MDT

MKT CAP:$107B

Medtronic plc

Market Cap

$107B

Healthcare·Medical - Devices·🇮🇪 Ireland·NYSE

Healthcare·Medical - Devices·🇮🇪·NYSE

Stock Price

$83.28-$12.77 (-13.30%)

Apr 24, 2026

Company Details

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter d...

CEO

Geoffrey Straub Martha

IPO Date

May 2, 1973

Website

www.medtronic.com

Key Metrics TTM

Revenue

$35.2B

+8.0% YoY

Net Income

$4.9B

EPS (Diluted)

$3.79

Free Cash Flow

$6.9B

Revenue / Share

$27.32

Gross Margin

64.1%

Operating Margin

18.6%

Net Margin

13.8%

FCF Margin

19.7%

P/S

3.0x

P/E

22.0x

Earnings Reports

Q3 2026

Feb 24, 2026

$9.0B+8.8%EPS $0.89

Q2 2026

Nov 25, 2025

$9.0BEPS $1.07

Q4 2025

Jun 20, 2025

$8.9B+3.9%EPS $0.82

Q3 2025

Feb 25, 2025

$8.3B+2.5%EPS $1.01

Q1 2025

Aug 27, 2024

$7.9BEPS $0.80

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$7.5B	$5.3B	$1.5B
Q3 20	$7.7B	$5.3B	$1.6B
Q4 21	$8.2B	$5.5B	$1.6B
Q2 22	$7.8B	$5.3B	$1.6B
Q3 22	$7.8B	$5.3B	$1.7B
Q4 22	$8.1B	$5.5B	$1.7B
Q1 23	$7.4B	$4.9B	$1.1B
Q3 23	$7.7B	$5.0B	$1.4B
Q2 24	$8.0B	$5.2B	$1.3B
Q3 24	$8.1B	$5.3B	$1.5B
Q4 24	$8.6B	$5.5B	$1.1B
Q1 25	$7.9B	$5.2B	$1.3B
Q3 25	$8.3B	$5.5B	$1.6B
Q4 25	$8.9B	$5.8B	$1.4B
Q2 26	$9.0B	$5.4B	$1.7B
Q3 26	$9.0B	$5.9B	$1.8B

Valuation

Quarter	P/S	P/E
Q3 19	3.8x	23.6x
Q3 20	5.3x	29.7x
Q4 21	5.7x	31.2x
Q2 22	5.2x	27.6x
Q3 22	4.4x	22.8x
Q4 22	4.3x	24.3x
Q1 23	4.0x	23.8x
Q3 23	3.5x	21.5x
Q2 24	3.0x	20.5x
Q3 24	3.7x	26.4x
Q4 24	3.3x	26.0x
Q1 25	3.1x	26.1x
Q3 25	3.6x	27.5x
Q4 25	3.2x	26.6x
Q2 26	3.5x	25.3x
Q3 26	3.7x	26.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$2.1B	$1.8B
Q3 20	$2.4B	$2.1B
Q4 21	$1.7B	$1.4B
Q2 22	$1.8B	$1.5B
Q3 22	$2.2B	$1.9B
Q4 22	$2.1B	$1.7B
Q1 23	$1.1B	$657M
Q3 23	$1.6B	$1.2B
Q2 24	$661M	$200M
Q3 24	$2.5B	$2.1B
Q4 24	$2.8B	$2.4B
Q1 25	$986M	$466M
Q3 25	$2.6B	$2.1B
Q4 25	$2.5B	$2.1B
Q2 26	$925M	$457M
Q3 26	$2.7B	$2.3B

Capital Expenditures

Quarter	CapEx
Q3 19	$302M
Q3 20	$293M
Q4 21	$377M
Q2 22	$271M
Q3 22	$330M
Q4 22	$389M
Q1 23	$426M
Q3 23	$332M
Q2 24	$461M
Q3 24	$346M
Q4 24	$426M
Q1 25	$520M
Q3 25	$476M
Q4 25	$459M
Q2 26	$468M
Q3 26	$444M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	+2.4%	+1.2%
Q3 20	-5.2%	-2.1%
Q4 21	+10.9%	+7.1%
Q2 22	+4.9%	+5.8%
Q3 22	+2.9%	+1.7%
Q4 22	+4.8%	+5.6%
Q1 23	-10.0%	-5.1%
Q3 23	-1.5%	+0.8%
Q2 24	+2.8%	+8.8%
Q3 24	+0.0%	+2.9%
Q4 24	+16.5%	+20.7%
Q1 25	+2.4%	+4.8%
Q3 25	+3.9%	+0.0%
Q4 25	+10.4%	+13.4%
Q2 26	+4.3%	-3.5%
Q3 26	+13.9%	+9.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$60M	0.8%
Q3 20	$66M	0.9%
Q4 21	$69M	0.8%
Q2 22	$140M	1.8%
Q3 22	$78M	1.0%
Q4 22	$72M	0.9%
Q1 23	$62M	0.8%
Q3 23	$81M	1.0%
Q2 24	$146M	1.8%
Q3 24	$84M	1.0%
Q4 24	$90M	1.0%
Q1 25	$83M	1.0%
Q3 25	$98M	1.2%
Q4 25	$89M	1.0%
Q2 26	$182M	2.0%
Q3 26	$94M	1.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 19	$561M	$2.6B
Q3 20	$573M	$2.6B
Q4 21	$632M	$2.6B
Q2 22	$676M	$2.6B
Q3 22	$657M	$2.6B
Q4 22	$652M	$2.6B
Q1 23	$692M	$2.6B
Q3 23	$688M	$2.6B
Q2 24	$698M	$2.7B
Q3 24	$695M	$2.7B
Q4 24	$675M	$2.8B
Q1 25	$676M	$2.7B
Q3 25	$675M	$2.7B
Q4 25	$684M	$2.7B
Q2 26	$754M	$3.0B
Q3 26	$722M	$3.0B

Revenue Segments

Quarter	Cardiac and Vascular Group	Diabetes Group	Minimally Invasive Therapies Group	Restorative Therapies Group	Medical Surgical	Neuroscience Group	Cardiovascular	Other
Q3 19	$2.8B	$610M	$2.1B	$2.0B	—	—	—	—
Q3 20	$2.8B	$610M	$2.2B	$2.1B	—	—	—	—
Q2 22	$2.8B	$585M	—	—	$2.3B	$2.1B	—	—
Q3 22	$2.7B	$584M	—	—	$2.3B	$2.1B	—	—
Q1 23	—	$541M	—	—	$2.0B	$2.1B	$2.7B	—
Q3 23	—	$570M	—	—	$2.1B	$2.2B	$2.8B	—
Q2 24	—	$963M	—	—	$2.1B	$2.3B	$2.9B	$22M
Q3 24	$2.9B	$640M	—	—	$2.1B	$2.4B	—	—
Q1 25	$3.0B	$647M	—	—	$2.0B	$2.3B	—	—
Q3 25	$3.0B	$694M	—	—	$2.1B	$2.5B	—	—
Q3 26	$3.5B	$796M	—	—	$2.2B	$2.6B	—	—

Revenue by Geography

Quarter	Ireland	Total Other Countries, Excluding United States and Ireland	United States
Q3 19	$24M	$3.5B	$4.0B
Q3 20	$22M	$3.7B	$4.0B
Q4 21	$27M	$4.0B	$4.2B
Q2 22	$27M	$3.8B	$4.0B
Q3 22	$24M	$3.8B	$3.9B
Q1 23	$23M	$3.6B	$3.8B
Q3 23	$23M	$3.6B	$4.1B
Q2 24	$29M	$3.8B	$4.2B
Q3 24	$27M	$3.9B	$4.1B
Q1 25	$30M	$3.8B	$4.1B
Q3 25	$28M	$4.0B	$4.2B

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$3.7B	$6.9B	$10.6B
Q1 23	$2.1B	$6.7B	$8.9B
Q2 23	$4.8B	$6.6B	$11.4B
Q3 23	$4.5B	$6.6B	$11.1B
Q4 23	$1.5B	$6.4B	$8.0B
Q1 24	$1.3B	$6.5B	$7.9B
Q2 24	$1.3B	$6.4B	$7.7B
Q3 24	$1.6B	$6.7B	$8.3B
Q4 24	$1.3B	$6.7B	$8.0B
Q1 25	$1.3B	$6.5B	$7.8B
Q2 25	$1.4B	$6.6B	$8.0B
Q3 25	$1.2B	$6.7B	$7.9B
Q4 25	$2.2B	$6.7B	$9.0B
Q1 26	$1.3B	$6.8B	$8.1B
Q2 26	$1.3B	$7.0B	$8.3B
Q3 26	$1.1B	$7.2B	$8.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	1.35B	-0.6%	-0.1%
Q3 20	1.35B	-0.1%	-1.1%
Q4 21	1.36B	+0.5%	-0.5%
Q2 22	1.36B	-0.2%	-0.4%
Q3 22	1.35B	-0.4%	-0.2%
Q4 22	1.34B	-0.4%	-0.5%
Q1 23	1.33B	-0.8%	-1.8%
Q3 23	1.33B	-0.2%	-1.7%
Q2 24	1.33B	-0.0%	-1.4%
Q3 24	1.33B	-0.0%	-1.0%
Q4 24	1.33B	-0.5%	-0.7%
Q1 25	1.30B	-2.2%	-2.7%
Q3 25	1.29B	-0.8%	-3.4%
Q4 25	1.29B	+0.1%	-3.3%
Q2 26	1.29B	-0.0%	-2.9%
Q3 26	1.29B	+0.1%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$87.7K	86K
Q3 20	$85.7K	90K
Q4 21	$91.0K	90K
Q2 22	$87.2K	90K
Q3 22	$86.3K	90K
Q4 22	$237.9K	34K
Q1 23	$216.8K	34K
Q3 23	$227.3K	34K
Q2 24	$84.0K	95K
Q3 24	$85.1K	95K
Q4 24	$245.4K	35K
Q1 25	$226.1K	35K
Q3 25	$236.9K	35K
Q4 25	$94.0K	95K
Q2 26	$94.3K	95K
Q3 26	$94.9K	95K

Revenue / Employee