Medtronic (MDT) FY2023 results: revenue $31.2 billion, down 1.4% on the year
Medtronic plc (MDT) reported revenue of $31.2 billion for fiscal 2023, the year ended 28 April 2023, down 1.4% on the year before. Net income was $3.8 billion, down 25.4%, and diluted earnings per share $2.82. The figures are the company's own, from the 10-K it filed with the SEC on 22 June 2023.
Revenue
$31.2 billion
-1.4% on the year
FY2016FY2023
Operating margin
17.6%
18.2% a year earlier
FY2016FY2023
Net income
$3.8 billion
-25.4% on the year
FY2016FY2023
Diluted EPS
$2.82
-24.4% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
6,039
7,346
6,240
-17.8%
Capital expenditure
1,459
1,368
1,355
+6.7%
Free cash flow
4,580
5,978
4,885
-23.4%
Free cash flow margin
14.7%
18.9%
16.2%
Cash from investing
-3,493
-1,659
-2,866
Cash from financing
-4,960
-5,336
-4,136
Depreciation and amortisation
2,697
2,707
2,702
-0.4%
Share-based compensation
355
359
344
-1.1%
Buybacks
645
2,544
652
-74.6%
Dividends paid
3,616
3,383
3,120
+6.9%
Dividend per share
$2.72
$2.52
$2.32
+7.9%
Diluted shares, weighted
1,333m
1,351m
1,354m
-1.4%
Shares outstanding at period end
1,331m
1,331m
1,345m
+0.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
51,483
52,551
51,428
-2.0%
Non-controlling interest
182
171
174
+6.4%
Debt
24,344
24,114
26,378
+1.0%
Operating lease liabilities
869
703
829
+23.6%
Finance lease liabilities
57.0
56.0
62.0
+1.8%
Other liabilities
14,013
13,386
14,212
+4.7%
Total liabilities and equity
90,948
90,981
93,083
-0.0%
Fixed assets
5,569
5,413
5,221
+2.9%
Goodwill
41,425
40,502
41,961
+2.3%
Intangible assets
14,844
15,595
17,740
-4.8%
Investments
6,416
6,859
7,224
-6.5%
Cash and equivalents
1,543
3,714
3,593
-58.5%
Receivables
5,998
5,551
5,462
+8.1%
Inventory
5,293
4,616
4,313
+14.7%
Other assets
9,860
8,731
7,569
+12.9%
Total assets
90,948
90,981
93,083
-0.0%
10-K for the year ended 28 April 2023, filed 22 June 2023: the filing.