---
title: "Medtronic: Business Model"
description: "Medtronic revenue by business segment from its fiscal 2026 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/medtronic/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Medtronic: Business Model & Revenue Engine

## Direct Answer

Medtronic reports revenue across 5 business segments in its fiscal 2026 Form 10-K. Cardiovascular is the largest, with $14.0 billion of revenue (38% of the total), followed by Neuroscience Group at $10.3 billion (28%).

## How Does Medtronic Make Money?

No single line supplies a majority of revenue: the largest, Cardiovascular, is 38%, which spreads Medtronic's exposure across several demand drivers. Between fiscal 2025 and 2026, Diabetes Group grew fastest (+13.0%) and Other Operating Segment Misc slowest (-1.5%), so the revenue mix tilts toward Diabetes Group while that gap lasts.

| Segment | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Cardiovascular | $14.0 billion | $12.5 billion | 38.4% | 12.0% |
| Neuroscience Group | $10.3 billion | $9.8 billion | 28.3% | 4.5% |
| Medical Surgical | $8.8 billion | $8.4 billion | 24.2% | 4.9% |
| Diabetes Group | $3.1 billion | $2.8 billion | 8.6% | 13.0% |
| Other Operating Segment Misc | $135 million | $137 million | 0.4% | -1.5% |

![Bar chart of Medtronic revenue by segment for fiscal 2026: Cardiovascular 38.4%, Neuroscience Group 28.3%, Medical Surgical 24.2%, Diabetes Group 8.6%, Other Operating Segment Misc 0.4%.](https://www.getswoopr.com/images/charts/medtronic-business-model-segment-mix.webp)
*Medtronic revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Medtronic Segments Earn the Most?

| Segment | FY2026 segment operating income | Segment margin |
| --- | --- | --- |
| Cardiovascular | $3.7 billion | 26.3% |
| Neuroscience Group | $3.1 billion | 29.8% |
| Medical Surgical | $2.1 billion | 24.1% |

Segment operating income is the profit measure Medtronic reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Medtronic more safely than against another company.

## What the Segment Figures Do Not Show

The rows above add up to 100% of Medtronic's reported revenue for fiscal 2026; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Medtronic reported in the segment note and revenue disclosures of its Form 10-K filed June 18, 2026 (accession 0001628280-26-044354), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2026; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Medtronic's business segments?

In its fiscal 2026 Form 10-K, Medtronic reports revenue for Cardiovascular, Neuroscience Group, Medical Surgical, Diabetes Group and Other Operating Segment Misc.

### Which part of Medtronic brings in the most revenue?

Cardiovascular, with $14.0 billion of revenue in fiscal 2026, or 38% of the total.

### Where does Medtronic report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed June 18, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Medtronic plc Form 10-K filed June 18, 2026](https://www.sec.gov/Archives/edgar/data/1613103/000162828026044354/mdt-20260424.htm)
- [SEC EDGAR: Medtronic plc annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1613103&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Medtronic company dossier](https://www.getswoopr.com/stocks/companies/medtronic/)
- [Medtronic financial metrics](https://www.getswoopr.com/stocks/companies/medtronic/metrics/)
- [Medtronic financial risk indicators](https://www.getswoopr.com/stocks/companies/medtronic/risks/)
- [Medtronic peer comparison](https://www.getswoopr.com/stocks/companies/medtronic/competitors/)
- [Medtronic business model and revenue mix](https://www.getswoopr.com/stocks/companies/medtronic/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).