Medtronic reports first quarter fiscal 2027 results; delivers broad-based
NEWS RELEASE FOR IMMEDIATE RELEASE Medtronic reports first quarter fiscal 2027 results; delivers broad-based portfolio performance and raises fiscal 2027 guidance
Strength across the company’s largest franchises, new growth platforms, and recent portfolio investments support the long-term growth trajectory
Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its first quarter (Q1) of fiscal year 2027 (FY27), which ended July 31, 2026.
• Revenue of $9.8 billion, increased 13.7% as reported and 13.7% organic, roughly 200 basis points above guidance midpoint
• Raising FY27 organic revenue growth guidance 50 basis points to 7.25% to 7.75%, and FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00
• Cardiovascular grew 18.9%, led by 15% growth in Cardiac Rhythm Management and 88% growth in Cardiac Ablation Solutions 1 • Announced expanded CE Mark indication for Affera™ Mapping and Ablation System and Sphere-9™ Catheter for treatment of ventricular arrhythmias
• Announces strategic investment in Pi-Cardia, a pioneer in leaflet modification technology
• Neuroscience grew 9.3%, driven by 13% growth in Cranial and Spinal Technologies, including low-20s growth in enabling technology; Altaviva meaningfully contributed to 15% growth in Pelvic Health
• Medical Surgical reported strong performance, up 10.2%, led by 9% growth in Surgical and 14% growth in Acute Care & Monitoring
• Announces strategic partnership with Cornerstone Robotics to further expand global access to robotic-assisted surgery
• Announced FDA clearance for Touch Surgery™ Aide next generation computing platform
“We are off to a strong start in fiscal 2027. What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses and the increasing contributions from newer growth platforms,” said Geoff Martha, Medtronic chairman and chief executive officer. “Our execution, alongside our innovation engine, positions us to serve more patients and deliver durable growth. The strength of our portfolio and pipeline gives us confidence in the opportunities ahead.”
Medtronic reported Q1 worldwide revenue of $9.756 billion, an increase of 13.7% as reported and 13.7% on an organic basis. The Q1 FY27 organic revenue growth comparison excludes:
• Other revenue of $29 million in the current year versus $72 million in the prior year
• Revenue from the Dutch Obesity Clinic (NOK) divestiture with no revenue in the current year and $17 million in the prior year 2 • Scientia revenue of $14 million (closed June 12) and SPR Therapeutics revenue of $5 million in the current year (closed July 16)
Results were impacted by the extra fiscal week, which occurred in Medtronic’s first quarter of FY27. The company estimates the impact of the extra week benefited Q1 organic growth by approximately $570 million.
• Cardiovascular Portfolio revenue of $3.927 billion increased 19.5% as reported and 18.9% organic, with high-20s increase in Electrophysiology Therapies, high- single digit increase in Interventional Cardiology Therapies, high-single digit increase in CardioVascular Surgery, and low-double digit increase in Peripheral Vascular Health, all on an organic basis
• Neuroscience Portfolio revenue of $2.678 billion increased 10.3% reported and 9.3% organic, with low-double digit increase in Cranial & Spinal Technologies, high-single digit increase in Specialty Therapies, and low-single digit increase in Neuromodulation, all on an organic basis
• Medical Surgical Portfolio revenue of $2.279 billion increased 10.0% as reported and 10.2% organic, with high-single digit increase in Surgical & Endoscopy, and mid-teens increase in Acute Care & Monitoring, all on an organic basis
• Diabetes business revenue of $843 million increased 16.9% as reported and 14.9% organic 1
Q1 GAAP operating profit and operating margin were $1.764 billion and 18.1%, respectively, an increase of 22.1% and 120 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q1 non- GAAP operating profit and operating margin were $2.316 billion and 23.7%, respectively, an increase of 14.9% and 10 basis points, respectively. 3 Q1 GAAP net income and diluted earnings per share (EPS) were $1.470 billion and $1.14, respectively, representing increases of 41.4% and 40.7%, respectively. As detailed in the financial schedules included at the end of this release, Q1 non- GAAP net income and non-GAAP diluted EPS were $1.860 billion and $1.45 respectively, representing increases of 14.4% and 15.1%, respectively.
The company today raised its FY27 organic revenue growth and EPS guidance. The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%. The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00. This guidance includes an estimated neutral to 1% accretive impact from foreign currency exchange based on recent rates.
“We continue to make targeted investments in innovation, portfolio development, and commercial execution that will support sustainable long-term value creation,” said Thierry Piéton, Medtronic chief financial officer. “The combination of strong operating performance and disciplined financial management drove revenue and adjusted EPS ahead of expectations, enabling us to raise our fiscal 2027 guidance.”
Medtronic will host a video webcast today, September 1, at 7:45 a.m. EST (6:45 a.m. CST) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com. 4
The first quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com.
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any 5 of the information contained in this press release, including to reflect future events or circumstances.
This press release contains guidance and financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. Certain information in this press release also includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material.
Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.
Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, revenue in the current and prior year reported as "Other”, as well as significant acquisitions, divestitures, or other significant discrete items. Forward-looking diluted non- GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is 6 inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
References to quarterly or annual figures increasing, decreasing, or remaining flat are in comparison to fiscal year 2026, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. References to organic revenue growth exclude the impact of foreign currency, first quarter revenue in the current and prior year reported as "Other”, as well as significant acquisitions, divestitures, or other significant discrete items.
The separation of our Diabetes business has involved and is expected to be completed through a series of capital markets transactions, which may include a spin-off, split-off, offering, or combination thereof. While a split-off is the company's current preferred separation structure, a final decision has not been reached at this time.
1 The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed) due to MiniMed’s financials being prepared on a carve out basis through the date of the company’s initial public offering (IPO) and on a standalone basis post IPO. 7
FINANCIAL SCHEDULES Page Worldwide Revenue 9 U.S. Revenue 10 International Revenue 11 Condensed Consolidated Statements of 12 Income GAAP to Non-GAAP Reconciliations 13 Condensed Consolidated Statements of 16 Cash Flows
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results. While it is difficult to calculate the impact of the extra week, the Company estimates the extra week benefited first quarter organic growth by approximately $570 million.
(3) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally, there was a product line that moved from the Medical Surgical Portfolio in the Surgical & Endoscopy division to the Neuroscience Portfolio in the Neuromodulation division. Prior year net sales has been recast to conform to the current year presentation.
(4) The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed’s financials being prepared on a carve out basis through the date of the company’s initial public offering (IPO) and on a standalone basis post IPO.
(5) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian Government for years 2015 to 2018.
(7) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(8) The three months ended July 31, 2026 excludes $104 million of revenue adjustments, including $29 million of inorganic revenue for the transition activity noted in (5), $14 million of inorganic revenue related to the Scientia Vascular (Scientia) acquisition in the Specialty Therapies division, $5 million of inorganic revenue related to the SPR Therapeutics, Inc. (SPR) acquisition in the Neuromodulation division, and $57 million of favorable currency impact on the remaining net sales. The three months ended July 25, 2025 excludes $89 million of revenue adjustments, including $33 million of inorganic revenue for the transition activity noted in (5), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (5), and $17 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division. 9
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(3) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results.
(4) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Prior year net sales has been recast to conform to the current year presentation.
(5) The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed’s financials being prepared on a carve out basis through the date of the company’s initial public offering (IPO) and on a standalone basis post IPO.
(6) Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.
(7) The three months ended July 31, 2026 excludes $36 million of revenue adjustments, including $17 million of inorganic revenue for the transition activity noted in (6), $14 million of inorganic revenue related to the Scientia acquisition in the Specialty Therapies division, and $5 million of inorganic revenue related to the SPR acquisition in the Neuromodulation division. The three months ended July 25, 2025 excludes $20 million of revenue adjustments, including $20 million of inorganic revenue for the transition activity noted in (6). 10
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results.
(3) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally, there was a product line that moved from the Medical Surgical Portfolio in the Surgical & Endoscopy division to the Neuroscience Portfolio in the Neuromodulation division. Prior year net sales has been recast to conform to the current year presentation.
(4) The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed’s financials being prepared on a carve out basis through the date of the company’s initial public offering (IPO) and on a standalone basis post IPO.
(5) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian Government for years 2015 to 2018.
(7) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(8) The three months ended July 31, 2026 excludes $68 million of revenue adjustments, including $12 million of inorganic revenue for the transition activity noted in (5) and $57 million of favorable currency impact on the remaining net sales. The three months ended July 25, 2025 excludes $70 million of revenue adjustments, including $14 million of inorganic revenue related to the transition activity noted in (5), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (5), and $17 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division. 11
(in millions, except per Three months July 25, share data) ended July 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net sales $ 9,756 $ 8,578 Costs and expenses: Cost of products sold, excluding 3,416 3,001 amortization of intangible assets Research and development 771 726 expense Selling, general, and 3,198 2,806 administrat… expense Amortization of 412 459 intangible assets Restructuri… 72 45 charges, net Certain litigation — 27 charges, net Other operating expense 123 70 (income), net Operating 1,764 1,445 profit Other non-operati… expense -190 -33 (income), net Interest 186 176 expense, net Income before 1,769 1,302 income taxes Income tax 289 255 provision Net income 1,479 1,047 Net income attributable to -9 -7 noncontroll… interests Net income attributable $ 1,470 $ 1,040 to Medtronic Basic earnings per $ 1.15 $ 0.81 share Diluted earnings per $ 1.14 $ 0.81 share Basic weighted average 1,279.8 1,281.6 shares outstanding Diluted weighted average 1,285.1 1,287.1 shares outstanding
The data in the schedule above has been intentionally rounded to the nearest million. 12
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2) The charges primarily relate to employee termination benefits, facility related and contract termination costs, and asset write offs.
(3) The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. Exit of business-related charges primarily relate to the impending separation of the Diabetes Business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.
(4) We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5) The net charges for the three months ended July 31, 2026 and July 25, 2025, primarily relate to amortization of previously established deferred tax assets arising from previous intercompany intellectual property transactions. The net charges for the three months ended July 31, 2026, were partially offset by the release of reserves for uncertain tax positions on prior period intercompany transactions.
(6) The Company recognized $45 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio.
(7) Reflects adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian government for years 2015 to 2018. 13
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2) The charges primarily relate to employee termination benefits, facility related and contract termination costs, and asset write offs.
(3) The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. Exit of business-related charges primarily relate to the impending separation of the Diabetes Business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.
(4) We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. 14
See description of non-GAAP financial measures contained in the press release dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2) Free cash flow represents operating cash flows less property, plant, and equipment additions. 15
Three months July 25, (in millions) ended July 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Operating Activities: Net income $ 1,479 $ 1,047 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 729 748 amortization Provision for credit 25 28 losses Deferred 127 167 income taxes Stock-based 125 86 compensation Other, net -29 159 Change in operating assets and liabilities, net of acquisitions and divestiture…
Accounts receivable, 224 288 net Inventories -240 -373 Accounts payable and -531 -598 accrued liabilities Other operating -118 -464 assets and liabilities Net cash provided by 1,793 1,088 operating activities Investing Activities: Acquisition… net of cash -1,162 — acquired Additions to property, -503 -504 plant, and equipment Purchases of -2,190 -2,100 investments Sales and maturities 2,209 2,010 of investments Other investing 26 -125 activities, net Net cash used in -1,619 -719 investing activities Financing Activities: Change in current debt 812 649 obligations, net Payments on long-term — -1,162 debt Dividends to -921 -910 shareholders Issuance of ordinary 20 95 shares Repurchase of ordinary -267 -123 shares Other financing 13 70 activities, net Net cash used in -343 -1,381 financing activities Effect of exchange rate changes -89 67 on cash and cash equivalents Net change in cash and -258 -945 cash equivalents Cash and cash equivalents 1,949 2,218 at beginning of period Cash and cash equivalents $ 1,691 $ 1,273 at end of period Supplemental Cash Flow Information Cash paid for: Income taxes $ 199 $ 402 Interest 83 81
The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. 16
Full text with the tables
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Medtronic reports first quarter fiscal 2027 results; delivers broad-based
portfolio performance and raises fiscal 2027 guidance
Strength across the company’s largest franchises, new growth platforms, and
recent portfolio investments support the long-term growth trajectory
GALWAY, Ireland – September 1, 2026 –
Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today
announced financial results for its first quarter (Q1) of fiscal year 2027
(FY27), which ended July 31, 2026.
Key Highlights
• Revenue of $9.8 billion, increased 13.7% as reported and 13.7% organic,
roughly 200 basis points above guidance midpoint
• GAAP diluted EPS of $1.14; non-GAAP diluted EPS of $1.45, ahead of guidance
• Raising FY27 organic revenue growth guidance 50 basis points to 7.25% to
7.75%, and FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00
• Cardiovascular grew 18.9%, led by 15% growth in Cardiac Rhythm Management and
88% growth in Cardiac Ablation Solutions
1
• Announced expanded CE Mark indication for Affera™ Mapping and Ablation System
and Sphere-9™ Catheter for treatment of ventricular arrhythmias
• Announces strategic investment in Pi-Cardia, a pioneer in leaflet modification
technology
• Neuroscience grew 9.3%, driven by 13% growth in Cranial and Spinal
Technologies, including low-20s growth in enabling technology; Altaviva
meaningfully contributed to 15% growth in Pelvic Health
• Medical Surgical reported strong performance, up 10.2%, led by 9% growth in
Surgical and 14% growth in Acute Care & Monitoring
• Announces strategic partnership with Cornerstone Robotics to further expand
global access to robotic-assisted surgery
• Announced FDA clearance for Touch Surgery™ Aide next generation computing
platform
• Completed acquisitions of Scientia Vascular and SPR Therapeutics, Inc.
“We are off to a strong start in fiscal 2027. What gives us confidence is not
simply the strength of the quarter, but importantly, the breadth of performance
across our businesses and the increasing contributions from newer growth
platforms,” said Geoff Martha, Medtronic chairman and chief executive officer.
“Our execution, alongside our innovation engine, positions us to serve more
patients and deliver durable growth. The strength of our portfolio and pipeline
gives us confidence in the opportunities ahead.”
Financial Results
Medtronic reported Q1 worldwide revenue of $9.756 billion, an increase of 13.7%
as reported and 13.7% on an organic basis. The Q1 FY27 organic revenue growth
comparison excludes:
• Other revenue of $29 million in the current year versus $72 million in the
prior year
• Revenue from the Dutch Obesity Clinic (NOK) divestiture with no revenue in the
current year and $17 million in the prior year
2
• Scientia revenue of $14 million (closed June 12) and SPR Therapeutics revenue
of $5 million in the current year (closed July 16)
• Foreign exchange benefit of $57 million on the remaining net sales
Results were impacted by the extra fiscal week, which occurred in Medtronic’s
first quarter of FY27. The company estimates the impact of the extra week
benefited Q1 organic growth by approximately $570 million.
Q1 revenue included:
• Cardiovascular Portfolio revenue of $3.927 billion increased 19.5% as reported
and 18.9% organic, with high-20s increase in Electrophysiology Therapies, high-
single digit increase in Interventional Cardiology Therapies, high-single digit
increase in CardioVascular Surgery, and low-double digit increase in Peripheral
Vascular Health, all on an organic basis
• Neuroscience Portfolio revenue of $2.678 billion increased 10.3% reported and
9.3% organic, with low-double digit increase in Cranial & Spinal Technologies,
high-single digit increase in Specialty Therapies, and low-single digit increase
in Neuromodulation, all on an organic basis
• Medical Surgical Portfolio revenue of $2.279 billion increased 10.0% as
reported and 10.2% organic, with high-single digit increase in Surgical &
Endoscopy, and mid-teens increase in Acute Care & Monitoring, all on an organic
basis
• Diabetes business revenue of $843 million increased 16.9% as reported and
14.9% organic 1
Q1 GAAP operating profit and operating margin were $1.764 billion and 18.1%,
respectively, an increase of 22.1% and 120 basis points, respectively. As
detailed in the financial schedules included at the end of the release, Q1 non-
GAAP operating profit and operating margin were $2.316 billion and 23.7%,
respectively, an increase of 14.9% and 10 basis points, respectively.
3
Q1 GAAP net income and diluted earnings per share (EPS) were $1.470 billion and
$1.14, respectively, representing increases of 41.4% and 40.7%, respectively. As
detailed in the financial schedules included at the end of this release, Q1 non-
GAAP net income and non-GAAP diluted EPS were $1.860 billion and $1.45
respectively, representing increases of 14.4% and 15.1%, respectively.
Guidance
The company today raised its FY27 organic revenue growth and EPS guidance. The
company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an
increase from the prior guidance of 6.75% to 7.25%. The company also raised its
FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the
prior $5.90 to $6.00. This guidance includes an estimated neutral to 1%
accretive impact from foreign currency exchange based on recent rates.
“We continue to make targeted investments in innovation, portfolio development,
and commercial execution that will support sustainable long-term value
creation,” said Thierry Piéton, Medtronic chief financial officer. “The
combination of strong operating performance and disciplined financial management
drove revenue and adjusted EPS ahead of expectations, enabling us to raise our
fiscal 2027 guidance.”
Video Webcast Information
Medtronic will host a video webcast today, September 1, at 7:45 a.m. EST (6:45
a.m. CST) to provide information about its business for the public, investors,
analysts, and news media. This webcast can be accessed by clicking on the
Quarterly Earnings icon at investorrelations.medtronic.com, and this earnings
release will be archived at news.medtronic.com. Within 24 hours of the webcast,
a replay of the webcast and transcript of the company’s prepared remarks will be
available by clicking on the Past Events and Presentations link under the News &
Events drop-down at investorrelations.medtronic.com.
4
Financial Schedules
The first quarter financial schedules and non-GAAP reconciliations can be viewed
by clicking on the Quarterly Earnings link at investorrelations.medtronic.com.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in
Galway, Ireland, is the leading global healthcare technology company that boldly
attacks the most challenging health problems facing humanity by searching out
and finding solutions. Our Mission — to alleviate pain, restore health, and
extend life — unites a global team of 95,000+ passionate people across more than
150 countries. Our technologies and therapies treat 70 health conditions and
include cardiac devices, surgical robotics, insulin pumps, surgical tools,
patient monitoring systems, and more. Powered by our diverse knowledge,
insatiable curiosity, and desire to help all those who need it, we deliver
innovative technologies that transform the lives of two people every second,
every hour, every day. Expect more from us as we empower insight-driven care,
experiences that put people first, and better outcomes for our world. In
everything we do, we are engineering the extraordinary. For more information on
Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which are subject to risks and
uncertainties, including risks related to competitive factors, difficulties and
delays inherent in the development, manufacturing, marketing and sale of medical
products, government regulation, geopolitical conflicts, changing global trade
policies, material acquisition and divestiture transactions, general economic
conditions, and other risks and uncertainties described in the company’s
periodic reports on file with the U.S. Securities and Exchange Commission
including the most recent Annual Report on Form 10-K of the company. In some
cases, you can identify these statements by forward-looking words or
expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,”
“project,” “should,” “going to,” “will,” and similar words or expressions, the
negative or plural of such words or expressions and other comparable
terminology. Actual results may differ materially from anticipated results.
Medtronic does not undertake to update its forward-looking statements or any
5
of the information contained in this press release, including to reflect future
events or circumstances.
NON-GAAP FINANCIAL MEASURES
This press release contains guidance and financial measures, including adjusted
net income, adjusted diluted EPS, and organic revenue, which are considered
“non-GAAP” financial measures under applicable SEC rules and regulations.
Certain information in this press release also includes calculations or figures
that have been prepared internally and have not been reviewed or audited by our
independent registered public accounting firm. Use of different methods for
preparing, calculating or presenting information may lead to differences and
such differences may be material.
Medtronic management believes that non-GAAP financial measures provide
information useful to investors in understanding the company’s underlying
operational performance and trends and to facilitate comparisons with the
performance of other companies in the med tech industry. Non-GAAP net income and
diluted EPS exclude the effect of certain charges or gains that contribute to or
reduce earnings but that result from transactions or events that management
believes may or may not recur with similar materiality or impact to operations
in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP
financial measures to facilitate management’s review of the operational
performance of the company and as a basis for strategic planning. Non-GAAP
financial measures should be considered supplemental to and not a substitute for
financial information prepared in accordance with U.S. generally accepted
accounting principles (GAAP), and investors are cautioned that Medtronic may
calculate non-GAAP financial measures in a way that is different from other
companies. Management strongly encourages investors to review the company’s
consolidated financial statements and publicly filed reports in their entirety.
Reconciliations of the non-GAAP financial measures to the most directly
comparable GAAP financial measures are included in the financial schedules
accompanying this press release.
Medtronic calculates forward-looking non-GAAP financial measures based on
internal forecasts that omit certain amounts that would be included in GAAP
financial measures. For instance, forward-looking organic revenue growth
guidance excludes the impact of foreign currency fluctuations, revenue in the
current and prior year reported as "Other”, as well as significant acquisitions,
divestitures, or other significant discrete items. Forward-looking diluted non-
GAAP EPS guidance also excludes other potential charges or gains that would be
recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic
does not attempt to provide reconciliations of forward-looking non-GAAP EPS
guidance to projected GAAP EPS guidance because the combined impact and timing
of recognition of these potential charges or gains is
6
inherently uncertain and difficult to predict and is unavailable without
unreasonable efforts. In addition, the company believes such reconciliations
would imply a degree of precision and certainty that could be confusing to
investors. Such items could have a substantial impact on GAAP measures of
financial performance.
FINANCIAL COMPARISONS
References to quarterly or annual figures increasing, decreasing, or remaining
flat are in comparison to fiscal year 2026, and references to sequential changes
are in comparison to the prior fiscal quarter. Unless stated otherwise,
quarterly and annual rates and ranges are given on an organic basis. References
to organic revenue growth exclude the impact of foreign currency, first quarter
revenue in the current and prior year reported as "Other”, as well as
significant acquisitions, divestitures, or other significant discrete items.
TRANSACTION DETAILS
The separation of our Diabetes business has involved and is expected to be
completed through a series of capital markets transactions, which may include a
spin-off, split-off, offering, or combination thereof. While a split-off is the
company's current preferred separation structure, a final decision has not been
reached at this time.
-end-
Contacts:
Justin Paquette
Public Relations
+1-612-271-7935
Ingrid Goldberg
Investor Relations
+1-763-505-2696
______________________
1 The Diabetes results presented here may not correspond to the same financial
statement information presented by MiniMed Group, Inc. (MiniMed) due to
MiniMed’s financials being prepared on a carve out basis through the date of the
company’s initial public offering (IPO) and on a standalone basis post IPO.
7
FINANCIAL SCHEDULES Page
Worldwide Revenue 9
U.S. Revenue 10
International Revenue 11
Condensed Consolidated Statements of 12
Income
GAAP to Non-GAAP Reconciliations 13
Condensed Consolidated Statements of 16
Cash Flows
8
MEDTRONIC PLC
WORLDWIDE REVENUE
(1)
(Unaudited)
F…
Q…
… R… C… O…
… F… F… G… I… F… F… G…
──────────────────────────────────────────────────────────────────────────────
… $ 3… $ 3… 1… % $ 21 $ 3… $ 3… … %
… 2… 1… 2… 8 2… 1… …
…
…
… 8… 8… 7… 6 8… 8… …
…
… 4… 4… 9… 5 4… 4… …
…
…
… 3… 3… 1… 2 3… 3… …
…
… 2… 2… 1… 6 2… 2… …
…
& 1… 1… 1… -2 1… 1… …
…
…
… 7… 7… 1… 6 7… 7… …
…
… 5… 5… 4… 2 5… 5… …
… 2… 2… 1… 15 2… 2… …
…
…
& 1… 1… 8… 14 1… 1… …
…
…
… 5… 4… 1… 1 5… 4… …
&
…
…
… 8… 7… 1… 43 8… 7… …
…
… 8… 7… 1… 14 8… 7… …
… 29 72 N… — — — —
… $ 9… $ 8… 1… % $ 57 $ 9… $ 8… … %
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest
million and, therefore, may not sum. Percentages have been calculated using
actual, non-rounded figures and, therefore, may not recalculate precisely.
(2) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in
the first fiscal month of the first quarter and included in reported first
quarter results. While it is difficult to calculate the impact of the extra
week, the Company estimates the extra week benefited first quarter organic
growth by approximately $570 million.
(3) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned
from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary &
Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology
Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally,
there was a product line that moved from the Medical Surgical Portfolio in the
Surgical & Endoscopy division to the Neuroscience Portfolio in the
Neuromodulation division. Prior year net sales has been recast to conform to the
current year presentation.
(4) The Diabetes results presented here may not correspond to the same financial
statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes
Business as reported by Medtronic is prepared on a different basis than
standalone Medtronic due to MiniMed’s financials being prepared on a carve out
basis through the date of the company’s initial public offering (IPO) and on a
standalone basis post IPO.
(5) Includes the historical operations and ongoing transition agreements from
businesses the Company has exited or divested, and adjustments to the Company's
Italian payback accruals resulting from the June 30, 2025 Legislative Decree
published by the Italian Government for years 2015 to 2018.
(6) Not meaningful (NM).
(7) The currency impact to revenue measures the change in revenue between
current and prior year periods using constant exchange rates.
(8) The three months ended July 31, 2026 excludes $104 million of revenue
adjustments, including $29 million of inorganic revenue for the transition
activity noted in (5), $14 million of inorganic revenue related to the Scientia
Vascular (Scientia) acquisition in the Specialty Therapies division, $5 million
of inorganic revenue related to the SPR Therapeutics, Inc. (SPR) acquisition in
the Neuromodulation division, and $57 million of favorable currency impact on
the remaining net sales. The three months ended July 25, 2025 excludes $89
million of revenue adjustments, including $33 million of inorganic revenue for
the transition activity noted in (5), $39 million reduction in the Italian
payback accruals due to changes in estimates further described in note (5), and
$17 million of inorganic revenue related to a sale of business in the Surgical
and Endoscopy division.
9
MEDTRONIC PLC
U.S. REVENUE
(1)(2)
(Unaudited)
FI…
QU…
(… RE… O…
m… FY… FY… G… F… F… G…
──────────────────────────────────────────────────────────────────────────────
C… $ 1,… $ 1,… 25… % $ 1,… $ 1,… 25… %
E… 1,… 834 41… 1,… 834 41…
T…
I…
C… 294 296 -0… 294 296 -0…
T…
C… 186 170 9.6 186 170 9.6
S…
P…
V… 196 180 9.2 196 180 9.2
H…
N… 1,… 1,… 11… 1,… 1,… 10…
C…
& 1,… 890 14… 1,… 890 14…
S…
T…
S… 447 393 13… 434 393 10…
T…
N… 350 341 2.6 345 341 1.2
M… 982 884 11… 982 884 11…
S…
S…
& 671 622 7.9 671 622 7.9
E…
A…
C… 311 263 18… 311 263 18…
&
M…
T…
R… 4,… 3,… 16… 4,… 3,… 16…
S…
D… 240 217 10… 240 217 10…
O… 17 20 -1… — — —
T… $ 4,… $ 4,… 16… % $ 4,… $ 4,… 15… %
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) U.S. includes the United States and U.S. territories.
(2) The data in this schedule has been intentionally rounded to the nearest
million and, therefore, may not sum. Percentages have been calculated using
actual, non-rounded figures and, therefore, may not recalculate precisely.
(3) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in
the first fiscal month of the first quarter and included in reported first
quarter results.
(4) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned
from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary &
Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology
Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Prior year
net sales has been recast to conform to the current year presentation.
(5) The Diabetes results presented here may not correspond to the same financial
statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes
Business as reported by Medtronic is prepared on a different basis than
standalone Medtronic due to MiniMed’s financials being prepared on a carve out
basis through the date of the company’s initial public offering (IPO) and on a
standalone basis post IPO.
(6) Includes historical operations and ongoing transition agreements from
businesses the Company has exited or divested.
(7) The three months ended July 31, 2026 excludes $36 million of revenue
adjustments, including $17 million of inorganic revenue for the transition
activity noted in (6), $14 million of inorganic revenue related to the Scientia
acquisition in the Specialty Therapies division, and $5 million of inorganic
revenue related to the SPR acquisition in the Neuromodulation division. The
three months ended July 25, 2025 excludes $20 million of revenue adjustments,
including $20 million of inorganic revenue for the transition activity noted in
(6).
10
MEDTRONIC PLC
INTERNATIONAL REVENUE
(1)
(Unaudited)
F…
Q…
… R… C… O…
… F… F… G… I… F… F… G…
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 1… 1… % $ 21 $ 2… $ 1… … %
… 1… 8… 1… 8 1… 8… …
…
…
… 6… 5… 1… 6 5… 5… …
…
… 2… 2… 9… 5 2… 2… …
…
…
… 1… 1… 1… 2 1… 1… …
…
… 8… 8… 7… 6 8… 8… …
…
& 3… 3… 9… -2 3… 3… …
…
…
… 3… 3… 5… 6 3… 3… …
…
… 1… 1… 8… 2 1… 1… …
… 1… 1… 9… 15 1… 1… …
…
…
& 1… 9… 9… 14 1… 9… …
…
…
… 2… 2… 9… 1 2… 2… …
&
…
…
… 4… 3… 1… 43 4… 3… …
…
… 6… 5… 1… 14 5… 5… …
… 12 53 N… — — — —
… $ 4… $ 4… 1… % $ 57 $ 4… $ 4… … %
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest
million and, therefore, may not sum. Percentages have been calculated using
actual, non-rounded figures and, therefore, may not recalculate precisely.
(2) Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in
the first fiscal month of the first quarter and included in reported first
quarter results.
(3) In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned
from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary &
Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology
Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally,
there was a product line that moved from the Medical Surgical Portfolio in the
Surgical & Endoscopy division to the Neuroscience Portfolio in the
Neuromodulation division. Prior year net sales has been recast to conform to the
current year presentation.
(4) The Diabetes results presented here may not correspond to the same financial
statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes
Business as reported by Medtronic is prepared on a different basis than
standalone Medtronic due to MiniMed’s financials being prepared on a carve out
basis through the date of the company’s initial public offering (IPO) and on a
standalone basis post IPO.
(5) Includes the historical operations and ongoing transition agreements from
businesses the Company has exited or divested, and adjustments to the Company's
Italian payback accruals resulting from the June 30, 2025 Legislative Decree
published by the Italian Government for years 2015 to 2018.
(6) Not meaningful (NM).
(7) The currency impact to revenue measures the change in revenue between
current and prior year periods using constant exchange rates.
(8) The three months ended July 31, 2026 excludes $68 million of revenue
adjustments, including $12 million of inorganic revenue for the transition
activity noted in (5) and $57 million of favorable currency impact on the
remaining net sales. The three months ended July 25, 2025 excludes $70 million
of revenue adjustments, including $14 million of inorganic revenue related to
the transition activity noted in (5), $39 million reduction in the Italian
payback accruals due to changes in estimates further described in note (5), and
$17 million of inorganic revenue related to a sale of business in the Surgical
and Endoscopy division.
11
MEDTRONIC PLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in millions,
except per Three months July 25,
share data) ended July 31, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net sales $ 9,756 $ 8,578
Costs and
expenses:
Cost of
products
sold,
excluding 3,416 3,001
amortization
of
intangible
assets
Research and
development 771 726
expense
Selling,
general, and 3,198 2,806
administrat…
expense
Amortization
of 412 459
intangible
assets
Restructuri… 72 45
charges, net
Certain
litigation — 27
charges, net
Other
operating
expense 123 70
(income),
net
Operating 1,764 1,445
profit
Other
non-operati…
expense -190 -33
(income),
net
Interest 186 176
expense, net
Income
before 1,769 1,302
income taxes
Income tax 289 255
provision
Net income 1,479 1,047
Net income
attributable
to -9 -7
noncontroll…
interests
Net income
attributable $ 1,470 $ 1,040
to Medtronic
Basic
earnings per $ 1.15 $ 0.81
share
Diluted
earnings per $ 1.14 $ 0.81
share
Basic
weighted
average 1,279.8 1,281.6
shares
outstanding
Diluted
weighted
average 1,285.1 1,287.1
shares
outstanding
The data in the schedule above has been intentionally rounded to the nearest
million.
12
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS
(1)
(Unaudited)
…
…
…
…
…
…
──────────────────────────────────────────────────────────────────────────────
… … …
… … … … …
… … … … …
…
$ … $ … … % $ … … % … … … …
— — — … … … … … …
— … … … … … … … …
— … … … … … … … …
— — — — — … … … …
— — — — — — 5 — —
$ … $ … … % $ … … % … … … …
… … — … … …
$ … $ … … % $ … … % …
…
…
…
…
…
…
… … …
… … … … …
… … … … …
…
$ … $ … … % $ … … % … … … …
— — — … … … … … …
— … … … … … … … …
— … — … … … … … …
— — — … … … … … …
— — — — — … … … …
… — … … … … … … …
— — — — — — … … —
$ … $ … … % $ … … % … … … …
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest
million or $0.01 for EPS figures, and, therefore, may not sum.
(2) The charges primarily relate to employee termination benefits, facility
related and contract termination costs, and asset write offs.
(3) The charges primarily include business combination costs, changes in fair
value of contingent consideration, and exit of business-related charges. Exit of
business-related charges primarily relate to the impending separation of the
Diabetes Business and costs associated with the Company's June 2021 decision to
stop the distribution and sale of the Medtronic HVAD System.
(4) We exclude unrealized and realized gains and losses on our minority
investments as we do not believe that these components of income or expense have
a direct correlation to our ongoing or future business operations.
(5) The net charges for the three months ended July 31, 2026 and July 25, 2025,
primarily relate to amortization of previously established deferred tax assets
arising from previous intercompany intellectual property transactions. The net
charges for the three months ended July 31, 2026, were partially offset by the
release of reserves for uncertain tax positions on prior period intercompany
transactions.
(6) The Company recognized $45 million of accelerated amortization on certain
intangible assets within the Cardiovascular Portfolio.
(7) Reflects adjustments to the Company's Italian payback accruals resulting
from the June 30, 2025 Legislative Decree published by the Italian government
for years 2015 to 2018.
13
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS
(1)
(Unaudited)
…
…
…
…
…
…
──────────────────────────────────────────────────────────────────────────────
…
… … …
… … … … …
… … … … …
… … a … a … … …
… … % … % … a …
… … … % …
… … …
… … …
…
$ … $ … … % $ … … % $ 1… 1… % $ -…
— … … — — — — —
— … … — — -… -… —
— — — — — — — 64
$ … $ … … % $ … … % $ 1… 1… % $ -…
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest
million, and, therefore, may not sum.
(2) The charges primarily relate to employee termination benefits, facility
related and contract termination costs, and asset write offs.
(3) The charges primarily include business combination costs, changes in fair
value of contingent consideration, and exit of business-related charges. Exit of
business-related charges primarily relate to the impending separation of the
Diabetes Business and costs associated with the Company's June 2021 decision to
stop the distribution and sale of the Medtronic HVAD System.
(4) We exclude unrealized and realized gains and losses on our minority
investments as we do not believe that these components of income or expense have
a direct correlation to our ongoing or future business operations.
14
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS
(1)
(Unaudited)
Three months July 25,
(in millions) ended July 31, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net cash
provided by $ 1,793 $ 1,088
operating
activities
Additions to
property, -503 -504
plant, and
equipment
Free Cash $ 1,290 $ 584
Flow(2)
See description of non-GAAP financial measures contained in the press release
dated September 1, 2026.
(1) The data in this schedule has been intentionally rounded to the nearest
million, and, therefore, may not sum.
(2) Free cash flow represents operating cash flows less property, plant, and
equipment additions.
15
MEDTRONIC PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months July 25,
(in millions) ended July 31, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Operating
Activities:
Net income $ 1,479 $ 1,047
Adjustments
to reconcile
net income
to
net cash
provided by
operating
activities:
Depreciation
and 729 748
amortization
Provision
for credit 25 28
losses
Deferred 127 167
income taxes
Stock-based 125 86
compensation
Other, net -29 159
Change in
operating
assets and
liabilities,
net of
acquisitions
and
divestiture…
Accounts
receivable, 224 288
net
Inventories -240 -373
Accounts
payable and -531 -598
accrued
liabilities
Other
operating -118 -464
assets and
liabilities
Net cash
provided by 1,793 1,088
operating
activities
Investing
Activities:
Acquisition…
net of cash -1,162 —
acquired
Additions to
property, -503 -504
plant, and
equipment
Purchases of -2,190 -2,100
investments
Sales and
maturities 2,209 2,010
of
investments
Other
investing 26 -125
activities,
net
Net cash
used in -1,619 -719
investing
activities
Financing
Activities:
Change in
current debt 812 649
obligations,
net
Payments on
long-term — -1,162
debt
Dividends to -921 -910
shareholders
Issuance of
ordinary 20 95
shares
Repurchase
of ordinary -267 -123
shares
Other
financing 13 70
activities,
net
Net cash
used in -343 -1,381
financing
activities
Effect of
exchange
rate changes -89 67
on cash
and cash
equivalents
Net change
in cash and -258 -945
cash
equivalents
Cash and
cash
equivalents 1,949 2,218
at beginning
of period
Cash and
cash
equivalents $ 1,691 $ 1,273
at end of
period
Supplemental
Cash Flow
Information
Cash paid
for:
Income taxes $ 199 $ 402
Interest 83 81
The data in this schedule has been intentionally rounded to the nearest million,
and, therefore, may not sum.
16