MDT
Updated: 25/09/2026, 16:26:18
Medtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons). Medical Surgical Portfolio: Offering a broad spectrum of surgical instruments and therapies, this division includes staples, vessel sealing devices, wound closure products, and electrosurgical equipment. It also pioneers surgical artificial intelligence and robotic-assisted platforms, alongside solutions for hernia repair, gynecology, lung conditions, minimally invasive gastrointestinal and hepatologic diagnostics, patient monitoring, airway management, ventilation therapies, and renal disease. Neuroscience Portfolio: This division delivers specialized products for a diverse group of medical professionals, such as spinal surgeons, neurosurgeons, neurologists, pain management specialists, and ENT experts. Its offerings span energy surgical instruments, advanced image-guided and intra-operative imaging systems, robotic guidance for spine procedures, and therapies targeting the brain's vasculature. Diabetes Operating Unit: Dedicated to diabetes management, this unit provides innovative solutions like insulin pumps and their associated consumables, continuous glucose monitoring (CGM) systems, and smart insulin pen technologies. Established in 1949, Medtronic plc maintains its corporate headquarters in Dublin, Ireland.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$36.4B
FY 2026 · Reported
Net income
$4.8B
FY 2026 · Reported
Gross margin
65.0%
FY 2026 · Calculated
Free cash flow
$5.4B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company, serving healthcare systems, physicians, clinicians, and patients in more than 150 countries.
“Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide.”
Diabetes exits reportable segments
Diabetes no longer a reportable segment starting Q4 FY2026; Diabetes net sales $3,112M in FY2026
“Starting in the fourth quarter of fiscal year 2026, the Diabetes Business is no longer considered a reportable segment. Prior period net sales have been recast to conform to the new presentation.”
Cardiovascular Portfolio structure
Cardiovascular Portfolio comprises Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions.
“The Cardiovascular Portfolio is made up of the Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions.”
Reportable segments
Three reportable segments: Cardiovascular, Neuroscience, Medical Surgical; Diabetes removed from segments in Q4 FY2026 after MiniMed IPO.
“We have three reportable segments that primarily develop, manufacture, distribute, and sell device-based medical therapies and services: the Cardiovascular Portfolio, the Neuroscience Portfolio, and the Medical Surgical Portfolio.”
Reportable segments
Reportable segments are Cardiovascular, Neuroscience, and Medical Surgical; Diabetes was removed as a reportable segment in Q4 FY2026
“Starting in the fourth quarter of fiscal year 2026, the Diabetes Business is no longer considered a reportable segment. Prior period net sales have been recast to conform to the new presentation.”
Primary customers
Healthcare systems, clinics, third-party providers, distributors, government programs, GPOs
“The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations.”
Cardiovascular customer specialists
Cardiovascular products are used by electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular/cardiothoracic/vascular surgeons, and interventional cardiologists and radiologists.
“The primary medical specialists who use our Cardiovascular products include electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular, cardiothoracic, and vascular surgeons, and interventional cardiologists and radiologists.”
Cardiac Rhythm & Heart Failure products
CRHF division offers pacemakers (incl. Micra leadless), ICDs, CRT devices, pulsed-field and cryoablation EP solutions, and insertable cardiac monitors (LINQ II with AccuRhythm AI).
“The division develops, manufactures, and markets products for the diagnosis, treatment, and management of heart rhythm disorders and heart failure.”
Pulsed field ablation portfolio
Cardiac ablation suite includes PulseSelect and Affera Sphere-360 single-shot pulsed field ablation catheters, Affera Sphere-9 focal catheter, Affera mapping system, and Arctic Front cryoablation.
“The portfolio includes the PulseSelect and Affera Sphere-360 single shot pulsed field ablation catheters, the Affera Sphere-9 focal catheter, providing high density mapping capabilities combined with dual radio frequency and pulsed field energies.”
Leadless pacing — Micra
Micra transcatheter pacing system (Micra VR and Micra AV) is leadless and treats patients with atrioventricular block.
“The Micra transcatheter pacing system, which is leadless and does not have a subcutaneous device pocket like a conventional pacemaker, includes the Micra VR and the Micra AV device families.”
Insertable cardiac monitoring — LINQ II
Reveal LINQ and LINQ II insertable cardiac monitors serve cryptogenic stroke and transient-symptom patients; AccuRhythm AI reduces clinic workload; LINQ II offers extended longevity and remote programming.
“LINQ II, the premium portfolio device, offers extended device longevity and remote programming capab”
U.S. vs international net sales FY2026
U.S. $18,103M vs International $18,261M in FY2026
“Total net sales$18,103 $17,171 $16,562 $18,261 $16,365 $15,802”
Net sales by segment FY2026/2025/2024
Total net sales $36,364M (FY2026), $33,537M (FY2025), $32,364M (FY2024); largest segment Cardiovascular $13,976M FY2026
“Cardiac Rhythm & Heart Failure$7,504 $6,392 $5,995 ... Total net sales$36,364 $33,537 $32,364”
Net sales by segment and division FY2026 vs FY2025
Total net sales $36,364M FY2026 vs $33,537M FY2025 (+8%); Cardiovascular $13,976M (+12%), Neuroscience $10,287M (+4%), Medical Surgical $8,815M (+5%), Diabetes $3,112M (+13%) (in millions)
“Cardiac Rhythm & Heart Failure$7,504 $6,392 17 %”
Petroleum-based materials, resins, pulp; oil/gas cost exposure
Uses resins, petroleum-based materials and pulp; oil and gas prices significantly affect freight and utility costs; commodity prices and tariffs could impact supply
“We use resins, other petroleum-based materials and pulp as raw materials in some of our products, and the prices of oil and gas also significantly affect our costs for freight and utilities.”
Currency transaction losses
Currency transaction losses: $57M (FY2026), $309M (FY2025), $123M (FY2024)
“Currency transaction losses for fiscal years 2026, 2025, and 2024 were $57 million, $309 million, and $123 million, respectively.”
Puerto Rico key manufacturing site
Puerto Rico subsidiary operates one of Medtronic's key manufacturing sites
“the allocation of income between Medtronic, Inc. and its wholly-owned subsidiary operating in Puerto Rico, which operates one of our key manufacturing sites”
Sole-source suppliers and prior semiconductor/resin shortages
Sole-source supplier dependencies; prior global shortages of semiconductors and resins disrupted manufacturing supply chain
“global shortages of certain components such as semiconductors and resins have previously caused, and may in the future cause, disruptions to our product manufacturing supply chain.”
BlueSync remote monitoring technology
Azure pacemakers feature Medtronic-exclusive BlueSync technology enabling automatic wireless remote monitoring with increased device longevity.
“Azure pacemakers feature Medtronic-exclusive BlueSync technology, which enables automatic, secure wireless remote monitoring with increased device longevity.”
Diabetes separation / MiniMed IPO
In May 2025 Medtronic announced intent to separate its Diabetes Business into MiniMed Group, Inc.; MiniMed completed an IPO on March 9, 2026, and Diabetes ceased to be a reportable segment in Q4 FY2026.
“In May 2025, the Company announced its intent to separate the Diabetes Business, with the intention to create a new independent, publicly traded company, MiniMed Group, Inc. (MiniMed). On March 9, 2026, MiniMed completed an initial public offering (the IPO).”
Global market presence
Serves healthcare systems, physicians, clinicians, and patients in more than 150 countries; mission written by founder in 1960.
“we use our local presence and scale to increase the adoption of our products and services in markets around the globe”
Strategy: accelerate innovation-driven growth
Accelerate innovation-driven growth via product launches, pipeline, and local presence/scale to increase global adoption.
“Accelerate innovation-driven growth: The combination of our attractive end markets, recent product launches and robust pipeline is expected to enable continued strong revenue growth.”
Strategy: data, AI, and automation
Turn data, AI, and automation into action: real-time tailored therapies, remote monitoring, new standards of care.
“Turn data, AI, and automation into action: We are confident in our ability to maximize new technology, AI, and data and analytics to tailor therapies in real-time, facilitating remote monitoring and care delivery.”
Reliance on investments and investment collaborations for new technologies
Strategy includes acquisitions, divestitures, and third-party R&D funding arrangements; relies on investments and collaborations to access new technologies
“historically we have relied, and expect to continue to rely, upon investments and investment collaborations to provide us access to new technologies both in areas served by our existing businesses as well as in new areas.”
Diabetes Business separation
Diabetes Business separation is impending; starting Q4 FY2026 Diabetes is no longer a reportable segment and prior period net sales were recast
“Starting in the fourth quarter of fiscal year 2026, the Diabetes Business is no longer considered a reportable segment.”
Estimated FY2027 net tariff impact
Estimated pre-tax net tariff impact of $250 million in fiscal year 2027, excluding government refunds
“Based on current rates as of June 3, 2026, we estimate the pre-tax net tariff impact to be $250 million in fiscal year 2027, excluding any considerations of government refunds.”
Non-GAAP adjustments composition
FY2026 non-GAAP adjustments include $1,772M intangible amortization (incl. $121M accelerated Cardiovascular amortization), $370M restructuring, $113M litigation charges
“The Company recognized $121 million and $151 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio for fiscal years 2026 and 2025, respectively.”
Supreme Court IEEPA tariff ruling and CBP refund process
On February 20, 2026, the U.S. Supreme Court ruled IEEPA tariff policies unconstitutional; CBP launched an IEEPA tariff refund request portal on April 20, 2026
“On February 20, 2026, the U.S. Supreme Court ruled that President Trump's tariff policies under the International Emergency Economic Powers Act ("IEEPA") are unconstitutional.”
FY2026 certain tax adjustments
FY2026 net tax charges of $260 million primarily from intercompany IP sale and Diabetes separation, partially offset by uncertain tax position interest benefit
“The net charges for fiscal year 2026 primarily relates to the impact of an intercompany sale of intellectual property, the net tax charge as a result of the separation of the Diabetes Business”
E.U. medical device regulation costs (FY2025)
FY2025 included $52 million of charges for incremental compliance costs with new E.U. medical device regulations, treated as one-time/duplicative
“The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products”
EU MDR transition deadlines
EU MDR effective May 26, 2021; implementation extended to end-2027 for high-risk devices and end-2028 for medium/low-risk devices
“The European Commission extended the implementation period to the end of 2027 for high-risk devices and to the end of 2028 for medium and low risk devices.”
Data privacy regimes: HIPAA, HITECH, GDPR, UK privacy, China PIPL
Subject to HIPAA, HITECH, state privacy laws, GDPR, UK privacy laws, and China's PIPL; compliance may require significant additional cost
“such as the General Data Protection Regulation (GDPR) in the European Economic Area, the United Kingdom’s privacy laws, and China's Personal Information Protection Law (PIPL).”
Reimbursement regulation and Sunshine Act
Reimbursement subject to HHS/Medicare/Medicaid regulation; Sunshine Act (Open Payments) annual payment transparency reporting; coverage changes could reduce demand and prices
“we are subject to the U.S. Physician Payments Sunshine Act (Open Payments), which requires us to annually report certain payments and other transfers of value we make to U.S.-licensed physicians, certain allied health professionals, and U.S. teaching hospitals.”
Anti-corruption laws exposure
FCPA, U.K. Bribery Act, Irish anti-corruption law exposure via government customers
“many of our customer relationships outside of the U.S. are with governmental entities and are therefore potentially subject to such laws”
US FDA workforce reductions impacting approval timelines
FDA workforce reductions/reorganization have impacted and could continue to impact product approval timelines; HHS changes could affect reimbursement
“workforce reductions and agency reorganization at the U.S. FDA have, and could continue to have, an impact on product approval timelines and other types of agency oversight.”
EU AI Act and evolving AI regulation
EU AI Act and evolving global AI regulation may impact business; compliance may require significant expenditures or limit AI use
“including the EU AI Act, which may impact our business.”
Global competition across 150+ countries
Competes in therapeutic and diagnostic markets in 150+ countries; faces competitors from large firms to niche makers and GLP-1 pharma alternatives
“We compete in both the therapeutic and diagnostic medical markets in more than 150 countries throughout the world.”
China volume-based procurement pricing pressure
Government-driven procurement including China volume-based procurement may require price concessions and constrain non-price competition; clawback risk
“national and provincial tender pricing programs such as volume‑based procurement initiatives in China, may require significant price concessions and constrain our ability to compete on factors other than price.”
Sterilization capacity concentration
Key products sterilized at particular facilities with constrained capacity and limited alternate options; EtO and PFAS regulations may add constraints
“several of our key products are manufactured or sterilized at a particular facility, with constrained capacity and limited options for alternate sterilization facilities.”
Trade regulations, tariffs, and sanctions exposure
Extensive trade regulation exposure including tariffs, export controls, sanctions, and anti-boycott laws; non-compliance could disrupt sales and distribution
“The movement of products, services, technology, know-how, and investment across borders subjects us to extensive trade laws and regulations, including tariff regulations adopted by different countries or trading zones.”
AI execution and adoption risk
Must integrate/scale AI and digital technologies across products and operations at pace with competitors or risk reduced competitiveness and market share loss
“If we are unable to effectively integrate, scale, or apply AI and digital technologies across our products and operations at a pace comparable to competitors or new market entrants, we could experience reduced competitiveness, slower growth, or loss of market share.”
Cybersecurity/ransomware risk
Ransomware and cyber-attack risk across own and third-party systems; AI amplifies threats
“One of the most prevalent attacks on large organizations has been ransomware, which can have a devastating impact on an organization’s operations.”
AI-related business and regulatory risk
AI systems risks: flaws, biases, malfunctions, emerging regulation penalties
“These systems are susceptible to flaws, biases, malfunctions or manipulations, which may disrupt our operations, result in erroneous decision-making, elevate our cyber risk profile, or expose us to penalties from non-compliance with emerging regulations.”
Macroeconomic and geopolitical risk factors
Management cites pricing pressure, trade policy, currency, inflation, rates, reimbursement challenges, China tender pricing, registration delays, and supply chain challenges as potential negative factors
“national and provincial tender pricing for certain products, particularly in China, replacement cycle challenges, and supply chain challenges from time to time.”
U.S. (incl. territories) generated $18,103M of FY2026 net sales, roughly half of worldwide revenue.
“The U.S. revenue includes United States and U.S. territories ... Total net sales$18,103”
Revenue principally derived from device-based therapies sold to healthcare systems, clinics, third-party providers, distributors, governmental programs and GPOs.
“The Company's revenues are principally derived from device-based medical therapies and services ... The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions”
FDA approval (510(k), PMA) and inspections govern product commercialization; FDA workforce reductions have impacted approval timelines and oversight.
“workforce reductions and agency reorganization at the U.S. FDA have, and could continue to have, an impact on product approval timelines”
U.S., China, and other jurisdictions' tariffs are expected to add an estimated $250 million pre-tax net cost in FY2027; further escalation could have a material adverse effect.
“Further escalation or expansion of trade barriers could have a material adverse effect on our results of operations.”
EU MDR imposes significant additional pre-market and post-market requirements; transition deadlines end-2027 (high-risk) and end-2028 (medium/low-risk).
“it imposes significant additional pre-market and post-market requirements (EU MDR)”
Cardiovascular product demand flows through specialist physicians who implant and use Medtronic devices.
“The primary medical specialists who use our Cardiovascular products include electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular, cardiothoracic, and vascular surgeons, and interventional cardiologists and radiologists.”
IRS transfer-pricing litigation over Puerto Rico income allocation could materially affect financial condition if adverse.
“The outcome of Medtronic, Inc.'s U.S. tax litigation could have a material adverse impact on our financial condition.”
Global semiconductor shortages have previously disrupted Medtronic's product manufacturing supply chain and may recur.
“global shortages of certain components such as semiconductors and resins have previously caused, and may in the future cause, disruptions to our product manufacturing supply chain.”
Strategic pillar relies on AI and data analytics for real-time therapy tailoring and remote monitoring; AccuRhythm AI differentiates LINQ II monitors.
“Turn data, AI, and automation into action: We are confident in our ability to maximize new technology, AI, and data and analytics to tailor therapies in real-time”
AI, machine learning and data science impact Medtronic products, operations, and the competitive landscape; failure to scale AI at competitor pace risks market share loss.
“data science, machine learning and AI are all impacting our products and operations and the competitive landscape in which we operate”
China volume-based procurement and tender pricing programs may force price concessions and clawbacks, adversely affecting revenue and margins in that market.
“national and provincial tender pricing programs such as volume‑based procurement initiatives in China, may require significant price concessions”
Exclusive BlueSync wireless and AccuRhythm AI features are cited as differentiators vs. conventional devices.
“Both portfolio devices have unmatched accuracy and a streamlined workflow with AccuRhythm AI algorithms to reduce clinic workload and data burden.”
15% global minimum tax applies to Medtronic from FY2025, including via Irish enactment.
“A number of countries, including Ireland, have enacted legislation to implement the core elements of the Pillar Two Model Rules, which were effective for Medtronic in fiscal year 2025.”
EU AI Act and evolving global AI regulation may impact Medtronic's use of AI in products and operations and compliance may require significant expenditures.
“including the EU AI Act, which may impact our business.”
Key Puerto Rico manufacturing site underpins tax dispute; outcome could materially affect results.
“its wholly-owned subsidiary operating in Puerto Rico, which operates one of our key manufacturing sites”
Resins and petroleum-based materials are inputs, and oil/gas prices significantly affect freight and utility costs.
“the prices of oil and gas also significantly affect our costs for freight and utilities.”
Diabetes contributed $3,112M of FY2026 net sales ($2,178M international, $934M U.S.) but was removed from reportable segments in Q4 FY2026, consistent with a planned separation/divestiture path referenced by recast reporting.
“Starting in the fourth quarter of fiscal year 2026, the Diabetes Business is no longer considered a reportable segment.”
Italian payback mechanism produced $90M incremental accrual in FY2025 and $39M reversal in FY2026, recorded as adjustments to net sales.
“the incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015”
Government-administered healthcare systems abroad expose Medtronic to FCPA, U.K. Bribery Act and Irish anti-corruption law enforcement risk.
“Because of the predominance of government-administered healthcare systems in many jurisdictions around the world, many of our customer relationships outside of the U.S. are with governmental entities and are therefore potentially subject to such laws.”
See which prediction-market events move MDT, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
Got $2,500? 1 Unstoppable Medical Juggernaut to Buy Hand Over Fist and Hold for the Next 20 Years
24/7 Wall Street • STOCK • 14/06/2026, 12:57:33
Dividend Announcements: May 30-June 5, 2026
Seeking Alpha • STOCK • 13/06/2026, 05:30:57
Medtronic completes acquisition of Scientia Vascular, seamlessly integrating access and therapeutic portfolios for neurovascular care
PRNewsWire • STOCK • 12/06/2026, 13:00:00
Medtronic Bets on Ablation, Robotics, and Hypertension
Zacks Investment Research • STOCK • 11/06/2026, 11:51:19
Is Medtronic Stock a Buy at 14x Forward Earnings?
Zacks Investment Research • STOCK • 10/06/2026, 12:21:04
Medtronic: A Dividend Aristocrat At A Steal Now
Seeking Alpha • STOCK • 08/06/2026, 19:49:28
Is Medtronic (MDT) a Buy as Wall Street Analysts Look Optimistic?
Zacks Investment Research • STOCK • 05/06/2026, 12:31:11
Medtronic Bottoms, Healthy Rebound Ahead
MarketBeat • STOCK • 04/06/2026, 15:10:27
MDT Q4 Earnings Call Points to Another Year of Growth
Zacks Investment Research • STOCK • 04/06/2026, 07:40:29
Medtronic (NYSE: MDT) Stock: Analyst Downgrade Contrasts with Strong Financial Performance
Market Data • Market Data • 03/06/2026, 23:10:47
Medtronic (NYSE: MDT) Sees Strong Growth and Positive Outlook
Market Data • Market Data • 03/06/2026, 22:10:51
Medtronic plc (MDT) Q4 2026 Earnings Call Transcript
Seeking Alpha • STOCK • 03/06/2026, 17:32:01
