v3.25.2
Segment and Geographic Information
 12 Months Ended
Apr. 25, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company has four reportable segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit. The chief operating decision maker (CODM) is our Chief Executive Officer (CEO) and has chosen to organize the entity based upon therapy solutions provided by each segment. The four reportable segments are strategic businesses that are managed separately, as each one develops and manufactures products and provides services oriented toward targeted therapy solutions.
The primary products and services from which the Cardiovascular Portfolio segment derives its revenues include products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease, as well as services to diagnose, treat, and manage heart and vascular-related disorders and diseases.
The primary products and services from which the Neuroscience Portfolio segment derives its revenues include those focused on neurostimulation therapies and drug delivery systems for the treatment of chronic pain, as well as various areas of the spine and brain, along with pelvic health and conditions of the ear, nose, and throat.
The primary products and services from which the Medical Surgical Portfolio segment derives its revenues include those focused on diseases of the respiratory system, gastrointestinal tract, lungs, pelvic region, obesity, and other preventable complications.
The primary products from which the Diabetes Operating Unit segment derives its revenues include those focused on diabetes management, including insulin pumps, continuous glucose monitoring systems and sensors, and smart insulin pens.
The CODM measures and evaluates segment performance and allocates resources based on net sales and segment operating profit. Net sales include end-customer revenues from products developed, manufactured, and distributed by the segments. Significant expense categories include cost of products sold excluding amortization of intangible assets, research and development expense, and selling, general, and administrative expenses. Segment operating profit excludes certain corporate and centralized expenses not allocated to the segments, including interest income and expense, amortization of intangible assets, centralized distribution costs, currency impact of remeasurement and hedging recorded in other operating (income) expense, net, non-operating income or expense items, certain corporate charges, stock-based compensation, and other items not allocated to the segments. The CODM uses segment operating profit in the budget and forecasting process and to monitor budget and forecast variances versus actual when assessing segment performance and allocating capital resources to each segment.
The accounting policies of the segments are the same as those described in Note 1. Certain depreciable assets may be recorded by one segment, while the depreciation expense is allocated to another segment. The allocation of depreciation expense is based on the proportion of the assets used by each segment. The CODM is not regularly provided with expenditures for additions to long-lived assets.
Segment Operating Profit
Fiscal Year 2025
(in millions)CardiovascularNeuroscienceMedical SurgicalDiabetesTotal
Net sales$12,481 $9,846 $8,407 $2,755 $33,489 
Reconciliation of revenues
Other operating segment net sales (1)
137 
Other adjustments (2)
(90)
Total consolidated net sales$33,537 
Less:
Cost of products sold, excluding amortization of intangible assets3,967 2,762 3,142 1,117 10,987 
Research and development expense931 542 606 400 2,478 
Selling, general, and administrative expense2,824 2,327 1,600 791 7,541 
Other segment items (3)
(41)31 18 (43)(36)
Reportable segment operating profit$4,801 $4,183 $3,042 $491 $12,518 
Reconciliation of segment profit / (loss)
Other operating segment profit (1)
49 
Corporate(1,837)
Interest expense, net(729)
Other non-operating income, net402 
Amortization of intangible assets(1,807)
Stock-based compensation(429)
Centralized distribution costs(1,650)
Currency(3)
Restructuring and associated costs(303)
Acquisition and divestiture-related items(124)
Certain litigation charges, net(317)
Medical device regulations(52)
Other adjustments (2)
(90)
Income before income taxes$5,628 
Fiscal Year 2024
(in millions)CardiovascularNeuroscienceMedical SurgicalDiabetesTotal
Net sales$11,831 $9,406 $8,417 $2,488 $32,142 
Reconciliation of revenues
Other operating segment net sales (1)
221 
Total consolidated net sales$32,364 
Less:
Cost of products sold, excluding amortization of intangible assets3,731 2,634 3,057 963 10,385 
Research and development expense906 556 587 402 2,452 
Selling, general, and administrative expense2,748 2,245 1,594 778 7,365 
Other segment items (3)
(28)30 9 (49)(39)
Reportable segment operating profit$4,474 $3,940 $3,170 $394 $11,979 
Reconciliation of segment profit / (loss)
Other operating segment profit (1)
10 
Corporate(1,784)
Interest expense, net(719)
Other non-operating income, net412 
Amortization of intangible assets(1,693)
Stock-based compensation(393)
Centralized distribution costs(1,609)
Currency68 
Restructuring and associated costs(389)
Acquisition and divestiture-related items(777)
Certain litigation charges, net(149)
Medical device regulations(119)
Income before income taxes$4,837 
 Fiscal Year 2023
(in millions)CardiovascularNeuroscienceMedical SurgicalDiabetesTotal
Net sales$11,522 $8,959 $7,989 $2,262 $30,731 
Reconciliation of revenues
Other operating segment net sales (1)
495 
Total consolidated net sales$31,227 
Less:
Cost of products sold, excluding amortization of intangible assets3,562 2,411 2,859 871 9,704 
Research and development expense815 573 543 392 2,323 
Selling, general, and administrative expense2,653 2,189 1,549 705 7,096 
Other segment items (3)
(31)74 (10)(90)(57)
Reportable segment operating profit$4,522 $3,712 $3,048 $383 $11,664 
Reconciliation of segment profit / (loss)
Other operating segment loss (1)
(89)
Corporate(1,763)
Interest expense, net(636)
Other non-operating income, net515 
Amortization of intangible assets(1,698)
Stock-based compensation(355)
Centralized distribution costs(1,558)
Currency465 
Restructuring and associated costs(647)
Acquisition and divestiture-related items(345)
Certain litigation charges, net30 
Medical device regulations(150)
Commitments to the Medtronic Foundation and Medtronic LABS(70)
Income before income taxes$5,364 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited or divested.
(2)Includes incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)Other segment items for each reportable segment primarily includes royalty expense. The Cardiovascular and Diabetes segments also include income from funded research and development arrangements.
Total Assets and Depreciation Expense
Total AssetsDepreciation Expense
(in millions)April 25, 2025April 26, 2024202520242023
Cardiovascular$16,548 $16,128 $225 $199 $209 
Neuroscience18,476 18,270 282 252 267 
Medical Surgical33,317 33,586 205 194 203 
Diabetes4,136 3,996 112 94 80 
Total reportable segments72,476 71,980 823 739 759 
Other operating segment (1)
296 547 1 — 2 
Corporate18,906 17,455 229 215 238 
Total$91,680 $89,981 $1,054 $954 $999 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited or divested.
Geographic Information
Net sales are attributed to the country based on the location of the customer taking possession of the products or in which the services are rendered. Geographic property, plant, and equipment are attributed to the country based on the physical location of the assets.
The following table presents net sales for fiscal years 2025, 2024, and 2023, and property, plant, and equipment, net at April 25, 2025 and April 26, 2024 for the Company's country of domicile, countries with significant concentrations, and all other countries:
Net salesProperty, plant, and equipment, net
(in millions)202520242023April 25, 2025April 26, 2024
Ireland$116 $113 $98 $291 $252 
United States17,171 16,562 16,373 5,133 4,593 
Rest of world16,250 15,689 14,756 1,414 1,286 
Total other countries, excluding Ireland33,421 32,251 31,129 6,547 5,879 
Total$33,537 $32,364 $31,227 $6,837 $6,131 
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2025, 2024, or 2023.