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.
Paying user area
Try for free
Medtronic PLC pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Medtronic PLC for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Medtronic PLC, consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-04-26).
The financial data displays a series of trends in several key areas over the six-year period under review.
- Net Sales and Gross Profit
- Net sales exhibited fluctuations but an overall upward movement, starting at 30,557 million US dollars in 2019 and reaching 32,364 million in 2024. Gross profit, while showing some volatility, declined notably in 2020 and 2021 before recovering somewhat in the following years, ending at 21,148 million in 2024 compared to 21,402 million in 2019. This suggests periods of margin pressure despite growth in net sales.
- Cost of Products Sold
- The cost of products sold consistently increased throughout the period, rising from 9,155 million US dollars in 2019 to 11,216 million in 2024. The growth in costs outpaced the growth in sales during some years, potentially affecting gross margins.
- Operating Expenses
- Research and development expenses presented a gradual increase, highlighting sustained investment in innovation, from 2,330 million in 2019 up to 2,735 million in 2024. Selling, general, and administrative expenses showed a mixed but generally upward trend, growing from 10,418 million to 10,736 million over the same period. Amortization of intangible assets remained relatively stable.
- Other Operating Items
- Restructuring charges varied significantly year-to-year, with peaks in 2021 and 2023 and a relative low in 2022. Certain litigation charges showed fluctuations, with a positive value in 2023 that contrasts with losses in other years. Other operating income (expense), net, indicated volatility and included noteworthy negative impacts in 2019, 2021, 2022, and 2024, with a positive spike in 2023.
- Operating Profit
- Operating profit showed a declining trend from 6,268 million in 2019 to 4,484 million in 2021 but rebounded in 2022 before declining again in 2023 and 2024, ending at 5,144 million. This pattern reflects operational challenges and some recovery efforts during the period.
- Non-operating Income and Interest Expense
- Other non-operating income remained relatively stable with minor fluctuations, peaking in 2023 at 515 million. Interest expense consistently decreased from 2019 to 2022 but then increased slightly in subsequent years, remaining below the 2019 level.
- Income Before Taxes and Net Income
- Income before income taxes contrasted with operating profit trends somewhat, declining early in the period but recovering and fluctuating thereafter. The income tax provision showed significant variability, including a notable tax benefit in 2020 and large provisions in 2023 and 2024. Net income attributable to the company mirrored these fluctuations, dropping sharply in 2021, recovering in 2022, and declining again in 2023 and 2024.
- Attribution to Noncontrolling Interests
- Net income attributable to noncontrolling interests remained relatively stable and minor in magnitude throughout the period.
Overall, the data indicates a business facing cost pressures and variability in both operating and non-operating income components, resulting in fluctuations in profitability despite growth in sales. Continued investment in research and development and stable administrative costs reflect ongoing commitment to growth and operational management. The fluctuations in tax provisions suggest changes in tax strategy or underlying taxable income volatility impacting net results.