Stock Analysis on Net
Stock Analysis on Net

Medtronic PLC (NYSE:MDT)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Medtronic PLC, consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Apr 24, 2026 Apr 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021
Net income
Depreciation and amortization
Provision for credit losses
Deferred income taxes
Stock-based compensation
Loss on debt extinguishment
Asset impairments and related inventory write-downs
Other, net
Accounts receivable, net
Inventories
Accounts payable and accrued liabilities
Other operating assets and liabilities
Change in operating assets and liabilities, net of acquisitions and divestitures
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Acquisitions, net of cash acquired
Additions to property, plant, and equipment
Purchases of investments
Sales and maturities of investments
Other investing activities, net
Net cash used in investing activities
Change in current debt obligations, net
Proceeds from short-term borrowings, maturities greater than 90 days
Repayments from short-term borrowings, maturities greater than 90 days
Issuance of long-term debt
Payments on long-term debt
Dividends to shareholders
Issuance of ordinary shares
Repurchase of ordinary shares
Proceeds from MiniMed initial public offering
Other financing activities, net
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Based on: 10-K (reporting date: 2026-04-24), 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).

The organization demonstrates a consistent ability to generate significant cash flow from its core operations, although this is contrasted by volatility in net income and a sustained increase in capital expenditures.

Operating Cash Flow Dynamics
Net cash provided by operating activities remained resilient, ranging from a low of 6.04 billion USD in 2023 to a peak of 7.35 billion USD in 2022. While net income experienced fluctuations—dropping from 5.06 billion USD in 2022 to 3.71 billion USD in 2024 before recovering toward 4.84 billion USD in 2026—the operational cash flow was stabilized by consistent non-cash charges. Depreciation and amortization provided a steady add-back, gradually increasing from 2.70 billion USD in 2021 to 2.96 billion USD in 2026. However, a recurring drag on operating cash was observed in the net change of operating assets and liabilities, which trended more negative over time, reaching 1.42 billion USD in 2026, primarily influenced by expanding inventory outflows and other operating asset requirements.
Investing Strategy and Capital Allocation
A clear upward trend is evident in additions to property, plant, and equipment, which rose steadily from 1.36 billion USD in 2021 to 1.90 billion USD in 2026, indicating an aggressive investment in long-term infrastructure. Acquisition activity was sporadic, with a significant peak of 1.87 billion USD in 2023, while other years remained relatively low. The investment portfolio exhibited high liquidity turnover, characterized by multi-billion dollar annual purchases and sales of investments that largely offset one another, though these activities continued to impact the net cash used in investing activities, which peaked at 3.49 billion USD in 2023.
Financing Activities and Capital Structure
Shareholder returns are characterized by a highly stable dividend policy, with annual payments remaining within a tight range of 3.12 billion USD to 3.64 billion USD. Conversely, the repurchase of ordinary shares has been volatile, with substantial expenditures in 2022 (2.54 billion USD), 2024 (2.14 billion USD), and 2025 (3.24 billion USD). Debt management shows a pattern of periodic refinancing, evidenced by large-scale issuances and repayments in 2021 and 2023. A notable financing event occurred in 2026 with proceeds of 538 million USD from the MiniMed initial public offering.
Liquidity Position and Net Cash Flow
The ending cash and cash equivalents balance showed significant variance, declining from 3.59 billion USD in 2021 to a low of 1.28 billion USD in 2024, before rebounding to 1.95 billion USD by 2026. This movement reflects the balance between strong operating cash inflows and the combined pressures of increasing capital expenditures, strategic acquisitions, and aggressive share repurchase programs.