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:	Jul 25, 2025	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	8,578)	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	(3,001)	(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	5,577)	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	(726)	(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	(2,806)	(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	(459)	(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	(45)	(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	(27)	(214)	(22)	—)	(81)	(44)	—)	(65)	(40)	30)	—)	—)	—)	—)	(35)	(34)	(26)	—)	(122)	(84)	88)	(37)	(108)	(121)	(47)
Other operating income (expense), net	(69)	(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	1,445)	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	33)	(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	(176)	(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	1,302)	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	(255)	(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	1,047)	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	(7)	(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	1,040)	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 patterns over the analyzed quarterly periods. Net sales demonstrate moderate fluctuations but generally exhibit an overall upward trend from mid-2019 through mid-2025. Despite occasional declines, particularly in the earlier quarters of 2020 and mid-2022, net sales recover and exhibit growth toward 2024 and 2025.

Cost of products sold, excluding amortization of intangible assets, presents some variability, often moving in line with sales but showing increased expenses in certain quarters related to sales dips or recovery periods. Gross profit margins fluctuate accordingly, with dips corresponding to quarters where net sales declined or costs rose disproportionately. However, gross profit maintains a relatively stable range, suggesting effective cost management despite some volatility.

Research and development expenses show a generally steady pattern, with periodic increases and decreases but no dramatic trend shifts. Similarly, selling, general, and administrative expenses remain relatively consistent throughout the periods, indicating steady operational overhead without significant expansion or contraction.

Amortization of intangible assets remains stable with slight declines in some quarters, except for a marked increase in one particular quarter in 2024, which may indicate alterations in asset valuation or acquisition activities during that time.

Restructuring charges exhibit irregular spikes, most notably a sharp increase in a quarter of 2023, which may reflect strategic reorganizations or cost-cutting initiatives undertaken during that period. Certain litigation charges are sporadic, with both positive and negative impacts across different quarters, indicating occasional legal settlements or related financial events influencing operating income.

Other operating income and expense show significant fluctuations, including some large negative values and sizeable positive amounts in distinct quarters, contributing to volatility in operating profit. Despite this, operating profit generally trends upward from 2020 through 2025, with noticeable recovery and growth following earlier declines in 2020 and unusual dips in some intermediate quarters.

Other non-operating income remains positive and somewhat stable, supporting overall profitability. Interest expense values vary, with some quarters showing significant decreases, possibly due to refinancing or lower debt levels, but generally maintain moderate expense levels proportional to company size.

Income before income taxes follows the general profitability pattern, rising over time with periodic dips aligned with overall operating challenges in specific quarters. Income tax provisions fluctuate and in some periods even show benefits, indicating variable tax circumstances, perhaps due to changes in tax law, credits, or deferred taxes impacting net income.

Net income exhibits considerable volatility but trends positively across the dataset. Notably, net income experiences a trough during mid-2020, likely impacted by external market or operational challenges, with recovery and growth thereafter. Net income attributable to the company follows the same pattern closely, demonstrating steady shareholder value generation despite interim disruptions.

Overall Sales and Profitability: Net sales generally increase with some volatility; gross profit remains robust with occasional dips reflecting cost pressures and sales fluctuations.
Cost and Expense Management: Costs of products sold and operating expenses maintain a relatively stable relationship with sales, enabling consistent gross margins despite occasional spikes in restructuring and litigation charges.
Operating Performance: Operating profit fluctuates notably due to varying other operating income/expense, but an upward trend is observable, suggesting organizational resilience.
Financial Expenses and Taxation: Interest expenses are moderate and somewhat stable; income tax provision variability points to changing tax circumstances impacting net income.
Net Income Trends: Net income shows clear recovery after a pandemic-related dip around 2020, with growth resuming through 2024 and 2025, affirming sustained profitability.

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Medtronic PLC (NYSE:MDT)

Income Statement Quarterly Data

Income Statement
Quarterly Data