Medtronic (MDT) FY2020 results: revenue $28.9 billion, down 5.4% on the year
Medtronic plc (MDT) reported revenue of $28.9 billion for fiscal 2020, the year ended 24 April 2020, down 5.4% on the year before. Net income was $4.8 billion, up 3.4%, and diluted earnings per share $3.54. The figures are the company's own, from the 10-K it filed with the SEC on 19 June 2020.
Revenue
$28.9 billion
-5.4% on the year
FY2013FY2020
Operating margin
16.6%
20.5% a year earlier
FY2013FY2020
Net income
$4.8 billion
+3.4% on the year
FY2013FY2020
Diluted EPS
$3.54
+3.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
28,913
30,557
29,953
-5.4%
Cost of revenue
9,424
9,155
9,055
+2.9%
Gross profit
19,489
21,402
20,898
-8.9%
Gross margin
67.4%
70.0%
69.8%
Research and development
2,331
2,330
2,253
+0.0%
Selling, general and administrative
10,109
10,418
10,238
-3.0%
Operating income
4,791
6,268
6,651
-23.6%
Operating margin
16.6%
20.5%
22.2%
Interest expense
1,092
1,444
1,146
-24.4%
Pre-tax income
4,055
5,197
5,675
-22.0%
Income tax
-751
547
2,580
Effective tax rate
-18.5%
10.5%
45.5%
Net income
4,789
4,631
3,104
+3.4%
Net margin
16.6%
15.2%
10.4%
Diluted EPS
$3.54
$3.41
$2.27
+3.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,234
7,007
4,684
+3.2%
Capital expenditure
1,213
1,134
1,068
+7.0%
Free cash flow
6,021
5,873
3,616
+2.5%
Free cash flow margin
20.8%
19.2%
12.1%
Cash from investing
-3,203
-774
5,858
Cash from financing
-4,198
-5,431
-11,954
Depreciation and amortisation
2,663
2,659
2,644
+0.2%
Share-based compensation
297
290
344
+2.4%
Buybacks
1,326
2,877
2,171
-53.9%
Dividends paid
2,894
2,693
2,494
+7.5%
Dividend per share
$2.16
$2.00
$1.84
+8.0%
Diluted shares, weighted
1,351m
1,358m
1,368m
-0.5%
Shares outstanding at period end
1,341m
1,341m
1,354m
+0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
50,737
50,091
50,720
+1.3%
Non-controlling interest
135
121
102
+11.6%
Debt
24,916
25,390
25,750
-1.9%
Operating lease liabilities
774
n/a
n/a
Finance lease liabilities
45.0
n/a
n/a
Other liabilities
14,082
14,092
14,821
-0.1%
Total liabilities and equity
90,689
89,694
91,393
+1.1%
Fixed assets
4,828
4,675
4,604
+3.3%
Goodwill
39,841
39,959
39,543
-0.3%
Intangible assets
19,063
20,560
21,723
-7.3%
Investments
6,808
5,455
7,558
+24.8%
Cash and equivalents
4,140
4,393
3,669
-5.8%
Receivables
4,645
6,222
5,987
-25.3%
Inventory
4,229
3,753
3,579
+12.7%
Other assets
7,135
4,677
4,730
+52.6%
Total assets
90,689
89,694
91,393
+1.1%
10-K for the year ended 24 April 2020, filed 19 June 2020: the filing.