What is Medtronic's operating margin?

Latest reported operating margin for Medtronic (MDT) is 17.78% as of the trailing twelve months (TTM) ending April 24, 2026.

How has Medtronic operating margin changed year-over-year?

Medtronic (MDT) operating margin changed +0.0 percentage points year-over-year on the latest annual filing.

When did Medtronic operating margin hit its highest annual value?

Medtronic operating margin reached its highest annual value of 41.91% in 1998.

What was Medtronic operating margin in 2025?

Medtronic (MDT) operating margin in 2025 was 17.76%.

What was Medtronic operating margin in 2026?

Medtronic (MDT) operating margin in 2026 was 17.78%.

Medtronic (MDT) Operating Margin

TTM

17.8%

YoY change

+0.03pp

Trough year (2021)

14.9%

Peak year (1998)

41.9%

Operating Margin history chart for Medtronic (MDT) from 1986 to 2026

Latest: 17.8%

Operating Margin change chart for Medtronic (MDT) from 1986 to 2026

Latest: +0.03pp

Operating Margin history table for Medtronic (MDT) from 1986 to 2026


2026	17.8%	+0.03pp	Apr 24, 2026	Jun 3, 2026
2025	17.8%	+1.86pp	Apr 30, 2025	Jun 20, 2025
2024	15.9%	-1.67pp	Apr 30, 2024	Jun 20, 2024
2023	17.6%	-0.59pp	Apr 30, 2023	Jun 22, 2023
2022	18.2%	+3.26pp	Apr 30, 2022	Jun 23, 2022
2021	14.9%	-1.68pp	Apr 30, 2021	Jun 25, 2021
2020	16.6%	-3.94pp	Apr 30, 2020	Jun 19, 2020
2019	20.5%	-1.66pp	Apr 30, 2019	Jun 21, 2019
2018	22.2%	+4.05pp	Apr 30, 2018	Jun 22, 2018
2017	18.1%	-0.47pp	Apr 30, 2017	Jun 27, 2017
2016	18.6%	+0.01pp	Apr 30, 2016	Jun 28, 2016
2015	18.6%	-3.84pp	Apr 30, 2015	Jun 23, 2015
2014	22.4%	-4.11pp	Apr 30, 2014	Apr 30, 2014
2013	26.5%	-1.17pp	Apr 30, 2013	Apr 30, 2013
2012	27.7%	-0.29pp	Apr 30, 2012	Apr 30, 2012
2011	28.0%	-2.27pp	Apr 30, 2011	Apr 30, 2011
2010	30.3%	+6.54pp	Apr 30, 2010	Apr 30, 2010
2009	23.7%	-3.29pp	Apr 30, 2009	Apr 30, 2009
2008	27.0%	-3.39pp	Apr 30, 2008	Apr 30, 2008
2007	30.4%	-2.41pp	Apr 30, 2007	Apr 30, 2007
2006	32.8%	-1.44pp	Apr 30, 2006	Apr 30, 2006
2005	34.3%	-0.76pp	Apr 30, 2005	Apr 30, 2005
2004	35.0%	+0.39pp	Apr 30, 2004	Apr 30, 2004
2003	34.6%	+1.10pp	Apr 30, 2003	Apr 30, 2003
2002	33.5%	-0.31pp	Apr 30, 2002	Apr 30, 2002
2001	33.8%	+0.26pp	Apr 30, 2001	Apr 30, 2001
2000	33.6%	+0.67pp	Apr 30, 2000	Apr 30, 2000
1999	32.9%	-9.00pp	Apr 30, 1999	Apr 30, 1999
1998	41.9%	+4.43pp	Apr 30, 1998	Apr 30, 1998
1997	37.5%	+8.16pp	Apr 30, 1997	Apr 30, 1997
1996	29.3%	+4.28pp	Apr 30, 1996	Apr 30, 1996
1995	25.0%	+1.13pp	Apr 30, 1995	Apr 30, 1995
1994	23.9%	+1.69pp	Apr 30, 1994	Apr 30, 1994
1993	22.2%	+1.32pp	Apr 30, 1993	Apr 30, 1993
1992	20.9%	+0.69pp	Apr 30, 1992	Apr 30, 1992
1991	20.2%	+0.48pp	Apr 30, 1991	Apr 30, 1991
1990	19.7%	+2.24pp	Apr 30, 1990	Apr 30, 1990
1989	17.5%	-2.43pp	Apr 30, 1989	Apr 30, 1989
1988	19.9%	-1.14pp	Apr 30, 1988	Apr 30, 1988
1987	21.1%	+2.11pp	Apr 30, 1987	Apr 30, 1987
1986	18.9%	—	Apr 30, 1986	Apr 30, 1986

202617.8%+0.03pp
202517.8%+1.86pp
202415.9%-1.67pp
202317.6%-0.59pp
202218.2%+3.26pp
202114.9%-1.68pp
202016.6%-3.94pp
201920.5%-1.66pp
201822.2%+4.05pp
201718.1%-0.47pp
201618.6%+0.01pp
201518.6%-3.84pp
201422.4%-4.11pp
201326.5%-1.17pp
201227.7%-0.29pp
201128.0%-2.27pp
201030.3%+6.54pp
200923.7%-3.29pp
200827.0%-3.39pp
200730.4%-2.41pp
200632.8%-1.44pp
200534.3%-0.76pp
200435.0%+0.39pp
200334.6%+1.10pp
200233.5%-0.31pp
200133.8%+0.26pp
200033.6%+0.67pp
199932.9%-9.00pp
199841.9%+4.43pp
199737.5%+8.16pp
199629.3%+4.28pp
199525.0%+1.13pp
199423.9%+1.69pp
199322.2%+1.32pp
199220.9%+0.69pp
199120.2%+0.48pp
199019.7%+2.24pp
198917.5%-2.43pp
198819.9%-1.14pp
198721.1%+2.11pp
198618.9%—

Operating 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 Operating Margin at Medtronic (MDT)

According to Medtronic's latest reported financial statements, the company's latest reported operating margin is 17.8%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.

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 1986.

In 2026, Medtronic (MDT) operating margin totalled 17.78% – expanded 0.0 percentage points year-over-year.

1998 marks the peak operating margin at 41.91%, with the historical low of 14.89% recorded in 2021.

Medtronic Operating Margin by Year

Medtronic Operating Margin 2026: 17.8%

2026's operating margin for Medtronic came in at 17.78%, expanded 0.0 percentage points from 2025.

Medtronic Operating Margin 2025: 17.8%

Medtronic posted operating margin of 17.76% in 2025, expanded 1.9 percentage points from 2024.

Medtronic Operating Margin 2024: 15.9%

In 2024, Medtronic reported operating margin of 15.89%, contracted 1.7 percentage points from 2023.

Medtronic Operating Margin 2023: 17.6%

Medtronic operating margin in 2023 was 17.56%, contracted 0.6 percentage points from 2022.

Medtronic Operating Margin 2022: 18.2%

Medtronic operating margin in 2022 was 18.15%.

See more financial history for Medtronic (MDT).

Sector peers by Operating Margin

Healthcare peers of Medtronic (MDT), ranked by their latest operating margin


Eli Lilly (LLY)	45.9%
Novo Nordisk (NVO)	45.3%
Amgen (AMGN)	31.6%
AbbVie (ABBV)	27.6%
Merck & Co. (MRK)	27.6%
Johnson & Johnson (JNJ)	26.4%
AstraZeneca (AZN)	23.7%
UnitedHealth Group (UNH)	4.2%

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