Restructuring Charges

Total restructuring, associated, and other costs for the three months ended July 31, 2026 were $89 million, as compared to $67 million for the three months ended July 25, 2025.

MiniMed Restructuring Actions

In December 2025, the Board of Directors approved a series of restructuring actions designed to support the separation and position of both Medtronic and MiniMed by enabling greater strategic focus, improving operational efficiency, aligning organizational structures of each, and driving long-term business growth and efficiencies in the individual organizations.

The restructuring actions are expected to result in pre-tax restructuring charges of approximately $300 million to $500 million, to be incurred at varying intervals between the third quarter of fiscal year 2026 and the finalization of the Transition Services Agreement (which governs services to be provided to MiniMed by Medtronic, and which will conclude no later than 24 months following the March 9, 2026 MiniMed IPO). The expected completion date of these restructuring actions is fiscal year 2029. The restructuring activities include organizational realignments, workforce-related actions, and separation of duplicated shared services, locations, systems, and operational functions. Of the total actions, the Company anticipates that materially all of the charges will relate to employee termination benefits, with the potential for other charges to include contract termination costs and asset write-offs. The Company expects these costs to be recognized primarily within restructuring charges, net, cost of products sold, and selling, general, and administrative expense in the condensed consolidated statements of income. The costs of this program were not recorded in a specific reportable segment. Since inception, the Company has incurred pre-tax exit and disposal and other costs of $201 million in connection with the MiniMed Restructuring Actions.

The following table presents the classification of these restructuring, associated, and other costs in the condensed consolidated statements of income for the MiniMed restructuring activities:


	Three months ended
(in millions)	July 31, 2026

Selling, general, and administrative expenses	$	8
Restructuring charges, net	58
Total restructuring, associated, and other costs	$	67

The following table provides a reconciliation of the beginning and ending restructuring liability balances related to the MiniMed restructuring activities for the three months ended July 31, 2026:


(in millions)	Employee Termination Benefits		Associated and Other Costs		Total
April 24, 2026	$	119	$	—	$	119
Charges	62		5		67
Cash payments	(88)		(4)		(92)

July 31, 2026	$	93	$	1	$	93

Other Restructuring Activities

The Company also incurred restructuring charges during the three months ended July 31, 2026 and July 25, 2025 for individually immaterial restructuring activities. The restructuring, associated, and other costs for these activities primarily related to employee termination benefits provided to employees who have been involuntarily terminated, facility related and contract termination costs, and asset write-offs.

The following table presents the classification of these restructuring, associated, and other costs in the condensed consolidated statements of income for the other restructuring activities:


	Three months ended
(in millions)	July 31, 2026		July 25, 2025
Cost of products sold	$	8	$	16
Selling, general, and administrative expenses	2		5
Restructuring charges, net	13		45
Total restructuring, associated, and other costs	$	23	$	67

The following table provides a reconciliation of the beginning and ending restructuring liability balances relating to the other restructuring activities:


(in millions)	Employee Termination Benefits		Associated and Other Costs		Total
April 24, 2026	$	11	$	44	$	56
Charges	13		2		15
Cash payments	(9)		(19)		(28)

July 31, 2026	$	15	$	27	$	42