Company profile
SEC EDGAR ↗- Industry
- Electromedical & Electrotherapeutic Apparatus
- Listed
- NYSE: MDT
- Headquarters
- Galway
- Fiscal year end
- Apr 24
Financials
FY2026- Revenue
- $36.4B
- Net income
- $4.80B
- Total assets
- $93.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $36.4B | $4.80B | $93.0B |
| FY2025 | $33.5B | $4.66B | $91.7B |
| FY2024 | $32.4B | $3.68B | $90.0B |
| FY2023 | $31.2B | $3.76B | $90.9B |
| FY2022 | $31.7B | $5.04B | $91.0B |
| FY2021 | $30.1B | $3.61B | $93.1B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Records on Medtronic, and the casebook each one belongs to.
| Fork date | Decision type | What Medtronic chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2014 | Market-Entry Gambit | Acquire Covidien and invert | $9.3 billion in savings, of which more than half (~$5 billion) planned to return to shareholders via buyback (2016-01) | Read the story → | Market-Entry Gambit Casebook → |
| 2025 | Adjacency Expansion | Spin off diabetes | Medtronic trimmed FY2026 EPS guidance by twelve cents after a $157 million charge MiniMed owed Blackstone (2026-03) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Medtronic faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Adjacency Expansion · Growth & Portfolio
Medtronic Bought Its Way Into Everything. The Market Just Asked It to Stop.
Medtronic ran 71 acquisitions to build the broadest portfolio in standalone medtech. Then it spun out diabetes at a $5.29B valuation — below range — and a decade of stock returns came in at ~17%. Breadth built scale; it didn't build value.
8 min
The Market-Entry Gambit · Growth & Portfolio
Medtronic's $50 Billion Covidien Deal Bought an Irish Address That Freed $13 Billion in Cash
Medtronic spent roughly $50 billion to acquire Covidien in 2015 - the largest tax inversion in U.S. history. The device portfolio was the cover story. The real asset was an Irish legal address that unlocked ~$13 billion of trapped offshore cash.
8 min
The Moat Anatomy · Moat & Competition
Medtronic's Best Moat Is a Surgeon's Hands. Some of It the DOJ Has Already Drained.
The story is that surgeons get trained on Medtronic devices and never switch. True - but the DOJ has booked four kickback settlements topping $80 million on that same training-and-payments machine. The moat is partly a function of how much enforcement tolerates.
8 min