v3.26.1
Retirement Benefit Plans (Tables)
 12 Months Ended
Apr. 24, 2026
Retirement Benefits [Abstract]  
Schedule of Defined Benefit 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.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets 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 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
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 
Schedule of Net Benefit Costs
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 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
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 
Schedule of Assumptions Used
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%
Schedule of Allocation of Plan Assets
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 %
Schedule of Fair Value Measurements, Retirement Benefit Plan Assets
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 
Schedule of Expected Benefit Payments
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