v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
A reconciliation of sales and operating income for the reportable segments to the applicable line items within our accompanying unaudited consolidated statements of operations is as follows. Prior period amounts have been restated at constant currency to conform to current year presentation.

Three Months Ended June 30, 2026
(in millions, except percentages)
MedSurg
% of Net Sales
Cardiovascular
% of Net Sales
Total
Net sales of reportable segments$1,818 $3,622 $5,440 
Impact of foreign currency fluctuations2 
Total net sales$5,442 
Segment expenses:
Cost of products sold526 28.9 %1,065 29.4 %
Selling, general and administrative expenses567 31.2 %992 27.4 %
Research and development expenses124 6.8 %359 9.9 %
Other segment items(1)
4 0.2 %8 0.2 %
Segment operating income(2)
598 32.9 %1,197 33.1 %1,795 
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments(252)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, and the IEEPA tariff refund
(132)
Amortization expense(233)
Operating income (loss) 1,178 
Other income (expense), net(118)
Income (loss) before income taxes$1,060 
Three Months Ended June 30, 2025
(in millions, except percentages)
MedSurg
% of Net Sales
Cardiovascular
% of Net Sales
Total
Net sales of reportable segments$1,725 $3,365 $5,090 
Impact of foreign currency fluctuations(29)
Total net sales$5,061 
Segment expenses:
Cost of products sold470 27.3 %1,048 31.2 %
Selling, general and administrative expenses521 30.2 %915 27.2 %
Research and development expenses120 7.0 %316 9.4 %
Other segment items(1)
8 0.4 %6 0.2 %
Segment operating income(2)
606 35.1 %1,079 32.1 %1,685 
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments(286)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits) and EU MDR implementation costs
(355)
Amortization expense(225)
Operating income (loss) 819 
Other income (expense), net122 
Income (loss) before income taxes$941 
Six months ended June 30, 2026
(in millions, except percentages)
MedSurg
% of Net Sales
Cardiovascular
% of Net Sales
Total
Net sales of reportable segments$3,518 $7,124 $10,643 
Impact of foreign currency fluctuations3 
Total net sales$10,646 
Segment expenses:
Cost of products sold1,004 28.5 %2,133 29.9 %
Selling, general and administrative expenses1,124 31.9 %1,952 27.4 %
Research and development expenses251 7.1 %702 9.9 %
Other segment items(1)
9 0.3 %15 0.2 %
Segment operating income(2)
1,130 32.1 %2,323 32.6 %3,453 
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments(451)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, and the IEEPA tariff refund
(258)
Amortization expense(466)
Operating income (loss) 2,279 
Other income (expense), net(57)
Income (loss) before income taxes$2,222 
Six months ended June 30, 2025
(in millions, except percentages)
MedSurg
% of Net Sales
Cardiovascular
% of Net Sales
Total
Net sales of reportable segments$3,335 $6,522 $9,856 
Impact of foreign currency fluctuations(133)
Total net sales$9,724 
Segment expenses:
Cost of products sold906 27.2 %1,975 30.3 %
Selling, general and administrative expenses1,033 31.0 %1,788 27.4 %
Research and development expenses241 7.2 %600 9.2 %
Other segment items(1)
13 0.4 %12 0.2 %
Segment operating income(2)
1,142 34.2 %2,148 32.9 %3,290 
Unallocated amounts:
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments(541)
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits) and EU MDR implementation costs
(564)
Amortization expense(444)
Operating income (loss) 1,740 
Other income (expense), net6 
Income (loss) before income taxes$1,746 
(1) Includes royalty expense.
(2) Calculated as Net sales of reportable segments less Segment expenses.
Segment Reporting, Reconciliation of Asset by Segment to Consolidated
Three Months Ended
June 30,		Six Months Ended
June 30,
Depreciation expense (in millions)
2026202520262025
MedSurg$29 $28 $57 $55 
Cardiovascular93 83 183 162 
Consolidated depreciation expense$122 $111 $240 $217 

As of
Total assets (in millions)
June 30, 2026December 31, 2025
MedSurg$3,804 $3,392 
Cardiovascular8,455 7,999 
Total assets of reportable segments12,259 11,391 
Goodwill18,640 18,282 
Other intangible assets, net6,918 7,019 
All other corporate assets7,398 6,981 
$45,216 $43,673 
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset
As of
Long-lived assets (in millions)
June 30, 2026December 31, 2025
U.S.$1,984 $1,919 
Ireland752 750 
Costa Rica647 637 
Other countries743 730 
Property, plant and equipment, net4,126 4,036 
Goodwill18,640 18,282 
Other intangible assets, net6,918 7,019 
Operating lease right-of-use assets in Other long-term assets
553 465 
$30,237 $29,802