v3.26.1
Stock Purchase and Award Plans (Tables)
 12 Months Ended
Apr. 24, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2026, 2025, and 2024:
 Fiscal Year
(in millions)202620252024
Stock options$61 $66 $76 
Restricted stock237 216 184 
Performance share units124 111 97 
Employee stock purchase plan35 35 36 
Total stock-based compensation expense457 429 393 
Income tax benefits(76)(70)(64)
Total stock-based compensation expense, net of tax$381 $358 $329 
Schedule of Stock Options Valuation Assumptions
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:
 Fiscal Year
 202620252024
Weighted average fair value of options granted$19.64 $16.43 $18.49 
Assumptions used:   
Expected life (years)6.16.16.1
Risk-free interest rate4.07 %4.07 %4.16 %
Volatility24.06 %24.47 %24.29 %
Dividend yield3.08 %3.48 %3.18 %
Schedule of Stock Options Activity
The following table summarizes stock option activity during fiscal year 2026:
 Options
(in thousands)		Wtd. Avg.
Exercise
Price		Wtd. Avg. Remaining Contractual Term (in years)Aggregate Intrinsic Value (in millions)
Outstanding at April 25, 2025
27,766 $95.04 
Granted2,646 92.17 
Exercised(4,182)88.61 
Expired/Forfeited/Cancelled(1,159)97.49 
Outstanding at April 24, 2026
25,071 95.70 4.8$12 
Expected to vest at April 24, 2026
5,703 87.52 8.16 
Exercisable at April 24, 2026
19,010 98.31 3.85 
The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises and the total intrinsic value of options exercised during fiscal years 2026, 2025, and 2024:
Fiscal Year
(in millions)202620252024
Cash proceeds from options exercised$316 $305 $78 
Intrinsic value of options exercised38 66 28 
Schedule of Restricted Stock Activity
The following table summarizes restricted stock activity during fiscal year 2026 for awards settling in Medtronic stock:
 Units
(in thousands)		Wtd. Avg.
Grant
Price
Nonvested at April 25, 2025
7,644 $85.64 
Granted3,757 93.40 
Vested(2,464)90.46 
Forfeited/Cancelled(657)85.97 
Converted to MiniMed restricted stock units(584)88.79 
Nonvested at April 24, 2026
7,696 87.49 
The following table summarizes the weighted-average grant date fair value of restricted stock granted and total fair value of restricted stock vested during fiscal years 2026, 2025, and 2024:
Fiscal Year
(in millions, except per share data)202620252024
Weighted-average grant-date fair value per restricted stock$93.40 $82.37 $82.80 
Fair value of restricted stock vested223 205 186 
Schedule of Performance Share Unit Activity
The following table summarizes performance share unit activity during fiscal year 2026:
 Units
(in thousands)		Wtd. Avg.
Grant
Price
Nonvested at April 25, 2025
3,141 $100.51 
Granted1,231 109.18 
Performance adjustments (1)
53 101.64 
Vested (2)
(1,785)101.98 
Forfeited/Cancelled(192)102.22 
Converted to MiniMed restricted stock units(196)104.81 
Nonvested at April 24, 2026
2,251 103.32 
(1)Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known.
(2)Prior to fiscal year 2024 grants, awards cliff vested after three years. For fiscal year 2024 grants and subsequent, the awards vest at the end of the performance period, which aligns with the third fiscal year end after grant. As a result of this change, the Company has two cycles that vested during fiscal year 2026 (fiscal year 2023-2025 performance period and 2024-2026 performance period). The cycle that vested at the end of fiscal year 2026 will be distributed in the first quarter of fiscal year 2027.
The following table summarizes the weighted-average grant date fair value of performance share units granted and total fair value of performance share units vested during fiscal years 2026, 2025, and 2024:
Fiscal Year
(in millions, except per share data)202620252024
Weighted-average grant-date fair value per performance share units$109.18 $98.49 $104.78 
Fair value of performance share units vested182 38 78