What is the primary revenue source for Medtronic (MDT)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MDT's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Medtronic's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Medtronic Makes Money: MDT Revenue Breakdown (2027)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 1.24 percentage points year over year.

Revenue: USD 9.76B
Largest revenue segment share (Cardiovascular): 40.25%
Cost of revenue: USD 3.42B
Selling, general and administrative: USD 3.20B

View calculation evidence

YoY periods: Q1 2027 compared with Q1 2026

Source metrics

RevenueNet sales · RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenueCost of products sold, excluding amortization of intangible assets · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general, and administrative expense · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (Cardiovascular)Cardiovascular · segment_value / revenue * 100
Operating marginReportable segment operating profit · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Goodwill accounts for 46.29% of total assets, a high share where impairment could hit earnings and equity.

Goodwill: USD 43.19B
Property, plant and equipment: USD 7.47B
Accounts receivable: USD 6.36B
Total liabilities: USD 42.46B
Shareholder equity: USD 50.85B

View calculation evidence

YoY periods: Q1 2027 compared with Q1 2026

Source metrics

GoodwillGoodwill · Goodwill
Property, plant and equipmentProperty, plant, and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, less allowances for credit losses of $203 and $190, respectively · AccountsReceivableNetCurrent

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 121.84% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 1.47B
Operating cash flow: USD 1.79B
Cash conversion: 121.84%
Free cash flow: USD 1.29B

View calculation evidence

YoY periods: Q1 2027 compared with Q1 2026

Source metrics

Net incomeNet income attributable to medtronic · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 921.00M
Share repurchases: USD 267.00M
Stock issuance proceeds: USD 20.00M
Net shareholder return: USD 1.17B

View calculation evidence

YoY periods: Q1 2027 compared with Q1 2026

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsIssuance of ordinary shares · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?