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Fundamentals · EDGAR XBRL · Health Care

MDT

Latest: Q1 FY27 · Thesis page →
Revenue$9.8B+13.7% YoY
Net income$1.5B+41.3% YoY
Free cash flow$1.3B+120.9% YoY
Gross margin—

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$3.5B$7.1B$10.6BQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
11%14%18%21%Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+7%+9%+10%+14%Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue$8.4B$8.3B$8.9B$8.6B$9.0B$9.0B$9.8B$9.8B
YoY————+6.6%+8.7%+9.9%+13.7%
Cost of goods sold$2.9B$2.8B$3.1B$3.0B$3.1B$3.3B$3.4B$3.4B
YoY————+3.9%+17.3%+8.0%+13.8%
Gross profit————————
YoY————————
Research & development————————
YoY————————
Selling, general & administrative$2.8B$2.7B$2.7B$2.8B$3.0B$3.0B$3.1B$3.2B
YoY————+7.5%+8.8%+12.4%+14.0%
Operating income$1.6B$1.6B$1.4B$1.4B$1.7B$1.5B$1.9B$1.8B
YoY————+5.7%-11.1%+30.4%+22.1%
Pretax income$1.6B$1.5B$1.3B$1.3B$1.6B$1.4B$1.8B$1.8B
YoY————+2.4%-8.8%+45.4%+35.9%
Income tax$281.0M$237.0M$199.0M$255.0M$215.0M$254.0M$575.0M$289.0M
YoY————-23.5%+7.2%+188.9%+13.3%
Net income$1.3B$1.3B$1.1B$1.0B$1.4B$1.1B$1.2B$1.5B
YoY————+8.2%-11.7%+17.8%+41.3%
EPS — basic$0.99$1.01—$0.81$1.07$0.89—$1.15
YoY————+8.1%-11.9%—+42.0%
EPS — diluted$0.99$1.01—$0.81$1.07$0.89—$1.14
YoY————+8.1%-11.9%—+40.7%
Weighted shares — basic1.28B1.28B—1.28B1.28B1.28B—1.28B
Weighted shares — diluted1.29B1.29B—1.29B1.29B1.29B—1.29B

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Cash & equivalents$1.4B$1.2B$2.2B$1.3B$1.3B$1.1B$1.9B$1.7B
YoY————-8.0%-7.5%-12.1%+32.8%
Marketable securities (current)————————
YoY————————
Accounts receivable$6.3B$6.1B$6.5B$6.3B$6.4B$6.4B$6.6B$6.4B
YoY————+2.1%+4.0%+2.0%+1.5%
Inventory$5.5B$5.6B$5.5B$5.9B$6.2B$6.3B$6.0B$6.2B
YoY————+12.4%+12.5%+8.7%+5.6%
Total current assets$22.4B$22.5B$23.8B$23.2B$24.0B$24.1B$24.8B$24.4B
YoY————+6.9%+6.9%+4.1%+5.0%
Total assets$90.0B$90.0B$91.7B$91.0B$91.3B$91.5B$93.0B$93.3B
YoY————+1.4%+1.7%+1.5%+2.6%
Total current liabilities$12.2B$11.8B$12.9B$11.5B$9.9B$9.5B$11.7B$11.8B
YoY————-18.5%-19.8%-9.5%+2.3%
Total liabilities$41.3B$40.4B$43.4B$42.8B$42.5B$42.3B$43.0B$42.5B
YoY————+2.8%+4.8%-1.1%-0.9%
Total equity$48.5B$49.4B$48.0B$47.9B$48.7B$49.0B$49.5B$50.2B
YoY————+0.3%-0.8%+3.0%+4.9%
Shares outstanding1.28B1.28B1.28B1.28B1.28B1.28B1.28B1.28B
YoY————-0.0%+0.0%-0.1%-0.1%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Operating cash flow$958.0M$2.6B$2.5B$1.1B$925.0M$2.7B$2.6B$1.8B
YoY————-3.4%+6.7%+1.8%+64.8%
Capital expenditures$404.0M$476.0M$459.0M$504.0M$468.0M$444.0M$488.0M$503.0M
YoY————+15.8%-6.7%+6.3%-0.2%
Free cash flow$554.0M$2.1B$2.1B$584.0M$457.0M$2.3B$2.1B$1.3B
YoY————-17.5%+9.7%+0.8%+120.9%
Dividends paid————————
YoY————————
Share repurchases$288.0M$181.0M$274.0M$123.0M$372.0M$105.0M$435.0M$267.0M
YoY————+29.2%-42.0%+58.8%+117.1%

Margins & ratios

Derived from the reported dollars above — no separate source.

Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Gross margin————————
Operating margin19.0%19.9%16.1%16.8%18.8%16.2%19.1%18.1%
Net margin15.1%15.6%11.8%12.1%15.3%12.7%12.7%15.1%
Free cash flow margin6.6%25.3%23.2%6.8%5.1%25.5%21.3%13.2%
Effective tax rate18.0%15.4%15.8%19.6%13.5%18.1%31.4%16.3%
Current ratio1.84x1.90x1.85x2.01x2.42x2.54x2.13x2.07x
Total liabilities / equity0.85x0.82x0.90x0.89x0.87x0.86x0.87x0.85x

Peer comparison — latest full year

Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
MDT FY26 · this stock$36.4B+8.4%—17.8%13.2%14.9%
UNH FY25$447.6B+11.8%—4.2%2.7%3.6%
CVS FY25$402.1B+7.8%—1.2%0.4%1.9%
CI FY25$274.9B+11.2%—3.3%——
ELV FY25$199.1B+12.5%—3.6%2.8%1.6%
JNJ FY25$94.2B+6.0%67.9%—28.5%20.9%
LLY FY25$65.2B+44.7%——31.7%—
MRK FY25$65.0B+1.3%——28.1%19.0%
ABBV FY25$61.2B+8.6%—24.6%6.9%29.1%
BMY FY25$48.2B-0.2%——14.6%26.7%
TMO FY25$44.6B+3.9%—17.4%15.0%14.1%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.