The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related condensed consolidated balance sheet classification at July 31, 2026 and April 24, 2026:


	July 31, 2026
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	366	$	—	$	(5)	$	362	$	362	$	—
Level 2:
Corporate debt securities	4,034		7		(39)		4,002		4,002		—
U.S. government and agency securities	764		—		(7)		757		757		—
Mortgage-backed securities	850		3		(23)		830		830		—
Non-U.S. government and agency securities	22		—		—		22		22		—

Other asset-backed securities	1,151		2		(10)		1,143		1,143		—
Total Level 2	6,822		12		(80)		6,754		6,754		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	7,225	$	12	$	(87)	$	7,150	$	7,116	$	34


	April 24, 2026
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	420	$	—	$	(4)	$	416	$	416	$	—
Level 2:
Corporate debt securities	4,041		25		(15)		4,050		4,050		—
U.S. government and agency securities	812		—		(9)		803		803		—
Mortgage-backed securities	852		8		(18)		842		842		—
Non-U.S. government and agency securities	23		—		—		23		23		—

Other asset-backed securities	1,121		4		(7)		1,118		1,118		—
Total Level 2	6,849		37		(49)		6,837		6,837		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	7,305	$	37	$	(56)	$	7,287	$	7,253	$	34

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at July 31, 2026 and April 24, 2026:


	July 31, 2026
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	655	$	(3)	$	2,200	$	(37)
U.S. government and agency securities	397		(5)		290		(7)
Mortgage-backed securities	51		(1)		525		(22)
Other asset-backed securities	—		—		515		(10)
Auction rate securities	11		(1)		22		(2)
Total	$	1,114	$	(9)	$	3,553	$	(78)


	April 24, 2026
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	653	$	(3)	$	1,110	$	(12)
U.S. government and agency securities	313		(4)		434		(9)
Mortgage-backed securities	—		—		335		(18)
Other asset-backed securities	—		—		440		(7)
Auction rate securities	—		—		34		(2)
Total	$	966	$	(7)	$	2,353	$	(48)

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during the three months ended July 31, 2026 and fiscal year 2026. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

Gains and losses on available-for-sale debt securities are recognized in other non-operating expense (income), net in the consolidated statements of income. During the three months ended July 31, 2026 and July 25, 2025, gross realized gains and losses on available-for-sale debt securities were not material. During the three months ended July 31, 2026 and July 25, 2025, proceeds from sales of available-for-sale debt securities were $2.2 billion and $2.0 billion, respectively.

The contractual maturities of available-for-sale debt securities at July 31, 2026 are shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	1,982	$	1,973
Due after one year through five years	3,235		3,209
Due after five years through ten years	1,497		1,482
Due after ten years	511		486
Total	$	7,225	$	7,150

Interest income, which includes income on marketable debt securities and the global liquidity structures, is recognized in other non-operating expense (income), net, in the condensed consolidated statements of income. During the three months ended July 31, 2026 and July 25, 2025, there was $102 million and $120 million of interest income, respectively.

The following table summarizes the Company's equity and other investments and related accrued interest receivable at July 31, 2026 and April 24, 2026, which are classified primarily as other assets in the consolidated balance sheets:


(in millions)	July 31, 2026		April 24, 2026
Investments with readily determinable fair value (marketable equity securities)	$	163	$	130

Investments without readily determinable fair values	679		616
Equity method and other investments	72		78
Total equity and other investments	$	914	$	824

The table below includes activity related to the Company's portfolio of equity and other investments. Gains, losses, impairments, and interest income on equity and other investments are recognized in other non-operating expense (income), net in the consolidated statements of income.

During the three months ended July 31, 2026, there were $33 million of net unrealized gains on equity securities and other investments still held at July 31, 2026. During the three months ended July 25, 2025, there were $87 million of net unrealized losses on equity securities and other investments still held at July 25, 2025.

In fiscal year 2023 the Company sold half its Renal Care Solutions business to Mozarc Medical (Mozarc Medical or Mozarc), and as a result of the transaction, the Company retained a 50% non-controlling equity interest in Mozarc. This sale was part of an agreement between Medtronic and DaVita Inc. (DaVita) to form a new, independent kidney care-focused medical device company with equal equity ownership. This investment provides the Company with the ability to exercise significant influence over Mozarc and the Company has elected the fair value option to account for this equity method investment. The Company believes the fair value option best reflects the economics of the underlying transaction.

Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in other non-operating expense (income), net in the consolidated statements of income. As of the beginning of fiscal year 2026, the fair value of the investment was $140 million. During the three months ended July 25, 2025, the Company recognized a loss of $90 million primarily driven by historical financial results and projections of future cash flows, bringing the fair value of the investment to $50 million. During the fourth quarter of fiscal year 2026, the Company recognized a loss of the remaining $50 million investment, reducing the fair value of the investment to zero as of April 24, 2026. The fourth quarter losses were primarily driven by historical financial results, the restructuring and wind-down of certain product lines, the delay or discontinuation of certain research and development programs and associated product launches, and projections of future cash flows.