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Financing Arrangements
 9 Months Ended
Jan. 23, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Commercial Paper
The Company maintains commercial paper programs that allow the Company to issue U.S. dollar or Euro-denominated unsecured commercial paper notes. The aggregate amount outstanding at any time under the commercial paper programs may not exceed the equivalent of $3.5 billion. There was $140 million of commercial paper outstanding at January 23, 2026. During both the three and nine months ended January 23, 2026, the commercial paper outstanding had a weighted average original maturity of 17 days and a weighted average interest rate of 4.03 percent and 4.23 percent, respectively. There was no commercial paper outstanding at April 25, 2025. During fiscal year 2025, the commercial paper outstanding had a weighted average original maturity of 13 days and a weighted average interest rate of 5.02 percent. The issuance of commercial paper reduces the amount of credit available under the Company’s existing Credit Facility, as defined below.
Line of Credit
The Company has a $3.5 billion five-year unsecured revolving credit facility (Credit Facility), which provides back-up funding for the commercial paper programs described above. The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies. At January 23, 2026 and April 25, 2025, no amounts were outstanding under the Credit Facility.
Interest rates on advances on the Credit Facility are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The Company is in compliance with the covenants under the Credit Facility.
MiniMed Line of Credit
In January 2026, as part of the impending separation of the Diabetes Operating Unit, Kangaroo US HoldCo 2, Inc. (the “Initial Borrower”), entered into a credit agreement which provides for a five-year senior secured revolving credit facility (the “MiniMed Revolving Credit Facility”) in an aggregate principal amount of $500 million to be made available in U.S. dollars and certain approved alternative currencies, initially including Euros, with Citibank, N.A. serving as administrative agent for a syndicate of lenders. Subject to the conditions to the borrowing therein, the commitments under the MiniMed Revolving Credit Facility will become available upon the completion of the initial public offering of MiniMed Group, Inc., whereupon the Initial Borrower will merge with and into MiniMed Group, Inc. (the “Merger”), with MiniMed Group, Inc. surviving the merger and continuing as the borrower. The MiniMed Revolving Credit Facility permits, subject to specified conditions, one or more of MiniMed Group, Inc.'s wholly owned subsidiaries to be added as additional borrowers.
Interest is payable on the loans under the MiniMed Revolving Credit Facility at (1) in the case of borrowings denominated in U.S. dollars, Term SOFR (or, at the borrower’s option, the base rate) and (2) in the case of borrowings denominated in Euros, EURIBOR, plus, in each case, a margin determined pursuant to a pricing grid based on MiniMed Group, Inc.'s secured net leverage ratio. The commitment fees and letter of credit fees under the MiniMed Revolving Credit Facility are determined based upon the same grid. Interest payments are due (1) in the case of Term SOFR or EURIBOR borrowings, on the last day of each interest period applicable to the borrowing (or, in the case of any borrowing with an interest period of more than three months’ duration, every three months) and (2) in the case of base rate borrowings, on the last business day of each March, June, September, and December. No amounts are available to be drawn under the MiniMed Revolving Credit Facility as of January 23, 2026.
The MiniMed Revolving Credit Facility also contains representations and warranties, covenants, and events of default that are customary for this type of financing, including financial maintenance covenants and covenants restricting, inter alia, the incurrence of liens and indebtedness, the sale of assets, the making of restricted payments, investments and certain debt prepayments, and the entry into certain merger transactions. The obligations under the MiniMed Revolving Credit Facility are guaranteed by certain wholly-owned subsidiaries of the Initial Borrower (and following the consummation of the Merger, certain wholly-owned subsidiaries of MiniMed Group, Inc.), and secured by certain assets of such subsidiaries.
Debt Obligations
The Company's debt obligations consisted of the following:
(in millions)Maturity by
Fiscal Year		January 23, 2026April 25, 2025
Current debt obligations2026 - 2027$191 $2,874 
Long-term debt
1.125 percent eight-year 2019 senior notes
20271,757 1,714 
4.250 percent five-year 2023 senior notes
20281,000 1,000 
3.000 percent six-year 2022 senior notes
20291,171 1,142 
0.375 percent eight-year 2020 senior notes
20291,171 1,142 
3.650 percent five-year 2024 senior notes
2030996 971 
2.950 percent five-year 2025 senior notes
2031878 — 
1.625 percent twelve-year 2019 senior notes
20311,171 1,142 
1.000 percent twelve-year 2019 senior notes
20321,171 1,142 
3.125 percent nine-year 2022 senior notes
20321,171 1,142 
0.750 percent twelve-year 2020 senior notes
20331,171 1,142 
4.500 percent ten-year 2023 senior notes
20331,000 1,000 
3.375 percent twelve-year 2022 senior notes
20351,171 1,142 
4.375 percent twenty-year 2015 senior notes
20351,932 1,932 
3.875 percent twelve-year 2024 senior notes
2037996 971 
6.550 percent thirty-year 2007 CIFSA senior notes
2038253 253 
2.250 percent twenty-year 2019 senior notes
20391,171 1,142 
6.500 percent thirty-year 2009 senior notes
2039158 158 
1.500 percent twenty-year 2019 senior notes
20401,171 1,142 
5.550 percent thirty-year 2010 senior notes
2040224 224 
1.375 percent twenty-year 2020 senior notes
20411,171 1,142 
4.500 percent thirty-year 2012 senior notes
2042105 105 
4.000 percent thirty-year 2013 senior notes
2043305 305 
4.150 percent nineteen-year 2024 senior notes
2044703 685 
4.625 percent thirty-year 2014 senior notes
2044127 127 
4.625 percent thirty-year 2015 senior notes
20451,813 1,813 
4.200 percent twenty-year 2025 senior notes
2046878 — 
1.750 percent thirty-year 2019 senior notes
20501,171 1,142 
1.625 percent thirty-year 2020 senior notes
20511,171 1,142 
4.150 percent twenty-nine-year 2024 senior notes
2054820 800 
Finance lease obligations2027 - 204158 52 
Debt discount, net2027 - 2054(58)(59)
Deferred financing costs2027 - 2054(118)(117)
Total long-term debt$27,880 $25,642 
Interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, and the global liquidity structures is recognized in interest expense, net in the consolidated statements of income. During the three and nine months ended January 23, 2026, there was $223 million and $662 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, and the global liquidity structures. During the three and nine months ended January 24, 2025, there was $224 million and $693 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, and the global liquidity structures.
Senior Notes
The Company has outstanding unsecured senior obligations, described as senior notes in the tables above (collectively, the Senior Notes). The Senior Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company. The Company is in compliance with all covenants related to the Senior Notes.
On September 29, 2025, Medtronic Inc. issued two tranches of Euro-denominated Senior Notes with an aggregate principal of €1.5 billion, with maturities in fiscal year 2031 and 2046, resulting in cash proceeds of approximately $1.7 billion, net of discounts and issuance costs.
In June 2024, Medtronic Inc. issued four tranches of Euro-denominated Senior Notes with an aggregate principal of €3.0 billion, with maturities ranging from fiscal year 2030 to 2054, resulting in cash proceeds of approximately $3.2 billion, net of discounts and issuance costs. In anticipation of the Euro-denominated debt issuance, the Company entered into forward currency exchange rate contracts to manage the exposure to exchange rate movements. These contracts were settled in conjunction with the issuance of the June 2024 Notes.
The Euro-denominated debt issued in September 2025 and June 2024 is designated as a net investment hedge of certain of the Company's European operations. Refer to Note 8 in the consolidated financial statements for additional information regarding net investment hedges.
Financial Instruments Not Measured at Fair Value
At January 23, 2026, the estimated fair value of the Company’s Senior Notes was $25.5 billion compared to a principal value of $28.0 billion. At April 25, 2025, the estimated fair value of the Company's Senior Notes was $26.2 billion compared to a principal value of $28.6 billion. The fair value was estimated using quoted market prices for the publicly registered Senior Notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts and hedging activity.