v3.26.3
Stock-based Compensation (Tables)
 3 Months Ended
Jul. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Components and Classification of Stock-Based Compensation Expense
The following table presents the expense classification of stock-based compensation expense recognized by the Company for stock options, restricted stock units, performance share units, and employee stock purchase plans during the fiscal years 2026, 2025 and 2024:
Fiscal Year
(in millions)202620252024
Stock options$6 $7 $7 
Restricted stock units24 21 20 
Performance share units13 11 8 
Employee stock purchase plan3 3 3 
Total stock-based compensation expense$46 $41 $38 
Cost of products sold$6 $5 $4 
Research and development expense30 8 8 
Selling, general, and administrative expense10 29 26 
Total stock-based compensation expense46 41 38 
Income tax benefits(7)(6)(6)
Total stock-based compensation expense, net of tax$39 $35 $32 
The following table presents the expense classification of stock-based compensation expense recognized by the Company for stock options, restricted stock units, performance share units, and employee stock purchase plans for the three months ended July 31, 2026 and July 25, 2025:
Three Months Ended
(in millions)July 31, 2026July 25, 2025
Stock options$— $1 
Restricted stock units9 5 
Performance share units— 2 
Employee stock purchase plan1 1 
Total stock-based compensation expense$10 $9 
Cost of products sold$1 $1 
Research and development expense4 2 
Selling, general, and administrative expense5 6 
Total stock-based compensation expense10 9 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:
Fiscal Year
202620252024
Weighted average fair value of options granted$7.40 $16.36 $18.44 
Assumptions used:
Expected life (years)6.5 years6.1 years6.1 years
Risk-free interest rate3.8 %4.1 %4.2 %
Volatility32.9 %24.5 %24.3 %
Dividend yield— %3.5 %3.2 %
Share-Based Payment Arrangement, Option, Activity
The following table summarizes stock option activity of the Company under the MiniMed LTIP for the fiscal year 2026:
Options
(in thousands)		Wtd. Avg.
Exercise
Price		Wtd. Avg. Remaining Contractual Term (in years)Aggregate Intrinsic Value (in millions)
Outstanding options of MiniMed at April 25, 2025
— $— 
Granted987 $18.00 
Outstanding at April 24, 2026
987 $18.00 9.9$— 
Expected to vest at April 24, 2026
842 $18.00 9.9— 
Exercisable at April 24, 2026
— $— — — 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes RSU activity of the Company under the legacy Medtronic 2021 Plan for the fiscal year 2026:
Units
(in thousands)		Weighted Average Grant Date Fair Value
Nonvested Medtronic RSUs at April 25, 2025
499 $85.34 
Changes in conveyance(1)
(82)$84.36 
Granted300 $93.86 
Vested(132)$89.65 
Converted to MiniMed Plans(584)$88.79 
Nonvested Medtronic RSUs at April 24, 2026
— $— 
__________________
(1) Includes changes in activity of awards due to actual employees conveyed from Medtronic to MiniMed as compared to prior estimates used before the Separation.
The following table summarizes RSU activity of the Company under the MiniMed LTIP for the fiscal year 2026:
Units
(in thousands)		Weighted Average Grant Date Fair Value
Nonvested MiniMed RSUs at April 25, 2025
— $— 
Converted from Medtronic Plans3,977 $18.30 
Granted510 $18.00 
Vested(18)$19.21 
Forfeited/Cancelled(13)$17.20 
Nonvested at April 24, 2026
4,456 $18.26 
The following table summarizes the weighted-average grant date fair value of restricted stock granted and total fair value of restricted stock vested during the fiscals years 2026, 2025 and 2024.
Fiscal Year
(in millions, except per share data)202620252024
Weighted-average grant-date fair value per restricted stock$18.00 $82.35 $82.02 
Fair value of restricted stock vested$12 $15 $12 
Share-Based Payment Arrangement, Performance Shares, Activity
The following table summarizes performance share unit activity from the Separation date to the fiscal year ended April 24, 2026:
Units
(in thousands)		Weighted Average Grant Date Fair Value
Nonvested at April 25, 2025
— 
Granted169 $18.00 
Vested— $— 
Performance adjustments— $— 
Forfeited/Cancelled— $— 
Nonvested at April 24, 2026
169 $18.00 
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The assumptions used in the Black-Scholes model option-pricing model for the ESPP are as follows:
Fiscal Year
2026
Assumptions used:
Expected life (years)0.3 years
Risk-free interest rate3.67 %
Volatility32.54 %
Dividend yield— %
The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows:
Three Months Ended
July 31, 2026
Assumptions used:
Expected life (years)0.5
Risk-free interest rate3.96 %
Volatility33.68 %
Dividend yield— %
Schedule of Stock by Class
The following shares of common stock are reserved for future issuance at April 24, 2026:
(in thousands of shares)
Shares underlying stock options issued and outstanding987
Shares underlying RSUs and PSUs outstanding4,627
Employee stock purchase plan8,424
Shares authorized for future equity award grants32,031
Total
46,069