Cash Flow Statement
Quarterly Data

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.

Medtronic PLC, consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Jul 25, 2025	Apr 25, 2025	Jan 24, 2025	Oct 25, 2024	Jul 26, 2024	Apr 26, 2024	Jan 26, 2024	Oct 27, 2023	Jul 28, 2023	Apr 28, 2023	Jan 27, 2023	Oct 28, 2022	Jul 29, 2022	Apr 29, 2022	Jan 28, 2022	Oct 29, 2021	Jul 30, 2021	Apr 30, 2021	Jan 29, 2021	Oct 30, 2020	Jul 31, 2020	Apr 24, 2020	Jan 24, 2020	Oct 25, 2019	Jul 26, 2019
Net income	1,047)	1,061)	1,303)	1,278)	1,049)	660)	1,337)	911)	797)	1,189)	1,228)	436)	931)	1,492)	1,484)	1,317)	769)	1,366)	1,279)	494)	491)	639)	1,919)	1,371)	877)
Depreciation and amortization	748)	840)	684)	675)	662)	654)	649)	672)	672)	679)	679)	671)	668)	688)	672)	676)	671)	684)	678)	671)	669)	672)	663)	671)	657)
Provision for credit losses	28)	27)	51)	27)	18)	28)	25)	16)	21)	19)	13)	26)	15)	9)	15)	19)	15)	25)	17)	49)	37)	32)	23)	19)	25)
Deferred income taxes	167)	(235)	(138)	(31)	88)	(258)	(214)	(36)	—)	(148)	14)	(74)	(18)	(370)	(156)	(67)	(11)	(214)	(139)	(72)	3)	(522)	(548)	(263)	18)
Stock-based compensation	86)	89)	98)	159)	83)	90)	84)	146)	73)	75)	81)	137)	62)	72)	78)	140)	69)	69)	65)	140)	70)	62)	66)	108)	61)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	53)	—)	—)	—)	—)	—)	—)	308)	—)	—)	—)	—)	406)
MCS asset impairment and inventory write-down	—)	—)	—)	—)	—)	371)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	515)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	159)	296)	112)	(89)	(9)	308)	83)	47)	135)	88)	34)	27)	121)	46)	(38)	14)	116)	90)	49)	44)	68)	77)	21)	61)	58)
Accounts receivable, net	288)	(249)	(3)	(291)	110)	(251)	(23)	(281)	164)	(168)	(62)	(435)	89)	(265)	(41)	(131)	(40)	(311)	219)	(527)	(142)	1,410)	(158)	(280)	319)
Inventories	(373)	186)	(200)	(61)	(217)	391)	86)	(206)	(410)	(3)	(152)	(404)	(380)	(201)	(203)	(81)	(75)	153)	70)	90)	(235)	(231)	(79)	(145)	(122)
Accounts payable and accrued liabilities	(598)	366)	550)	(103)	(604)	644)	446)	(26)	(673)	533)	177)	133)	(147)	207)	452)	(30)	(416)	2)	421)	649)	(541)	(147)	397)	335)	(629)
Other operating assets and liabilities	(464)	147)	115)	(606)	(194)	140)	1)	(582)	96)	196)	(438)	405)	(311)	379)	(35)	(88)	(321)	(119)	(303)	15)	(142)	(542)	103)	(10)	(160)
Change in operating assets and liabilities, net of acquisitions and divestitures	(1,147)	450)	462)	(1,061)	(905)	924)	510)	(1,095)	(823)	558)	(475)	(301)	(749)	120)	173)	(330)	(852)	(275)	407)	227)	(1,060)	490)	263)	(100)	(592)
Adjustments to reconcile net income to net cash provided by operating activities	41)	1,467)	1,269)	(320)	(63)	2,117)	1,137)	(250)	78)	1,271)	346)	486)	152)	565)	744)	452)	523)	379)	1,077)	1,367)	(213)	811)	488)	496)	633)
Net cash provided by operating activities	1,088)	2,528)	2,572)	958)	986)	2,777)	2,474)	661)	875)	2,460)	1,574)	922)	1,083)	2,057)	2,228)	1,769)	1,292)	1,745)	2,356)	1,861)	278)	1,450)	2,407)	1,867)	1,510)
Acquisitions, net of cash acquired	—)	—)	(98)	—)	—)	(137)	(52)	(22)	—)	—)	—)	(676)	(1,191)	—)	—)	(91)	—)	(18)	(606)	(370)	—)	(289)	2)	(56)	(145)
Additions to property, plant, and equipment	(504)	(459)	(476)	(404)	(520)	(426)	(346)	(461)	(354)	(378)	(332)	(323)	(426)	(389)	(330)	(271)	(378)	(377)	(363)	(281)	(334)	(336)	(293)	(283)	(301)
Purchases of investments	(2,100)	(2,133)	(2,074)	(2,140)	(1,879)	(2,326)	(2,019)	(1,487)	(1,916)	(2,042)	(1,729)	(1,859)	(1,884)	(1,963)	(2,608)	(2,657)	(2,654)	(2,360)	(4,088)	(3,315)	(2,045)	(2,790)	(4,023)	(2,557)	(1,669)
Sales and maturities of investments	2,010)	2,240)	1,917)	2,181)	2,157)	2,299)	1,806)	1,588)	1,748)	1,956)	1,778)	1,723)	1,886)	2,562)	2,493)	2,313)	2,324)	4,592)	2,416)	1,934)	2,403)	3,783)	2,531)	1,691)	1,569)
Other investing activities, net	(125)	(138)	(112)	18)	(17)	(106)	(96)	(42)	(17)	(11)	(4)	(11)	30)	61)	8)	(3)	(76)	82)	(132)	12)	(16)	(3)	(18)	(11)	(5)
Net cash (used in) provided by investing activities	(719)	(490)	(843)	(345)	(259)	(696)	(707)	(424)	(539)	(475)	(287)	(1,146)	(1,585)	271)	(437)	(709)	(784)	1,919)	(2,773)	(2,020)	8)	365)	(1,801)	(1,216)	(551)
Change in current debt obligations, net	649)	—)	(1,003)	557)	(624)	63)	(311)	821)	500)	(625)	276)	349)	—)	—)	—)	—)	—)	—)	(254)	(41)	(16)	(34)	(25)	(46)	88)
Proceeds from short-term borrowings, maturities greater than 90 days	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,284)	—)	—)	—)	—)	—)	—)	—)	2,789)	—)	—)	—)	—)
Repayments from short-term borrowings, maturities greater than 90 days	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,279)	—)	—)	—)	—)	—)	—)	—)	(2,853)	—)	—)	—)	—)	—)	—)	—)
Issuance of long-term debt	—)	—)	—)	—)	3,209)	—)	—)	—)	—)	1,979)	—)	3,430)	—)	—)	—)	—)	—)	—)	—)	7,172)	—)	—)	—)	1)	5,567)
Payments on long-term debt	(1,162)	—)	—)	—)	—)	—)	—)	—)	—)	(2,929)	(772)	—)	(2,311)	—)	—)	—)	(1)	(916)	(115)	(6,325)	(11)	(504)	(12)	(559)	(5,035)
Dividends to shareholders	(910)	(897)	(897)	(897)	(898)	(913)	(917)	(918)	(918)	(905)	(904)	(904)	(903)	(843)	(847)	(847)	(846)	(781)	(781)	(780)	(778)	(724)	(723)	(723)	(724)
Issuance of ordinary shares	95)	108)	168)	143)	89)	78)	57)	72)	77)	99)	56)	110)	43)	85)	70)	163)	111)	160)	195)	93)	26)	77)	153)	222)	210)
Repurchase of ordinary shares	(123)	(274)	(181)	(288)	(2,492)	(1,628)	(132)	(226)	(152)	(97)	(71)	(141)	(336)	(1,406)	(394)	(429)	(315)	(575)	(9)	(68)	—)	(118)	(246)	(629)	(333)
Other financing activities, net	70)	(280)	160)	(49)	(15)	41)	(197)	161)	(8)	(133)	(719)	170)	273)	215)	(6)	(42)	(4)	(164)	(34)	(19)	(51)	(7)	(20)	(7)	(47)
Net cash provided by (used in) financing activities	(1,381)	(1,343)	(1,753)	(534)	(731)	(2,359)	(1,500)	(90)	(501)	(4,890)	(2,134)	3,014)	(950)	(1,949)	(1,177)	(1,155)	(1,055)	(5,129)	(998)	32)	1,959)	(1,310)	(873)	(1,741)	(274)
Effect of exchange rate changes on cash and cash equivalents	67)	283)	(130)	4)	31)	(61)	45)	(175)	(39)	(74)	541)	(102)	(122)	(144)	(35)	(9)	(42)	(19)	72)	48)	114)	(74)	14)	(28)	2)
Net change in cash and cash equivalents	(945)	978)	(154)	83)	27)	(339)	312)	(28)	(204)	(2,979)	(306)	2,688)	(1,574)	235)	579)	(104)	(589)	(1,484)	(1,343)	(79)	2,359)	431)	(253)	(1,118)	687)

Net income

Net income exhibits notable volatility across the periods. After strong growth reaching a peak of 1919 million in early 2020, it sharply declines during the second quarter of 2020 coinciding with the onset of the COVID-19 pandemic. Following recovery phases, income levels fluctuate with peaks near 1300 million in late 2021 and again in early 2024, interspersed with several troughs under 800 million, indicating an inconsistent profitability trend over the years.

Depreciation and amortization

Depreciation and amortization remain relatively stable over the analyzed timeframe, consistently hovering around 650 to 680 million, with a slight upward trend towards the most recent quarters, including an unusual peak of 840 million in early 2025.

Provision for credit losses

This provision shows minor fluctuations mostly between 10 and 50 million, with occasional spikes, such as 51 million in early 2025, reflecting periodic adjustments in expected credit risk, but overall without a consistent upward or downward trend.

Deferred income taxes

Deferred income taxes present negative values in many quarters, reflecting tax timing differences. The figures abruptly swing from negative large amounts to smaller or positive figures from quarter to quarter, which could indicate volatile tax strategies or regulatory impacts over time.

Stock-based compensation

Stock-based compensation generally trends upward, rising from an average near 60 million in 2019 to values close to 150 million in some quarters of 2022 and 2023, representing an increase in equity-related expenses, possibly linked to employee incentives or retention programs.

Loss on debt extinguishment

Significant one-time losses appear in the early periods, notably 406 million in mid-2019 and 308 million in late 2020, with smaller isolated amounts in 2022, suggesting periodic debt restructuring or refinancing activities that impact financial results.

MCS asset impairment and inventory write-down

There are sharp one-time impairment and inventory write-downs recorded in mid-2021 and mid-2023 with 515 million and 371 million respectively, indicating occasional material adjustments to asset values and inventory impairments.

Other, net

This line item varies widely, including substantial positive and negative swings, such as 308 million in late 2022 and negative values in some quarters, reflecting a range of miscellaneous non-recurring or irregular items affecting the income statement.

Working capital components (Accounts receivable, Inventories, Accounts payable, Other operating assets and liabilities)

Working capital exhibits considerable volatility. Accounts receivable and inventories both experience swings between positive and negative changes indicating fluctuating collections and stock levels. For example, inventories show notable negative values in multiple quarters, including a deep drop of -410 million in mid-2023.

Accounts payable and accrued liabilities also vary significantly, with changes ranging from large negative to positive amounts, suggesting inconsistent payment cycles or supplier terms.

The combined net change in operating assets and liabilities reflects these volatilities, with large negative changes up to -1147 million as well as strong positive reversals of over 900 million, underscoring fluctuating operational cash flow drivers.

Adjustments and net cash from operating activities

Adjustments used to reconcile net income to operating cash flow fluctuate substantially, with occasional spikes such as 2117 million in early 2024, supporting healthy net cash provided by operations which remains robust, typically exceeding 1000 million, and peaking above 2700 million in some quarters, indicating generally strong operational cash performance despite income volatility.

Investing activities

Net cash used in investing activities varies markedly, with periods of heavy outflows exceeding 2000 million primarily driven by purchases of investments consistently ranging between approximately 1500 and 4000 million. Sales and maturities of investments partially offset outflows but not always sufficient to avoid net cash being negative in investing.

Significant acquisitions occur sporadically, with large cash outflows noted in several mid to late periods, including -1191 million and -676 million, evidencing strategic growth efforts through acquisitions.

Additions to property, plant, and equipment show steady investment activity, typically around 300 to 500 million quarterly, demonstrating ongoing capital expenditure commitment.

Financing activities

Financing cash flows are highly variable, with significant inflows in some quarters linked to issuance of long-term debt, and offsetting large repayments in others, pointing to active debt management. Share repurchases are substantial and ongoing, with large outflows particularly noted in 2022-2024, implying a strategy focused on shareholder returns and capital structure optimization.

Dividends paid exhibit a steady gradual increase from around 720 million to just over 900 million per quarter, indicating consistent commitment to shareholder distributions.

Other financing activities present inconsistent values, occasionally showing large positive or negative impacts, reflecting varied incidental financing transactions.

Effect of exchange rate changes

Foreign exchange effects on cash are generally minor but occasionally marked by large positive or negative changes, such as a 541 million positive impact in late 2022 and significant negative adjustments thereafter, signaling currency volatility influencing cash balances.

Net change in cash and cash equivalents

Cash changes reflect the combined volatility of operating, investing, and financing activities, with large positive spikes such as 2359 million in mid-2020 and sharp declines including -2979 million in early 2023. Many quarters show moderate net changes, indicating intermittent phases of cash accumulation and reduction aligning with the timing of major investing and financing actions.

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Medtronic PLC (NYSE:MDT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data