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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
NOTE K – REVENUE

We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our accompanying unaudited consolidated statements of operations. Our business structure is organized into five operating segments. The following tables disaggregate our revenue from contracts with customers by business unit and geographic region (in millions). Generally, we allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.

Three Months Ended September 30,
20252024
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$462 $285 $747 $417 $261 $678 
Urology511 171 682 379 153 532 
Neuromodulation230 63 293 211 57 268 
MedSurg1,202 519 1,722 1,007 472 1,479 
Interventional Cardiology Therapies256 429 686 212 449 661 
Watchman470 43 512 342 38 380 
Cardiac Rhythm Management354 224 578 349 213 561 
Electrophysiology607 258 865 366 160 527 
Cardiology1,687 954 2,641 1,269 859 2,129 
Peripheral Interventions405 297 702 316 285 602 
Cardiovascular2,092 1,251 3,343 1,586 1,145 2,731 
Total Net Sales$3,294 $1,770 $5,065 $2,593 $1,616 $4,209 
Nine Months Ended September 30,
20252024
BusinessesU.S.Int'lTotalU.S.Int'lTotal
Endoscopy$1,338 $818 $2,157 $1,227 $769 $1,996 
Urology1,478 514 1,992 1,098 473 1,570 
Neuromodulation661 205 866 616 191 807 
MedSurg3,478 1,537 5,015 2,941 1,433 4,373 
Interventional Cardiology Therapies740 1,373 2,114 608 1,370 1,977 
Watchman1,306 117 1,423 996 107 1,103 
Cardiac Rhythm Management1,066 679 1,746 1,054 658 1,713 
Electrophysiology1,706 729 2,435 795 460 1,255 
Cardiology4,818 2,899 7,717 3,452 2,595 6,048 
Peripheral Interventions1,183 873 2,056 924 841 1,765 
Cardiovascular6,002 3,772 9,773 4,377 3,436 7,813 
Total Net Sales$9,479 $5,309 $14,788 $7,317 $4,869 $12,186 

Refer to Note J – Segment Reporting for information on our reportable segments.

Three Months Ended September 30,Nine Months Ended September 30,
Geographic Regions2025202420252024
U.S.$3,294 $2,593 $9,479 $7,317 
Europe, Middle East and Africa793 773 2,518 2,398 
Asia-Pacific802 684 2,292 2,002 
Latin America and Canada175 159 499 469 
Total Net Sales$5,065 $4,209 $14,788 $12,186 
Emerging Markets(1)
$765 $684 $2,214 $2,012 
(1) Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada.

Deferred Revenue

Contract liabilities are classified within Other current liabilities and Other long-term liabilities within our accompanying unaudited consolidated balance sheets. Our deferred revenue balance was $668 million as of September 30, 2025 and $635 million as of December 31, 2024. Our contract liabilities are primarily composed of deferred revenue related to the LATITUDE™ Patient Management System within our Cardiology business, for which revenue is recognized over the average service period based on device and patient longevity. Our contract liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor system, also within our Cardiology business, for which revenue is recognized over the average service period based on device longevity and usage. We recognized revenue of $65 million in the third quarter and $201 million in the first nine months of 2025 that was included in the above contract liability balance as of December 31, 2024. We have elected not to disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. In addition, we have not identified material unfulfilled performance obligations for which revenue is not currently deferred.

Variable Consideration
For additional information on variable consideration, refer to Note A – Significant Accounting Policies to our audited financial statements contained in Item 8. Financial Statements and Supplementary Data of our most recent Annual Report on Form 10-K.