v3.26.1
Segment and Geographic Information
 12 Months Ended
Apr. 24, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company had changes to its reportable segments during the fourth quarter of fiscal year 2026. Although the Diabetes Business did not historically meet the quantitative thresholds to be considered a reportable segment, the Company has historically presented the Diabetes Business as a reportable segment because management deemed the information useful to investors. As a result of the MiniMed IPO, management no longer believes segment information about the Diabetes Business is useful to investors given the temporary nature of ownership as the Company has stated its intent to divest its remaining interest in MiniMed within the next fiscal year and the lack of strategic significance to ongoing operations. The Diabetes Business operating segment results are aggregated with the Other operating segment within the reconciliations below. Prior period information has been recast to conform to the current presentation.
As of April 24, 2026, the Company has three reportable segments: Cardiovascular Portfolio, Neuroscience Portfolio, and Medical Surgical Portfolio. 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 three 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 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. 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.
Segment operating profit excludes interest income and expense, amortization of intangible assets, currency impact of remeasurement and hedging recorded in other operating expense (income), net, non-operating income or expense items, and other items not allocated to the segments. During the first quarter of fiscal year 2026, the segment operating profit utilized by the CODM to evaluate segment performance and allocate resources changed to include allocations of certain corporate expenses, stock-based compensation, and centralized distribution expenses. For the fiscal years 2025 and 2024, segment operating profit and the Diabetes Business within the other operating segments profit below includes allocations of $3.9 billion and $3.8 billion, respectively, of corporate, stock-based compensation and centralized distribution expenses that were previously excluded from segment operating profit. Prior period information has been recast to conform to the current presentation.
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 2026
(in millions)CardiovascularNeuroscienceMedical SurgicalTotal
Net sales$13,976 $10,287 $8,815 $33,079 
Reconciliation of revenues
Other operating segments net sales(1)
3,247 
Other adjustments(2)
39 
Total consolidated net sales$36,364 
Less:
Cost of products sold, excluding amortization of intangible assets4,695 3,151 3,476 11,323 
Research and development expense1,136 616 686 2,438 
Selling, general, and administrative expense4,519 3,421 2,511 10,451 
Other segment items(3)
(46)36 14 4 
Reportable segment operating profit$3,672 $3,062 $2,128 $8,862 
Reconciliation of segment profit / (loss)
Other operating segments profit(1)
106 
Currency and other(112)
Interest expense, net(715)
Other non-operating expense (income), net384 
Amortization of intangible assets(1,772)
Restructuring and associated costs(370)
Acquisition and divestiture-related items(173)
Certain litigation charges, net(113)
Other adjustments39 
Income before income taxes$6,136 
Fiscal Year 2025
(in millions)CardiovascularNeuroscienceMedical SurgicalTotal
Net sales$12,481 $9,846 $8,407 $30,734 
Reconciliation of revenues
Other operating segment net sales(1)
2,892 
Other adjustments(2)
(90)
Total consolidated net sales$33,537 
Less:
Cost of products sold, excluding amortization of intangible assets4,136 2,896 3,255 10,287 
Research and development expense1,020 612 665 2,298 
Selling, general, and administrative expense4,021 3,275 2,398 9,695 
Other segment items(3)
(41)31 18 8 
Reportable segment operating profit$3,344 $3,031 $2,071 $8,447 
Reconciliation of segment profit / (loss)
Other operating segments profit(1)
214 
Currency and other(14)
Interest expense, net(729)
Other non-operating expense (income), net402 
Amortization of intangible assets(1,807)
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 SurgicalTotal
Net sales$11,831 $9,406 $8,417 $29,654 
Reconciliation of revenues
Other operating segment net sales(1)
2,710 
Total consolidated net sales$32,364 
Less:
Cost of products sold, excluding amortization of intangible assets3,890 2,761 3,168 9,819 
Research and development expense991 624 646 2,261 
Selling, general, and administrative expense3,901 3,169 2,400 9,470 
Other segment items(3)
(28)30 9 11 
Reportable segment operating profit$3,078 $2,822 $2,193 $8,093 
Reconciliation of segment profit / (loss)
Other operating segments profit(1)
96 
Currency and other81 
Interest expense, net(719)
Other non-operating expense (income), net412 
Amortization of intangible assets(1,693)
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 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited, divested, or intends to separate, including the Diabetes Business.
(2)Includes adjustments to the Company's Italian payback accruals resulting from the two July 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government in June 2025 for certain prior years since 2015.
(3)Other segment items for each reportable segment primarily includes royalty expense. The Cardiovascular segment also includes income from funded research and development arrangements.
Total Assets and Depreciation Expense
Total AssetsDepreciation Expense
(in millions)April 24, 2026April 25, 2025202620252024
Cardiovascular$17,553 $16,548 $253 $225 $199 
Neuroscience18,514 18,476 320 282 252 
Medical Surgical32,535 33,317 225 205 194 
Total reportable segments68,602 68,340 798 711 645 
Other operating segments (1)
4,827 4,433 127 113 94 
Corporate19,598 18,906 261 229 215 
Total$93,028 $91,680 $1,186 $1,054 $954 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited, divested, or intends to separate, including the Diabetes Business.
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 2026, 2025, and 2024, and property, plant, and equipment, net at April 24, 2026 and April 25, 2025 for the Company's country of domicile, countries with significant concentrations, and all other countries:
Net salesProperty, plant, and equipment, net
(in millions)202620252024April 24, 2026April 25, 2025
Ireland$143 $116 $113 $338 $291 
United States18,103 17,171 16,562 5,455 5,133 
Rest of world18,118 16,250 15,689 1,623 1,414 
Total other countries, excluding Ireland36,221 33,421 32,251 7,078 6,547 
Total$36,364 $33,537 $32,364 $7,417 $6,837 
No single customer represented over 10 percent of the Company’s consolidated net sales in fiscal years 2026, 2025, or 2024.