v3.26.1
Financing Arrangements
 3 Months Ended
Jul. 31, 2026
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Commercial Paper
The Company maintains commercial paper programs that allow the Company to issue U.S. dollar or Euro-denominated unsecured commercial paper notes. The aggregate amount outstanding at any time under the commercial paper programs may not exceed the equivalent of $3.5 billion. There was $450 million of commercial paper outstanding at July 31, 2026. During the three months ended July 31, 2026, the weighted average interest rate was 3.81 percent. There was no commercial paper outstanding at April 24, 2026. During fiscal year 2026, the weighted average interest rate was 4.17 percent. The issuance of commercial paper reduces the amount of credit available under the Company’s existing Credit Facility, as defined below.
Line of Credit
The Company has a $3.5 billion five-year unsecured revolving credit facility (Credit Facility), which provides back-up funding for the commercial paper programs described above. The Credit Facility includes a multi-currency borrowing feature for certain specified foreign currencies. At July 31, 2026 and April 24, 2026, no amounts were outstanding under the Credit Facility.
Interest rates on advances on the Credit Facility are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The Company is in compliance with the covenants under the Credit Facility.
MiniMed Line of Credit
In January 2026, as part of the impending separation of the Diabetes Operating Unit, Kangaroo US HoldCo 2, Inc. (the “Initial Borrower”), entered into a credit agreement which provides for a five-year senior secured revolving credit facility (the “MiniMed Revolving Credit Facility”) in an aggregate principal amount of $500 million to be made available in U.S. dollars and certain approved alternative currencies, initially including Euros, with Citibank, N.A. serving as administrative agent for a syndicate of lenders. Subject to the conditions to the borrowing therein, the commitments under the MiniMed Revolving Credit Facility became available upon the completion of the initial public offering of MiniMed Group, Inc., whereupon the Initial Borrower merged with and into MiniMed Group, Inc. (the “Merger”), with MiniMed Group, Inc. surviving the merger and continuing as the borrower. The MiniMed Revolving Credit Facility permits, subject to specified conditions, one or more of MiniMed Group, Inc.'s wholly owned subsidiaries to be added as additional borrowers.
Interest is payable on the loans under the MiniMed Revolving Credit Facility (1) in the case of borrowings denominated in U.S. dollars, Term SOFR (or, at the borrower’s option, the base rate) and (2) in the case of borrowings denominated in Euros, EURIBOR, plus, in each case, a margin determined pursuant to a pricing grid based on MiniMed Group, Inc.'s secured net leverage ratio. The commitment fees and letter of credit fees under the MiniMed Revolving Credit Facility are determined based upon the same grid. Interest payments are due (1) in the case of Term SOFR or EURIBOR borrowings, on the last day of each interest period applicable to the borrowing (or, in the case of any borrowing with an interest period of more than three months’ duration, every three months) and (2) in the case of base rate borrowings, on the last business day of each March, June, September, and December. No amounts have been drawn under the MiniMed Revolving Credit Facility as of July 31, 2026.
The MiniMed Revolving Credit Facility also contains representations and warranties, covenants, and events of default that are customary for this type of financing, including financial maintenance covenants and covenants restricting, inter alia, the incurrence of liens and indebtedness, the sale of assets, the making of restricted payments, investments and certain debt prepayments, and the entry into certain merger transactions. The obligations under the MiniMed Revolving Credit Facility are guaranteed by certain wholly-owned subsidiaries of the Initial Borrower (and following the consummation of the Merger, certain wholly-owned subsidiaries of MiniMed Group, Inc.), and secured by certain assets of such subsidiaries.
Debt Obligations
The Company's debt obligations consisted of the following:
(in millions)Maturity by
Fiscal Year		July 31, 2026April 24, 2026
Current debt obligations2027 - 2028$2,536 $1,788 
Long-term debt
4.250 percent five-year 2023 senior notes
20281,000 1,000 
3.000 percent six-year 2022 senior notes
20291,139 1,174 
0.375 percent eight-year 2020 senior notes
20291,139 1,174 
3.650 percent five-year 2024 senior notes
2030968 998 
2.950 percent five-year 2025 senior notes
2031854 881 
1.625 percent twelve-year 2019 senior notes
20311,139 1,174 
1.000 percent twelve-year 2019 senior notes
20321,139 1,174 
3.125 percent nine-year 2022 senior notes
20321,139 1,174 
0.750 percent twelve-year 2020 senior notes
20331,139 1,174 
4.500 percent ten-year 2023 senior notes
20331,000 1,000 
3.375 percent twelve-year 2022 senior notes
20351,139 1,174 
4.375 percent twenty-year 2015 senior notes
20351,932 1,932 
3.875 percent twelve-year 2024 senior notes
2037968 998 
6.550 percent thirty-year 2007 CIFSA senior notes
2038253 253 
2.250 percent twenty-year 2019 senior notes
20391,139 1,174 
6.500 percent thirty-year 2009 senior notes
2039158 158 
1.500 percent twenty-year 2019 senior notes
20401,139 1,174 
5.550 percent thirty-year 2010 senior notes
2040224 224 
1.375 percent twenty-year 2020 senior notes
20411,139 1,174 
4.500 percent thirty-year 2012 senior notes
2042105 105 
4.000 percent thirty-year 2013 senior notes
2043305 305 
4.150 percent nineteen-year 2024 senior notes
2044683 704 
4.625 percent thirty-year 2014 senior notes
2044127 127 
4.625 percent thirty-year 2015 senior notes
20451,813 1,813 
4.200 percent twenty-year 2025 senior notes
2046854 881 
1.750 percent thirty-year 2019 senior notes
20501,139 1,174 
1.625 percent thirty-year 2020 senior notes
20511,139 1,174 
4.150 percent twenty-nine year 2024 senior notes
2054797 822 
Finance lease obligations2028 - 204152 54 
Debt discount, net2028 - 2054(52)(57)
Deferred financing costs2028 - 2054(110)(114)
Other205323 — 
Total long-term debt$25,617 $26,173 
Interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, and the global liquidity structures is recognized in interest expense, net in the condensed consolidated statements of income. During the three months ended July 31, 2026 and July 25, 2025, there was $235 million and $217 million, respectively, of interest expense on outstanding borrowings, including amortization of debt issuance costs and debt discounts and premiums, and the global liquidity structures.
Senior Notes
The Company has outstanding unsecured senior obligations, described as senior notes in the tables above (collectively, the Senior Notes). The Senior Notes rank equally with all other unsecured and unsubordinated indebtedness of the Company. The Company is in compliance with all covenants related to the Senior Notes.
On September 29, 2025, Medtronic Inc. issued two tranches of Euro-denominated Senior Notes with an aggregate principal of €1.5 billion, with maturities in fiscal year 2031 and 2046, resulting in cash proceeds of approximately $1.7 billion, net of discounts and issuance costs.
The Euro-denominated debt issued in September 2025 is designated as a net investment hedge of certain of the Company's European operations. Refer to Note 8 for additional information regarding net investment hedges.
Financial Instruments Not Measured at Fair Value
At July 31, 2026, the estimated fair value of the Company’s Senior Notes was $24.4 billion compared to a principal value of $27.4 billion. At April 24, 2026, the estimated fair value of the Company's Senior Notes was $25.3 billion compared to a principal value of $28.1 billion. The fair value was estimated using quoted market prices for the publicly registered Senior Notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts and hedging activity.