v3.25.2
Segment and Geographic Information (Tables)
 12 Months Ended
Apr. 25, 2025
Segment Reporting [Abstract]  
Schedule of Income From Operations Before Income Taxes by Reportable Segment and Reconciliation to Consolidated
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.
Schedule of Reconciliation of Assets and Depreciation Expense from Segments to Consolidated
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.
Schedule of Net Sales to External Customers and Property, Plant, and Equipment, Net, by Geographical Region
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