Related Party Transactions (Tables)

3 Months Ended

Jul. 31, 2026

The major components of Medtronic corporate and shared expenses were as follows:


	Fiscal Year
(in millions)		2026		2025		2024
Cost of products sold		$	37	$	40	$	38
Research and development expense		27		28		28
Selling, general, and administrative expenses		228		263		245
Other operating expense (income), net		6		12		11
Total		$	298	$	344	$	322

The reconciliation of net transfers to Parent between the consolidated statements of equity and the consolidated statements of cash flows were as follows:


	Fiscal Year
(in millions)		2026		2025		2024
Net transfers from Parent within Net investment from Parent per the Consolidated Statements of Equity		$	363	$	62	$	160


Stock-based compensation expense		(41)		(41)		(38)
Multiemployer pension expense		(7)		(8)		(8)
Other transfers from parent in connection with IPO, net		92		(1)		(2)
Net transfers from Parent per the Consolidated Statements of Cash Flows		$	407	$	12	$	112

The major components of Medtronic corporate and shared expenses for periods prior to the Separation were as follows:


	Three Months Ended
(in millions)		July 25, 2025
Cost of products sold		$	11
Research and development expense		8
Selling, general, and administrative expenses		66
Other operating expense (income), net		2
Total		$	87

The reconciliation of net transfers from parent between the condensed consolidated statements of equity and the condensed consolidated statements of cash flows were as follows:


	Three Months Ended
(in millions)		July 25, 2025
Net transfers from Parent per the Condensed Consolidated Statements of Equity		$	212


Stock-based compensation expense		(9)
Multi-employer pension expense		(2)
Other, net		1
Net transfers from Parent per the Condensed Consolidated Statements of Cash Flows		$	202