Income Statement
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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Medtronic PLC, consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-04-25), 10-K (reporting date: 2024-04-26), 10-K (reporting date: 2023-04-28), 10-K (reporting date: 2022-04-29), 10-K (reporting date: 2021-04-30), 10-K (reporting date: 2020-04-24).
- Net Sales
- Net sales showed a generally increasing trend over the observed periods, rising from $28,913 million in 2020 to an estimated $33,537 million in 2025. There was a slight decline observed in 2023.
- Cost of Products Sold (excluding amortization of intangible assets)
- The cost of products sold also increased from $9,424 million in 2020 to $11,632 million in 2025, with an interruption by a temporary decrease in 2022. This indicates rising production costs, consistent with the growth in sales volume or cost inflation.
- Gross Profit
- Gross profit fluctuated during the periods, increasing from $19,489 million in 2020 to a peak of $21,541 million in 2022, followed by a decline in 2023, then a recovery up to $21,905 million in 2025. This generally positive trend aligns with rising sales but is moderated by cost changes.
- Research and Development Expense
- Research and development expenses exhibited a steady increase from $2,331 million in 2020 to a plateau around $2,735 million by 2024, remaining relatively stable through 2025. This suggests sustained investment in innovation and product development.
- Selling, General, and Administrative Expense
- Selling, general, and administrative expenses grew moderately from $10,109 million in 2020 to $10,849 million projected in 2025. The increase was gradual, reflecting controlled overhead and administrative costs relative to growth.
- Amortization of Intangible Assets
- Amortization costs remained fairly stable, fluctuating slightly between $1,756 million in 2020 and $1,807 million in 2025, indicating consistent intangible asset amortization over time without significant new asset additions.
- Restructuring Charges, Net
- Restructuring charges varied, with notable peaks in 2021 and 2023, indicating periods of significant organizational changes or cost-cutting initiatives. Charges were lower or moderate in other years, suggesting intermittent restructuring activities.
- Certain Litigation Charges, Net
- Litigation charges were generally negative, suggesting expenses, with some fluctuation: a reduction in charges experienced in 2023 (positive $30 million), which may reflect settlements or recoveries, but charges rose again in 2024 and 2025.
- Other Operating Income (Expense), Net
- This line item showed considerable volatility, ranging from negative amounts as low as $863 million expense in 2022 to a positive income of $131 million in 2023, and fluctuating thereafter, reflecting irregular gains or losses in other operating areas.
- Operating Profit
- Operating profit displayed a growth trend from $4,791 million in 2020, peaking at $5,955 million projected for 2025. There was a dip in 2024, possibly impacted by increased costs or other operating challenges, but overall growth is evident.
- Other Non-operating Income, Net
- Other non-operating income remained relatively consistent, with a slight increase in 2023, indicating stable gains from non-core operations.
- Interest Expense, Net
- Interest expense decreased notably from $1,092 million in 2020 to a low of $553 million in 2022, before increasing slightly thereafter, suggesting improved debt management or refinancing followed by modest additional borrowing costs.
- Income Before Income Taxes
- Income before income taxes followed the trend of operating profit, increasing overall from $4,055 million in 2020 to a projected $5,628 million in 2025, though experiencing dips in interim periods corresponding to lower operating results or higher interest expenses.
- Income Tax Provision
- Income tax provision fluctuated substantially, with a benefit reported in 2020 and pronounced provisions from 2021 onward, peaking in 2023 at $1,580 million. These variations may reflect changes in tax rates, deferred tax adjustments, or earnings composition.
- Net Income
- Net income exhibited variability, with a peak of $5,062 million in 2022 followed by declines in subsequent years but then recovering to $4,691 million in 2025. This pattern indicates sensitivity to operational performance and tax impacts over the periods.
- Net Income Attributable to Noncontrolling Interests
- Amounts attributable to noncontrolling interests were modest and stable, representing a small fraction of total net income consistent with minority ownership stakes.
- Net Income Attributable to Medtronic
- Net income attributable to the parent company mirrored the overall net income trend, with fluctuations but demonstrating a general resilience and recovery toward the end of the period, suggesting sustained profitability despite challenges.