Restructuring Charges

9 Months Ended

Jan. 23, 2026

Restructuring and Related Activities [Abstract]

Total restructuring, associated, and other costs for the three and nine months ended January 23, 2026 were $172 million and $251 million, respectively, as compared to $46 million and $154 million for the three and nine months ended January 24, 2025, respectively.

MiniMed Restructuring Actions

In December 2025, the Board of Directors approved a series of restructuring actions designed to support the separation and position of both Medtronic and MiniMed by enabling greater strategic focus, improving operational efficiency, aligning organizational structures of each, and driving long-term business growth and efficiencies in the individual organizations.

The restructuring actions are expected to result in pre-tax restructuring charges of approximately $300 million to $500 million, which will be incurred at varying intervals between the third quarter of fiscal year 2026 and the finalization of the Transition Services Agreement (which governs services to be provided to MiniMed by Medtronic, and which will conclude no later than 24 months following the completion of the MiniMed initial public offering). The expected completion date of these restructuring actions is fiscal year 2029. The restructuring activities include organizational realignments, workforce-related actions, and separation of duplicated shared services, locations, systems, and operational functions. Of the total actions, the Company anticipates that materially all of the charges will relate to employee termination benefits, with the potential for other charges to include contract termination costs and asset write-offs. The Company expects these costs to be recognized primarily within restructuring charges, net, cost of products sold, and selling, general, and administrative expense in the consolidated statements of income. The costs of this program were not recorded in a specific reportable segment.

During the third quarter of fiscal year 2026, the Company recognized $16 million of restructuring charges related to this program. All charges related to employee termination benefits and were recognized within restructuring charges, net in the consolidated statements of income and recorded within other accrued expenses in the consolidated balance sheet.

Other Restructuring Activities

The Company also incurred restructuring charges during the three and nine months ended January 23, 2026 and January 24, 2025 for individually immaterial restructuring activities. The restructuring, associated, and other costs for these activities primarily related to employee termination benefits provided to employees who have been involuntarily terminated, facility related and contract termination costs, and asset write-offs.

In addition, in December 2025, management approved and committed to a plan to terminate a third-party manufacturing agreement within the Diabetes Operating Unit. In conjunction with this plan, the Company recorded pre-tax charges of $118 million, including $84 million recognized within cost of products sold related to asset write-offs and $34 million recognized within other operating expense (income), net related to contract termination costs in the consolidated statements of income. These charges are included within the table below.

The following table presents the classification of these restructuring, associated, and other costs in the consolidated statements of income for the other restructuring activities:


	Three months ended				Nine months ended
(in millions)	January 23, 2026		January 24, 2025		January 23, 2026		January 24, 2025
Cost of products sold	$	89	$	4	$	105	$	24
Selling, general, and administrative expenses	6		—		15		10
Restructuring charges, net	60		43		115		120
Total restructuring, associated, and other costs	$	156	$	46	$	235	$	154

The following table provides a reconciliation of the beginning and ending restructuring liability balances relating to the other restructuring activities:


(in millions)	Employee Termination Benefits		Associated and Other Costs		Total
April 25, 2025	$	132	$	18	$	150
Charges	95		66		161
Cash payments	(170)		(32)		(202)
Settled non-cash	—		(2)		(2)
Accrual adjustments(1)	(14)		(1)		(15)
January 23, 2026	$	43	$	49	$	92

(1)Accrual adjustments primarily relate to certain employees identified for termination finding other positions within the Company and changes in estimates.