Medtronic plc

Company facts

Industry

Electromedical & Electrotherapeutic Apparatus

Headquarters

Galway

Most recent report

10-Q, filed Sep 3, 2026

Filings on record

1,009+ filings

On EDGAR

CIK 1613103

Fiscal year ends

April

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 5 of 27 sections worth reading, with 0 positive, 21 notable, and 7 negative flags.

• Risk Factors (Item 1A)

  New diabetes split, remanded tax case, expanded tariffs and AI risks.
  Notable

  • GLP-1 drugs explicitly named as new competitive threat to device therapies.
  • Risk factor broadened to include scale-up challenges, site-of-service shifts, and AI competitive pressure.
  • China revenue concentration fell from 7% (prior year) to ~6% of total revenue.
  • OECD Pillar Two global minimum tax (15%) is now effective for Medtronic in fiscal year 2025.
  • Diabetes business IPO completed March 2026 for ~10% of ownership; Medtronic retains ~90%.
  Negative

  • IRS transfer-pricing case remanded to Tax Court in September 2025; no final resolution yet.

• Cybersecurity (Item 1C)

  Actual data breach disclosed, with ongoing assessment and notification timeline.
  Notable

  • Notification to affected individuals expected as early as Q1 FY2027; assessment ongoing.
  Negative

  • Data breach on April 24, 2026; unauthorized third-party accessed company IT systems.

• Management's Discussion (Item 7)

  Full-year results, tariff risk, segment trends, MiniMed IPO, and Medical Surgical goodwill at 12% headroom.
  Notable

  • Italian payback accrual swung from $90M reduction in FY2025 to a $39M increase in FY2026 net sales.
  • Diabetes revenue grew 13% to $3.1B but is being separated; International up 19%, U.S. only 1%.
  • Currency remeasurement drove a $238M net loss in FY2026 vs $3M loss in FY2025, plus a $157M royalty charge.
  • Effective tax rate jumped to 21.2% from 16.6% due to $260M net tax adjustments and Pillar Two global minimum tax.
  • Total debt $28.0B, down $0.5B; no commercial paper or Credit Facility drawn; $1.9B cash + $7.3B investments.
  • Share repurchases slowed: 10M shares at $93.25 in FY2026 vs 38M at $83.36 in FY2025; $1.2B authorization remaining.
  • MiniMed IPO in March 2026; Medtronic owns ~90% and plans to complete separation within the next fiscal year.
  • Three sizable acquisitions: CathWorks $525M, Scientia up to $925M, SPR ~$650M pending, totaling over $2B.
  Negative

  • Estimated $250M pretax net tariff impact in FY2027 after Supreme Court ruled IEEPA tariffs unconstitutional.
  • Cost of products sold rose by $185M from tariffs/duties and $84M of asset write-offs in FY2026.
  • Medical Surgical goodwill of $20B has only 12% headroom above carrying value as of FY2026, down from 20% last year.

• Financial Statements (Item 8)

  Core financials and notes: MiniMed IPO, litigation, acquisitions, segment change.
  Notable

  • Diabetes no longer a reportable segment; prior period recast. Diabetes results now in other operating segments.
  • CathWorks acquisition closed April 2026 for ~$718M total consideration (including contingent consideration).
  • Recorded $157M charge for future minimum royalty to Blackstone on FDA-approved diabetes product.
  • MiniMed IPO in March 2026 raised $538M; Medtronic owns 90.03%; plans full separation within next fiscal year.
  Negative

  • Puerto Rico tax dispute reserve stands at $2.951B; case remanded to Tax Court, parties seeking resolution.
  • Applied Medical jury awarded $382M (automatically trebled to ~$1.15B); Medtronic did not accrue a liability.

• Directors and Officers (Item 10)

  Multiple C-suite changes (GC, Neuroscience head, expanded HR role) in the period.
  Notable

  • New General Counsel Michelle Quinn replaced Ivan Fong, effective July 2025.
  • New Neuroscience Portfolio President Kweli Thompson replaced Brett Wall, effective June 2026.
  • Matthew Walter added IT and Global Communications to his HR role, now Senior VP of three functions.

What changed: FY2026 vs. FY2025

About 16% of MDT's FY2026 10-K is new information. 179 paragraphs were added, 517 changed, and 208 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 222
• Management's Discussion (Item 7) 143
• Risk Factors (Item 1A) 72
• Exhibits (Item 15) 66
• Business (Item 1) 54
• Directors and Officers (Item 10) 15
• Form 10-K Summary (Item 16) 6
• Other Information (Item 9B) 5
• Cybersecurity (Item 1C) 4
• Properties (Item 2) 1