Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Medtronic PLC, consolidated statement of comprehensive income

US$ in millions

12 months ended:	Apr 24, 2026	Apr 25, 2025	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021
Net income	4,837)	4,691)	3,705)	3,784)	5,062)	3,630)
Unrealized gain (loss) on investment securities	48)	149)	46)	(49)	(301)	92)
Translation adjustment	387)	853)	(849)	(240)	(2,086)	1,699)
Net investment hedge	(428)	(1,474)	633)	(596)	2,299)	(1,694)
Net change in retirement obligations	143)	(110)	212)	32)	574)	505)
Unrealized gain (loss) on cash flow hedges	31)	(381)	136)	(381)	727)	(519)
Other comprehensive income (loss), net of tax	181)	(963)	178)	(1,234)	1,213)	83)
Comprehensive income including noncontrolling interests	5,018)	3,728)	3,883)	2,550)	6,275)	3,713)
Comprehensive income attributable to noncontrolling interests	(34)	(32)	(27)	(26)	(17)	(32)
Comprehensive income attributable to Medtronic	4,984)	3,696)	3,856)	2,524)	6,258)	3,681)

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 financial results from 2021 through 2026 demonstrate a pattern of volatility in both net income and other comprehensive income, with a notable recovery in profitability in the latter part of the period. While net income exhibits a general upward trend toward the end of the observed timeframe, the total comprehensive income attributable to the company is subject to significant swings driven by currency translation and hedging activities.

Net Income Performance: Net income experienced a sharp increase from 3,630 million US$ in 2021 to a peak of 5,062 million US$ in 2022. This was followed by a period of contraction, reaching a low of 3,705 million US$ in 2024. A subsequent recovery trend is observed in 2025 and 2026, with net income rising to 4,837 million US$ by the end of the period.
Comprehensive Income Components: Comprehensive income is heavily influenced by volatile components, most notably translation adjustments and net investment hedges. Translation adjustments showed extreme variance, moving from a gain of 1,699 million US$ in 2021 to a loss of 2,086 million US$ in 2022, before stabilizing into smaller fluctuations in subsequent years.; Net investment hedges acted as a significant countervailing force to translation adjustments. This is most evident in 2022, where a gain of 2,299 million US$ largely offset the substantial translation loss. A similar inverse relationship is observed in 2025, where a loss of 1,474 million US$ in hedges occurred alongside a positive translation adjustment of 853 million US$.
Other Comprehensive Income Factors: Unrealized gains and losses on cash flow hedges and investment securities contributed marginally to the overall volatility, with cash flow hedges fluctuating between losses of 519 million US$ in 2021 and gains of 727 million US$ in 2022. Retirement obligation adjustments remained mostly positive until a decline to -110 million US$ in 2025.
Noncontrolling Interests: The comprehensive income attributable to noncontrolling interests remained consistently negative and immaterial relative to total comprehensive income, fluctuating within a narrow range between -17 million and -34 million US$ throughout the six-year period.

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Medtronic PLC (NYSE:MDT)

Statement of Comprehensive Income