MDT Financials Medtronic

14 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Sep 6, 2026, 10:12 UTC Overview →

Growth & profitability

Revenue has grown 3.8% per year over the past 5 years.
Net income has grown slower than revenue (-93.3% vs 3.8% per year).
Operating margin has expanded, at 17.8% in the latest year.
Free cash flow has grown 2.1% per year over the past 5 years.

Financial health

Total debt has grown slower than revenue (-6.9% vs 3.8% per year).
Operating income covered interest expense 9.0× in the latest year.

Shareholder returns

Dividends have been paid for 14 consecutive years, consuming 75796709.0% of earnings and 67.1% of free cash flow.
The dividend has grown 3.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$36.4B	$4801	65.0%	17.8%	0.0%	0.0%	$5.4B	—	$1.9B
2025	$33.5B	$4662	65.3%	17.8%	0.0%	0.0%	$5.2B	—	$2.2B
2024	$32.4B	$3676	65.3%	15.9%	0.0%	0.0%	$5.2B	—	$1.3B
2023	$31.2B	$3758	65.7%	17.6%	0.0%	0.0%	$4.6B	—	$1.5B
2022	$31.7B	$5039	68.0%	18.2%	0.0%	0.0%	$6.0B	—	$3.7B
2021	$30.1B	$3.6B	65.2%	14.9%	7.0%	3.9%	$4.9B	—	$3.6B
2020	$28.9B	$4.8B	67.4%	16.6%	9.4%	5.3%	$6.0B	$24.9B	$4.1B
2019	$30.6B	$4.6B	70.0%	20.5%	9.2%	5.2%	$5.9B	$25.4B	$4.4B
2018	$30.0B	$3.1B	69.8%	22.2%	6.1%	3.4%	$3.6B	$25.8B	$3.7B
2017	$29.7B	$4.0B	68.7%	18.1%	8.0%	4.0%	$5.6B	$33.4B	$5.0B
2016	—	$3.5B	—	—	6.8%	3.6%	$4.2B	$30.9B	$2.9B
2015	—	$2.7B	—	—	5.0%	2.5%	$4.3B	$35.6B	$4.8B
2014	—	$3.1B	—	—	15.8%	8.1%	$4.6B	—	$1.4B
2013	—	$3.5B	—	—	18.6%	—	—	—	$919M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jul '26	$9.8B	$1.5B	65.0%	18.1%	2.9%	1.6%	$1.3B	—	$1.7B
Apr '26	$9.8B	$1.2B	65.4%	19.1%	2.5%	1.3%	$2.1B	—	$1.9B
Jan '26	$9.0B	$1.1B	63.8%	16.2%	2.3%	1.2%	$2.3B	—	$1.1B
Oct '25	$9.0B	$1.4B	65.8%	18.8%	2.8%	1.5%	$457M	—	$1.3B
Jul '25	$8.6B	$1.0B	65.0%	16.8%	2.2%	1.1%	$584M	—	$1.3B
Apr '25	$8.9B	$1.1B	64.7%	16.1%	2.2%	1.2%	$2.1B	—	$2.2B
Jan '25	$8.3B	$1.3B	66.5%	19.9%	2.6%	1.4%	$2.1B	—	$1.2B
Oct '24	$8.4B	$1.3B	64.9%	19.0%	2.6%	1.4%	$554M	—	$1.4B
Jul '24	$7.9B	$1.0B	65.1%	16.1%	2.2%	1.2%	$466M	—	$1.3B
Apr '24	$8.6B	$654M	64.6%	12.3%	1.3%	0.7%	$2.4B	—	$1.3B
Jan '24	$8.1B	$1.3B	65.6%	18.3%	2.6%	1.5%	$2.1B	—	$1.6B
Oct '23	$8.0B	$909M	65.4%	16.8%	1.8%	1.0%	$200M	—	$1.3B
Jul '23	$7.7B	$791M	65.9%	16.5%	1.5%	0.9%	$521M	—	$1.3B
Apr '23	$8.5B	$1.2B	65.1%	18.3%	2.3%	1.3%	$2.1B	—	$1.5B
Jan '23	$7.7B	$1.2B	65.2%	18.0%	2.4%	1.3%	$1.2B	—	$4.5B
Oct '22	$7.6B	$427M	66.6%	18.5%	0.8%	0.5%	$599M	—	$4.8B
Jul '22	$7.4B	$929M	65.9%	15.3%	1.8%	1.0%	$657M	—	$2.1B
Apr '22	$8.1B	$1.5B	68.0%	20.7%	2.8%	1.6%	$1.7B	—	$3.7B
Jan '22	$7.8B	$1.5B	68.3%	21.4%	2.8%	1.6%	$1.9B	—	$3.5B
Oct '21	$7.8B	$1.3B	68.2%	19.9%	2.5%	1.4%	$1.5B	—	$2.9B

Valuation over time

How the market has priced MDT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 20447421.5× (Mar '23) to 26456653.3× (Nov '26).
The price-to-sales ratio has risen from 3.3× (Mar '23) to 3.5× (Nov '26).
The dividend yield has fallen from 3.3% (Mar '23) to 2.9% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MDT growing its revenue and profit?

Over the past 5 years, Medtronic's revenue has grown 3.8% per year, and net income declined 93.3% per year. These are computed facts, not advice.

How much debt does MDT have?

As of FY2026, Medtronic reported — of total debt against $1.9B of cash; operating income covered interest expense 9.0×.

What is MDT's profit margin?

In FY2026, gross margin was 65.0%, operating margin 17.8%, and net margin 0.0%.

What is MDT's P/E ratio?

Medtronic's P/E (TTM) is 24.28 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the MDT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 26456653.3× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.