Medtronic plc Q1 FY2025 results: revenue $7.9 billion, up 2.8% on the year

Medtronic plc (MDT) reported revenue of $7.9 billion for Q1 FY2025, the quarter ended 26 July 2024, up 2.8% on the same quarter a year earlier. Net income was $1.0 billion, up 31.7% on the year, and diluted earnings per share $0.80. The figures are the company's own, from the 10-Q it filed with the SEC on 27 August 2024.

Revenue$7.9 billionup 2.8%

Net income$1.0 billionup 31.7%

Diluted EPS$0.80

QuarterQ1 FY2025ended 26 July 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Revenue	7,915	8,589	n/a	n/a
Cost of revenue	2,761	3,045	n/a	n/a
Gross profit	5,154	5,544	n/a	n/a
Gross margin	65.1%	64.5%	n/a
Research and development	676	674	n/a	n/a
Selling, general and administrative	2,655	2,764	n/a	n/a
Operating income	1,278	1,053	n/a	n/a
Operating margin	16.1%	12.3%	n/a
Interest expense	167	203	n/a	n/a
Pre-tax income	1,268	856	n/a	n/a
Income tax	220	196	n/a	n/a
Effective tax rate	17.4%	22.9%	n/a
Net income	1,042	654	n/a	n/a
Net margin	13.2%	7.6%	n/a
Diluted EPS	$0.80	$0.50	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Operating cash flow	986	2,777	n/a	n/a
Capital expenditure	520	426	n/a	n/a
Free cash flow	466	2,351	n/a	n/a
Free cash flow margin	5.9%	27.4%	n/a
Depreciation and amortisation	662	654	n/a	n/a
Share-based compensation	83.0	89.0	n/a	n/a
Buybacks	2,492	1,628	n/a	n/a
Dividends paid	898	913	n/a	n/a
Dividend per share	$0.70	n/a	n/a	n/a
Diluted shares, weighted	1,296m	1,330m	n/a	n/a
Shares outstanding at period end	1,282m	1,311m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Total assets	89,749	89,981	n/a	n/a
Cash and equivalents	1,311	1,284	n/a	n/a
Receivables	6,011	6,128	n/a	n/a
Inventory	5,414	5,217	n/a	n/a
Goodwill	41,084	40,986	n/a	n/a
Long-term debt including finance leases	26,312	23,932	n/a	n/a
Borrowings, as the company tags them	n/a	25,189	n/a	n/a
Operating lease liabilities	n/a	840	n/a	n/a
Finance lease liabilities	52.0	55.0	n/a	n/a
Shareholders' equity	47,947	50,214	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	7,984	8,089	8,589	7,915	8,403	8,292	8,927	8,578	8,961	9,017	9,808	9,756
Cost of revenue	2,761	2,782	3,045	2,761	2,946	2,779	3,146	3,001	3,061	3,261	3,398	3,416
Gross profit	5,223	5,307	5,544	5,154	5,457	5,513	5,781	5,577	5,900	5,756	6,410	6,340
Gross margin	65%	66%	65%	65%	65%	66%	65%	65%	66%	64%	65%	65%
R&D	698	695	674	676	697	675	684	726	754	722	671	771
SG&A	2,686	2,673	2,764	2,655	2,757	2,717	2,720	2,806	2,965	2,956	3,057	3,198
Operating income	1,340	1,483	1,053	1,278	1,595	1,646	1,436	1,445	1,686	1,464	1,872	1,764
Operating margin	17%	18%	12%	16%	19%	20%	16%	17%	19%	16%	19%	18%
Interest expense	180	188	203	167	209	179	174	176	181	181	177	186
Pre-tax income	1,313	1,472	856	1,268	1,559	1,540	1,261	1,302	1,597	1,404	1,833	1,769
Tax rate	31%	9%	23%	17%	18%	15%	16%	20%	13%	18%	31%	16%
Net income	909	1,322	654	1,042	1,270	1,294	1,056	1,040	1,374	1,143	1,244	1,470
Net margin	11%	16%	8%	13%	15%	16%	12%	12%	15%	13%	13%	15%
Diluted EPS	$0.68	$0.99	$0.50	$0.80	$0.99	$1.01	$0.81	$0.81	$1.07	$0.89	$0.96	$1.14
Operating cash flow	661	2,474	2,777	986	958	2,572	2,528	1,088	925	2,744	2,573	1,793
Capital expenditure	461	346	426	520	404	476	459	504	468	444	488	503
Free cash flow	200	2,128	2,351	466	554	2,096	2,069	584	457	2,300	2,085	1,290
Buybacks	226	132	1,628	2,492	288	181	274	123	372	105	435	267
Dividends paid	918	917	913	898	897	897	897	910	910	911	908	921
Shares outstanding	1,330m	1,330m	1,311m	1,282m	1,283m	1,283m	1,282m	1,282m	1,282m	1,283m	1,280m	1,280m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 26 July 2024, filed 27 August 2024, accession 0001613103-24-000147: the filing on EDGAR. All of Medtronic plc's filings: EDGAR company page.

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