Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s 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

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3 months ended: 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 Apr 28, 2017 Jan 27, 2017 Oct 28, 2016 Jul 29, 2016 Apr 29, 2016 Jan 29, 2016 Oct 30, 2015 Jul 31, 2015 Apr 24, 2015 Jan 23, 2015 Oct 24, 2014 Jul 25, 2014
Net sales 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  7,916  7,283  7,345  7,166  7,567  6,934  7,058  7,274  7,304  4,318  4,366  4,273 
Cost of products sold (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) (2,436) (2,268) (2,326) (2,261) (2,363) (2,141) (2,182) (2,456) (2,934) (1,128) (1,142) (1,105)
Gross profit 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  5,480  5,015  5,019  4,905  5,204  4,793  4,876  4,818  4,370  3,190  3,224  3,168 
Research and development expense (601) (639) (621) (568) (573) (603) (587) (594) (561) (590) (585) (592) (558) (555) (548) (553) (530) (554) (556) (575) (546) (545) (558) (528) (373) (374) (365)
Selling, general, and administrative expense (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) (2,479) (2,388) (2,416) (2,428) (2,360) (2,317) (2,343) (2,449) (2,404) (1,487) (1,507) (1,506)
Amortization of intangible assets (453) (443) (440) (439) (436) (441) (440) (437) (436) (445) (446) (448) (461) (460) (454) (496) (497) (500) (487) (483) (484) (483) (481) (468) (89) (89) (87)
Restructuring charges, net (83) (97) (53) (31) (13) (27) (47) (86) (26) (24) (62) (7) (7) (8) (8) (201) (21) (47) (94) (131) (19) (73) (67) (207) —  —  (30)
Acquisition-related items —  —  —  —  —  —  —  —  —  —  —  (27) (26) (7) (44) (72) (68) (28) (52) (100) (63) (49) (71) (368) (80) (61) (41)
Certain litigation charges, net (122) (84) 88  (37) (108) (121) (47) —  (63) —  (103) —  (61) —  —  —  (218) —  (82) —  —  (26) —  (42) —  —  — 
Divestiture-related items —  —  —  —  —  —  —  —  —  —  —  —  —  (67) (47) —  —  —  —  —  —  —  —  —  —  —  — 
Gain on sale of businesses —  —  —  —  —  —  —  —  —  —  —  —  —  697  —  —  —  —  —  —  —  —  —  —  —  —  — 
Special gain (charge) —  —  —  —  —  —  —  —  —  —  —  —  —  (80) —  —  (100) —  —  (70) —  —  —  —  138  (100) — 
Other operating income (expense), net (81) (149) 114  17  39  (149) 22  20  (57) (70) (151) (188) (140) (111) (66) (48) (46) (89) (39) 20  (9) (57) (61) 20  (24) (63) (51)
Operating profit 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  1,631  1,147  1,385  1,167  1,505  1,355  1,300  1,131  373  1,275  1,030  1,088 
Other non-operating income (expense), net 86  65  82  51  96  108  101  64  71  52  186  107  (129) 100  92  94  88  91  93  110  99  107  115  113  95  86  92 
Interest expense (143) (470) (171) (162) (156) (165) (609) (718) (243) (241) (242) (317) (270) (273) (286) (290) (268) (264) (272) (481) (275) (324) (306) (299) (176) (94) (97)
Income before income taxes 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  1,435  967  1,212  988  1,134  1,179  1,083  940  187  1,194  1,022  1,083 
Income tax (provision) benefit 59  (31) (93) 434  340  77  (100) (110) (99) (235) (103) (260) (2,419) 285  (186) (271) (147) (101) (59) (31) (84) (563) (120) (188) (217) (194) (212)
Net income (loss) 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  1,164  820  1,111  929  1,103  1,095  520  820  (1) 977  828  871 
Net (income) loss attributable to noncontrolling interests (9) (5) (4) (4) (7) (13) (10) (2) (5) (2) (5) (1) —  —  —  —  —  —  —  —  — 
Net income (loss) attributable to Medtronic 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  1,163  821  1,115  929  1,103  1,095  520  820  (1) 977  828  871 

Based on: 10-Q (filing date: 2021-03-05), 10-Q (filing date: 2020-12-03), 10-Q (filing date: 2020-09-03), 10-K (filing date: 2020-06-19), 10-Q (filing date: 2020-02-28), 10-Q (filing date: 2019-12-03), 10-Q (filing date: 2019-08-30), 10-K (filing date: 2019-06-21), 10-Q (filing date: 2019-03-01), 10-Q (filing date: 2018-11-29), 10-Q (filing date: 2018-08-31), 10-K (filing date: 2018-06-22), 10-Q (filing date: 2018-03-02), 10-Q (filing date: 2017-12-04), 10-Q (filing date: 2017-09-01), 10-K (filing date: 2017-06-27), 10-Q (filing date: 2017-03-03), 10-Q (filing date: 2016-12-05), 10-Q (filing date: 2016-09-07), 10-K (filing date: 2016-06-28), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-09), 10-Q (filing date: 2015-09-09), 10-K (filing date: 2015-06-23), 10-Q (filing date: 2015-02-27), 10-Q (filing date: 2014-11-26), 10-Q (filing date: 2014-08-29).

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’s net sales increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
Operating profit The net result for the period of deducting operating expenses from operating revenues. Medtronic PLC’s operating profit increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
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’s income before income taxes decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.
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’s net income (loss) attributable to Medtronic increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.