Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Income Statement 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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 Apr 26, 2019 Jan 25, 2019 Oct 26, 2018 Jul 27, 2018 Apr 27, 2018 Jan 26, 2018 Oct 27, 2017 Jul 28, 2017
Net sales 8,089 7,984 7,702 8,544 7,727 7,585 7,371 8,089 7,763 7,847 7,987 8,188 7,775 7,647 6,507 5,997 7,717 7,706 7,493 8,146 7,546 7,481 7,384 8,144 7,369 7,050 7,390
Cost of products sold, excluding amortization of intangible assets (2,782) (2,761) (2,628) (2,979) (2,689) (2,535) (2,516) (2,591) (2,459) (2,497) (2,598) (2,652) (2,621) (2,705) (2,505) (2,264) (2,400) (2,394) (2,366) (2,483) (2,265) (2,203) (2,204) (2,395) (2,191) (2,120) (2,349)
Gross profit 5,307 5,223 5,074 5,565 5,038 5,050 4,855 5,498 5,304 5,350 5,389 5,536 5,154 4,942 4,002 3,733 5,317 5,312 5,127 5,663 5,281 5,278 5,180 5,749 5,178 4,930 5,041
Research and development expense (695) (698) (668) (640) (688) (676) (692) (652) (668) (676) (750) (632) (601) (639) (621) (568) (573) (603) (587) (594) (561) (590) (585) (592) (558) (555) (548)
Selling, general, and administrative expense (2,673) (2,686) (2,613) (2,616) (2,615) (2,617) (2,567) (2,569) (2,561) (2,615) (2,547) (2,594) (2,537) (2,600) (2,417) (2,359) (2,587) (2,620) (2,543) (2,620) (2,596) (2,605) (2,597) (2,552) (2,499) (2,438) (2,485)
Amortization of intangible assets (419) (425) (429) (423) (431) (421) (423) (434) (432) (431) (436) (447) (453) (443) (440) (439) (436) (441) (440) (437) (436) (445) (446) (448) (461) (460) (454)
Restructuring charges, net (20) (40) (54) (293) (38) (30) (14) (27) (12) (10) (11) (60) (83) (97) (53) (31) (13) (27) (47) (86) (26) (24) (62) (7) (7) (8) (8)
Acquisition-related items (27) (26) (7) (44)
Certain litigation charges (65) (40) 30 (35) (34) (26) (122) (84) 88 (37) (108) (121) (47) (63) (103) (61)
Divestiture-related items (67) (47)
Gain on sale of businesses 697
Special charge (80)
Other operating income (expense), net (17) 31 (2) (59) 126 98 (34) (145) 63 (21) (760) (199) (81) (149) 114 17 39 (149) 22 20 (57) (70) (151) (188) (140) (111) (66)
Operating profit 1,483 1,340 1,268 1,564 1,392 1,404 1,125 1,671 1,659 1,563 859 1,604 1,277 930 673 316 1,639 1,351 1,485 1,946 1,542 1,544 1,236 1,935 1,426 1,901 1,389
Other non-operating income (expense), net 177 153 76 173 150 109 83 74 67 66 111 103 86 65 82 51 96 108 101 64 71 52 186 107 (129) 100 92
Interest expense, net (188) (180) (148) (187) (167) (118) (164) (143) (137) (136) (137) (141) (143) (470) (171) (162) (156) (165) (609) (718) (243) (241) (242) (317) (270) (273) (286)
Income before income taxes 1,472 1,313 1,196 1,550 1,375 1,395 1,044 1,602 1,589 1,493 833 1,566 1,220 525 584 205 1,579 1,294 977 1,292 1,370 1,355 1,180 1,725 1,027 1,728 1,195
Income tax (provision) benefit (135) (402) (399) (361) (146) (960) (113) (109) (106) (176) (64) (200) 59 (31) (93) 434 340 77 (100) (110) (99) (235) (103) (260) (2,419) 285 (186)
Net income (loss) 1,337 911 797 1,189 1,229 435 931 1,493 1,483 1,317 769 1,366 1,279 494 491 639 1,919 1,371 877 1,182 1,271 1,120 1,077 1,465 (1,392) 2,013 1,009
Net (income) loss attributable to noncontrolling interests (15) (2) (6) (9) (7) (8) (2) (8) (3) (6) (6) (6) (9) (5) (4) 7 (4) (7) (13) (10) (2) (5) (2) (5) 3 4 7
Net income (loss) attributable to Medtronic 1,322 909 791 1,180 1,222 427 929 1,485 1,480 1,311 763 1,360 1,270 489 487 646 1,915 1,364 864 1,172 1,269 1,115 1,075 1,460 (1,389) 2,017 1,016

Based on: 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), 10-K (reporting date: 2019-04-26), 10-Q (reporting date: 2019-01-25), 10-Q (reporting date: 2018-10-26), 10-Q (reporting date: 2018-07-27), 10-K (reporting date: 2018-04-27), 10-Q (reporting date: 2018-01-26), 10-Q (reporting date: 2017-10-27), 10-Q (reporting date: 2017-07-28).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Medtronic PLC net sales increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Operating profit The net result for the period of deducting operating expenses from operating revenues. Medtronic PLC operating profit increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Medtronic PLC income before income taxes increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Net income (loss) attributable to Medtronic The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Medtronic PLC net income (loss) attributable to Medtronic increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.