The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at January 23, 2026 and April 25, 2025:


	January 23, 2026
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	449	$	—	$	(4)	$	445	$	445	$	—
Level 2:
Corporate debt securities	3,905		37		(12)		3,929		3,929		—
U.S. government and agency securities	870		—		(11)		860		860		—
Mortgage-backed securities	813		10		(20)		804		804		—
Non-U.S. government and agency securities	25		—		—		25		25		—

Other asset-backed securities	1,158		6		(6)		1,158		1,158		—
Total Level 2	6,772		53		(49)		6,776		6,776		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	7,256	$	54	$	(55)	$	7,255	$	7,221	$	34


	April 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	$	417	$	—	$	(7)	$	410	$	410	$	—
Level 2:
Corporate debt securities	3,540		17		(36)		3,521		3,521		—
U.S. government and agency securities	835		—		(20)		814		814		—
Mortgage-backed securities	948		4		(29)		923		923		—
Non-U.S. government and agency securities	6		—		—		6		6		—

Other asset-backed securities	1,044		5		(6)		1,044		1,044		—
Total Level 2	6,373		26		(91)		6,308		6,308		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	6,826	$	26	$	(100)	$	6,752	$	6,719	$	33

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at January 23, 2026 and April 25, 2025:


	January 23, 2026
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	577	$	(4)	$	835	$	(9)
U.S. government and agency securities	158		(3)		530		(12)
Mortgage-backed securities	12		(1)		266		(19)
Other asset-backed securities	—		—		230		(6)
Auction rate securities	—		—		34		(2)
Total	$	749	$	(7)	$	1,895	$	(47)


	April 25, 2025
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	702	$	(7)	$	1,235	$	(29)
U.S. government and agency securities	110		(1)		641		(25)
Mortgage-backed securities	2		(1)		614		(28)
Other asset-backed securities	—		—		469		(6)
Auction rate securities	—		—		33		(3)
Total	$	814	$	(9)	$	2,993	$	(91)

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during the three and nine months ended January 23, 2026 and January 24, 2025. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

Gains and losses on available-for-sale debt securities are recognized in other non-operating income, net in the consolidated statements of income. During the three and nine months ended January 23, 2026 and January 24, 2025, gross realized gains and losses on available-for-sale debt securities were not material. During the three and nine months ended January 23, 2026, proceeds from sales of available-for-sale debt securities were $2.0 billion and $5.9 billion, respectively. During the three and nine months ended January 24, 2025, proceeds from sales of available-for-sale debt securities were $1.9 billion and $6.1 billion, respectively.

The contractual maturities of available-for-sale debt securities at January 23, 2026 are shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	1,554	$	1,548
Due after one year through five years	3,118		3,125
Due after five years through ten years	1,153		1,164
Due after ten years	1,431		1,418
Total	$	7,256	$	7,255

Interest income, which includes income on marketable debt securities and the global liquidity structures, is recognized in other non-operating income, net, in the consolidated statements of income. During the three and nine months ended January 23, 2026, there was $85 million and $294 million of interest income, respectively. During the three and nine months ended January 24, 2025, there was $114 million and $364 million of interest income, respectively.

The following table summarizes the Company's equity and other investments and related accrued interest receivable at January 23, 2026 and April 25, 2025, which are classified primarily as other assets in the consolidated balance sheets:


(in millions)	January 23, 2026		April 25, 2025
Investments with readily determinable fair value (marketable equity securities)	$	144	$	17
Investments for which the fair value option has been elected	50		140
Investments without readily determinable fair values	730		705
Equity method and other investments	79		89
Total equity and other investments	$	1,003	$	951

The table below includes activity related to the Company's portfolio of equity and other investments. Gains, losses, and interest income on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.


	Three months ended				Nine months ended
(in millions)	January 23, 2026		January 24, 2025		January 23, 2026		January 24, 2025
Proceeds from sales	$	21	$	27	$	53	$	120
Gross gains	13		8		32		100
Gross losses	(22)		(4)		(115)		(17)
Interest income	17		—		17		—
Impairment losses recognized	—		(71)		(62)		(116)

During the three and nine months ended January 23, 2026, there were $9 million and $85 million of net unrealized losses, respectively, on equity securities and other investments still held at January 23, 2026. During the three and nine months ended January 24, 2025, there were $2 million of net unrealized losses and $5 million of net unrealized gains, respectively, on equity securities and other investments still held at January 24, 2025.

In May 2022, the Company and DaVita Inc. (DaVita) entered into a definitive agreement for the Company to sell half of its Renal Care Solutions (RCS) business, and in April 2023, completed the transaction. This sale was part of an agreement between Medtronic and DaVita to form a new, independent kidney care-focused medical device company (“Mozarc Medical” or "Mozarc") with equal equity ownership. At closing, the Company retained a 50% non-controlling equity interest in Mozarc valued at $307 million. Although the equity investment provides the Company with the ability to exercise significant influence over Mozarc, the Company has elected the fair value option to account for this equity investment. The Company believes the fair value option best reflects the economics of the underlying transaction.

Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in other non-operating income, net in the consolidated statements of income. During the nine months ended January 23, 2026, the Company recognized a loss of $90 million primarily driven by historical financial results and projections of future cash flows. During the three months ended January 23, 2026 and the three and nine months ended January 24, 2025, the change in fair value was not material.


	Three months ended				Nine months ended
(in millions)	January 23, 2026		January 24, 2025		January 23, 2026		January 24, 2025
Beginning Balance	$	57	$	311	$	140	$	311


Additions	—		—		7		—
Settlements	(7)		—		(7)		—
Change in fair value	—		—		(90)		—
Ending Balance	$	50	$	311	$	50	$	311