Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Medtronic PLC, profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
The analysis of the quarterly financial ratios reveals several notable trends in profitability and efficiency over the periods observed.
- Gross Profit Margin (%)
- The gross profit margin exhibited a generally stable pattern, fluctuating between approximately 63.85% and 67.98% from mid-2020 through late 2024. It reached a peak in early 2022 but showed a slight declining tendency thereafter, stabilizing near 65.5% in the most recent quarters. This suggests consistent cost management relative to revenue generation over time, with minor variability likely due to operational or market factors.
- Operating Profit Margin (%)
- Operating profit margin displayed a stronger upward trend from 11.44% in early 2021 to a peak of 19.37% in mid-2022. After this peak, the margin declined somewhat but remained elevated compared to early periods, staying around 17-18% in the latest quarters. This indicates improved operating efficiency and control over operating expenses initially, followed by a moderate normalization while maintaining enhanced profitability levels.
- Net Profit Margin (%)
- The net profit margin experienced a rise from a low of 10.36% in early 2021 to approximately 16.75% in mid-2022, evidencing improved bottom-line profitability. However, later quarters showed a reduction and higher volatility, with margins fluctuating around 12-14%. Despite the variability, net profitability remains above early period lows, reflecting stable earnings after expenses and taxes.
- Return on Equity (ROE) (%)
- Return on equity followed a gradual upward trend from 5.7% in early 2021 to peaks near 9.88% in mid-2022 and around 9.79% by early 2025. The metric demonstrates enhanced efficiency in generating shareholder returns, though some intermediate periods indicated mild declines or stabilization. Overall, ROE improvements align with profitability enhancements observed in other margins.
- Return on Assets (ROA) (%)
- Return on assets similarly increased from 2.97% in early 2021 to approximately 5.79% in mid-2022 and maintained levels above 5% in several subsequent quarters. Fluctuations were present, but the trend underscores improved asset utilization to generate profit, pointing to effective management of the company's asset base over the evaluation period.
In summary, the data indicate a period of increasing profitability and efficiency peaking around mid-2022, followed by some stabilization or slight declines in later periods. Despite these fluctuations, profitability metrics such as operating and net margins, as well as returns on equity and assets, have generally improved compared to early 2021 levels, reflecting strengthened financial performance and operational effectiveness over time.
Return on Sales
Return on Investment
Gross Profit Margin
Medtronic PLC, gross profit margin calculation (quarterly data)
| Oct 24, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Gross profit | 5,900) | 5,577) | 5,781) | 5,513) | 5,457) | 5,154) | 5,544) | 5,307) | 5,223) | 5,074) | 5,565) | 5,038) | 5,050) | 4,855) | 5,498) | 5,304) | 5,350) | 5,389) | 5,536) | 5,154) | 4,942) | 4,002) | |||||||
| Net sales | 8,961) | 8,578) | 8,927) | 8,292) | 8,403) | 7,915) | 8,589) | 8,089) | 7,984) | 7,702) | 8,544) | 7,727) | 7,585) | 7,371) | 8,089) | 7,763) | 7,847) | 7,987) | 8,188) | 7,775) | 7,647) | 6,507) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 65.51% | 65.29% | 65.32% | 65.27% | 65.04% | 65.16% | 65.34% | 65.50% | 65.40% | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | 65.19% | 63.85% | 64.57% | 65.76% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 51.96% | 51.90% | 51.50% | 50.93% | 50.96% | 50.53% | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | 52.21% | 52.01% | 50.69% | 51.25% | |||||||
| Elevance Health Inc. | — | — | — | 14.45% | 14.93% | 15.66% | 15.92% | 16.62% | 17.16% | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | 17.09% | 17.30% | 17.57% | 19.38% | |||||||
| Intuitive Surgical Inc. | — | — | — | 66.38% | 66.61% | 67.09% | 67.46% | 66.98% | 66.86% | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | 69.32% | 69.12% | 68.69% | 66.48% | |||||||
| UnitedHealth Group Inc. | — | — | — | 18.80% | 19.83% | 20.98% | 21.31% | 21.91% | 22.63% | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | 23.60% | 23.75% | 23.80% | 25.79% | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (5,900 + 5,577 + 5,781 + 5,513)
÷ (8,961 + 8,578 + 8,927 + 8,292)
= 65.51%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends regarding sales, gross profit, and gross profit margin over the observed periods.
- Net Sales
-
Net sales demonstrated a generally increasing trend over the quarters. There was an initial rise from 6507 million USD in July 2020 to 8188 million USD by April 2021. Following this peak, sales exhibited some fluctuations but mostly maintained elevated levels. After some reductions around mid-2022, sales rebounded strongly reaching up to approximately 8961 million USD by October 2025. This overall upward trajectory suggests strengthening revenue generation capacity.
- Gross Profit
-
Gross profit mirrored the pattern of net sales, with an upward trend over time. Starting at 4002 million USD in July 2020, it increased consistently through early 2021, peaking above 5500 million USD in multiple subsequent quarters. Despite some volatility, gross profit remained largely stable at high levels, indicating effective cost control and sustained profitability on sales.
- Gross Profit Margin
-
The gross profit margin percentage displayed relative consistency throughout the periods with moderate fluctuations. Beginning at 65.76% in July 2020, the margin fluctuated narrowly within the mid-60 percent range. It peaked near 67.98% in April 2022 and subsequently slightly declined but remained stable above 65% in most quarters. This stability suggests that the company maintained its efficiency in production and pricing strategies despite changes in sales volume.
In summary, the company exhibited resilient growth in net sales and gross profit over multiple quarters, supported by a steady gross profit margin. This combination highlights improved revenue generation and controlled cost of goods sold, resulting in sustained profitability and operational efficiency over the time frame analyzed.
Operating Profit Margin
Medtronic PLC, operating profit margin calculation (quarterly data)
| Oct 24, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating profit | 1,686) | 1,445) | 1,436) | 1,646) | 1,595) | 1,278) | 1,053) | 1,483) | 1,340) | 1,268) | 1,564) | 1,392) | 1,404) | 1,125) | 1,671) | 1,659) | 1,563) | 859) | 1,604) | 1,277) | 930) | 673) | |||||||
| Net sales | 8,961) | 8,578) | 8,927) | 8,292) | 8,403) | 7,915) | 8,589) | 8,089) | 7,984) | 7,702) | 8,544) | 7,727) | 7,585) | 7,371) | 8,089) | 7,763) | 7,847) | 7,987) | 8,188) | 7,775) | 7,647) | 6,507) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 17.88% | 17.90% | 17.76% | 16.78% | 16.39% | 15.82% | 15.89% | 17.50% | 17.41% | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | 14.89% | 11.44% | 12.77% | 14.25% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 17.59% | 17.43% | 16.84% | 16.27% | 16.24% | 15.92% | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | 19.56% | 20.04% | 18.46% | 17.97% | |||||||
| Elevance Health Inc. | — | — | — | 3.58% | 3.76% | 4.07% | 4.16% | 4.55% | 4.76% | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | 5.15% | 4.91% | 3.68% | 4.83% | |||||||
| Intuitive Surgical Inc. | — | — | — | 29.30% | 28.80% | 28.20% | 28.12% | 26.24% | 25.79% | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | 31.89% | 32.55% | 31.27% | 26.01% | |||||||
| UnitedHealth Group Inc. | — | — | — | 6.12% | 7.37% | 8.27% | 8.17% | 8.28% | 8.40% | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | 8.40% | 7.91% | 7.73% | 9.24% | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,686 + 1,445 + 1,436 + 1,646)
÷ (8,961 + 8,578 + 8,927 + 8,292)
= 17.88%
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the assessed periods. Net sales show variability but generally maintain a range between approximately 6,500 million and 9,000 million US dollars, with periodic fluctuations that do not suggest a consistent directional trend. This volatility may reflect seasonality or market conditions impacting revenue generation.
Operating profit exhibits significant oscillations that do not consistently follow net sales changes. There are periods of strong increases in operating profit, such as from mid-2020 through early 2021, followed by some volatility in subsequent quarters. The absolute values range from around 650 million to near 1,700 million US dollars, indicating variations in efficiency or cost management across different quarters.
The operating profit margin shows a generally upward trend over most of the periods analyzed. Starting from about 11-14% in earlier quarters, it rises to exceed 17% in recent quarters, peaking close to 19%, which suggests improvement in operational efficiency or favorable cost controls relative to sales. This increase in margin despite fluctuations in absolute profits and sales implies better profitability from core operations.
Overall, while sales figures fluctuate, the ability to maintain or increase operating profit margins signals enhanced operational effectiveness. The company appears to be managing costs or achieving higher value in its sales mix, which strengthens profitability independently of net sales volatility. Nonetheless, the variability in absolute operating profits suggests ongoing challenges or external factors influencing quarterly results.
- Net Sales
- Experience moderate fluctuations, ranging roughly between 6,500 million and 9,000 million US dollars, with no clear long-term upward or downward trend.
- Operating Profit
- Displays significant variability with peaks approaching 1,700 million US dollars and troughs near 650 million, highlighting periods of both strong and weaker operational earnings.
- Operating Profit Margin
- Demonstrates a positive trajectory over time, increasing from low double digits up to about 19%, indicating improving profitability ratios irrespective of fluctuating sales volumes.
Net Profit Margin
Medtronic PLC, net profit margin calculation (quarterly data)
| Oct 24, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Medtronic | 1,374) | 1,040) | 1,056) | 1,294) | 1,270) | 1,042) | 654) | 1,322) | 909) | 791) | 1,180) | 1,222) | 427) | 929) | 1,485) | 1,480) | 1,311) | 763) | 1,360) | 1,270) | 489) | 487) | |||||||
| Net sales | 8,961) | 8,578) | 8,927) | 8,292) | 8,403) | 7,915) | 8,589) | 8,089) | 7,984) | 7,702) | 8,544) | 7,727) | 7,585) | 7,371) | 8,089) | 7,763) | 7,847) | 7,987) | 8,188) | 7,775) | 7,647) | 6,507) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 13.71% | 13.63% | 13.90% | 12.83% | 13.00% | 12.05% | 11.36% | 13.00% | 12.84% | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | 11.97% | 10.36% | 12.69% | 15.80% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 31.88% | 32.43% | 31.89% | 31.95% | 13.99% | 13.65% | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | 16.42% | 17.12% | 15.85% | 15.33% | |||||||
| Elevance Health Inc. | — | — | — | 2.86% | 2.85% | 3.26% | 3.41% | 3.72% | 3.93% | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | 4.46% | 4.17% | 3.32% | 3.82% | |||||||
| Intuitive Surgical Inc. | — | — | — | 28.58% | 28.51% | 28.41% | 27.81% | 28.51% | 27.65% | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | 29.85% | 30.78% | 31.43% | 25.78% | |||||||
| UnitedHealth Group Inc. | — | — | — | 4.09% | 5.10% | 5.46% | 3.65% | 3.68% | 3.70% | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | 6.06% | 5.56% | 5.37% | 6.46% | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025
+ Net income attributable to MedtronicQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,374 + 1,040 + 1,056 + 1,294)
÷ (8,961 + 8,578 + 8,927 + 8,292)
= 13.71%
2 Click competitor name to see calculations.
- Net Income
- The net income attributable to the company exhibits notable fluctuations across the observed quarters. From mid-2020, there was an initial upward trajectory peaking early in 2021. Following this, a decrease is noticeable in the third quarter of 2022, with the value dropping considerably compared to prior periods. However, a recovery phase is observed subsequently, with net income rising again through most of 2023 and early 2024, though some quarters show decreases, indicating volatility in profitability. Towards late 2024 and into 2025, net income levels mostly recover and stabilize, reaching new peaks in certain quarters.
- Net Sales
- Net sales demonstrate a generally positive trend with periodic fluctuations. Starting from around 6.5 billion USD in mid-2020, sales increased steadily, peaking above 8.5 billion USD in early 2023 and again in early 2024. Some quarters reveal slight declines or plateaus, notably in mid-2022 and mid-2024 periods. Despite these variations, the overall pattern suggests growth in revenue over the time frame with several strong quarterly performances exceeding previous highs.
- Net Profit Margin
- The net profit margin percentage shows moderate variation while maintaining a generally stable range between approximately 10% and 16%. It started at around 15.8% in mid-2020, experienced a dip to just above 10% in early 2021, followed by a recovery and relatively consistent margins hovering near 13-15% thereafter. There is a slight declining trend noticed in some periods around 2023, but this is counterbalanced by increases in subsequent quarters, suggesting an overall steady profitability relative to sales with periodic margin compression and recovery.
- Summary of Trends
- The data indicates that while net sales have progressively increased with some variability, net income has experienced more pronounced volatility, reflecting possible changes in cost structure, expenses, or other operational factors impacting profitability. The net profit margin remains within a moderate range, supporting the view of relatively stable operational efficiency despite fluctuations in absolute income figures. This combination of rising revenues but variable income points to potential challenges in cost management or external market conditions influencing net income levels during the reported periods.
Return on Equity (ROE)
Medtronic PLC, ROE calculation (quarterly data)
| Oct 24, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Medtronic | 1,374) | 1,040) | 1,056) | 1,294) | 1,270) | 1,042) | 654) | 1,322) | 909) | 791) | 1,180) | 1,222) | 427) | 929) | 1,485) | 1,480) | 1,311) | 763) | 1,360) | 1,270) | 489) | 487) | |||||||
| Shareholders’ equity | 48,652) | 47,893) | 48,024) | 49,387) | 48,494) | 47,947) | 50,214) | 51,792) | 51,460) | 51,178) | 51,483) | 51,441) | 51,880) | 52,672) | 52,551) | 52,542) | 51,991) | 51,486) | 51,428) | 50,758) | 50,164) | 50,296) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 9.79% | 9.73% | 9.71% | 8.63% | 8.84% | 8.19% | 7.32% | 8.11% | 7.97% | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | 7.01% | 5.70% | 7.05% | 8.77% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 27.43% | 27.65% | 27.66% | 28.12% | 14.49% | 14.13% | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | 19.75% | 21.04% | 18.86% | 17.06% | |||||||
| Elevance Health Inc. | — | — | — | 12.59% | 12.26% | 13.92% | 14.47% | 14.66% | 15.86% | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | 16.93% | 15.44% | 12.10% | 13.92% | |||||||
| Intuitive Surgical Inc. | — | — | — | 16.23% | 14.61% | 14.47% | 14.13% | 14.39% | 14.23% | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | 14.32% | 14.80% | 14.97% | 11.56% | |||||||
| UnitedHealth Group Inc. | — | — | — | 18.36% | 22.48% | 23.26% | 15.55% | 15.14% | 15.78% | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | 24.09% | 21.95% | 21.03% | 25.42% | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
1 Q2 2026 Calculation
ROE = 100
× (Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025
+ Net income attributable to MedtronicQ3 2025)
÷ Shareholders’ equity
= 100 × (1,374 + 1,040 + 1,056 + 1,294)
÷ 48,652 = 9.79%
2 Click competitor name to see calculations.
- Net Income Attributable to Medtronic
- Over the analyzed periods, net income exhibits a cyclical pattern with fluctuations occurring quarterly. Notable peaks were observed around January 2021, October 2021, January 2022, January 2023, and October 2025, where income reached values above 1200 million US dollars. Conversely, some quarters, such as October 2022 and April 2024, recorded lower income figures closer to the 400–700 million US dollar range. Despite such volatility, the overall net income trend shows resilience and a general tendency to recover following declines, suggesting periods of strong profitability interspersed with temporary downturns.
- Shareholders’ Equity
- Shareholders’ equity displays a relatively stable trend with minor fluctuations across the periods. Initial values around 50,000 million US dollars gradually increased, reaching peaks slightly above 52,500 million in mid-2022, followed by a slight decline in subsequent quarters. The fluctuations do not indicate major volatility, reflecting steady capital preservation with slight variations that may be attributed to operational results, equity transactions, or other balance sheet adjustments. The overall downward trend in equity observed towards the last quarters suggests a modest contraction compared to earlier periods.
- Return on Equity (ROE)
- ROE shows consistent quarter-to-quarter variability within a range of approximately 5.7% to 9.9%. The ratio rose notably in the middle of the observed timeline, reaching near 9.9% in mid-2022, indicating enhanced profitability relative to equity during that period. Subsequently, there is a fluctuation around the 7% to 9% range, with occasional increases close to 9.7% towards the final quarters. This pattern signifies steady efficiency in generating net income from shareholders’ equity, despite some quarterly variation, reflecting effective management performance in most periods.
- Overall Financial Insights
- The financial metrics suggest an enterprise characterized by periodic fluctuations in net income but stable equity levels and reasonably consistent returns on equity. The cyclical nature of net income highlights potential seasonal or operational factors affecting profitability on a quarterly basis. Shareholders’ equity's stability supports a solid capital foundation, while ROE indicates sustained capability to generate returns for equity holders. The interplay between these metrics points to a stable financial position with standard variations typical for the industry sector.
Return on Assets (ROA)
Medtronic PLC, ROA calculation (quarterly data)
| Oct 24, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income attributable to Medtronic | 1,374) | 1,040) | 1,056) | 1,294) | 1,270) | 1,042) | 654) | 1,322) | 909) | 791) | 1,180) | 1,222) | 427) | 929) | 1,485) | 1,480) | 1,311) | 763) | 1,360) | 1,270) | 489) | 487) | |||||||
| Total assets | 91,346) | 90,972) | 91,680) | 89,973) | 90,042) | 89,749) | 89,981) | 90,836) | 90,087) | 90,776) | 90,948) | 94,134) | 93,241) | 89,914) | 90,981) | 91,804) | 91,756) | 91,802) | 93,083) | 97,270) | 95,886) | 93,906) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 5.22% | 5.12% | 5.09% | 4.73% | 4.76% | 4.38% | 4.09% | 4.63% | 4.55% | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | 3.87% | 2.97% | 3.69% | 4.70% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 16.60% | 16.64% | 16.58% | 16.46% | 7.76% | 7.61% | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | 9.40% | 9.82% | 8.70% | 7.86% | |||||||
| Elevance Health Inc. | — | — | — | 4.51% | 4.40% | 4.94% | 5.12% | 5.51% | 5.92% | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | 6.26% | 5.63% | 4.40% | 4.93% | |||||||
| Intuitive Surgical Inc. | — | — | — | 14.19% | 12.93% | 12.88% | 12.39% | 12.64% | 12.57% | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | 12.58% | 13.06% | 13.20% | 10.17% | |||||||
| UnitedHealth Group Inc. | — | — | — | 5.58% | 6.90% | 7.14% | 4.83% | 4.78% | 4.93% | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | 8.15% | 7.24% | 6.90% | 8.23% | |||||||
Based on: 10-Q (reporting date: 2025-10-24), 10-Q (reporting date: 2025-07-25), 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31).
1 Q2 2026 Calculation
ROA = 100
× (Net income attributable to MedtronicQ2 2026
+ Net income attributable to MedtronicQ1 2026
+ Net income attributable to MedtronicQ4 2025
+ Net income attributable to MedtronicQ3 2025)
÷ Total assets
= 100 × (1,374 + 1,040 + 1,056 + 1,294)
÷ 91,346 = 5.22%
2 Click competitor name to see calculations.
- Net Income Attributable to Medtronic
- Exhibits cyclical fluctuations with intermittent peaks notably in early 2021, early 2022, and late 2025, along with troughs, reflecting periodic variability in profitability without a clear long-term upward or downward trend.
- Total Assets
- Remain relatively stable over the periods, with only minor decreases overall, indicating consistent asset levels without significant growth or reduction affecting the company's asset base.
- Return on Assets (ROA)
- Shows an overall positive trend, improving from a low in early 2021 to higher values by mid to late 2022 and maintaining generally improved levels thereafter, signifying enhanced efficiency in asset utilization for income generation.