mdt-20250725

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Ordinary shares, par value $0.0001 per share	MDT	New York Stock Exchange
0.000% Senior Notes due 2025	MDT/25A	New York Stock Exchange
2.625% Senior Notes due 2025	MDT/25B	New York Stock Exchange
1.125% Senior Notes due 2027	MDT/27	New York Stock Exchange
0.375% Senior Notes due 2028	MDT/28	New York Stock Exchange
3.000% Senior Notes due 2028	MDT/28A	New York Stock Exchange
3.650% Senior Notes due 2029	MDT/29	New York Stock Exchange
1.625% Senior Notes due 2031	MDT/31	New York Stock Exchange
1.000% Senior Notes due 2031	MDT/31A	New York Stock Exchange
3.125% Senior Notes due 2031	MDT/31B	New York Stock Exchange
0.750% Senior Notes due 2032	MDT/32	New York Stock Exchange
3.375% Senior Notes due 2034	MDT/34	New York Stock Exchange
3.875% Senior Notes due 2036	MDT/36	New York Stock Exchange
2.250% Senior Notes due 2039	MDT/39A	New York Stock Exchange
1.500% Senior Notes due 2039	MDT/39B	New York Stock Exchange
1.375% Senior Notes due 2040	MDT/40A	New York Stock Exchange
4.150% Senior Notes due 2043	MDT/43A	New York Stock Exchange
1.750% Senior Notes due 2049	MDT/49	New York Stock Exchange
1.625% Senior Notes due 2050	MDT/50	New York Stock Exchange
4.150% Senior Notes due 2053	MDT/53	New York Stock Exchange

(Unaudited)


(in millions)	July 25, 2025		April 25, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,273	$	2,218
Investments	6,848		6,747
Accounts receivable, less allowances and credit losses of $204 and $199, respectively	6,263		6,515
Inventories	5,886		5,476
Other current assets	2,952		2,858
Total current assets	23,223		23,814
Property, plant, and equipment, net	7,006		6,837
Goodwill	42,007		41,737
Other intangible assets, net	11,223		11,667
Tax assets	3,929		4,040
Other assets	3,585		3,584
Total assets	$	90,972	$	91,680
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations	$	2,430	$	2,874
Accounts payable	2,555		2,449
Accrued compensation	2,017		2,514
Accrued income taxes	933		1,358
Other accrued expenses	3,596		3,683
Total current liabilities	11,530		12,879
Long-term debt	26,179		25,642
Accrued compensation and retirement benefits	1,179		1,158
Accrued income taxes	1,722		1,574
Deferred tax liabilities	416		403
Other liabilities	1,813		1,769
Total liabilities	42,839		43,424
Commitments and contingencies (Note 16)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,869,213 and 1,281,934,628 shares issued and outstanding, respectively	—		—
Additional paid-in capital	20,891		20,833
Retained earnings	31,606		31,476
Accumulated other comprehensive loss	(4,604)		(4,284)
Total shareholders’ equity	47,893		48,024
Noncontrolling interests	240		232
Total equity	48,133		48,256
Total liabilities and equity	$	90,972	$	91,680

(Unaudited)


	Three months ended
(in millions)	July 25, 2025		July 26, 2024
Operating Activities:
Net income	$	1,047	$	1,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	748		662
Provision for credit losses	28		18
Deferred income taxes	167		88
Stock-based compensation	86		83
Other, net	159		(9)
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	288		110
Inventories	(373)		(217)
Accounts payable and accrued liabilities	(598)		(604)
Other operating assets and liabilities	(464)		(194)


Net cash provided by operating activities	1,088		986
Investing Activities:


Additions to property, plant, and equipment	(504)		(520)
Purchases of investments	(2,100)		(1,879)
Sales and maturities of investments	2,010		2,157
Other investing activities, net	(125)		(17)
Net cash used in investing activities	(719)		(259)
Financing Activities:
Change in current debt obligations, net	649		(624)


Issuance of long-term debt	—		3,209
Payments on long-term debt	(1,162)		—
Dividends to shareholders	(910)		(898)
Issuance of ordinary shares	95		89
Repurchase of ordinary shares	(123)		(2,492)
Other financing activities, net	70		(15)
Net cash used in financing activities	(1,381)		(731)
Effect of exchange rate changes on cash and cash equivalents	67		31
Net change in cash and cash equivalents	(945)		27
Cash and cash equivalents at beginning of period	2,218		1,284
Cash and cash equivalents at end of period	$	1,273	$	1,311

Supplemental Cash Flow Information
Cash paid for:
Income taxes	$	402	$	394
Interest	81		119

The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic, or the Company, or we, us, or our). For a full understanding of financial condition and results of operations, you should read this discussion along with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended April 25, 2025. In addition, you should read this discussion along with our consolidated financial statements and related notes thereto at and for the three months ended July 25, 2025. Amounts reported in millions within this quarterly report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding.


	Three months ended July 25, 2025
(in millions, except per share data)	Income Before Income Taxes		Income Tax Provision (Benefit)		Net Income Attributable to Medtronic		Diluted EPS		Effective Tax Rate
GAAP	$	1,302	$	255	$	1,040	$	0.81	19.6	%
Non-GAAP Adjustments:
Amortization of intangible assets(1)	459		85		374		0.29		18.5
Restructuring and associated costs(2)	67		15		51		0.04		22.4
Acquisition and divestiture-related items(3)	58		10		48		0.04		17.2
Certain litigation charges, net	27		6		21		0.02		22.2
(Gain)/loss on minority investments(4)	113		7		107		0.08		6.2

Other(5)	(39)		(8)		(30)		(0.02)		20.5	%
Certain tax adjustments, net	—		(16)		16		0.01		—
Non-GAAP	$	1,987	$	354	$	1,626	$	1.26	17.8	%

	Three months ended July 26, 2024
(in millions, except per share data)	Income Before Income Taxes		Income Tax Provision (Benefit)		Net Income Attributable to Medtronic		Diluted EPS		Effective Tax Rate
GAAP	$	1,268	$	220	$	1,042	$	0.80	17.4	%
Non-GAAP Adjustments:
Amortization of intangible assets	414		75		340		0.26		18.1
Restructuring and associated costs(2)	62		12		51		0.04		19.4
Acquisition and divestiture-related items(3)	12		1		11		0.01		8.3
Certain litigation charges, net	81		13		68		0.05		16.0
(Gain)/loss on minority investments(4)	(17)		—		(17)		(0.01)		—
Medical device regulations(6)	14		3		11		0.01		21.4
Other(5)	90		20		70		0.05		22.2
Certain tax adjustments, net	—		(17)		17		0.01		—
Non-GAAP	$	1,925	$	327	$	1,592	$	1.23	17.0	%

•Recent developments in global trade policy have introduced new uncertainties for our business. The U.S., China, and other jurisdictions have recently imposed or proposed additional tariffs on imported goods. Based on current rates as of August 19, 2025, we estimate the pre-tax net tariff impact to be $185 million in fiscal year 2026, with the majority recognized in the consolidated statements of income in the second half of the fiscal year. The actual amount could vary based on changes in tariff rates, duration of tariffs, scope of tariffs, and potential countermeasures or mitigation actions. The impact of the tariffs on the financial results for the three months ended July 25, 2025 was not material. While we are taking proactive steps to mitigate the effects of these tariffs, the evolving nature of international trade policy continues to present a risk to our cost structure and financial performance. Further escalation or expansion of trade barriers could have a material adverse effect on our results of operations.

Neuroscience's products include various spinal implants, bone graft substitutes, biologic products, image-guided surgery and intra-operative imaging systems, robotic guidance systems used in the robot-assisted spine procedures, and systems that incorporate advanced energy surgical instruments. Neuroscience's products also focus on therapies to treat the diseases of the vasculature in and around the brain, including coils, neurovascular stents, and flow diversion products, as well as products to treat ear, nose, and throat (ENT), and the treatment of overactive bladder and urinary retention. Neuroscience also manufactures products related to implantable neurostimulation therapies and drug delivery systems for the treatment of chronic pain, movement disorders, and epilepsy. Neuroscience’s net sales for the three months ended July 25, 2025 was $2.4 billion, an increase of 4 percent, as compared to the corresponding period in the prior fiscal year, resulting from growth in Neuromodulation, Core Spine, and Neurosurgery, and the impacts of foreign currency fluctuations.

This Quarterly Report on Form 10-Q, and other written reports of Medtronic plc, organized under the laws of Ireland (together with its consolidated subsidiaries, Medtronic, the Company, or we, us, or our), and oral statements made by or with the approval of one of the Company’s executive officers from time to time, may include “forward-looking” statements. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans, objectives of management for future operations and current expectations or forecasts of future results, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Our forward-looking statements may include statements related to: our growth and growth strategies; developments in the markets for our products, therapies and services; financial results; product development launches and effectiveness; research and development strategy; regulatory approvals; competitive strengths; the potential or anticipated direct or indirect impact of public health crises, geopolitical conflicts, or changing governmental executive actions and regulations (including relating to global trade policies, enforcement priorities and compliance requirements), on our business, results of operations and/or financial condition; restructuring and cost-saving initiatives; intellectual property rights; litigation and tax matters; governmental proceedings and investigations; mergers, acquisitions, and divestitures; market acceptance of our products, therapies and services; accounting estimates; financing activities; ongoing contractual obligations; working capital adequacy; the value of our investments; our effective tax rate; our expected returns to shareholders; and sales efforts. In some cases, such statements may be identified by the use of terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “will,” and similar words or expressions. Forward-looking statements in this Quarterly Report include, but are not limited to, statements regarding: our ability to drive long-term shareholder value; development and future launches of products and continued or future acceptance of products, therapies and services in our segments; expected timing for completion of research studies relating to our products; integration of new technologies, including artificial intelligence (AI) and data analytics, into our products, therapies and services; market positioning and performance of our products, including stabilization of certain product markets; divestitures and the potential benefits thereof; the costs and benefits of integrating previous acquisitions; anticipated timing for United States (U.S.) Food and Drug Administration (U.S. FDA) and non-U.S. regulatory approval of new products; increased presence in new markets, including markets outside the U.S.; changes in the market and our market share; our ability to meet growing demand for our existing products; acquisitions and investment initiatives, including the timing of regulatory approvals as well as integration of acquired companies into our operations; the resolution of tax matters; the effectiveness of our development activities in reducing patient care costs and hospital stay lengths; our approach towards cost containment; our expectations regarding the potential impact of changing governmental executive actions and regulations (including relating to global trade policies, enforcement priorities, and compliance requirements), on our business; our expectations regarding healthcare costs, including potential changes to reimbursement policies and pricing pressures; our expectations regarding changes to patient standards of care; our ability to identify and maintain successful business partnerships; the elimination of certain positions or costs related to restructuring initiatives; outcomes in our litigation matters and governmental proceedings and investigations; general economic conditions; the adequacy of available working capital and our working capital needs; our payment of dividends and redemption of shares; the continued strength of our balance sheet and liquidity; our accounts receivable exposure; our human capital management with respect to our global workforce; and the potential impact of our compliance with governmental regulations and accounting guidance.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, results of operations, financial condition, and/or cash flows. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. One must carefully consider forward-looking statements and understand that such forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and involve a variety of risks and uncertainties, known and unknown, including, among others, those discussed in the sections entitled “Government Regulation” within “Item 1. Business” and “Item 1A. Risk Factors” in our Annual Report on Form 10-K, as well as those related to:


☒	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	July 25, 2025

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________


Medtronic plc
(Exact name of registrant as specified in its charter)

Ireland			98-1183488
(State of incorporation)			(I.R.S. Employer Identification No.)


	Three months ended
(in millions, except per share data)	July 25, 2025		July 26, 2024
Net sales	$	8,578	$	7,915
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	3,001		2,761
Research and development expense	726		676
Selling, general, and administrative expense	2,806		2,655
Amortization of intangible assets	459		414
Restructuring charges, net	45		47
Certain litigation charges, net	27		81
Other operating expense, net	70		1
Operating profit	1,445		1,278
Other non-operating income, net	(33)		(157)
Interest expense, net	176		167
Income before income taxes	1,302		1,268
Income tax provision	255		220
Net income	1,047		1,049
Net income attributable to noncontrolling interests	(7)		(6)
Net income attributable to Medtronic	$	1,040	$	1,042
Basic earnings per share	$	0.81	$	0.81
Diluted earnings per share	$	0.81	$	0.80
Basic weighted average shares outstanding	1,281.6		1,293.3
Diluted weighted average shares outstanding	1,287.1		1,296.5


	Three months ended
(in millions)	July 25, 2025		July 26, 2024
Net income	$	1,047	$	1,049
Other comprehensive income (loss), net of tax:
Unrealized gain on investment securities	19		76
Translation adjustment	349		102
Net investment hedges	(559)		(206)
Net change in retirement obligations	1		1
Unrealized loss on cash flow hedges	(128)		(66)
Other comprehensive loss	(318)		(92)
Comprehensive income including noncontrolling interests	729		957
Comprehensive income attributable to noncontrolling interests	(8)		(6)
Comprehensive income attributable to Medtronic	$	720	$	950


	Worldwide
	Three months ended
(in millions)	July 25, 2025		July 26, 2024
Cardiac Rhythm & Heart Failure	$	1,712	$	1,535
Structural Heart & Aortic	930		856
Coronary & Peripheral Vascular	643		616
Cardiovascular	3,285		3,007
Cranial & Spinal Technologies	1,211		1,147
Specialty Therapies	702		713
Neuromodulation	504		457
Neuroscience	2,416		2,317
Surgical & Endoscopy	1,612		1,544
Acute Care & Monitoring	471		452
Medical Surgical	2,083		1,996
Diabetes	721		647
Reportable segment net sales	8,506		7,967
Other operating segment(1)	33		38
Other adjustments(2)	39		(90)

Total net sales	$	8,578	$	7,915


Item	Description	Page

	PART I
1.	Financial Statements (unaudited)	1
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
3.	Quantitative and Qualitative Disclosures About Market Risk	47
4.	Controls and Procedures	48
	PART II
1.	Legal Proceedings	48
2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
5.	Other Information	48
6.	Exhibits	49
	Signature	50


	Ordinary Shares			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity		Noncontrolling Interests		Total Equity
(in millions)	Number	Par Value


















April 25, 2025	1,282	$	—	$	20,833	$	31,476	$	(4,284)	$	48,024	$	232	$	48,256
Net income	—	—		—		1,040		—		1,040		7		1,047
Other comprehensive (loss) income	—	—		—		—		(319)		(319)		1		(318)
Dividends to shareholders ($0.71 per ordinary share)	—	—		—		(910)		—		(910)		—		(910)
Issuance of shares under stock purchase and award plans	1	—		93		—		—		93		—		93
Repurchase of ordinary shares	(1)	—		(120)		—		—		(120)		—		(120)
Stock-based compensation	—	—		86		—		—		86		—		86

July 25, 2025	1,282	$	—	$	20,891	$	31,606	$	(4,604)	$	47,893	$	240	$	48,133


	U.S.				International
	Three months ended
(in millions)	July 25, 2025		July 26, 2024		July 25, 2025		July 26, 2024
Cardiovascular	$	1,479	$	1,403	$	1,806	$	1,604
Neuroscience	1,624		1,565		792		752
Medical Surgical	884		881		1,199		1,115
Diabetes	217		215		504		432
Reportable segment net sales	4,205		4,064		4,301		3,903
Other operating segment(1)	20		18		14		19
Other adjustments(2)	—		—		39		(90)
Total net sales	$	4,224	$	4,082	$	4,354	$	3,832


(in millions)	Employee Termination Benefits		Associated and Other Costs		Total
April 25, 2025	$	132	$	18	$	150
Charges	52		21		73
Cash payments	(70)		(25)		(95)
Settled non-cash	—		(2)		(2)
Accrual adjustments(1)	(7)		—		(7)
July 25, 2025	$	107	$	12	$	119


	July 25, 2025
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	476	$	—	$	(6)	$	469	$	469	$	—
Level 2:
Corporate debt securities	3,628		23		(25)		3,626		3,626		—
U.S. government and agency securities	803		—		(18)		785		785		—
Mortgage-backed securities	897		4		(26)		875		875		—
Non-U.S. government and agency securities	6		—		—		6		6		—

Other asset-backed securities	1,066		6		(6)		1,066		1,066		—
Total Level 2	6,400		33		(76)		6,357		6,357		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	6,911	$	33	$	(84)	$	6,860	$	6,827	$	34


	July 25, 2025
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	606	$	(7)	$	977	$	(18)
U.S. government and agency securities	127		(1)		669		(23)
Mortgage-backed securities	2		(1)		540		(25)
Other asset-backed securities	—		—		213		(6)
Auction rate securities	—		—		34		(2)
Total	$	735	$	(9)	$	2,433	$	(75)


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	1,432	$	1,423
Due after one year through five years	3,037		3,016
Due after five years through ten years	1,105		1,109
Due after ten years	1,337		1,312
Total	$	6,911	$	6,860


(in millions)	Maturity by Fiscal Year	July 25, 2025		April 25, 2025
Current debt obligations	2026 - 2027	$	2,430	$	2,874

Long-term debt
1.125 percent eight-year 2019 senior notes	2027	1,762		1,714
4.250 percent five-year 2023 senior notes	2028	1,000		1,000
3.000 percent six-year 2022 senior notes	2029	1,175		1,142
0.375 percent eight-year 2020 senior notes	2029	1,175		1,142
3.650 percent five-year 2024 senior notes	2030	999		971
1.625 percent twelve-year 2019 senior notes	2031	1,175		1,142
1.000 percent twelve-year 2019 senior notes	2032	1,175		1,142
3.125 percent nine-year 2022 senior notes	2032	1,175		1,142
0.750 percent twelve-year 2020 senior notes	2033	1,175		1,142
4.500 percent ten-year 2023 senior notes	2033	1,000		1,000
3.375 percent twelve-year 2022 senior notes	2035	1,175		1,142
4.375 percent twenty-year 2015 senior notes	2035	1,932		1,932
3.875 percent twelve-year 2024 senior notes	2037	999		971
6.550 percent thirty-year 2007 CIFSA senior notes	2038	253		253
2.250 percent twenty-year 2019 senior notes	2039	1,175		1,142
6.500 percent thirty-year 2009 senior notes	2039	158		158
1.500 percent twenty-year 2019 senior notes	2040	1,175		1,142
5.550 percent thirty-year 2010 senior notes	2040	224		224
1.375 percent twenty-year 2020 senior notes	2041	1,175		1,142
4.500 percent thirty-year 2012 senior notes	2042	105		105
4.000 percent thirty-year 2013 senior notes	2043	305		305
4.150 percent nineteen-year 2024 senior notes	2044	705		685
4.625 percent thirty-year 2014 senior notes	2044	127		127
4.625 percent thirty-year 2015 senior notes	2045	1,813		1,813
1.750 percent thirty-year 2019 senior notes	2050	1,175		1,142
1.625 percent thirty-year 2020 senior notes	2051	1,175		1,142
4.150 percent twenty-nine-year 2024 senior notes	2054	822		800

Finance lease obligations	2027 - 2040	51		52
Debt discount, net	2027 - 2054	(61)		(59)
Deferred financing costs	2027 - 2054	(113)		(117)
Total long-term debt		$	26,179	$	25,642


		As of
(in billions)	Designation	July 25, 2025		April 25, 2025
Currency exchange rate contracts	Fair value hedge	$	—	$	1.1
Currency exchange rate contracts	Cash flow hedge	10.4		10.6
Currency exchange rate contracts(1)	Net investment hedge	6.6		8.0
Foreign currency-denominated debt(2)	Net investment hedge	21.1		20.6
Currency exchange rate contracts	Undesignated	4.2		3.9


	(Gain) Loss Recognized in Accumulated Other Comprehensive Loss					(Gain) Loss Reclassified into Income

	Three months ended				Three months ended					Location of (Gain) Loss in Income Statement
(in millions)	July 25, 2025		July 26, 2024			July 25, 2025		July 26, 2024
Fair value hedges
Currency exchange rate contracts	$	1	$	—		$	(20)	$	(1)		Other operating expense, net
Cash flow hedges
Currency exchange rate contracts	97		43			20		(36)			Other operating expense, net
Currency exchange rate contracts	38		(20)			(19)		(17)			Cost of products sold
Net investment hedges
Foreign currency-denominated debt	582		246			—		—			N/A
Currency exchange rate contracts	(1)		(41)			—		—			N/A
Total	$	717	$	229		$	(18)	$	(55)


	July 25, 2025				April 25, 2025
(in millions)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-lived:
Customer-related	$	16,561	$	(9,892)	$	16,550	$	(9,650)
Purchased technology and patents	11,615		(7,736)		11,600		(7,514)
Trademarks and tradenames	422		(286)		421		(283)
Other	356		(107)		355		(101)
Total	$	28,954	$	(18,021)	$	28,925	$	(17,547)
Indefinite-lived:
IPR&D	$	290	$	—	$	289	$	—


	Fair Value - Assets					Fair Value - Liabilities
(in millions)	July 25, 2025		April 25, 2025		Balance Sheet Classification	July 25, 2025		April 25, 2025		Balance Sheet Classification
Derivatives designated as hedging instruments
Currency exchange rate contracts	$	133	$	269	Other current assets	$	271	$	200	Other accrued expenses

Currency exchange rate contracts	159		57		Other assets	245		196		Other liabilities
Total derivatives designated as hedging instruments	293		326			516		396
Derivatives not designated as hedging instruments
Currency exchange rate contracts	17		7		Other current assets	7		5		Other accrued expenses
Total return swaps	26		—		Other current assets	—		16		Other accrued expenses



Total derivatives not designated as hedging instruments	43		7			7		21
Total derivatives	$	335	$	334		$	523	$	417


	July 25, 2025
			Gross Amount Not Offset on the Balance Sheet
(in millions)	Gross Amount of Recognized Assets (Liabilities)		Financial Instruments		Cash Collateral (Received) Posted		Net Amount
Derivative assets:
Currency exchange rate contracts	$	309	$	(181)	$	—	$	128


Total return swaps	26		—		—		26
	335		(181)		—		154
Derivative liabilities:
Currency exchange rate contracts	(523)		181		194		(148)




Total	$	(188)	$	—	$	194	$	6


(in millions)	Amortization Expense
Remaining 2026	$	1,303
2027	1,605
2028	1,555
2029	1,477
2030	1,345
2031	1,267


	U.S.				Non-U.S.
	Three months ended
(in millions)	July 25, 2025		July 26, 2024		July 25, 2025		July 26, 2024

Service cost	$	12	$	13	$	11	$	11
Interest cost	42		43		12		13
Expected return on plan assets	(64)		(66)		(18)		(17)
Amortization of prior service cost	(1)		(1)		—		—
Amortization of net actuarial loss	5		4		1		—
Net periodic benefit (credit) cost	$	(6)	$	(7)	$	6	$	7


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustments		Net Investment Hedges		Net Change in Retirement Obligations		Unrealized (Loss) Gain on Cash Flow Hedges		Total Accumulated Other Comprehensive (Loss) Income
April 25, 2025	$	(63)	$	(2,835)	$	(597)	$	(640)	$	(149)	$	(4,284)
Other comprehensive income (loss) before reclassifications	18		348		(559)		(1)		(134)		(327)
Reclassifications	1		—		—		2		5		8
Other comprehensive income (loss)	19		348		(559)		1		(128)		(319)
July 25, 2025	$	(44)	$	(2,487)	$	(1,156)	$	(641)	$	(276)	$	(4,604)


(in millions)	Unrealized (Loss) Gain on Investment Securities		Cumulative Translation Adjustments		Net Investment Hedges		Net Change in Retirement Obligations		Unrealized Gain (Loss) on Cash Flow Hedges		Total Accumulated Other Comprehensive (Loss) Income
April 26, 2024	$	(212)	$	(3,686)	$	878	$	(529)	$	229	$	(3,318)
Other comprehensive income (loss) before reclassifications	70		102		(206)		—		(27)		(60)
Reclassifications	6		—		—		1		(39)		(32)
Other comprehensive income (loss)	76		102		(206)		1		(66)		(92)

July 26, 2024	$	(136)	$	(3,584)	$	672	$	(529)	$	165	$	(3,410)


(in millions)	Medtronic & Medtronic Luxco Senior Notes (1)		CIFSA Senior Notes (2)
Net sales	$	750	$	—
Operating profit (loss)	93		(29)
Loss before income taxes	(20)		(24)
Net loss attributable to Medtronic	(37)		(20)


Fiscal Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as a Part of Publicly Announced Program	Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Program
4/26/2025-5/23/2025	479,600	$	84.23	479,600	$	2,087,333,109
5/24/2025-6/27/2025	534,800	85.70		534,800	2,041,501,300
6/28/2025-7/25/2025	379,500	89.49		379,500	2,007,540,460
Total	1,393,900	$	86.22	1,393,900	$	2,007,540,460


		Medtronic plc
		(Registrant)

Date:	August 26, 2025	/s/ Denise L. Blomquist
		Denise L. Blomquist
		Vice President, Global Controller and Chief Accounting Officer (Principal Accounting Officer)


August 26, 2025			/s/ Geoffrey S. Martha
			Geoffrey S. Martha
			Chief Executive Officer
			(Principal Executive Officer)


August 26, 2025			/s/ Thierry Piéton
			Thierry Piéton
			Executive Vice President and
			Chief Financial Officer
			(Principal Financial Officer)

Cover - shares	3 Months Ended
Cover - shares	Jul. 25, 2025	Aug. 20, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 25, 2025
Document Transition Report	false
Entity File Number	001-36820
Entity Registrant Name	Medtronic plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1183488
Entity Address, Address Line One	Building Two, Parkmore Business Park West
Entity Address, City or Town	Galway
Entity Address, Country	IE
Country Region	353
City Area Code	1
Local Phone Number	438-1700
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
Trading Symbol	MDT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Ordinary Shares Outstanding		1,282,685,882
Entity Central Index Key	0001613103
Current Fiscal Year End Date	--04-24
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Entity Address, Postal Zip Code	H91 4K49
0.000% Senior Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	0.000% Senior Notes due 2025
Trading Symbol	MDT/25A
Security Exchange Name	NYSE
2.625% Senior Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	2.625% Senior Notes due 2025
Trading Symbol	MDT/25B
Security Exchange Name	NYSE
1.125% Senior Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	1.125% Senior Notes due 2027
Trading Symbol	MDT/27
Security Exchange Name	NYSE
0.375% Senior Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	0.375% Senior Notes due 2028
Trading Symbol	MDT/28
Security Exchange Name	NYSE
3.000% Senior Notes due 2028
Entity Information [Line Items]
Title of 12(b) Security	3.000% Senior Notes due 2028
Trading Symbol	MDT/28A
Security Exchange Name	NYSE
3.650% Senior Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	3.650% Senior Notes due 2029
Trading Symbol	MDT/29
Security Exchange Name	NYSE
1.625% Senior Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2031
Trading Symbol	MDT/31
Security Exchange Name	NYSE
1.000% Senior Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2031
Trading Symbol	MDT/31A
Security Exchange Name	NYSE
3.125% Senior Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	3.125% Senior Notes due 2031
Trading Symbol	MDT/31B
Security Exchange Name	NYSE
0.750% Senior Notes due 2032
Entity Information [Line Items]
Title of 12(b) Security	0.750% Senior Notes due 2032
Trading Symbol	MDT/32
Security Exchange Name	NYSE
3.375% Senior Notes due 2034
Entity Information [Line Items]
Title of 12(b) Security	3.375% Senior Notes due 2034
Trading Symbol	MDT/34
Security Exchange Name	NYSE
3.875% Senior Notes due 2036
Entity Information [Line Items]
Title of 12(b) Security	3.875% Senior Notes due 2036
Trading Symbol	MDT/36
Security Exchange Name	NYSE
2.250% Senior Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security	2.250% Senior Notes due 2039
Trading Symbol	MDT/39A
Security Exchange Name	NYSE
1.500% Senior Notes due 2039
Entity Information [Line Items]
Title of 12(b) Security	1.500% Senior Notes due 2039
Trading Symbol	MDT/39B
Security Exchange Name	NYSE
1.375% Senior Notes due 2040
Entity Information [Line Items]
Title of 12(b) Security	1.375% Senior Notes due 2040
Trading Symbol	MDT/40A
Security Exchange Name	NYSE
4.150% Senior Notes due 2043
Entity Information [Line Items]
Title of 12(b) Security	4.150% Senior Notes due 2043
Trading Symbol	MDT/43A
Security Exchange Name	NYSE
1.750% Senior Notes due 2049
Entity Information [Line Items]
Title of 12(b) Security	1.750% Senior Notes due 2049
Trading Symbol	MDT/49
Security Exchange Name	NYSE
1.625% Senior Notes due 2050
Entity Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2050
Trading Symbol	MDT/50
Security Exchange Name	NYSE
4.150% Senior Notes due 2053
Entity Information [Line Items]
Title of 12(b) Security	4.150% Senior Notes due 2053
Trading Symbol	MDT/53
Security Exchange Name	NYSE

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 25, 2025	Jul. 26, 2024
Income Statement [Abstract]
Net sales	$ 8,578	$ 7,915
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets	3,001	2,761
Research and development expense	726	676
Selling, general, and administrative expense	2,806	2,655
Amortization of intangible assets	459	414
Restructuring charges, net	45	47
Certain litigation charges, net	27	81
Other operating expense, net	70	1
Operating profit	1,445	1,278
Other non-operating income, net	(33)	(157)
Interest expense, net	176	167
Income before income taxes	1,302	1,268
Income tax provision	255	220
Net income	1,047	1,049
Net income attributable to noncontrolling interests	(7)	(6)
Net income attributable to Medtronic	$ 1,040	$ 1,042
Basic earnings per share (in dollars per share)	$ 0.81	$ 0.81
Diluted earnings per share (in dollars per share)	$ 0.81	$ 0.80
Basic weighted average shares outstanding (in shares)	1,281.6	1,293.3
Diluted weighted average shares outstanding (in shares)	1,287.1	1,296.5

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 25, 2025	Jul. 26, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 1,047	$ 1,049
Other comprehensive income (loss), net of tax:
Unrealized gain on investment securities	19	76
Translation adjustment	349	102
Net investment hedges	(559)	(206)
Net change in retirement obligations	1	1
Unrealized loss on cash flow hedges	(128)	(66)
Other comprehensive income (loss)	(318)	(92)
Comprehensive income including noncontrolling interests	729	957
Comprehensive income attributable to noncontrolling interests	(8)	(6)
Comprehensive income attributable to Medtronic	$ 720	$ 950

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 25, 2025	Apr. 25, 2025
Current assets:
Cash and cash equivalents	$ 1,273	$ 2,218
Investments	6,848	6,747
Accounts receivable, less allowances and credit losses of $204 and $199, respectively	6,263	6,515
Inventories	5,886	5,476
Other current assets	2,952	2,858
Total current assets	23,223	23,814
Property, plant, and equipment, net	7,006	6,837
Goodwill	42,007	41,737
Other intangible assets, net	11,223	11,667
Tax assets	3,929	4,040
Other assets	3,585	3,584
Total assets	90,972	91,680
Current liabilities:
Current debt obligations	2,430	2,874
Accounts payable	2,555	2,449
Accrued compensation	2,017	2,514
Accrued income taxes	933	1,358
Other accrued expenses	3,596	3,683
Total current liabilities	11,530	12,879
Long-term debt	26,179	25,642
Accrued compensation and retirement benefits	1,179	1,158
Accrued income taxes	1,722	1,574
Deferred tax liabilities	416	403
Other liabilities	1,813	1,769
Total liabilities	42,839	43,424
Commitments and contingencies (Note 16)
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,869,213 and 1,281,934,628 shares issued and outstanding, respectively	0	0
Additional paid-in capital	20,891	20,833
Retained earnings	31,606	31,476
Accumulated other comprehensive loss	(4,604)	(4,284)
Total shareholders’ equity	47,893	48,024
Noncontrolling interests	240	232
Total equity	48,133	48,256
Total liabilities and equity	$ 90,972	$ 91,680

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jul. 25, 2025	Apr. 25, 2025
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 204	$ 199
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares authorized (in shares)	2,600,000,000	2,600,000,000
Ordinary shares issued (in shares)	1,281,869,213	1,281,934,628
Ordinary shares outstanding (in shares)	1,281,869,213	1,281,934,628

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Total Shareholders’ Equity	Ordinary Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Apr. 26, 2024			1,311,000,000
Beginning balance at Apr. 26, 2024	$ 50,420	$ 50,214	$ 0	$ 23,129	$ 30,403	$ (3,318)	$ 206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,049	1,042			1,042		6
Other comprehensive (loss) income	(92)	(92)				(92)	0
Dividends to shareholders	(898)	(898)			(898)
Issuance of shares under stock purchase and award plans (in shares)			1,000,000
Issuance of shares under stock purchase and award plans	87	87		87
Repurchase of ordinary shares (in shares)			(30,000,000)
Repurchase of ordinary shares	(2,489)	(2,489)		(2,489)
Stock-based compensation	83	83		83
Ending balance (in shares) at Jul. 26, 2024			1,282,000,000
Ending balance at Jul. 26, 2024	$ 48,160	47,947	$ 0	20,810	30,547	(3,410)	213
Beginning balance (in shares) at Apr. 25, 2025	1,281,934,628		1,282,000,000
Beginning balance at Apr. 25, 2025	$ 48,256	48,024	$ 0	20,833	31,476	(4,284)	232
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,047	1,040			1,040		7
Other comprehensive (loss) income	(318)	(319)				(319)	1
Dividends to shareholders	(910)	(910)			(910)
Issuance of shares under stock purchase and award plans (in shares)			1,000,000
Issuance of shares under stock purchase and award plans	93	93		93
Repurchase of ordinary shares (in shares)			(1,000,000)
Repurchase of ordinary shares	(120)	(120)		(120)
Stock-based compensation	$ 86	86		86
Ending balance (in shares) at Jul. 25, 2025	1,281,869,213		1,282,000,000
Ending balance at Jul. 25, 2025	$ 48,133	$ 47,893	$ 0	$ 20,891	$ 31,606	$ (4,604)	$ 240

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jul. 25, 2025	Jul. 26, 2024
Statement of Stockholders' Equity [Abstract]
Dividends to shareholders (in dollars per share)	$ 0.71	$ 0.70

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 25, 2025	Jul. 26, 2024
Operating Activities:
Net income	$ 1,047	$ 1,049
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	748	662
Provision for credit losses	28	18
Deferred income taxes	167	88
Stock-based compensation	86	83
Other, net	159	(9)
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	288	110
Inventories	(373)	(217)
Accounts payable and accrued liabilities	(598)	(604)
Other operating assets and liabilities	(464)	(194)
Net cash provided by operating activities	1,088	986
Investing Activities:
Additions to property, plant, and equipment	(504)	(520)
Purchases of investments	(2,100)	(1,879)
Sales and maturities of investments	2,010	2,157
Other investing activities, net	(125)	(17)
Net cash used in investing activities	(719)	(259)
Financing Activities:
Change in current debt obligations, net	649	(624)
Issuance of long-term debt	0	3,209
Payments on long-term debt	(1,162)	0
Dividends to shareholders	(910)	(898)
Issuance of ordinary shares	95	89
Repurchase of ordinary shares	(123)	(2,492)
Other financing activities, net	70	(15)
Net cash used in financing activities	(1,381)	(731)
Effect of exchange rate changes on cash and cash equivalents	67	31
Net change in cash and cash equivalents	(945)	27
Cash and cash equivalents at beginning of period	2,218	1,284
Cash and cash equivalents at end of period	1,273	1,311
Cash paid for:
Income taxes	402	394
Interest	$ 81	$ 119

Basis of Presentation	3 Months Ended
Basis of Presentation	Jul. 25, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Medtronic plc and its subsidiaries (Medtronic plc, Medtronic, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the consolidated financial statements include all the adjustments necessary for a fair statement in conformity with U.S. GAAP. Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. The accompanying unaudited consolidated financial statements include the accounts of Medtronic plc, its wholly-owned subsidiaries, entities for which the Company has a controlling financial interest, and variable interest entities for which the Company is the primary beneficiary. Intercompany transactions and balances have been eliminated in consolidation. Amounts reported in millions within this quarterly report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements of the Company and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 25, 2025. The Company’s fiscal years 2026, 2025, and 2024 will end or ended on April 24, 2026, April 25, 2025, and April 26, 2024, respectively. There have been no material changes to our significant accounting policies, as disclosed in Note 1 included in the Company's Annual Report on Form 10-K for the fiscal year ended April 25, 2025. In May 2025, the Company announced its intent to separate the Diabetes business, with the intention to create a new independent, publicly traded company. The separation is expected to be completed within 18 months of the initial announcement.

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Jul. 25, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Standards For the three months ended July 25, 2025, there have been no newly adopted accounting pronouncements that materially impact our consolidated financial statements. Refer to the Company's Annual Report on Form 10-K for the fiscal year ended April 25, 2025 for pronouncements recently adopted. Not Yet Adopted Accounting Standards Income Taxes In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires incremental annual disclosures on income taxes, including rate reconciliations, income taxes paid, and other disclosures. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2026 for our annual report. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220-40), which requires tabular disclosures disaggregating certain costs and expenses within relevant income statement captions. The Company will adopt this guidance beginning in the fourth quarter of fiscal year 2028 for our annual report and for interim periods starting in fiscal year 2029. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.