Medtronic (MDT) Operating Expenses (2014 - 2026)
Medtronic (MDT) reported Operating Expenses of $4.06 billion for fiscal Q1 2027 (quarter ended Jul 31, 2026), up 12.8% from $3.6 billion a year earlier and up 5.5% from the prior quarter.
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Analysis
Medtronic (MDT) Operating Expenses (2014 - 2026) Analysis & Trends
Over the twelve months ended Jul 31, 2026, Medtronic's Operating Expenses came in at $15.49 billion, up 9.8% year-over-year; for FY2026 (ended Apr 24, 2026), it came in at $15.03 billion, up 8.1% from FY2025.
- Operating Expenses has increased for six consecutive fiscal years, with a five-year compound annual growth rate of 2.7% (FY2021 to FY2026).
- By fiscal year, Operating Expenses came in at $13.9 billion in FY2025 (+0.3%), $13.86 billion in FY2024 (+0.7%), $13.76 billion in FY2023 (+2.9%) and $13.37 billion in FY2022 (+1.5%).
- The fiscal Q1 2027 figure ranks as the highest quarterly Operating Expenses since fiscal Q4 2015.
- Year over year, Operating Expenses has now increased in each of the last five quarters, with growth averaging 5.2% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was fiscal Q1 2027 (growth of 12.8%); the low point was fiscal Q1 2023 (a decline of 17.1%).
- Per Business Quant data, the three fiscal quarters before Q1 2027 came in at $3.85 billion (Q4 2026), $3.85 billion (Q3 2026) and $3.73 billion (Q2 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 250.84 Bn | 229.99 Bn | 4.88 Bn | 9.91 Bn |
| 2 | Abbott Laboratories | 174.73 Bn | 145.82 Bn | 7.27 Bn | 10.90 Bn |
| 3 | Danaher | 159.85 Bn | 143.67 Bn | 3.61 Bn | 2.48 Bn |
| 4 | Intuitive Surgical | 146.79 Bn | 126.35 Bn | 1.96 Bn | 988.50 Mn |
| 5 | Medtronic | 114.54 Bn | 80.41 Bn | 6.34 Bn | 4.06 Bn |
| 6 | Stryker | 105.67 Bn | 91.79 Bn | 4.50 Bn | 2.84 Bn |
| 7 | Boston Scientific | 63.93 Bn | 58.94 Bn | 3.85 Bn | 2.67 Bn |
| 8 | Becton Dickinson | 50.12 Bn | 47.27 Bn | 2.32 Bn | 4.32 Bn |
| 9 | Edwards Lifesciences | 50.06 Bn | 34.17 Bn | 1.35 Bn | 840.10 Mn |
| 10 | Agilent Technologies | 49.40 Bn | 42.29 Bn | 1.04 Bn | 1.43 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 4.06 Bn |
| Apr 24, 2026 | 3.85 Bn |
| Jan 23, 2026 | 3.85 Bn |
| Oct 24, 2025 | 3.73 Bn |
| Jul 25, 2025 | 3.60 Bn |
| Apr 25, 2025 | 3.57 Bn |
| Jan 24, 2025 | 3.44 Bn |
| Oct 25, 2024 | 3.50 Bn |
| Jul 26, 2024 | 3.39 Bn |
| Apr 26, 2024 | 3.74 Bn |
| Jan 26, 2024 | 3.42 Bn |
| Oct 27, 2023 | 3.48 Bn |
| Jul 28, 2023 | 3.37 Bn |
| Apr 28, 2023 | 3.56 Bn |
| Jan 27, 2023 | 3.41 Bn |
| Oct 28, 2022 | 3.39 Bn |
| Jul 29, 2022 | 3.34 Bn |
| Apr 29, 2022 | 3.32 Bn |
| Jan 28, 2022 | 3.31 Bn |
| Oct 29, 2021 | 3.37 Bn |
API Access
Medtronic Operating Expenses 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=operating-expenses&ticker=MDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=MDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();