Medtronic plc (MDT) Cash Flow Statement
Where MDT’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- $7.33B +4.1% vs FY2025
- Capital expenditures
- $1.90B 5.2% of revenue
- Free cash flow
- $5.43B 14.9% margin
- Returned to shareholders
- $4.67B 86% of free cash flow
- Change in cash
- −$269.0M cash at year-end $1.95B
Cash from operations
$7.33B
Capital expenditures
−$1.90B
Investments (net)
−$620.0M
Acquisitions & other
−$410.0M
Dividends
−$3.64B
Share buybacks (net)
−$1.03B
Net borrowing (repayment)
−$1.17B
Shares issued
+$1.05B
Other financing
+$43.0M
Currency & other
+$86.0M
Change in cash
−$269.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MDT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MDT cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.88BFY2017 | $7.33BFY2026 | +0.7%/yr | |
| Capital expenditures | $1.25BFY2017 | $1.90BFY2026 | +4.7%/yr | |
| Free cash flow | $5.63BFY2017 | $5.43BFY2026 | −0.4%/yr | |
| Free cash flow margin | 18.9%FY2017 | 14.9%FY2026 | −4.0 pts | |
| Operating cash flow / net income | 1.71FY2017 | 1.52FY2026 | −0.19 | |
| Stock-based compensation | $348.0MFY2017 | $457.0MFY2026 | +3.1%/yr | |
| Dividends paid | $2.38BFY2017 | $3.64BFY2026 | +4.9%/yr | |
| Share buybacks (net) | $3.54BFY2017 | $1.03BFY2026 | −12.8%/yr | |
| Capex / revenue | 4.2%FY2017 | 5.2%FY2026 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDT cash flow by activity
OperatingInvestingFinancingChange in cash
MDT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MDT cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.84B | $4.69B | $3.68B | $3.78B | $5.06B | $3.63B | $4.81B | $4.65B | $3.10B | $4.02B |
| Depreciation & amortization | $2.96B | $2.86B | $2.65B | $2.70B | $2.71B | $2.70B | $2.66B | $2.66B | $2.64B | $2.92B |
| Stock-based compensation | $457.0M | $429.0M | $393.0M | $355.0M | $359.0M | $344.0M | $297.0M | $290.0M | $344.0M | $348.0M |
| Change in working capital | −$1.42B | −$1.05B | −$484.0M | −$967.0M | −$889.0M | −$701.0M | $61.0M | −$1.08B | −$173.0M | $139.0M |
| Other non-cash items | $501.0M | $117.0M | $555.0M | $170.0M | $107.0M | $265.0M | −$593.0M | $488.0M | −$1.23B | −$548.0M |
| Cash from operating activities | $7.33B | $7.04B | $6.79B | $6.04B | $7.35B | $6.24B | $7.23B | $7.01B | $4.68B | $6.88B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.90B | −$1.86B | −$1.59B | −$1.46B | −$1.37B | −$1.35B | −$1.21B | −$1.13B | −$1.07B | −$1.25B |
| Investments (net) | −$620.0M | −$1.94B | −$2.37B | −$3.49B | −$190.0M | −$463.0M | −$1.47B | $2.53B | $5.86B | −$1.57B |
| Acquisitions & other investing | −$410.0M | $1.86B | $1.59B | $1.46B | −$101.0M | −$1.05B | −$525.0M | −$2.17B | $1.07B | $1.25B |
| Cash from investing activities | −$2.93B | −$1.94B | −$2.37B | −$3.49B | −$1.66B | −$2.87B | −$3.20B | −$774.0M | $5.86B | −$1.57B |
| Financing activities | ||||||||||
| Dividends paid | −$3.64B | −$3.59B | −$3.67B | −$3.62B | −$3.38B | −$3.12B | −$2.89B | −$2.69B | −$2.49B | −$2.38B |
| Share repurchases & issuance (net) | −$1.03B | −$3.23B | −$2.14B | −$645.0M | −$2.54B | −$652.0M | −$1.33B | −$2.88B | −$2.17B | −$3.54B |
| Net borrowing (repayment) | −$1.17B | $2.14B | $1.07B | −$598.0M | −$1.0M | −$570.0M | −$559.0M | −$713.0M | −$7.60B | $2.18B |
| Shares issued | $1.05B | $508.0M | $284.0M | $308.0M | $429.0M | $474.0M | $662.0M | $992.0M | $0 | $0 |
| Other financing | $43.0M | −$184.0M | −$3.0M | −$409.0M | $163.0M | −$267.0M | −$81.0M | −$140.0M | $309.0M | $454.0M |
| Cash from financing activities | −$4.75B | −$4.36B | −$4.45B | −$4.96B | −$5.34B | −$4.14B | −$4.20B | −$5.43B | −$11.95B | −$3.28B |
| Summary | ||||||||||
| Net change in cash | −$269.0M | $934.0M | −$259.0M | −$2.17B | $121.0M | −$547.0M | −$253.0M | $724.0M | −$1.30B | $2.09B |
| Cash at end of period | $1.95B | $2.22B | $1.28B | $1.54B | $3.71B | $3.59B | $4.14B | $4.39B | $3.67B | $4.97B |
| Free cash flow | $5.43B | $5.18B | $5.20B | $4.58B | $5.98B | $4.88B | $6.02B | $5.87B | $3.62B | $5.63B |
| Free cash flow margin | 14.9% | 15.5% | 16.1% | 14.7% | 18.9% | 16.2% | 20.8% | 19.2% | 12.1% | 18.9% |
| Capex / revenue | 5.2% | 5.5% | 4.9% | 4.7% | 4.3% | 4.5% | 4.2% | 3.7% | 3.6% | 4.2% |
| Operating cash flow / net income | 1.52 | 1.50 | 1.85 | 1.60 | 1.45 | 1.72 | 1.51 | 1.51 | 1.51 | 1.71 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.48B | $1.27B | $1.14B | $1.37B | $1.05B | $1.06B | $1.29B | $1.28B | $1.04B | $654.0M | $1.32B | $911.0M |
| Depreciation & amortization | $729.0M | $625.0M | $749.0M | $745.0M | $748.0M | $840.0M | $684.0M | $675.0M | $662.0M | $654.0M | $649.0M | $672.0M |
| Stock-based compensation | $125.0M | $95.0M | $94.0M | $182.0M | $86.0M | $89.0M | $98.0M | $159.0M | $83.0M | $90.0M | $84.0M | $146.0M |
| Change in working capital | −$665.0M | $444.0M | $702.0M | −$1.42B | −$1.15B | $450.0M | $462.0M | $905.0M | −$905.0M | $924.0M | $510.0M | −$1.09B |
| Other non-cash items | $125.0M | $136.0M | $56.0M | $46.0M | $354.0M | $92.0M | $34.0M | −$2.06B | $104.0M | $455.0M | −$91.0M | $27.0M |
| Cash from operating activities | $1.79B | $2.57B | $2.74B | $925.0M | $1.09B | $2.53B | $2.57B | $958.0M | $986.0M | $2.78B | $2.47B | $661.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$503.0M | −$488.0M | −$444.0M | −$468.0M | −$504.0M | −$459.0M | −$476.0M | −$404.0M | −$520.0M | −$426.0M | −$346.0M | −$461.0M |
| Investments (net) | $19.0M | −$30.0M | −$347.0M | −$482.0M | −$719.0M | −$490.0M | −$843.0M | −$345.0M | −$259.0M | −$696.0M | −$707.0M | −$424.0M |
| Acquisitions & other investing | −$1.14B | −$399.0M | −$25.0M | $468.0M | $504.0M | $459.0M | $476.0M | $404.0M | $520.0M | $426.0M | $346.0M | $461.0M |
| Cash from investing activities | −$1.62B | −$917.0M | −$816.0M | −$482.0M | −$719.0M | −$490.0M | −$843.0M | −$345.0M | −$259.0M | −$696.0M | −$707.0M | −$424.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$921.0M | −$908.0M | −$911.0M | −$910.0M | −$910.0M | −$897.0M | −$897.0M | −$897.0M | −$898.0M | −$913.0M | −$917.0M | −$918.0M |
| Share repurchases & issuance (net) | −$267.0M | −$435.0M | −$105.0M | −$372.0M | −$123.0M | −$274.0M | −$181.0M | −$288.0M | −$2.49B | −$1.63B | −$132.0M | −$226.0M |
| Net borrowing (repayment) | $812.0M | −$164.0M | −$1.23B | $732.0M | −$513.0M | $0 | −$1.00B | $557.0M | — | — | — | $821.0M |
| Shares issued | $20.0M | $635.0M | $164.0M | $160.0M | $95.0M | $108.0M | $168.0M | $143.0M | $89.0M | $78.0M | $57.0M | $72.0M |
| Other financing | $13.0M | −$16.0M | −$6.0M | −$5.0M | $70.0M | −$280.0M | $160.0M | −$49.0M | $2.57B | $104.0M | −$508.0M | $161.0M |
| Cash from financing activities | −$343.0M | −$888.0M | −$2.09B | −$395.0M | −$1.38B | −$1.34B | −$1.75B | −$534.0M | −$731.0M | −$2.36B | −$1.50B | −$90.0M |
| Summary | ||||||||||||
| Net change in cash | −$258.0M | $802.0M | −$135.0M | $9.0M | −$945.0M | $978.0M | −$154.0M | $83.0M | $27.0M | −$339.0M | $312.0M | −$28.0M |
| Cash at end of period | $1.69B | $1.95B | $1.15B | $1.28B | $1.27B | $2.22B | $1.24B | $1.39B | $1.31B | $1.28B | $1.62B | $1.31B |
| Free cash flow | $1.29B | $2.08B | $2.30B | $457.0M | $584.0M | $2.07B | $2.10B | $554.0M | $466.0M | $2.35B | $2.13B | $200.0M |
| Free cash flow margin | 13.2% | 21.3% | 25.5% | 5.1% | 6.8% | 23.2% | 25.3% | 6.6% | 5.9% | 27.4% | 26.3% | 2.5% |
| Capex / revenue | 5.2% | 5.0% | 4.9% | 5.2% | 5.9% | 5.1% | 5.7% | 4.8% | 6.6% | 5.0% | 4.3% | 5.8% |
| Operating cash flow / net income | 1.21 | 2.02 | 2.40 | 0.67 | 1.04 | 2.39 | 1.99 | 0.75 | 0.95 | 4.25 | 1.87 | 0.73 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MDT cash generation
In fiscal 2026 (ended April 30, 2026), Medtronic generated $7.3 billion of cash from operations (up 4.1%) and spent $1.9 billion on capital expenditures, leaving free cash flow of $5.4 billion, 14.9% of revenue. It returned $4.7 billion to shareholders through dividends ($3.6 billion) and net share buybacks ($1.0 billion). Cash and equivalents fell by $269.0 million over the year.
Related: MDT income statement, MDT balance sheet, MDT dividend history. See the MDT stock overview for the latest quote and news.
MDT cash flow FAQ
What is Medtronic's free cash flow?
Medtronic's free cash flow was $5.4 billion in fiscal 2026: $7.3 billion of operating cash flow minus $1.9 billion of capital expenditures It was $5.2 billion a year earlier..
How much cash does Medtronic generate from operations?
Medtronic generated $7.3 billion of cash from operating activities in fiscal 2026, 1.52 times its net income of $4.8 billion.
How much does Medtronic spend on capital expenditures?
Medtronic spent $1.9 billion on capital expenditures in fiscal 2026, 5.2% of revenue, compared with $1.9 billion the year before.
How much stock does Medtronic buy back?
Medtronic spent $1.0 billion on net share repurchases in fiscal 2026.
How much does Medtronic pay in dividends?
Medtronic paid $3.6 billion in dividends in fiscal 2026, 67.1% of free cash flow.