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.
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Medtronic PLC pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Medtronic PLC, consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-01-23), 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 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 performance presented demonstrates considerable fluctuation over the observed period. Net sales exhibit an overall increasing trend, though not consistently. Initial growth from July 2019 to January 2021 is followed by periods of decline and recovery. Cost of products sold generally tracks with net sales, but increases at a faster rate in later periods, impacting gross profit.
- Revenue and Gross Profit Trends
- Net sales peaked in January 2021 at US$7,775 million, then experienced a dip before recovering. A significant decline in net sales is observed in April 2020, likely due to external factors. Gross profit mirrors this pattern, peaking alongside net sales and experiencing similar declines. While gross profit generally increased over the period, the rate of increase slowed, and a notable decrease occurred in July 2022.
- Operating Expenses
- Research and development expense remains relatively stable, with a gradual increase over time. Selling, general, and administrative expense also shows a general upward trend, with some quarterly variations. Amortization of intangible assets remains consistent. Restructuring and litigation charges introduce significant volatility, particularly in later periods, impacting operating profit. Other operating income (expense), net, is highly variable, contributing to fluctuations in overall profitability.
- Profitability Analysis
- Operating profit demonstrates substantial quarterly variation. A peak is observed in April 2021, followed by declines and recoveries. Net income attributable to Medtronic follows a similar pattern, with a peak in January 2021. The period from October 2022 through January 2023 shows a marked decrease in net income, followed by a recovery. The final periods show a generally increasing trend in net income, but with continued volatility.
- Non-Operating Items
- Other non-operating income, net, contributes positively to income before income taxes, though with some fluctuations. Interest expense, net, is a consistent expense, with a notable increase in later periods. Income tax provision/benefit varies significantly, impacting net income. These non-operating items contribute to the overall volatility observed in net income.
Overall, the financial performance demonstrates a complex pattern of growth, decline, and recovery. While net sales generally trend upward, profitability is subject to significant quarterly variations influenced by operating expenses, restructuring/litigation charges, and non-operating items. The later periods show a potential stabilization and recovery in net income, but continued monitoring is warranted given the historical volatility.