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: 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

Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 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).


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.