Medtronic plc

MDTNYSEHealthcare● Active

$81.67

$-0.26(-0.32%)

Market Cap$104.9B

P/E Ratio—

52W High$106.33

52W Low$73.31

Avg Volume9.6M

Open$82.10

Beta0.60

Free Cash Flow Financials Revenue

Medtronic plc (MDT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MDT · free cash flow · updated Jun 8, 2026

Core FCF metrics

MDT · FCF · TTM · margin & CAGR

Free cash flow was $5.43B for FY2026 (fiscal year ending 2026-04-24), up 4.6% year-over-year The FCF margin was 14.9%. Five-year CAGR stands at +2.1%.

FY2026 Free Cash Flow$5.43B▲ +4.6% YoY

Trailing 12M (TTM)$5.43Btrailing 4 quarters sum

FCF Margin14.9%$5.43B ÷ revenue

3-Year CAGR+5.8%FY2023 → FY2026

5-Year CAGR+2.1%FY2021 → FY2026

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MDT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2026Latest$7.33B(1.90B)$5.43B▲ +4.6%14.9%

FY2025$7.04B(1.86B)$5.18B▼ 0.3%15.5%

FY2024$6.79B(1.59B)$5.20B▲ +13.5%16.1%

FY2023$6.04B(1.46B)$4.58B▼ 23.4%14.7%

FY2022$7.35B(1.37B)$5.98B▲ +22.4%18.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MDT · P/FCF · FCF yield · FCF per share

Medtronic plc (MDT) trades at a FCF yield of 5.17% and a price-to-free-cash-flow ratio of 19.3x. FCF per share stands at $4.23, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.17%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$4.23

TTM FCF ÷ Shares Outstanding

Price / FCF

x19.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.3

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2026 · 2026-04-24

Cash flow statement summary

MDT · cash flow statement · operating / investing / financing

For FY2026, Medtronic plc generated $7.33B in operating cash flow and spent 1.90B in capital expenditures, yielding $5.43B in free cash flow.

Operating Activities

+$7.33B

Cash from core business operations

2026-04-24

Investing Activities

−$2.93B

CapEx, acquisitions & investments

2026-04-24

Financing Activities

−$4.75B

Buybacks, dividends & debt

2026-04-24

FCF FormulaOperating CF ($7.33B) − |CapEx| (1.90B) = FCF ($5.43B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

MDT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Medtronic plcYOU

MDT

$5.43B+4.6%14.9%

28%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Medtronic plc (MDT) reported free cash flow of $5.43B for FY2026 (fiscal year ending 2026-04-24), up 4.6% year-over-year. The FCF margin was 14.9%.

Based on available data, Medtronic plc has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $6.02B in FY2020. The 5-year CAGR stands at +2.1%.

Medtronic plc's FCF yield is 5.17% and price-to-FCF ratio is 19.3x for FY2026, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MDT free cash flow · 8 questions

Medtronic plc free cash flow was $5.43B for FY2026, up 4.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $5.43B.

MDT free cash flowMDT FCFMDT FCF 2026MDT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Medtronic plc · Medtronic plc SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026