Medtronic (MDT) FY2018 results: revenue $30.0 billion, up 0.8% on the year
Medtronic plc (MDT) reported revenue of $30.0 billion for fiscal 2018, the year ended 27 April 2018, up 0.8% on the year before. Net income was $3.1 billion, down 22.9%, and diluted earnings per share $2.27. The figures are the company's own, from the 10-K it filed with the SEC on 21 June 2019.
Revenue
$30.0 billion
+0.8% on the year
FY2013FY2018
Operating margin
22.2%
18.1% a year earlier
FY2013FY2018
Net income
$3.1 billion
-22.9% on the year
FY2013FY2018
Diluted EPS
$2.27
-21.5% on the year
FY2013FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
29,953
29,710
28,833
+0.8%
Cost of revenue
9,055
9,291
9,142
-2.5%
Gross profit
20,898
20,419
19,691
+2.3%
Gross margin
69.8%
68.7%
68.3%
Research and development
2,253
2,193
2,224
+2.7%
Selling, general and administrative
10,238
10,018
9,469
+2.2%
Operating income
6,651
5,383
5,361
+23.6%
Operating margin
22.2%
18.1%
18.6%
Interest expense
1,146
1,094
1,386
+4.8%
Pre-tax income
5,675
4,602
4,336
+23.3%
Income tax
2,580
578
798
+346.4%
Effective tax rate
45.5%
12.6%
18.4%
Net income
3,104
4,028
3,538
-22.9%
Net margin
10.4%
13.6%
12.3%
Diluted EPS
$2.27
$2.89
$2.48
-21.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,684
6,880
5,218
-31.9%
Capital expenditure
1,068
1,254
1,046
-14.8%
Free cash flow
3,616
5,626
4,172
-35.7%
Free cash flow margin
12.1%
18.9%
14.5%
Cash from investing
5,858
-1,571
2,245
Cash from financing
-11,954
-3,283
-9,543
Depreciation and amortisation
2,644
2,917
2,820
-9.4%
Share-based compensation
344
348
375
-1.1%
Buybacks
2,171
3,544
2,830
-38.7%
Dividends paid
2,494
2,376
2,139
+5.0%
Dividend per share
$1.84
$1.72
$1.52
+7.0%
Diluted shares, weighted
1,368m
1,391m
1,426m
-1.7%
Shares outstanding at period end
1,354m
1,369m
1,399m
-1.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
50,720
50,294
52,063
+0.8%
Non-controlling interest
102
122
0.0
-16.4%
Debt
25,750
33,368
30,937
-22.8%
Other liabilities
14,821
16,032
16,782
-7.6%
Total liabilities and equity
91,393
99,816
99,782
-8.4%
Fixed assets
4,604
4,361
4,841
+5.6%
Goodwill
39,543
38,515
41,500
+2.7%
Intangible assets
21,723
23,407
26,899
-7.2%
Investments
7,558
8,741
9,758
-13.5%
Trading assets
n/a
n/a
79.0
Cash and equivalents
3,669
4,967
2,876
-26.1%
Receivables
5,987
5,591
5,562
+7.1%
Inventory
3,579
3,338
3,473
+7.2%
Other assets
4,730
10,896
4,794
-56.6%
Total assets
91,393
99,816
99,782
-8.4%
10-K for the year ended 27 April 2018, filed 21 June 2019: the filing.