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% |
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.