Medtronic (MDT) FY2025 results: revenue $33.5 billion, up 3.6% on the year
Medtronic plc (MDT) reported revenue of $33.5 billion for fiscal 2025, the year ended 25 April 2025, up 3.6% on the year before. Net income was $4.7 billion, up 26.8%, and diluted earnings per share $3.61. The figures are the company's own, from the 10-K it filed with the SEC on 20 June 2025.
Revenue
$33.5 billion
+3.6% on the year
FY2018FY2025
Operating margin
17.8%
15.9% a year earlier
FY2018FY2025
Net income
$4.7 billion
+26.8% on the year
FY2018FY2025
Diluted EPS
$3.61
+30.8% on the year
FY2018FY2025
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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
7,044
6,787
6,039
+3.8%
Capital expenditure
1,859
1,587
1,459
+17.1%
Free cash flow
5,185
5,200
4,580
-0.3%
Free cash flow margin
15.5%
16.1%
14.7%
Cash from investing
-1,937
-2,366
-3,493
Cash from financing
-4,361
-4,450
-4,960
Depreciation and amortisation
2,861
2,647
2,697
+8.1%
Share-based compensation
429
393
355
+9.2%
Buybacks
3,235
2,138
645
+51.3%
Dividends paid
3,589
3,666
3,616
-2.1%
Dividend per share
$2.80
$2.76
$2.72
+1.4%
Diluted shares, weighted
1,290m
1,330m
1,333m
-3.0%
Shares outstanding at period end
1,282m
1,311m
1,331m
-2.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
48,024
50,214
51,483
-4.4%
Non-controlling interest
232
206
182
+12.6%
Debt
28,516
25,024
24,344
+14.0%
Operating lease liabilities
918
840
869
+9.3%
Finance lease liabilities
52.0
55.0
57.0
-5.5%
Other liabilities
13,938
13,642
14,013
+2.2%
Total liabilities and equity
91,680
89,981
90,948
+1.9%
Fixed assets
6,837
6,131
5,569
+11.5%
Goodwill
41,737
40,986
41,425
+1.8%
Intangible assets
11,667
13,225
14,844
-11.8%
Investments
6,747
6,721
6,416
+0.4%
Cash and equivalents
2,218
1,284
1,543
+72.7%
Receivables
6,515
6,128
5,998
+6.3%
Inventory
5,476
5,217
5,293
+5.0%
Other assets
10,483
10,289
9,860
+1.9%
Total assets
91,680
89,981
90,948
+1.9%
10-K for the year ended 25 April 2025, filed 20 June 2025: the filing.