Medtronic (MDT) FY2016 results: revenue $28.8 billion, up 42.3% on the year
Medtronic plc (MDT) reported revenue of $28.8 billion for fiscal 2016, the year ended 29 April 2016, up 42.3% on the year before. Net income was $3.5 billion, up 32.3%, and diluted earnings per share $2.48. The figures are the company's own, from the 10-K it filed with the SEC on 28 June 2016.
Revenue
$28.8 billion
+42.3% on the year
FY2013FY2016
Operating margin
18.6%
18.6% a year earlier
FY2013FY2016
Net income
$3.5 billion
+32.3% on the year
FY2013FY2016
Diluted EPS
$2.48
+2.9% on the year
FY2013FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
28,833
20,261
17,005
+42.3%
Cost of revenue
9,142
6,309
4,333
+44.9%
Gross profit
19,691
13,952
12,672
+41.1%
Gross margin
68.3%
68.9%
74.5%
Research and development
2,224
1,640
1,477
+35.6%
Selling, general and administrative
9,469
6,904
5,847
+37.2%
Operating income
5,361
3,766
3,813
+42.4%
Operating margin
18.6%
18.6%
22.4%
Interest expense
1,386
666
379
+108.1%
Pre-tax income
4,336
3,486
3,705
+24.4%
Income tax
798
811
640
-1.6%
Effective tax rate
18.4%
23.3%
17.3%
Net income
3,538
2,675
3,065
+32.3%
Net margin
12.3%
13.2%
18.0%
Diluted EPS
$2.48
$2.41
$3.02
+2.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
5,218
4,902
4,959
+6.4%
Capital expenditure
1,046
571
396
+83.2%
Free cash flow
4,172
4,331
4,563
-3.7%
Free cash flow margin
14.5%
21.4%
26.8%
Cash from investing
2,245
-17,058
-3,594
Cash from financing
-9,543
15,949
-918
Depreciation and amortisation
2,820
1,306
850
+115.9%
Share-based compensation
375
439
145
-14.6%
Buybacks
2,830
1,920
2,553
+47.4%
Dividends paid
2,139
1,337
1,116
+60.0%
Dividend per share
$1.52
$1.22
$1.12
+24.6%
Diluted shares, weighted
1,426m
1,109m
1,014m
+28.6%
Shares outstanding at period end
1,399m
1,422m
999m
-1.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
52,063
53,230
19,443
-2.2%
Non-controlling interest
0.0
n/a
n/a
Debt
30,937
35,590
10,315
-13.1%
Other liabilities
16,782
17,865
8,185
-6.1%
Total liabilities and equity
99,782
106,685
37,943
-6.5%
Fixed assets
4,841
4,699
2,392
+3.0%
Goodwill
41,500
40,530
10,593
+2.4%
Intangible assets
26,899
28,101
2,286
-4.3%
Investments
9,758
15,343
13,659
-36.4%
Trading assets
79.0
77.0
n/a
+2.6%
Cash and equivalents
2,876
4,843
1,403
-40.6%
Receivables
5,562
5,112
3,811
+8.8%
Inventory
3,473
3,463
1,725
+0.3%
Other assets
4,794
4,517
2,074
+6.1%
Total assets
99,782
106,685
37,943
-6.5%
10-K for the year ended 29 April 2016, filed 28 June 2016: the filing.