580)	(455)	(265)
Net income	4,837)	4,691)	3,705)	3,784)	5,062)	3,630)
Net income attributable to noncontrolling interests	(36)	(29)	(29)	(26)	(23)	(24)
Net income attributable to Medtronic	4,801)	4,662)	3,676)	3,758)	5,039)	3,606)

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.

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Medtronic PLC (NYSE:MDT)

Income Statement