Analysis of Reportable Segments
Medtronic PLC operates in 3 segments: Cardiovascular Portfolio; Neuroscience Portfolio; and Medical Surgical Portfolio.
Segment Profit Margin
Medtronic PLC, profit margin by reportable segment
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 26.27% | 38.47% | 37.82% | 38.32% | 39.50% | 35.74% |
| Neuroscience Portfolio | 29.77% | 42.48% | 41.89% | 40.37% | 42.86% | 38.58% |
| Medical Surgical Portfolio | 24.14% | 36.18% | 37.66% | 33.87% | 39.08% | 34.58% |
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).
Profit margins across all three reportable segments exhibited a general trend of expansion and stability from 2021 through 2025, followed by a significant and uniform contraction in 2026. While the Neuroscience Portfolio consistently maintained the highest margins, all segments experienced a sharp decline in the final year of the period analyzed.
- Cardiovascular Portfolio
- Margins for this portfolio grew from 35.74% in 2021 to a peak of 39.50% in 2022. The segment maintained relative stability over the following three years, fluctuating between 37.82% and 38.47%. However, a substantial decrease is observed in 2026, with the margin falling to 26.27%.
- Neuroscience Portfolio
- This segment emerged as the most profitable across the observed timeframe. After an initial increase from 38.58% in 2021 to 42.86% in 2022, margins remained robust, reaching a period high of 42.48% in 2025. Similar to the other portfolios, a sharp contraction occurred in 2026, resulting in a margin of 29.77%.
- Medical Surgical Portfolio
- The Medical Surgical segment showed the most volatility during the mid-period, with margins rising from 34.58% in 2021 to 39.08% in 2022, before dropping to 33.87% in 2023. A recovery followed, with margins reaching 36.18% by 2025. The segment ended the period with the lowest profit margin of the three portfolios, declining to 24.14% in 2026.
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Segment Profit Margin: Cardiovascular Portfolio
Medtronic PLC; Cardiovascular Portfolio; segment profit margin calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 3,672) | 4,801) | 4,474) | 4,435) | 4,512) | 3,850) |
| Net sales | 13,976) | 12,481) | 11,831) | 11,573) | 11,423) | 10,772) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 26.27% | 38.47% | 37.82% | 38.32% | 39.50% | 35.74% |
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).
1 2026 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Net sales
= 100 × 3,672 ÷ 13,976 = 26.27%
The Cardiovascular Portfolio demonstrates a consistent increase in net sales over the analyzed six-year period, although this growth did not translate proportionally into operating profit. While revenue climbed steadily from US$ 10,772 million in 2021 to US$ 13,976 million in 2026, operating profitability experienced a significant contraction in the final year of the period.
- Revenue Growth Trajectory
- Net sales exhibited an uninterrupted upward trend from April 2021 through April 2026. The most pronounced acceleration occurred between 2025 and 2026, during which sales increased by approximately 12%, reaching the period peak of US$ 13,976 million.
- Operating Profit Performance
- Operating profit initially rose from US$ 3,850 million in 2021 to a peak of US$ 4,512 million in 2022. Between 2023 and 2025, profit levels remained relatively stable, fluctuating within a narrow range between US$ 4,435 million and US$ 4,801 million. A sharp reversal is observed in April 2026, where operating profit fell to US$ 3,672 million, the lowest level since 2021.
- Segment Profit Margin Analysis
- The segment profit margin improved from 35.74% in 2021 to a high of 39.50% in 2022. For the subsequent three years, margins remained resilient, maintaining a range between 37.82% and 38.47%. However, a severe margin compression occurred in 2026, with the margin dropping to 26.27%. This divergence between record sales and diminished profits indicates a significant increase in operating expenses or a shift in product mix during the final year.
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Segment Profit Margin: Neuroscience Portfolio
Medtronic PLC; Neuroscience Portfolio; segment profit margin calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 3,062) | 4,183) | 3,940) | 3,617) | 3,765) | 3,162) |
| Net sales | 10,287) | 9,846) | 9,406) | 8,959) | 8,784) | 8,195) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 29.77% | 42.48% | 41.89% | 40.37% | 42.86% | 38.58% |
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).
1 2026 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Net sales
= 100 × 3,062 ÷ 10,287 = 29.77%
The Neuroscience portfolio exhibited a period of sustained growth in both top-line revenue and operational profitability from 2021 through 2025, followed by a sharp divergence in 2026 where revenue continued to increase while operating profit contracted significantly.
- Net Sales Performance
- A consistent upward trend in net sales is observed, with revenue growing from 8,195 million USD in 2021 to 10,287 million USD in 2026. This steady expansion indicates a continuous increase in market demand or pricing power over the six-year period.
- Operating Profit Analysis
- Segment operating profit rose from 3,162 million USD in 2021 to a peak of 4,183 million USD in 2025. However, a notable reversal occurred in 2026, with profit falling to 3,062 million USD. This decline is particularly significant as it occurred alongside the highest recorded net sales for the segment.
- Segment Profit Margin Trends
- The profit margin expanded from 38.58% in 2021 to 42.86% in 2022 and remained relatively stable, fluctuating between 40.37% and 42.48% through 2025. In 2026, the margin experienced a sharp contraction to 29.77%, representing a decline of approximately 12.71 percentage points from the previous year. This suggests a substantial increase in operating expenses or a one-time financial impact that decoupled profitability from revenue growth.
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Segment Profit Margin: Medical Surgical Portfolio
Medtronic PLC; Medical Surgical Portfolio; segment profit margin calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 2,128) | 3,042) | 3,170) | 2,856) | 3,572) | 3,021) |
| Net sales | 8,815) | 8,407) | 8,417) | 8,433) | 9,141) | 8,737) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 24.14% | 36.18% | 37.66% | 33.87% | 39.08% | 34.58% |
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).
1 2026 Calculation
Segment profit margin = 100 × Segment operating profit ÷ Net sales
= 100 × 2,128 ÷ 8,815 = 24.14%
The Medical Surgical Portfolio exhibits a pattern of relative revenue stability contrasted with significant volatility in operating profitability and profit margins. While net sales remained largely consistent throughout the observed period, operating profit experienced fluctuations that led to a substantial contraction in the final year.
- Revenue Trends
- Net sales peaked in April 2022 at 9,141 million US dollars, followed by a decline and a subsequent period of stagnation between April 2023 and April 2025, where values remained near 8,400 million US dollars. An increase to 8,815 million US dollars is observed by April 2026.
- Operating Profit Performance
- Segment operating profit reached a maximum of 3,572 million US dollars in April 2022. This was followed by a decline in 2023 and a partial recovery to 3,170 million US dollars in 2024. However, a significant downward trend occurs in the final period, with operating profit dropping to 2,128 million US dollars in April 2026.
- Profit Margin Analysis
- The segment profit margin fluctuated between 33.87% and 39.08% from April 2021 through April 2025, indicating a period of relatively stable efficiency. A sharp erosion of profitability is evident in April 2026, where the margin falls to 24.14%, marking the lowest point in the analyzed timeframe.
The divergence between increasing net sales and decreasing operating profit in the final period suggests a significant increase in operating costs or a shift in product mix that negatively impacted the segment's overall profitability.
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Segment Return on Assets (Segment ROA)
Medtronic PLC, ROA by reportable segment
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 20.92% | 29.01% | 27.74% | 27.63% | 31.14% | 25.62% |
| Neuroscience Portfolio | 16.54% | 22.64% | 21.57% | 19.72% | 22.26% | 18.44% |
| Medical Surgical Portfolio | 6.54% | 9.13% | 9.44% | 7.88% | 9.67% | 7.68% |
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).
An analysis of the segment return on assets (ROA) from 2021 to 2026 reveals a consistent hierarchy in asset utilization efficiency across the three reportable portfolios. The Cardiovascular Portfolio consistently yields the highest returns, followed by the Neuroscience Portfolio, while the Medical Surgical Portfolio maintains the lowest ROA throughout the period.
- Cardiovascular Portfolio
- This segment demonstrates the strongest asset productivity, peaking at 31.14% in April 2022. After a slight correction in 2023, the ROA remained relatively stable between 27.63% and 29.01% from 2023 through 2025. However, a significant contraction is observed in April 2026, where the ROA fell to 20.92%.
- Neuroscience Portfolio
- The Neuroscience segment exhibits moderate volatility, with returns fluctuating between a high of 22.64% in 2025 and a low of 16.54% in 2026. A general upward trajectory was visible between 2023 and 2025, though this progress was erased by the sharp decline recorded in the final year of the analysis.
- Medical Surgical Portfolio
- This portfolio consistently reports the lowest return on assets, failing to reach double digits in any year except for 2022, 2024, and 2025. The ROA peaked at 9.67% in April 2022 and reached its lowest point of 6.54% in April 2026, reflecting a lower efficiency in generating earnings from its asset base compared to the other segments.
- Comparative Segment Trends
- A synchronized performance pattern is evident across all three portfolios. Each segment experienced a performance peak or increase in April 2022, followed by a period of relative stabilization or moderate growth between 2023 and 2025. Notably, all three segments suffered a simultaneous and sharp decline in ROA in April 2026, suggesting the influence of systemic factors affecting the company's overall asset efficiency during that period.
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Segment ROA: Cardiovascular Portfolio
Medtronic PLC; Cardiovascular Portfolio; segment ROA calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 3,672) | 4,801) | 4,474) | 4,435) | 4,512) | 3,850) |
| Total assets | 17,553) | 16,548) | 16,128) | 16,051) | 14,490) | 15,027) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 20.92% | 29.01% | 27.74% | 27.63% | 31.14% | 25.62% |
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).
1 2026 Calculation
Segment ROA = 100 × Segment operating profit ÷ Total assets
= 100 × 3,672 ÷ 17,553 = 20.92%
The Cardiovascular Portfolio exhibited fluctuating asset efficiency over the analyzed six-year period, characterized by an initial peak in profitability, a period of relative stability, and a significant decline in the final year.
- Segment Operating Profit
- Operating profit showed a general upward trajectory from 2021 to 2025, increasing from US$ 3,850 million to a peak of US$ 4,801 million. This growth trend was interrupted in 2026, when operating profit fell sharply to US$ 3,672 million, representing the lowest profitability level across the entire period.
- Asset Base Evolution
- Total assets experienced a brief contraction in 2022, dropping to US$ 14,490 million, but subsequently entered a period of consistent expansion. By 2026, the asset base reached US$ 17,553 million, indicating a steady increase in the segment's resource investment over the final four years of the period.
- Segment ROA Trends
- The Return on Assets peaked in 2022 at 31.14%, a result of coinciding growth in operating profit and a reduction in total assets. Between 2023 and 2025, the ROA remained relatively stable, fluctuating within a narrow range between 27.63% and 29.01%. A substantial erosion of efficiency occurred in 2026, with the ROA dropping to 20.92%. This decline was driven by the simultaneous occurrence of decreasing operating profits and an expanding asset base, signaling a reduction in the segment's ability to generate profit from its investments.
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Segment ROA: Neuroscience Portfolio
Medtronic PLC; Neuroscience Portfolio; segment ROA calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 3,062) | 4,183) | 3,940) | 3,617) | 3,765) | 3,162) |
| Total assets | 18,514) | 18,476) | 18,270) | 18,346) | 16,917) | 17,151) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 16.54% | 22.64% | 21.57% | 19.72% | 22.26% | 18.44% |
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).
1 2026 Calculation
Segment ROA = 100 × Segment operating profit ÷ Total assets
= 100 × 3,062 ÷ 18,514 = 16.54%
The Neuroscience Portfolio exhibited a period of overall growth in profitability and asset efficiency from 2021 through 2025, followed by a significant contraction in 2026. While the asset base remained relatively stable throughout the six-year period, the volatility in the Return on Assets (ROA) was primarily driven by fluctuations in segment operating profit.
- Operating Profit Trends
- Segment operating profit demonstrated an upward trajectory for the majority of the period, rising from 3,162 million USD in 2021 to a peak of 4,183 million USD in 2025. A minor correction occurred in 2023, where profit dipped to 3,617 million USD before recovering. However, a sharp decline is observed in 2026, with profit falling to 3,062 million USD, the lowest level recorded across the analyzed timeframe.
- Asset Base Stability
- Total assets remained consistent, fluctuating within a narrow range between 16,917 million USD and 18,514 million USD. After a slight decrease in 2022, the asset base expanded in 2023 and maintained a steady plateau through 2026. This stability indicates that the changes in ROA were not the result of significant divestments or aggressive acquisitions, but rather shifts in operational performance.
- Return on Assets (ROA) Performance
- The segment ROA mirrored the movement of operating profits due to the stable asset denominator. Efficiency improved from 18.44% in 2021 to 22.26% in 2022, followed by a brief decline to 19.72% in 2023. Performance recovered and reached a peak of 22.64% in 2025. This trend reversed sharply in 2026, with the ROA falling to 16.54%, signaling a substantial reduction in the portfolio's ability to generate profit from its asset base.
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Segment ROA: Medical Surgical Portfolio
Medtronic PLC; Medical Surgical Portfolio; segment ROA calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating profit | 2,128) | 3,042) | 3,170) | 2,856) | 3,572) | 3,021) |
| Total assets | 32,535) | 33,317) | 33,586) | 36,248) | 36,940) | 39,319) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 6.54% | 9.13% | 9.44% | 7.88% | 9.67% | 7.68% |
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).
1 2026 Calculation
Segment ROA = 100 × Segment operating profit ÷ Total assets
= 100 × 2,128 ÷ 32,535 = 6.54%
The Medical Surgical Portfolio exhibits a volatile profitability trend characterized by fluctuating operating profits and a consistent reduction in the total asset base. While the segment maintained relatively stable return levels between 2022 and 2025, a significant contraction in performance is observed in the final period.
- Segment Operating Profit
- Operating profit demonstrated significant volatility over the six-year period. A peak of 3,572 million US$ was achieved in 2022, followed by a sharp decline to 2,856 million US$ in 2023. Although a partial recovery occurred through 2024 and 2025, the profit plummeted to 2,128 million US$ by 2026, representing the lowest point in the analyzed timeframe.
- Total Asset Trend
- A continuous downward trend in total assets is evident, decreasing steadily from 39,319 million US$ in 2021 to 32,535 million US$ in 2026. This consistent reduction suggests a strategic contraction of the asset base or significant depreciation over time.
- Segment Return on Assets (ROA)
- The ROA fluctuated in correlation with operating profit, though it was partially supported by the shrinking asset base. After rising to 9.67% in 2022, the ratio dipped to 7.88% in 2023 before stabilizing above 9% during 2024 and 2025. However, in 2026, the ROA fell to 6.54%, as the decline in operating profit outpaced the reduction in total assets, resulting in the lowest efficiency level of the period.
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Segment Asset Turnover
Medtronic PLC, asset turnover by reportable segment
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 0.80 | 0.75 | 0.73 | 0.72 | 0.79 | 0.72 |
| Neuroscience Portfolio | 0.56 | 0.53 | 0.51 | 0.49 | 0.52 | 0.48 |
| Medical Surgical Portfolio | 0.27 | 0.25 | 0.25 | 0.23 | 0.25 | 0.22 |
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 asset turnover ratios across all three reportable segments demonstrate a consistent pattern of moderate volatility followed by a steady upward trajectory from 2023 through 2026. A synchronized decline in efficiency is noted across the entire portfolio during the 2023 fiscal period, suggesting a systemic influence on asset utilization during that timeframe.
- Cardiovascular Portfolio
- This segment maintains the highest asset turnover among the three portfolios, starting at 0.72 in 2021 and reaching a peak of 0.80 by 2026. Despite a retraction to 0.72 in 2023, the subsequent years show a consistent recovery and expansion in asset productivity, indicating the most efficient use of assets relative to revenue generation.
- Neuroscience Portfolio
- Efficiency in this segment exhibits a trajectory similar to the cardiovascular portfolio, fluctuating between a low of 0.48 in 2021 and a projected high of 0.56 in 2026. The trend indicates a gradual improvement in the ability to generate revenue from the asset base following the 2023 dip to 0.49.
- Medical Surgical Portfolio
- This portfolio consistently records the lowest asset turnover ratios, operating within a narrow range from 0.22 in 2021 to 0.27 in 2026. While the growth is less pronounced than in the other segments, a general increase in efficiency is observable, notwithstanding a slight decrease to 0.23 in 2023.
Comparatively, the Cardiovascular Portfolio operates with significantly greater asset efficiency than the Medical Surgical Portfolio, which requires substantially more assets to generate an equivalent unit of revenue. The overall trend across the enterprise indicates an improving capacity for asset optimization over the observed six-year period.
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Segment Asset Turnover: Cardiovascular Portfolio
Medtronic PLC; Cardiovascular Portfolio; segment asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 13,976) | 12,481) | 11,831) | 11,573) | 11,423) | 10,772) |
| Total assets | 17,553) | 16,548) | 16,128) | 16,051) | 14,490) | 15,027) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.80 | 0.75 | 0.73 | 0.72 | 0.79 | 0.72 |
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).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 13,976 ÷ 17,553 = 0.80
The Cardiovascular Portfolio demonstrates a consistent upward trajectory in revenue generation and a general improvement in asset utilization efficiency over the analyzed six-year period. Net sales experienced steady growth, rising from 10,772 million US$ in 2021 to 13,976 million US$ by 2026.
- Net Sales Performance
- Revenue grew incrementally from 2021 through 2025, followed by a more pronounced acceleration between 2025 and 2026, where sales increased by approximately 11.9% in a single period.
- Asset Base Dynamics
- Total assets exhibited a temporary contraction in 2022, falling to 14,490 million US$ from 15,027 million US$ in 2021. Subsequent years showed a steady expansion of the asset base, reaching a peak of 17,553 million US$ by 2026, suggesting an increase in investment to support scaling operations.
- Segment Asset Turnover Analysis
- The asset turnover ratio reflects volatility in the early years, peaking at 0.79 in 2022 due to the reduction in total assets against rising sales. After a correction to 0.72 in 2023, the ratio entered a period of sustained improvement, climbing to 0.73 in 2024, 0.75 in 2025, and reaching a period high of 0.80 by 2026. This trend indicates that the portfolio is increasingly efficient at generating sales from its invested asset base.
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Segment Asset Turnover: Neuroscience Portfolio
Medtronic PLC; Neuroscience Portfolio; segment asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 10,287) | 9,846) | 9,406) | 8,959) | 8,784) | 8,195) |
| Total assets | 18,514) | 18,476) | 18,270) | 18,346) | 16,917) | 17,151) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.56 | 0.53 | 0.51 | 0.49 | 0.52 | 0.48 |
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).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 10,287 ÷ 18,514 = 0.56
The Neuroscience Portfolio demonstrates a consistent upward trajectory in revenue generation paired with a steady improvement in asset utilization efficiency over the period from 2021 to 2026.
- Net Sales Growth
- Net sales exhibited uninterrupted annual growth, increasing from US$ 8,195 million in 2021 to US$ 10,287 million by 2026. This steady expansion indicates a strengthening market position and sustained demand for the portfolio's offerings.
- Asset Base Stability
- Total assets remained relatively stable, starting at US$ 17,151 million in 2021 and concluding at US$ 18,514 million in 2026. The absence of significant volatility in the asset base indicates that revenue growth was achieved without requiring proportional increases in capital investment.
- Segment Asset Turnover Efficiency
- The asset turnover ratio improved from 0.48 in 2021 to 0.56 in 2026. A brief decline was observed in 2023, where the ratio dipped to 0.49; this coincides with a peak in total assets of US$ 18,346 million, suggesting a temporary lag between asset expansion and revenue realization. Subsequent years show a recovery and continued climb, reflecting enhanced operational productivity and an increased capacity to generate sales from the existing asset base.
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Segment Asset Turnover: Medical Surgical Portfolio
Medtronic PLC; Medical Surgical Portfolio; segment asset turnover calculation
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 8,815) | 8,407) | 8,417) | 8,433) | 9,141) | 8,737) |
| Total assets | 32,535) | 33,317) | 33,586) | 36,248) | 36,940) | 39,319) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.27 | 0.25 | 0.25 | 0.23 | 0.25 | 0.22 |
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).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= 8,815 ÷ 32,535 = 0.27
The Medical Surgical Portfolio exhibits a trend of improving asset efficiency between April 2021 and April 2026, characterized by a consistent reduction in the asset base alongside stabilizing revenue streams.
- Net Sales Trends
- Revenue peaked in April 2022 at 9,141 million before entering a period of contraction and relative stagnation between April 2023 and April 2025, where values hovered around 8,400 million. A recovery is observed by April 2026, with net sales increasing to 8,815 million.
- Asset Base Analysis
- A steady downward trend in total assets is observed throughout the entire period. Assets declined from 39,319 million in April 2021 to 32,535 million in April 2026, indicating a systematic reduction in the capital employed within the segment.
- Asset Turnover Interpretation
- The segment asset turnover ratio rose from 0.22 in April 2021 to 0.27 in April 2026. Although a slight decrease to 0.23 occurred in April 2023 due to falling sales, the overall trajectory is positive. This improvement suggests that the segment has become more efficient at generating revenue per unit of asset, primarily because the reduction in the asset base occurred at a faster rate than the fluctuations in net sales.
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Net sales
Medtronic PLC, net sales by reportable segment
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 13,976) | 12,481) | 11,831) | 11,573) | 11,423) | 10,772) |
| Neuroscience Portfolio | 10,287) | 9,846) | 9,406) | 8,959) | 8,784) | 8,195) |
| Medical Surgical Portfolio | 8,815) | 8,407) | 8,417) | 8,433) | 9,141) | 8,737) |
| Segments | 33,078) | 30,734) | 29,654) | 28,965) | 29,348) | 27,704) |
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).
Total net sales across reportable segments demonstrate a general upward trend over the analyzed period, rising from US$ 27,704 million in 2021 to US$ 33,078 million in 2026. While the overall trajectory is positive, the growth contributions vary significantly across the three primary portfolios.
- Cardiovascular Portfolio
- This segment exhibits consistent and accelerating growth, increasing from US$ 10,772 million in 2021 to US$ 13,976 million in 2026. The most substantial expansion occurred between 2025 and 2026, where net sales rose by approximately 12%, reinforcing this portfolio as the largest contributor to overall segment revenue.
- Neuroscience Portfolio
- A steady and linear growth pattern is observed within this portfolio. Net sales grew from US$ 8,195 million in 2021 to US$ 10,287 million in 2026, maintaining positive year-over-year momentum throughout the entire period without significant volatility.
- Medical Surgical Portfolio
- This portfolio displays a volatile trend compared to the other segments. After reaching a peak of US$ 9,141 million in 2022, net sales experienced a decline to US$ 8,433 million in 2023. A period of stagnation followed through 2025, with values remaining near US$ 8,400 million, before a recovery to US$ 8,815 million was recorded in 2026.
- Aggregate Segment Performance
- The combined performance of all segments reflects a total increase of approximately 19.4% from 2021 to 2026. A temporary contraction in aggregate sales occurred in 2023, primarily driven by the decline in the Medical Surgical portfolio, which offset the growth achieved in the Cardiovascular and Neuroscience portfolios during that fiscal year.
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Segment operating profit
Medtronic PLC, segment operating profit by reportable segment
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 3,672) | 4,801) | 4,474) | 4,435) | 4,512) | 3,850) |
| Neuroscience Portfolio | 3,062) | 4,183) | 3,940) | 3,617) | 3,765) | 3,162) |
| Medical Surgical Portfolio | 2,128) | 3,042) | 3,170) | 2,856) | 3,572) | 3,021) |
| Segments | 8,862) | 12,026) | 11,584) | 10,908) | 11,849) | 10,033) |
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 total operating profit across reportable segments exhibited a general upward trajectory from April 2021 through April 2025, followed by a substantial contraction in April 2026. Aggregate profits rose from $10,033 million to a peak of $12,026 million over the first five years of the period, representing a net increase of approximately 20% before the decline to $8,862 million in the final year.
- Cardiovascular Portfolio Performance
- This segment remained the primary contributor to total operating profit throughout the observed period. After an initial increase to $4,512 million in 2022, the portfolio maintained a relatively stable range between $4,435 million and $4,801 million from 2023 to 2025. However, a significant reduction occurred in April 2026, with profit falling to $3,672 million.
- Neuroscience Portfolio Performance
- The Neuroscience portfolio demonstrated a consistent growth pattern through April 2025, reaching a peak of $4,183 million. Despite a slight contraction in 2023, the segment showed sustained growth in the following two years before experiencing a sharp decline to $3,062 million in April 2026.
- Medical Surgical Portfolio Performance
- This segment displayed the highest degree of volatility. Operating profits increased to $3,572 million in 2022 but fell sharply to $2,856 million in 2023. While a partial recovery to $3,170 million was achieved in 2024, the segment concluded the period with a steep decline to $2,128 million in April 2026.
- Aggregate Segment Trends
- The overall operating profit reached its zenith in April 2025. The subsequent simultaneous decline across all three portfolios in April 2026 indicates a systemic reduction in operating profit, resulting in the lowest total segment performance recorded within the six-year timeframe.
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Total assets
Medtronic PLC, total assets by reportable segment
US$ in millions
| Apr 24, 2026 | Apr 25, 2025 | Apr 26, 2024 | Apr 28, 2023 | Apr 29, 2022 | Apr 30, 2021 | |
|---|---|---|---|---|---|---|
| Cardiovascular Portfolio | 17,553) | 16,548) | 16,128) | 16,051) | 14,490) | 15,027) |
| Neuroscience Portfolio | 18,514) | 18,476) | 18,270) | 18,346) | 16,917) | 17,151) |
| Medical Surgical Portfolio | 32,535) | 33,317) | 33,586) | 36,248) | 36,940) | 39,319) |
| Segments | 68,602) | 68,341) | 67,984) | 70,645) | 68,347) | 71,497) |
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).
Total asset values across the reportable segments demonstrate a pattern of strategic reallocation and overall contraction over the observed six-year period. While the total segment assets peaked in 2021 at US$ 71,497 million, they concluded the period at US$ 68,602 million in 2026. This overall decline is characterized by a significant divergence in asset trajectories between the three primary portfolios.
- Cardiovascular Portfolio
- A positive growth trajectory is observed following a brief decline in 2022. Assets increased from US$ 14,490 million in 2022 to US$ 17,553 million by 2026, representing the most consistent upward trend among the segments in the latter half of the period.
- Neuroscience Portfolio
- Asset levels remained relatively stable with minor fluctuations. After an initial dip in 2022, assets rose to a peak of US$ 18,346 million in 2023 and maintained a plateau through 2026, ending at US$ 18,514 million.
- Medical Surgical Portfolio
- A sustained and continuous downward trend is evident throughout the period. Assets decreased from a high of US$ 39,319 million in 2021 to US$ 32,535 million in 2026. This significant reduction suggests a contraction in the asset base of this specific portfolio, which has directly influenced the aggregate segment totals.
- Aggregate Segment Asset Trends
- The total assets for all segments experienced volatility, dropping from US$ 71,497 million in 2021 to a low of US$ 67,984 million in 2024, before recovering slightly to US$ 68,602 million by 2026. The overall stability of the aggregate figure is a result of the growth in the Cardiovascular Portfolio offsetting the decline in the Medical Surgical Portfolio.
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