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 25, 2025 Apr 26, 2024 Apr 28, 2023 Apr 29, 2022 Apr 30, 2021 Apr 24, 2020
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
Other financing activities
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: 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 Income
Net income displayed fluctuations over the period, starting at $4,806 million in 2020, declining sharply to $3,630 million in 2021, then recovering to $5,062 million in 2022 before again dropping to $3,784 million in 2023. The last two years show moderate recovery, ending at $4,691 million in 2025. This pattern suggests variability in profitability with some recovery after periods of decline.
Depreciation and Amortization
Depreciation and amortization remained relatively stable, fluctuating slightly between $2,647 million and $2,861 million, with a slight decrease around 2024 and an increase by 2025. This stability indicates consistent capital asset usage over the years.
Provision for Credit Losses
The provision for credit losses showed variability with a peak of $128 million in 2021, declining notably to $58 million in 2022, then modestly rising again to $123 million by 2025, pointing to changing expectations for credit risk.
Deferred Income Taxes
Deferred income taxes exhibit significant fluctuations including negative amounts, ranging from -$1,315 million in 2020 to smaller negative values in subsequent years. These irregular values indicate ongoing adjustments to tax assets and liabilities and possible tax planning activities.
Stock-Based Compensation
Stock-based compensation expenses increased steadily from $297 million in 2020 to $429 million in 2025, indicating a gradual rise in equity-based remuneration.
Loss on Debt Extinguishment
Losses on debt extinguishment were significant in 2020 ($406 million) and 2021 ($308 million), with a minor amount ($53 million) in 2023, and absent or negligible in other years, suggesting notable debt restructuring activity mainly in earlier years.
Asset Impairments and Inventory Write-downs
Notable asset impairments and inventory write-downs occurred in 2022 and 2024, with values of $515 million and $371 million respectively, absent in other years, reflecting occasional write-downs impacting profitability.
Other, Net
The line item "Other, net" varied considerably, starting at $217 million in 2020, peaking at $573 million in 2024, and fluctuating in other years, indicating variable miscellaneous income or expenses.
Changes in Operating Assets and Liabilities

Accounts receivable and inventories show negative values mostly in later years, indicating decreases in these assets or increased collections. Accounts payable and accrued liabilities generally increased, signaling more obligations or delayed payments.

The net change related to operating assets and liabilities was consistently negative, indicating a use of cash in operations, with notable peaks of cash outflow in 2023 and 2025.

Net Cash Provided by Operating Activities
This cash flow line remained robust throughout, fluctuating between approximately $6,039 million and $7,346 million, demonstrating strong operating cash generation capacity despite fluctuations in net income.
Investing Activities

Investments in acquisitions varied substantially, with sizable outflows especially in 2023 (-$1,867 million). Capital expenditures steadily increased from $1,213 million to $1,859 million over six years, indicating ongoing investment in property, plant, and equipment.

Purchases of investments decreased initially but remained high, while sales and maturities of investments also decreased, leading to a net cash used in investing activities that peaked in negative cash flow in 2023 but declined afterward, signaling a reduction in investment outlays.

Financing Activities

Debt-related activities showed irregular patterns with substantial issuances and repayments. For example, long-term debt issuances were significant in 2020 and 2021, accompanied by large repayments. Short-term borrowings showed high volatility around 2021 and 2023.

Dividends to shareholders steadily increased until 2024, then slightly decreased in 2025, indicating consistent shareholder returns.

Share repurchases were substantial and varied, with peaks in 2022 ($2,544 million) and again rising by 2025 ($3,235 million), reflecting active capital return policies.

Overall, net cash used in financing activities was consistently negative, ranging from -$4,136 million to -$5,336 million, reflecting ongoing debt repayments, dividends, and share repurchases.

Cash and Cash Equivalents

Cash and cash equivalents at period-end declined sharply between 2022 and 2024, from $3,714 million to $1,284 million, before increasing to $2,218 million in 2025. The net change in cash also reflects this volatility, with large decreases notably in 2023 followed by increases in 2025.

Summary of Trends

The financial data show volatile net income with alternating increases and decreases, while operating cash flow remained relatively stable and strong. Investing cash flows suggest a reduction in net outflows over time despite continued capital expenditures and occasional large acquisitions. Financing cash flows indicate persistent shareholder returns through dividends and share repurchases alongside active management of debt levels.

Overall, the company appears to be balancing fluctuating profitability with solid cash generation and substantial capital investment, maintained by frequent adjustments in financing activities to support its strategic and operational goals.