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

3 months ended:	Apr 25, 2025	Jan 24, 2025	Oct 25, 2024	Jul 26, 2024	Apr 26, 2024	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
Net sales	8,927)	8,292)	8,403)	7,915)	8,589)	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)
Cost of products sold, excluding amortization of intangible assets	(3,146)	(2,779)	(2,946)	(2,761)	(3,045)	(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)
Gross profit	5,781)	5,513)	5,457)	5,154)	5,544)	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)
Research and development expense	(684)	(675)	(697)	(676)	(674)	(695)	(698)	(668)	(640)	(688)	(676)	(692)	(652)	(668)	(676)	(750)	(632)	(601)	(639)	(621)	(568)	(573)	(603)	(587)
Selling, general, and administrative expense	(2,720)	(2,717)	(2,757)	(2,655)	(2,764)	(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)
Amortization of intangible assets	(564)	(416)	(413)	(414)	(420)	(419)	(425)	(429)	(423)	(431)	(421)	(423)	(434)	(432)	(431)	(436)	(447)	(453)	(443)	(440)	(439)	(436)	(441)	(440)
Restructuring charges, net	(147)	(43)	(30)	(47)	(112)	(20)	(40)	(54)	(293)	(38)	(30)	(14)	(27)	(12)	(10)	(11)	(60)	(83)	(97)	(53)	(31)	(13)	(27)	(47)
Certain litigation charges, net	(214)	(22)	—)	(81)	(44)	—)	(65)	(40)	30)	—)	—)	—)	—)	(35)	(34)	(26)	—)	(122)	(84)	88)	(37)	(108)	(121)	(47)
Other operating income (expense), net	(16)	6)	35)	(3)	(477)	(17)	31)	(2)	(59)	126)	98)	(34)	(145)	63)	(21)	(760)	(199)	(81)	(149)	114)	17)	39)	(149)	22)
Operating profit	1,436)	1,646)	1,595)	1,278)	1,053)	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)
Other non-operating income, net	(1)	73)	173)	157)	6)	177)	153)	76)	173)	150)	109)	83)	74)	67)	66)	111)	103)	86)	65)	82)	51)	96)	108)	101)
Interest expense, net	(174)	(179)	(209)	(167)	(203)	(188)	(180)	(148)	(187)	(167)	(118)	(164)	(143)	(137)	(136)	(137)	(141)	(143)	(470)	(171)	(162)	(156)	(165)	(609)
Income before income taxes	1,261)	1,540)	1,559)	1,268)	856)	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)
Income tax (provision) benefit	(200)	(237)	(281)	(219)	(196)	(135)	(402)	(399)	(361)	(146)	(960)	(113)	(109)	(106)	(176)	(64)	(200)	59)	(31)	(93)	434)	340)	77)	(100)
Net income	1,061)	1,303)	1,278)	1,049)	660)	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)
Net income attributable to noncontrolling interests	(5)	(9)	(8)	(7)	(6)	(15)	(2)	(6)	(9)	(7)	(8)	(2)	(8)	(3)	(6)	(6)	(6)	(9)	(5)	(4)	7)	(4)	(7)	(13)
Net income attributable to Medtronic	1,056)	1,294)	1,270)	1,042)	654)	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)

The financial data reveals several notable trends and fluctuations across the periods examined. Net sales exhibit a generally increasing pattern with some periods of decline, indicating variable demand or pricing pressures. After a dip in mid-2020, net sales recovered and showed strong growth toward the end of the dataset.

Cost of products sold: This cost fluctuated but generally increased alongside net sales, reflecting higher production expenses or input costs. Periods of higher cost coincide with increased sales volumes, although occasional rises in cost outpace sales growth, which may affect profitability.
Gross profit: Gross profit generally follows the trajectory of net sales but presents some volatility. A sharp decline is observed in early 2020, concurrent with a drop in net sales and possibly impacted by exogenous factors. Gradual recovery is evident with peaks in later periods, indicating improved efficiency or pricing power.
Research and development expense: R&D spending remains relatively stable over the periods, with slight increases and decreases but no strong trend. This suggests a consistent investment in innovation and product development without significant cutbacks or expansions.
Selling, general, and administrative expense: These expenses also remain fairly stable, with modest fluctuations. Notably, there is a slight upward trend in recent periods, which could represent increased marketing, administrative costs, or inflationary effects.
Amortization of intangible assets: This expense is fairly constant with small variances until a notable increase in the most recent period, possibly due to new acquisitions or changes in amortization policies.
Restructuring charges: Restructuring charges are sporadic, with a significant spike in the April 2023 quarter, indicating a major reorganization effort or cost-cutting initiative during that period. Other quarters exhibit much lower and more typical levels of restructuring costs.
Certain litigation charges: These charges show considerable volatility, including some unusual positive and negative values, suggesting irregular legal expenses or settlements influencing the results.
Other operating income (expense), net: This category fluctuates greatly, reflecting various nonrecurring or ancillary operating transactions. Large negative spikes in certain quarters imply substantial nonoperating losses or expenses.
Operating profit: Operating profit shows significant variation, with a steep decline in early 2020 followed by a recovery and periods of strength. The decline corresponds with the fall in net sales and gross profit, while subsequent growth highlights operational improvements or revenue growth.
Other non-operating income, net: This income remains positive and somewhat stable, with occasional increases, contributing positively to overall profitability.
Interest expense, net: Interest expense is generally moderate but shows a marked spike in late 2020, which then subsides. This temporary increase may relate to changes in debt levels or interest rates.
Income before income taxes: The pattern here aligns with operating profit, featuring declines in early 2020 and recovery afterwards. The presence of consistent income before tax indicates profitability despite transient shocks.
Income tax provision/benefit: Income tax figures are highly variable, with some quarters showing tax benefits and others significant tax provisions. The fluctuations can affect net income visibility and imply variability in taxable income or tax strategies.
Net income: Net income trends mirror the overall profit dynamics—decreased earnings during early 2020 followed by a rebound and relatively stable positive earnings. The data reveal resilience in profitability and effective cost management after initial downturns.
Net income attributable to noncontrolling interests and to the company: Net income attributable to the company consistently represents the vast majority of total net income. Noncontrolling interests remain minimal and fairly steady, indicating most earnings are attributable to the parent entity.

Download chart

Medtronic PLC (NYSE:MDT)

Income Statement Quarterly Data

Income Statement
Quarterly Data