What is Medtronic's free cash flow margin?

Latest reported free cash flow margin for Medtronic (MDT) is 14.92% as of the trailing twelve months (TTM) ending April 24, 2026.

How has Medtronic free cash flow margin changed year-over-year?

Medtronic (MDT) free cash flow margin changed −0.5 percentage points year-over-year on the latest annual filing.

When did Medtronic free cash flow margin hit its highest annual value?

Medtronic free cash flow margin reached its highest annual value of 26.83% in 2014.

What was Medtronic free cash flow margin in 2025?

Medtronic (MDT) free cash flow margin in 2025 was 15.46%.

What was Medtronic free cash flow margin in 2026?

Medtronic (MDT) free cash flow margin in 2026 was 14.92%.

Medtronic (MDT) FCF Margin — Free Cash Flow Margin History

TTM

14.9%

YoY change

−0.54pp

Trough year (1999)

-19.1%

Peak year (2014)

26.8%

FCF Margin history chart for Medtronic (MDT) from 1990 to 2026

Latest: 14.9%

FCF Margin change chart for Medtronic (MDT) from 1990 to 2026

Latest: −0.54pp

FCF Margin history table for Medtronic (MDT) from 1990 to 2026


2026	14.9%	-0.54pp	Apr 24, 2026	Jun 3, 2026
2025	15.5%	-0.61pp	Apr 30, 2025	Jun 20, 2025
2024	16.1%	+1.40pp	Apr 30, 2024	Jun 20, 2024
2023	14.7%	-4.20pp	Apr 30, 2023	Jun 22, 2023
2022	18.9%	+2.65pp	Apr 30, 2022	Jun 23, 2022
2021	16.2%	-4.60pp	Apr 30, 2021	Jun 25, 2021
2020	20.8%	+1.60pp	Apr 30, 2020	Jun 19, 2020
2019	19.2%	+7.15pp	Apr 30, 2019	Jun 21, 2019
2018	12.1%	-6.86pp	Apr 30, 2018	Jun 22, 2018
2017	18.9%	+4.47pp	Apr 30, 2017	Jun 27, 2017
2016	14.5%	-6.91pp	Apr 30, 2016	Jun 28, 2016
2015	21.4%	-5.46pp	Apr 30, 2015	Jun 23, 2015
2014	26.8%	+0.15pp	Apr 30, 2014	Apr 30, 2014
2013	26.7%	+2.87pp	Apr 30, 2013	Apr 30, 2013
2012	23.8%	+3.77pp	Apr 30, 2012	Apr 30, 2012
2011	20.0%	-2.06pp	Apr 30, 2011	Apr 30, 2011
2010	22.1%	+0.08pp	Apr 30, 2010	Apr 30, 2010
2009	22.0%	+0.69pp	Apr 30, 2009	Apr 30, 2009
2008	21.3%	+2.75pp	Apr 30, 2008	Apr 30, 2008
2007	18.6%	+10.05pp	Apr 30, 2007	Apr 30, 2007
2006	8.5%	-15.02pp	Apr 30, 2006	Apr 30, 2006
2005	23.5%	-3.10pp	Apr 30, 2005	Apr 30, 2005
2004	26.6%	+4.49pp	Apr 30, 2004	Apr 30, 2004
2003	22.1%	+3.37pp	Apr 30, 2003	Apr 30, 2003
2002	18.8%	-6.29pp	Apr 30, 2002	Apr 30, 2002
2001	25.1%	+11.11pp	Apr 30, 2001	Apr 30, 2001
2000	14.0%	+33.03pp	Apr 30, 2000	Apr 30, 2000
1999	-19.1%	-36.04pp	Apr 30, 1999	Apr 30, 1999
1998	17.0%	+5.75pp	Apr 30, 1998	Apr 30, 1998
1997	11.2%	-4.31pp	Apr 30, 1997	Apr 30, 1997
1996	15.5%	-1.14pp	Apr 30, 1996	Apr 30, 1996
1995	16.7%	-4.63pp	Apr 30, 1995	Apr 30, 1995
1994	21.3%	+5.15pp	Apr 30, 1994	Apr 30, 1994
1993	16.1%	+9.84pp	Apr 30, 1993	Apr 30, 1993
1992	6.3%	+0.35pp	Apr 30, 1992	Apr 30, 1992
1991	6.0%	-0.20pp	Apr 30, 1991	Apr 30, 1991
1990	6.2%	—	Apr 30, 1990	Apr 30, 1990

202614.9%-0.54pp
202515.5%-0.61pp
202416.1%+1.40pp
202314.7%-4.20pp
202218.9%+2.65pp
202116.2%-4.60pp
202020.8%+1.60pp
201919.2%+7.15pp
201812.1%-6.86pp
201718.9%+4.47pp
201614.5%-6.91pp
201521.4%-5.46pp
201426.8%+0.15pp
201326.7%+2.87pp
201223.8%+3.77pp
201120.0%-2.06pp
201022.1%+0.08pp
200922.0%+0.69pp
200821.3%+2.75pp
200718.6%+10.05pp
20068.5%-15.02pp
200523.5%-3.10pp
200426.6%+4.49pp
200322.1%+3.37pp
200218.8%-6.29pp
200125.1%+11.11pp
200014.0%+33.03pp
1999-19.1%-36.04pp
199817.0%+5.75pp
199711.2%-4.31pp
199615.5%-1.14pp
199516.7%-4.63pp
199421.3%+5.15pp
199316.1%+9.84pp
19926.3%+0.35pp
19916.0%-0.20pp
19906.2%—

FCF Margin values are taken from Medtronic's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.

About FCF Margin at Medtronic (MDT)

According to Medtronic's latest reported financial statements, the company's latest reported free cash flow margin is 14.9%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.

Headline figure above is from the reporting period ending April 24, 2026 (reported June 3, 2026). Chart and table below cover the full reported history back to 1990.

The 2026 reading of Medtronic (MDT) free cash flow margin is 14.92% – contracted 0.5 percentage points year-over-year.

The highest annual free cash flow margin of 26.83% was reported in 2014. The lowest in the available history was -19.07% in 1999.

Medtronic FCF Margin by Year

Medtronic FCF Margin 2026: 14.9%

2026's free cash flow margin for Medtronic came in at 14.92%, contracted 0.5 percentage points from 2025.

Medtronic FCF Margin 2025: 15.5%

Medtronic posted free cash flow margin of 15.46% in 2025, contracted 0.6 percentage points from 2024.

Medtronic FCF Margin 2024: 16.1%

In 2024, Medtronic reported free cash flow margin of 16.07%, expanded 1.4 percentage points from 2023.

Medtronic FCF Margin 2023: 14.7%

Medtronic free cash flow margin in 2023 was 14.67%, contracted 4.2 percentage points from 2022.

Medtronic FCF Margin 2022: 18.9%

Medtronic free cash flow margin in 2022 was 18.87%.

See more financial history for Medtronic (MDT).

Sector peers by FCF Margin

Healthcare peers of Medtronic (MDT), ranked by their latest free cash flow margin


AbbVie (ABBV)	33.2%
Amgen (AMGN)	23.1%
Merck & Co. (MRK)	21.5%
Eli Lilly (LLY)	18.8%
Johnson & Johnson (JNJ)	18.4%
AstraZeneca (AZN)	15.1%
Novo Nordisk (NVO)	9.4%
UnitedHealth Group (UNH)	4.4%

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