v3.26.1
Financing Arrangements
 12 Months Ended
Apr. 24, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Current debt obligations consisted of the following:
(in millions)April 24, 2026April 25, 2025
Bank borrowings$22 $13 
1.125 percent eight-year 2019 senior notes
1,760 — 
0.250 percent six-year 2019 senior notes
— 1,142 
0.000 percent five-year 2020 senior notes
— 1,142 
2.625 percent three-year 2022 senior notes
— 571 
Finance lease obligations6 6 
Current debt obligations$1,788 $2,874 
Commercial Paper In January 2015, Medtronic Global Holdings S.C.A. (Medtronic Luxco), an entity organized under the laws of Luxembourg, entered into various agreements pursuant to which Medtronic Luxco may issue United States Dollar-denominated unsecured commercial paper notes (the 2015 CP Program) on a private placement basis, and in January 2020, Medtronic Luxco entered into various agreements pursuant to which Medtronic Luxco may issue Euro-denominated unsecured commercial paper notes (the 2020 CP Program) on a private placement basis. The maximum aggregate amount outstanding at any time under the 2015 CP Program and the 2020 CP Program together may not exceed the equivalent of $3.5 billion. The Company and Medtronic, Inc. have guaranteed the obligations of Medtronic Luxco under the 2015 CP Program and the 2020 CP Program.
There was no commercial paper outstanding at April 24, 2026 and April 25, 2025. During fiscal years 2026 and 2025, the weighted average interest rate was 4.17 percent and 5.02 percent, respectively. The issuance of commercial paper reduces the amount of credit available under the Company's existing credit facility, defined below.
Line of Credit In December 2025, Medtronic Luxco, as borrower, entered into an amendment to its amended and restated credit agreement (Credit Facility), by and among Medtronic, Medtronic, Inc., Medtronic Luxco, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent and issuing bank, extending the maturity date of the Credit Facility to December 2030.
The Credit Facility provides for a $3.5 billion five-year unsecured revolving credit facility (Credit Facility). At each anniversary date of the Credit Facility, we can request a one-year extension of the maturity date. The Credit Facility provides the Company with the ability to increase its borrowing capacity by an additional $1.0 billion at any time during the term of the agreement. The Company and Medtronic, Inc. have guaranteed the obligations of the borrowers under the Credit Facility, and Medtronic Luxco will also guarantee the obligations of any designated borrower. The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies. At April 24, 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 all covenants related to 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 became available upon the completion of the initial public offering of MiniMed Group, Inc., whereupon the Initial Borrower merged 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 have been drawn under the MiniMed Revolving Credit Facility as of April 24, 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.
The Company's long-term debt obligations consisted of the following:
  April 24, 2026April 25, 2025
(in millions, except interest rates)Maturity by Fiscal YearAmountEffective Interest RateAmountEffective Interest Rate
1.125 percent eight-year 2019 senior notes
2027$——%$1,7141.25%
4.250 percent five-year 2023 senior notes
20281,0004.501,0004.42
3.000 percent six-year 2022 senior notes
20291,1743.121,1423.09
0.375 percent eight-year 2020 senior notes
20291,1740.551,1420.51
3.650 percent five-year 2024 senior notes
20309983.769713.74
2.950 percent five-year 2025 senior notes
20318813.05——
1.625 percent twelve-year 2019 senior notes
20311,1741.761,1421.75
1.000 percent twelve-year 2019 senior notes
20321,1741.061,1421.06
3.125 percent nine-year 2022 senior notes
20321,1743.261,1423.25
0.750 percent twelve-year 2020 senior notes
20331,1740.821,1420.81
4.500 percent ten-year 2023 senior notes
20331,0004.641,0004.62
3.375 percent twelve-year 2022 senior notes
20351,1743.441,1423.44
4.375 percent twenty-year 2015 senior notes
20351,9324.481,9324.47
3.875 percent twelve-year 2024 senior notes
20379983.939713.93
6.550 percent thirty-year 2007 CIFSA senior notes
20382534.512534.67
2.250 percent twenty-year 2019 senior notes
20391,1742.341,1422.34
6.500 percent thirty-year 2009 senior notes
20391586.561586.56
1.500 percent twenty-year 2019 senior notes
20401,1741.581,1421.58
5.550 percent thirty-year 2010 senior notes
20402245.592245.58
1.375 percent twenty-year 2020 senior notes
20411,1741.461,1421.46
4.500 percent thirty-year 2012 senior notes
20421054.541054.54
4.000 percent thirty-year 2013 senior notes
20433054.103054.10
4.150 percent nineteen-year 2024 senior notes
20447044.206854.20
4.625 percent thirty-year 2014 senior notes
20441274.671274.67
4.625 percent thirty-year 2015 senior notes
20451,8134.691,8134.69
4.200 percent twenty-year 2025 senior notes
20468814.24——
1.750 percent thirty-year 2019 senior notes
20501,1741.861,1421.87
1.625 percent thirty-year 2020 senior notes
20511,1741.741,1421.75
4.150 percent twenty-nine year 2024 senior notes
20548224.198004.19
Finance lease obligations2028 - 20415411.005210.00
Debt discount, net2028 - 2054(57)—(59)—
Deferred financing costs2028 - 2054(114)—(117)—
Total long-term debt$26,173$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. For fiscal years 2026, 2025, and 2024, there was $885 million, $913 million, and $916 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 years 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 EUR-denominated Senior Notes with an aggregate principal of €3.0 billion, with maturities ranging from fiscal years 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 7 for additional information regarding net investment hedges.
Contractual maturities of debt for the next five fiscal years and thereafter, excluding deferred financing costs and debt discount, net, are as follows:
(in millions)
2027$1,788 
20281,006 
20292,354 
20301,004 
20312,060 
Thereafter19,920 
Total $28,131 
Financial Instruments Not Measured at Fair Value
At April 24, 2026, the estimated fair value of the Company’s Senior Notes was $25.3 billion compared to a principal value of $28.1 billion. At April 25, 2025, the estimated fair value 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.
Supplier Financing Program
The Company participates in a supplier financing program that provides participating suppliers the ability to finance payment obligations from the Company with third-party financial institutions in order to receive earlier payment. The Company’s standard payment term is 90 days. The Company’s outstanding payables to its suppliers, including amounts due and payment terms, are not affected by a supplier’s participation in the program.
At April 24, 2026 and April 25, 2025, the Company had $84 million and $100 million of outstanding payables, respectively, associated with the supplier financing program recorded in accounts payable in the consolidated balance sheets.
The following table presents a roll-forward of outstanding payables confirmed as valid associated with the program during fiscal year 2026:
Fiscal Year
(in millions)2026
Beginning balance$100 
Invoices confirmed during the year479 
Confirmed invoices paid during the year(496)
Ending balance$84