v3.26.1
Segment and Geographic Information (Tables)
 3 Months Ended
Jul. 31, 2026
Segment Reporting [Abstract]  
Schedule of Income From Operations Before Income Taxes by Reportable Segment and Reconciliation to Consolidated
The following tables present reconciliations of financial information from the segments to the applicable line items in the Company's condensed consolidated financial statements:
Segment Operating Profit
Three months ended July 31, 2026
(in millions)CardiovascularNeuroscienceMedical SurgicalTotal
Net sales$3,927 $2,678 $2,279 $8,884 
Reconciliation of revenues
Other operating segments net sales(1)
872 
Total consolidated net sales$9,756 
Less:
Cost of products sold, excluding amortization of intangible assets1,308 786 919 3,013 
Research and development expense303 163 189 656 
Selling, general, and administrative expense1,269 922 681 2,872 
Other segment items(2)
14 13 5 32 
Reportable segment operating profit$1,033 $793 $485 $2,311 
Reconciliation of segment profit / (loss)
Other operating segments profit(1)
74 
Currency and other (69)
Interest expense, net(186)
Other non-operating expense (income), net190 
Amortization of intangible assets(412)
Restructuring and associated costs(89)
Acquisition and divestiture-related items(50)
Income before income taxes$1,769 
Three months ended July 25, 2025
(in millions)CardiovascularNeuroscienceMedical SurgicalTotal
Net sales$3,285 $2,427 $2,073 $7,785 
Reconciliation of revenues
Other operating segments net sales(1)
755 
Other adjustments(3)
39 
Total consolidated net sales$8,578 
Less:
Cost of products sold, excluding amortization of intangible assets1,132 724 812 2,668 
Research and development expense280 157 169 606 
Selling, general, and administrative expense1,060 831 605 2,497 
Other segment items(2)
(15)2 1 (12)
Reportable segment operating profit$828 $713 $486 $2,027 
Reconciliation of segment profit / (loss)
Other operating segments profit(1)
37 
Currency and other(47)
Interest expense, net(176)
Other non-operating expense (income), net33 
Amortization of intangible assets(459)
Restructuring and associated costs(67)
Acquisition and divestiture-related items(58)
Certain litigation charges, net(27)
Other adjustments(3)
39 
Income before income taxes$1,302 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited, divested, or intends to separate, including the Diabetes Business.
(2)Other segment items for the Cardiovascular, Neuroscience, and Medical Surgical segments include royalty expense. The Cardiovascular segment for both periods also include income from funded research and development arrangements.
(3)Includes adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian government for years 2015 to 2018.
Schedule of Reconciliation of Assets and Depreciation Expense from Segments to Consolidated
Total Assets and Depreciation Expense
Total AssetsDepreciation Expense
As of Three months ended
(in millions)July 31, 2026April 24, 2026July 31, 2026July 25, 2025
Cardiovascular$17,517 $17,553 $71 $64 
Neuroscience19,942 18,514 78 77 
Medical Surgical31,905 32,535 65 54 
Total reportable segments69,364 68,602 215 194 
Other operating segments(1)
4,747 4,827 34 31 
Corporate19,195 19,598 69 64 
Total$93,306 $93,028 $317 $289 
(1)Includes the operations and ongoing transition agreements from businesses the Company has exited, divested, or intends to separate, including the Diabetes Business.
Schedule of Net Sales to External Customers and Property, Plant, and Equipment, Net, by Geographical Region The following table presents net sales for the three months ended July 31, 2026 and July 25, 2025 for the Company's country of domicile, countries with significant concentrations, and all other countries:
Three months ended
(in millions)July 31, 2026July 25, 2025
Ireland$40 $33 
United States 4,906 4,224 
Rest of world4,810 4,321 
Total other countries, excluding Ireland9,716 8,545 
Total$9,756 $8,578