v3.26.1
Retirement Benefit Plans
 12 Months Ended
Apr. 24, 2026
Retirement Benefits [Abstract]  
Retirement Benefit Plans Retirement Benefit Plans
The Company sponsors various retirement benefit plans, including defined benefit pension plans, post-retirement medical plans, defined contribution savings plans, and termination indemnity plans, covering substantially all U.S. employees and many employees outside the U.S. The net expense related to these plans was $469 million, $466 million, and $451 million in fiscal years 2026, 2025, and 2024, respectively.
In the U.S., the Company maintains qualified pension plans designed to provide guaranteed minimum retirement benefits to all eligible U.S. participants. Pension coverage for non-U.S. employees is provided, to the extent deemed appropriate, through separate plans. In addition to the benefits provided under the qualified pension plan, retirement benefits associated with wages in excess of the IRS allowable limits are provided to certain employees under a non-qualified plan. U.S. and Puerto Rico employees are also eligible to receive a medical benefit component, in addition to normal retirement benefits, through the Company’s post-retirement benefits.
At April 24, 2026 and April 25, 2025, the funded status of the Company’s benefit plans was $724 million overfunded and $440 million overfunded, respectively.
Defined Benefit Pension Plans The change in benefit obligation and funded status of the Company’s U.S. and Non-U.S. pension benefits are as follows:
 
U.S. Pension Benefits(1)
Non-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)2026202520262025
Accumulated benefit obligation at end of year:$3,302 $3,235 $1,677 $1,685 
Change in projected benefit obligation:    
Projected benefit obligation at beginning of year$3,269 $3,194 $1,797 $1,604 
Service cost50 52 49 43 
Interest cost167 174 54 52 
Employee contributions— — 11 10 
Plan curtailments, settlements, and amendments— — (52)(2)
Actuarial loss (gain)(2)
24 22 (22)21 
Benefits paid(186)(173)(41)(59)
Currency exchange rate changes and other— — 5 129 
Projected benefit obligation at end of year$3,324 $3,269 $1,801 $1,797 
Change in plan assets:    
Fair value of plan assets at beginning of year$3,610 $3,551 $1,823 $1,659 
Actual return on plan assets483 200 11 34 
Employer contributions30 31 48 45 
Employee contributions— — 11 10 
Plan settlements— — (46)(2)
Benefits paid(186)(173)(41)(59)
Currency exchange rate changes and other— — 15 138 
Fair value of plan assets at end of year$3,937 $3,610 $1,821 $1,823 
Funded status at end of year:    
Fair value of plan assets$3,937 $3,610 $1,821 $1,823 
Benefit obligations3,324 3,269 1,801 1,797 
Over funded status of the plans613 341 20 27 
Recognized asset$613 $341 $20 $27 
Amounts recognized on the consolidated
balance sheets consist of:
Non-current assets$847 $591 $318 $322 
Current liabilities(29)(29)(8)(7)
Non-current liabilities(205)(221)(290)(289)
Recognized asset$613 $341 $20 $27 
Amounts recognized in accumulated other
comprehensive loss:
Prior service credit$(12)$(14)$(2)$(3)
Net actuarial loss381 602 240 230 
Ending balance$369 $588 $238 $226 
(1)In April 2020, the Company announced the freezing of the U.S. pension benefits beginning Plan year 2028. Employees will continue to earn benefits as required by the Medtronic Retirement Plan until April 30, 2027, after which date benefits will no longer be earned and employees will earn benefits through the Defined Contribution Savings Plans.
(2)Actuarial gains and losses result from changes in actuarial assumptions (such as changes in the discount rate and revised mortality rates). The actuarial gains and losses were primarily driven by increases and decreases in discount rates, respectively.
In certain countries outside the U.S., fully funding pension plans is not a common practice, as funding provides no income tax benefit. Consequently, certain pension plans were partially funded at April 24, 2026 and April 25, 2025. U.S. and non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20262025
Accumulated benefit obligation$793 $813 
Projected benefit obligation829 849 
Plan assets at fair value340 347 
U.S. and non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following:
 Fiscal Year
(in millions)20262025
Projected benefit obligation$1,472 $1,470 
Plan assets at fair value940 924 
Components of net periodic benefit cost other than the service component are recognized in other non-operating expense (income), net in the consolidated statements of income. The below table includes the components of net periodic benefit cost of the plans and other changes in plan assets and projected benefit obligations recognized in other comprehensive income (loss) for fiscal years 2026, 2025 and 2024:
 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
(in millions)202620252024202620252024
Service cost$50 $52 $61 $49 $43 $42 
Interest cost167 174 162 54 52 53 
Expected return on plan assets(256)(264)(261)(79)(68)(72)
Amortization of prior service cost(2)(2)(2)— — (1)
Amortization and settlement recognition of actuarial (gain) loss18 16 18 15 1 (4)
Net periodic benefit (credit) cost$(23)$(24)$(22)$38 $28 $18 
Net actuarial (gain) loss(204)85 (339)39 54 86 
Prior service cost— — — 1 — (1)
Amortization of prior service cost2 2 2 — — 1 
Amortization and settlement recognition of actuarial (gain) loss(18)(16)(18)(15)1 3 
Effect of exchange rates— — — 10 16 (3)
Total recognized in other comprehensive (income) loss(219)71 (355)36 69 85 
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(242)$47 $(378)$75 $97 $103 
The actuarial assumptions are as follows:
 U.S. Pension BenefitsNon-U.S. Pension Benefits
 Fiscal YearFiscal Year
 202620252024202620252024
Critical assumptions – projected benefit obligation:      
Discount rate
5.16% - 5.82%
5.24% - 5.76%
5.54% - 5.75%
1.14% - 28.60%
1.21% - 24.40%
1.40% - 26.40%
Rate of compensation increase3.90%3.90%3.90%2.93%2.89%2.85%
Critical assumptions – net periodic benefit cost:      
Discount rate – benefit obligation
5.24% - 5.76%
5.54% - 5.75%
4.73% - 4.99%
1.21% - 24.40%
1.40% - 26.40%
1.30% - 10.70%
Discount rate – service cost
5.25% - 5.87%
5.53% - 5.82%
4.68% - 5.07%
1.22% - 24.40%
1.40% - 26.40%
1.30% - 10.70%
Discount rate – interest cost
4.95% - 5.37%
5.51% - 5.63%
4.73% - 4.90%
1.08% - 24.40%
1.40% - 26.40%
1.30% - 10.70%
Expected return on plan assets
5.90% - 7.60%
6.40% - 8.10%
6.40% - 8.10%
3.99%3.80%4.07%
Rate of compensation increase3.90%3.90 %3.90 %2.89%2.85%2.75%
The Company utilizes a full yield curve approach methodology to estimate the service and interest cost components of net periodic pension cost and net periodic post-retirement benefit cost for the Company’s pension and other post-retirement benefits. The full yield curve approach applies specific spot rates along the yield curve to their underlying projected cash flows in estimation of the cost components. The current yield curves represent high quality, long-term fixed income instruments.
The expected long-term rate of return on plan assets assumptions are determined using a building block approach, considering historical averages and real returns of each asset class. In certain countries, where historical returns are not meaningful, consideration is given to local market expectations of long-term returns.
Retirement Benefit Plan Investment Strategy The Company sponsors trusts that hold the assets for U.S. pension plans and other U.S. post-retirement benefit plans, primarily retiree medical benefits. For investment purposes, the Medtronic U.S. pension and other U.S. post-retirement benefit plans employ similar investment strategies with different asset allocation targets.
The Company has a Qualified Plan Committee (the Plan Committee) that sets investment guidelines for U.S. pension plans and other U.S. post-retirement benefit plans with the assistance of external consultants. These guidelines are established based on market conditions, risk tolerance, funding requirements, and expected benefit payments. The Plan Committee also oversees the investment allocation process, selects the investment managers, and monitors asset performance. As pension liabilities are long-term in nature, the Company employs a long-term total return approach to maximize the long-term rate of return on plan assets for a prudent level of risk. An annual analysis on the risk versus the return of the investment portfolio is conducted to justify the expected long-term rate of return assumption.
The investment portfolios contain a diversified allocation of investment categories, including equities, fixed income securities, hedge funds, and private equity. Securities are also diversified in terms of domestic and international, short- and long-term, growth and value styles, large cap and small cap stocks, and active and passive management.
Outside the U.S., pension plan assets are typically managed by decentralized fiduciary committees. There is significant variation in policy asset allocation from country to country. Local regulations, funding rules, and financial and tax considerations are part of the funding and investment allocation process in each country. The weighted average target asset allocations at April 24, 2026 for the plans are 42% equity securities, 35% debt securities, and 23% other.
The plans did not hold any investments in the Company’s ordinary shares at April 24, 2026 or April 25, 2025.
The Company’s U.S. plans target asset allocations at April 24, 2026, compared to the U.S. plans actual asset allocations at April 24, 2026 and April 25, 2025 by asset category, are as follows:
U.S. PlansTarget AllocationActual Allocation
 
April 24, 2026
April 24, 2026
April 25, 2025
Asset Category:
Equity securities34 %43 %39 %
Debt securities51 34 40 
Other15 23 21 
Total100 %100 %100 %
Strong performance on equity securities during the fiscal year resulted in asset allocations different than targets. Management expects to move the allocations closer to target over the intermediate term.

Retirement Benefit Plan Asset Fair Values The following is a description of the valuation methodologies used for retirement benefit plan assets measured at fair value:
Short-term investments: Short-term investments include money market funds. These investments are valued at the closing price reported in the active markets in which the individual security is traded.
Mutual funds: Comprised of investments in equity and fixed income securities held in pooled investment vehicles. The valuations of mutual funds are based on the respective net asset values which are determined by the fund daily at market close. The net asset values are calculated based on the valuation of the underlying assets which are determined using observable inputs. The net asset values are publicly reported.
Equity commingled trusts: Comprised of investments in equity securities held in pooled investment vehicles. The valuations of equity commingled trusts are based on the respective net asset values which are determined by the fund daily at market close. The net asset values are calculated based on the valuation of the underlying assets which are determined using observable inputs. The net asset values are not publicly reported, and funds are valued at the net asset value practical expedient.
Fixed income commingled trusts: Comprised of investments in fixed income securities held in pooled investment vehicles. The valuations of fixed income commingled trusts are based on the respective net asset values which are determined by the fund, either daily or monthly depending on the investment, at market close. The net asset values are reported by the investment manager based on the valuation of the underlying assets held by the fund, less its liabilities. The net asset values are not publicly reported, and funds are valued at the net asset value practical expedient.
Partnership units: Partnership units include investment partnerships that provide exposure to long/short equity, absolute return strategies, private equity investments, and real estate investments. The net asset values are reported by the investment manager based on the valuation of the underlying assets held by the partnerships, less its liabilities. The net asset values are not publicly reported, and funds are valued at the net asset value practical expedient.
Registered investment companies: Valued at net asset values which are not publicly reported. The net asset values are calculated based on the valuation of the underlying assets. The underlying assets are valued at the quoted market prices of shares held by the plan at year-end in the active market on which the individual securities are traded.
Insurance contracts: Comprised of investments in collective (group) insurance contracts, consisting of individual insurance policies. The policyholder is the employer, and each member is the owner/beneficiary of their individual insurance policy. These policies are a part of the insurance company’s general portfolio and participate in the insurer’s profit-sharing policy on an excess yield basis.
Measurement using net asset value as a practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value.
The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP. Certain investments for which the fair value is measured using the net asset value per share (or its equivalent) practical expedient are not presented within the fair value hierarchy. The fair value amounts presented for these investments are intended to permit reconciliation to the total fair value of plan assets at April 24, 2026 and April 25, 2025.
U.S. Pension Benefits
 Fair Value at 
 Fair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 24, 2026Level 1Level 2Level 3
Short-term investments$117 $117 $— $— $— 
Mutual funds72 72 — — — 
Equity commingled trusts1,237 — — — 1,237 
Fixed income commingled trusts1,250 — — — 1,250 
Partnership units1,261 — — — 1,261 
$3,937 $189 $— $— $3,748 
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 25, 2025Level 1Level 2Level 3
Short-term investments$70 $70 $— $— $— 
Mutual funds92 92 — — — 
Equity commingled trusts1,011 — — — 1,011 
Fixed income commingled trusts1,296 — — — 1,296 
Partnership units1,142 — — — 1,142 
$3,610 $162 $— $— $3,448 

Non-U.S. Pension Benefits
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 24, 2026Level 1Level 2Level 3
Registered investment companies$1,769 $— $— $— $1,769 
Insurance contracts52 — — 52 — 
$1,821 $— $— $52 $1,769 
 Fair Value atFair Value Measurements
Using Inputs Considered as		Investments Measured at Net Asset Value
(in millions)April 25, 2025Level 1Level 2Level 3
Registered investment companies$1,775 $— $— $— $1,775 
Insurance contracts48 — — 48 — 
$1,823 $— $— $48 $1,775 
Non-U.S. pension benefit assets that are valued using significant unobservable inputs (Level 3) was $52 million and $48 million as of April 24, 2026 and April 25, 2025, respectively.

The Company reviews the fair value hierarchy classification on an annual basis. There were no transfers into or out of Level 3 for both the U.S. and non-U.S. pension plans during fiscal years 2026 and 2025.
Retirement Benefit Plan Funding It is the Company’s policy to fund retirement costs within the limits of allowable tax deductions. During fiscal year 2026, the Company made discretionary contributions of approximately $30 million to the U.S. defined benefit plans. Internationally, the Company contributed approximately $48 million for pension benefits during fiscal year 2026. The Company anticipates that it will make contributions of $29 million and $55 million to its U.S. pension benefit plans and non-U.S. pension benefit plans, respectively, in fiscal year 2027. Based on the guidelines under the U.S. Employee Retirement Income Security Act of 1974 and the various guidelines which govern the plans outside the U.S., the majority of anticipated fiscal year 2027 contributions will be discretionary. The Company believes that pension assets, returns on invested pension assets, and Company contributions will be able to meet its pension and other post-retirement obligations in the future.
Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows:
(in millions)Gross Payments
Fiscal YearU.S. Pension BenefitsNon-U.S. Pension Benefits
2027$202 $81 
2028213 74 
2029221 80 
2030230 84 
2031237 88 
2032 – 20361,222 517 
Post-retirement Benefit Plans The net periodic benefit cost associated with the Company’s post-retirement benefit plans was income of $16 million in each of fiscal years 2026, 2025, and 2024. The Company’s projected benefit obligation for all post-retirement benefit plans was $230 million and $231 million at April 24, 2026 and April 25, 2025, respectively. The Company’s fair value of plan assets for all post-retirement benefit plans was $321 million and $303 million at April 24, 2026 and April 25, 2025, respectively. The post-retirement benefit plan assets at both April 24, 2026 and April 25, 2025 primarily comprised of equity and fixed commingled trusts, consistent with the U.S. retirement benefit plan assets outlined in the fair value leveling tables above.
Defined Contribution Savings Plans The Company has defined contribution savings plans that cover substantially all U.S. employees and certain non-U.S. employees. The general purpose of these plans is to provide additional financial security during retirement by providing employees with an incentive to make regular savings. Company contributions to the plans are based on employee contributions and Company performance. Expense recognized under these plans was $470 million, $478 million, and $471 million in fiscal years 2026, 2025, and 2024, respectively.