Medtronic (MDT) Cost of Revenue (2014 - 2026)
Medtronic (MDT) reported Cost of Revenue of $3.42 billion for fiscal Q1 2027 (quarter ended Jul 31, 2026), up 13.8% from $3 billion a year earlier and up 0.5% from the prior quarter.
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Analysis
Medtronic (MDT) Cost of Revenue (2014 - 2026) Analysis & Trends
Over the twelve months ended Jul 31, 2026, Medtronic's Cost of Revenue came in at $13.14 billion, up 10.6% year-over-year; for FY2026 (ended Apr 24, 2026), it was $12.72 billion, up 9.4% from FY2025.
- Cost of Revenue has increased for four consecutive fiscal years, with a five-year compound annual growth rate of 3.9% (FY2021 to FY2026).
- By fiscal year, Cost of Revenue came in at $11.63 billion in FY2025 (+3.7%), $11.22 billion in FY2024 (+4.6%), $10.72 billion in FY2023 (+5.7%) and $10.15 billion in FY2022 (-3.2%).
- The fiscal Q1 2027 figure ranks as the highest quarterly Cost of Revenue in data going back to fiscal Q1 2015.
- Year over year, Cost of Revenue has now increased in each of the last six quarters, with growth averaging 7.7% over the last eight quarters.
- The high point for year-over-year Cost of Revenue in five years was fiscal Q3 2026 (growth of 17.3%); the low point was fiscal Q2 2022 (a decline of 7.7%).
- Per Business Quant data, the three fiscal quarters before Q1 2027 came in at $3.4 billion (Q4 2026), $3.26 billion (Q3 2026) and $3.06 billion (Q2 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 242.18 Bn | 221.33 Bn | 4.88 Bn | 7.11 Bn |
| 2 | Abbott Laboratories | 168.71 Bn | 139.79 Bn | 7.27 Bn | 5.33 Bn |
| 3 | Danaher | 150.46 Bn | 134.27 Bn | 3.61 Bn | 2.65 Bn |
| 4 | Intuitive Surgical | 138.71 Bn | 118.26 Bn | 1.96 Bn | 931.90 Mn |
| 5 | Medtronic | 110.54 Bn | 76.41 Bn | 6.34 Bn | 3.42 Bn |
| 6 | Stryker | 105.66 Bn | 91.78 Bn | 4.50 Bn | 2.09 Bn |
| 7 | Boston Scientific | 61.74 Bn | 56.75 Bn | 3.85 Bn | 1.59 Bn |
| 8 | Edwards Lifesciences | 49.09 Bn | 33.21 Bn | 1.35 Bn | 392.40 Mn |
| 9 | Becton Dickinson | 48.16 Bn | 45.31 Bn | 2.32 Bn | 2.67 Bn |
| 10 | Agilent Technologies | 47.29 Bn | 40.18 Bn | 1.04 Bn | 836.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 3.42 Bn |
| Apr 24, 2026 | 3.40 Bn |
| Jan 23, 2026 | 3.26 Bn |
| Oct 24, 2025 | 3.06 Bn |
| Jul 25, 2025 | 3.00 Bn |
| Apr 25, 2025 | 3.15 Bn |
| Jan 24, 2025 | 2.78 Bn |
| Oct 25, 2024 | 2.95 Bn |
| Jul 26, 2024 | 2.76 Bn |
| Apr 26, 2024 | 3.04 Bn |
| Jan 26, 2024 | 2.78 Bn |
| Oct 27, 2023 | 2.76 Bn |
| Jul 28, 2023 | 2.63 Bn |
| Apr 28, 2023 | 2.98 Bn |
| Jan 27, 2023 | 2.69 Bn |
| Oct 28, 2022 | 2.54 Bn |
| Jul 29, 2022 | 2.52 Bn |
| Apr 29, 2022 | 2.59 Bn |
| Jan 28, 2022 | 2.46 Bn |
| Oct 29, 2021 | 2.50 Bn |
API Access
Medtronic Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MDT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();