Medtronic plc stock research
FY2026 Q4
Medtronic (MDT) Gross Margin — Quarter Ended Apr 24, 2026
For the quarter, revenue, gross profit, and gross margin all increased compared to both the prior quarter and the same quarter last year. Cost of revenue also rose, but at a slower pace than revenue, leading to an improved gross margin.
Gross margin takeaway
Quarter ended Apr 24, 2026 · FY2026 Q4
For the quarter, revenue, gross profit, and gross margin all increased compared to both the prior quarter and the same quarter last year. Cost of revenue also rose, but at a slower pace than revenue, leading to an improved gross margin.
- The primary observable driver was the increase in gross profit relative to the increase in cost of revenue, as revenue growth exceeded cost growth.
- Compared to the immediately preceding quarter, gross margin improved, driven by higher revenue and gross profit with a smaller increase in cost of revenue. Versus the same quarter one year earlier, gross margin also improved, with revenue and gross profit higher while cost of revenue increased less proportionally.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
65.4%
Gross profit
$6.4B
Revenue
$9.8B
Cost of revenue
$3.4B
Quarter-over-quarter change
+1.5 pts
Year-over-year change
+0.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jul 25, 2025 | $8.6B | $5.6B | $3.0B | 65.0% |
| Oct 24, 2025 | $9.0B | $5.9B | $3.1B | 65.8% |
| Jan 23, 2026 | $9.0B | $5.8B | $3.3B | 63.8% |
| Apr 24, 2026 | $9.8B | $6.4B | $3.4B | 65.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 23, 2026
+1.5 pts
Year-over-year change
Apr 25, 2025
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver was the increase in gross profit relative to the increase in cost of revenue, as revenue growth exceeded cost growth.
Compared to the immediately preceding quarter, gross margin improved, driven by higher revenue and gross profit with a smaller increase in cost of revenue. Versus the same quarter one year earlier, gross margin also improved, with revenue and gross profit higher while cost of revenue increased less proportionally.
Monitor the relationship between revenue growth and cost of revenue growth in future quarters to assess sustainability of margin improvement.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Medtronic plc (MDT) | 65.4% |