Operating Income for Medtronic (MDT)
According to Medtronic's latest reported financial statements, the company's current operating income (TTM) is $6.34B USD. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
MDT
Currently viewingOperating IncomeSwitch metric
TTM (last 4 quarters)
$6.34B
YoY change
+15.8%
5Y CAGR
+4.4%
Peak year (2018)
$6.64B
Cumulative operating income
$116.65B
Operating Income history chart for Medtronic (MDT) from 1986 to 2025
Operating Income history table for Medtronic (MDT) from 1986 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $5.96B | +15.8% | ||
| 2024 | $5.14B | -6.2% | ||
| 2023 | $5.49B | -4.6% | ||
| 2022 | $5.75B | +28.3% | ||
| 2021 | $4.48B | -6.4% | ||
| 2020 | $4.79B | -23.6% | ||
| 2019 | $6.27B | -5.6% | ||
| 2018 | $6.64B | +23.4% | ||
| 2017 | $5.38B | +0.4% | ||
| 2016 | $5.36B | +42.4% | ||
| 2015 | $3.77B | -1.2% | ||
| 2014 | $3.81B | -13.4% | ||
| 2013 | $4.40B | -1.8% | ||
| 2012 | $4.48B | +0.5% | ||
| 2011 | $4.46B | -6.8% | ||
| 2010 | $4.79B | +38.2% | ||
| 2009 | $3.46B | -5.1% | ||
| 2008 | $3.65B | -2.4% | ||
| 2007 | $3.74B | +0.9% | ||
| 2006 | $3.71B | +7.6% | ||
| 2005 | $3.44B | +8.3% | ||
| 2004 | $3.18B | +19.9% | ||
| 2003 | $2.65B | +23.5% | ||
| 2002 | $2.15B | +14.4% | ||
| 2001 | $1.88B | +11.6% | ||
| 2000 | $1.68B | +23.8% | ||
| 1999 | $1.36B | +24.6% | ||
| 1998 | $1.09B | +19.5% | ||
| 1997 | $913.80M | +43.7% | ||
| 1996 | $636.00M | +45.8% | ||
| 1995 | $436.30M | +31.2% | ||
| 1994 | $332.60M | +12.7% | ||
| 1993 | $295.10M | +20.0% | ||
| 1992 | $246.00M | +19.2% | ||
| 1991 | $206.40M | +25.1% | ||
| 1990 | $165.00M | +27.2% | ||
| 1989 | $129.70M | -0.3% | ||
| 1988 | $130.10M | +23.1% | ||
| 1987 | $105.70M | +38.5% | ||
| 1986 | $76.30M | — |
Operating Income values are taken from Medtronic's reported income statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Medtronic (MDT) operating income totalled $5.96B – grew 15.8% year-over-year.
Through 2020–2025 (5 years), Medtronic operating income delivered a +4.4% annualised rate; with the latest reading among the more recent periods of the dataset.
Medtronic operating income declined from $6.64B in 2018 to $5.96B in 2025, a 10.3% drawdown.
The highest annual operating income of $6.64B was reported in 2018. The lowest in the available history was $76.30M in 1986.
Medtronic (MDT) sits 9th of 8 Healthcare peers we track on this metric, against a peer median of $22.84B.
Medtronic Operating Income by Year
Medtronic Operating Income 2025: $5.96B
Medtronic operating income in 2025 was $5.96B, grew 15.8% from 2024.
Medtronic Operating Income 2024: $5.14B
Medtronic operating income in 2024 was $5.14B, declined 6.2% below 2023.
Medtronic Operating Income 2023: $5.49B
Medtronic operating income in 2023 was $5.49B, edged down 4.6% below 2022.
Medtronic Operating Income 2022: $5.75B
Medtronic operating income in 2022 was $5.75B, grew 28.3% from 2021.
Medtronic Operating Income 2021: $4.48B
Medtronic operating income in 2021 was $4.48B.
See more financial history for Medtronic (MDT).
Sector peers — Operating Income
Companies in the same sector as Medtronic, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| Novo Nordisk A/S (NVO) | $127.66B | Healthcare |
| Eli Lilly and Company (LLY) | $29.70B | Healthcare |
| Merck & Co., Inc. (MRK) | $26.78B | Healthcare |
| Johnson & Johnson (JNJ) | $25.60B | Healthcare |
| AbbVie Inc. (ABBV) | $20.09B | Healthcare |
| UnitedHealth Group Incorporated (UNH) | $18.96B | Healthcare |
| AstraZeneca PLC (AZN) | $13.74B | Healthcare |
| Amgen Inc. (AMGN) | $10.68B | Healthcare |
Frequently asked questions
What is Medtronic's operating income?
- Latest reported operating income for Medtronic (MDT) is $6.34B (period ending January 23, 2026).
How has Medtronic operating income changed year-over-year?
- Medtronic (MDT) operating income changed +15.8% year-over-year on the latest annual filing.
What is the long-term growth rate of Medtronic operating income?
- Medtronic (MDT) operating income compound annual growth rate is +4.4% over the most recent 5 years available.
When did Medtronic operating income hit its highest annual value?
- Medtronic operating income reached its highest annual value of $6.64B in 2018.
What was Medtronic operating income in 2024?
- Medtronic (MDT) operating income in 2024 was $5.14B.
What was Medtronic operating income in 2025?
- Medtronic (MDT) operating income in 2025 was $5.96B.
Metrics overview
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