Filing Flows

Filing Flows › Companies › Medtronic › Cash flow

Medtronic cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.3B in Q1 FY27 · $6.1B over twelve months

Operating cash flow$1.8B
Capital spending−$503M
Free cash flow+$1.3B
Cash / net income1.2×
Cash conversion cycle163 days

Analysis

In Q1 FY27, Medtronic generated $1.8B of operating cash flow and spent $503M on capital projects, leaving free cash flow of $1.3B.

Over the twelve months to Jul 31, 2026, operating cash flow was $8.0B; the largest uses were dividends ($3.6B), capital spending ($1.9B), net borrowing (+) / repaid (−) ($1.6B); besides operations, cash came from other financing ($2.3B), shares issued ($441M); the cash balance rose by $418M.

Operating cash flow was $1.8B against net income of $1.5B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$729M, payables −$531M, inventory −$240M.

Its cash conversion cycle was 163 days (receivables 65 + inventory 175 − payables 77).

Free cash flow

Medtronic: free cash flow by quarterMedtronic: free cash flow by quarter$554MQ2 FY25$2.1BQ3 FY25$2.1BQ4 FY25$584MQ1 FY26$457MQ2 FY26$2.3BQ3 FY26$2.1BQ4 FY26$1.3BQ1 FY27
Operating cash flow less capital spending.
Medtronic: operating cash flow against capital spendingMedtronic: operating cash flow against capital spendingOperating cash flowCapital spending$958M$404MQ2 FY25$2.6B$476MQ3 FY25$2.5B$459MQ4 FY25$1.1B$504MQ1 FY26$925M$468MQ2 FY26$2.7B$444MQ3 FY26$2.6B$488MQ4 FY26$1.8B$503MQ1 FY27
Latest (Q1 FY27): Operating cash flow $1.8B, Capital spending $503M.

Capital allocation, year by year

Medtronic: where the cash came from (up) and went (down), by fiscal yearMedtronic: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $7.3BFY22: Net borrowing −$1.0MFY22: Shares issued $429MFY22: Capital spending −$1.4BFY22: Acquisitions −$91.0MFY22: Buybacks −$2.5BFY22: Dividends −$3.4B$7.8BFY22FY23: Operating cash flow $6.0BFY23: Net borrowing −$598MFY23: Shares issued $308MFY23: Capital spending −$1.5BFY23: Acquisitions −$1.9BFY23: Buybacks −$645MFY23: Dividends −$3.6B$6.3BFY23FY24: Operating cash flow $6.8BFY24: Net borrowing $1.1BFY24: Shares issued $284MFY24: Capital spending −$1.6BFY24: Acquisitions −$211MFY24: Buybacks −$2.1BFY24: Dividends −$3.7B$8.1BFY24FY25: Operating cash flow $7.0BFY25: Net borrowing $2.1BFY25: Shares issued $508MFY25: Capital spending −$1.9BFY25: Acquisitions −$98.0MFY25: Buybacks −$3.2BFY25: Dividends −$3.6B$9.7BFY25FY26: Operating cash flow $7.3BFY26: Net borrowing −$1.2BFY26: Shares issued $516MFY26: Capital spending −$1.9BFY26: Acquisitions −$406MFY26: Buybacks −$1.0BFY26: Dividends −$3.6B$7.8BFY26
Over these 5 years operating cash flow totalled $34.5B; the largest uses were dividends ($17.9B) and buybacks ($9.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.8B
Debt$28.2B
Net debt$19.3B
Due within a year$1.8B

Medtronic funds itself: free cash flow was $6.1B over the last twelve months, and $8.8B of cash and investments stands against $28.2B of debt ($1.8B due within a year, 4.9× covered by cash).

Medtronic: debt maturities by year (FY26)Medtronic: debt maturities by year (FY26)$1.8BYear 1$1.0BYear 2$2.4BYear 3$1.0BYear 4$2.1BYear 5$19.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $8.8B of cash and investments now.

Where the cash came from and went

Medtronic: sources (+) and uses (−) of cash, Q1 FY27Medtronic: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$1.8BAcquisitions−$1.2BDividends−$921MNet borrowing (+) / repaid (−)$812MCapital spending−$503MBuybacks−$267MCash drawn (+) / kept (−)$258MExchange rates−$89.0MOther investing$46.0MShares issued$20.0MOther financing$13.0M
Medtronic: sources (+) and uses (−) of cash, TTM to Q1 FY27Medtronic: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$8.0BDividends−$3.6BOther financing$2.3BCapital spending−$1.9BNet borrowing (+) / repaid (−)−$1.6BAcquisitions−$1.6BBuybacks−$1.2BShares issued$441MCash drawn (+) / kept (−)−$418MOther investing−$363MExchange rates−$71.0MNot reconciled$1.0M

From profit to cash

Medtronic: net income to operating cash flow, Q1 FY27Medtronic: net income to operating cash flow, Q1 FY27Net income$1.5BDepreciation & amortization$729MStock-based pay$125MDeferred taxes$127MOther non-cash−$29.0MInventory−$240MPayables−$531MOther operating capital−$118MOperating cash flow$1.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY276517577163
Q4 FY266016470155
Q3 FY266417472166
Q2 FY266417976167
Q1 FY266817276164
Q4 FY256416068156
Q3 FY256818276173
Q2 FY256616872163

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$1.8B−$503M−$1.2B−$267M−$921M$812M$20.0M$258M$1.3B
Q4 FY26$2.6B−$488M−$406M−$435M−$908M−$164M—−$803M$2.1B
Q3 FY26$2.7B−$444M—−$105M−$911M−$1.2B$164M$136M$2.3B
Q2 FY26$925M−$468M—−$372M−$910M$732M$160M−$9.0M$457M
Q1 FY26$1.1B−$504M—−$123M−$910M−$513M$95.0M$945M$584M
Q4 FY25$2.5B−$459M—−$274M−$897M—$108M−$978M$2.1B
Q3 FY25$2.6B−$476M−$98.0M−$181M−$897M−$1.0B$168M$154M$2.1B
Q2 FY25$958M−$404M—−$288M−$897M$557M$143M−$83.0M$554M

Medtronic: income statement and cash flow

Medtronic, Q1 FY27: revenue $9.8B (+14% year over year), operating margin 18.1%. The chart follows the revenue to costs, profit and cash.

Medtronic: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.