MDT · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
Medtronic plc · 2026-09-03 · Importance 54 · Surprise 14 · No source text
Cash and cash equivalents were $1.7 billion and current investments were $7.1 billion at July 31, 2026. Total debt was $28.2 billion, up from $28.0 billion at April 24, 2026, primarily because of higher short-term borrowings. The company had $450 million of commercial paper outstanding, no borrowings under its $3.5 billion credit facility, and access to a further $1.0 billion of capacity under that facility. Standard & Poor’s and Moody’s maintained Medtronic’s ratings at A/A-1 and A3/P-2, respectively, and Medtronic remained in compliance with its credit-facility covenants.
Key facts
- Medtronic plc and Medtronic Global Holdings S.C.A. (Medtronic Luxco) each have provided full and unconditional guarantees of the obligations of Medtronic, Inc. under the Senior Notes. source
- Medtronic plc and Medtronic Luxco each have provided full and unconditional guarantees of the obligations of Covidien International Finance S.A. (CIFSA) under the CIFSA Senior Notes. source
- Medtronic plc and Medtronic, Inc. each have provided a full and unconditional guarantee of the obligations of Medtronic Luxco under the Senior Notes (Medtronic Luxco Senior Notes). source
- The guarantees of the CIFSA Senior Notes are in addition to the guarantees of the CIFSA Senior Notes by Covidien Ltd. and Covidien Group Holdings Ltd., both wholly-owned subsidiary guarantors. source
- During the three months ended July 25, 2025, the Company repaid at maturity €1.0 billion of Medtronic Luxco Senior Notes for $1.2 billion total consideration. source
- Medtronic maintains multicurrency commercial paper programs with a maximum aggregate amount outstanding at any time of $3.5 billion and had $450 million outstanding at July 31, 2026 and no commercial paper outstanding at April 24, 2026. source
- Medtronic has a $3.5 billion five-year syndicated credit facility which expires in December 2030 and provides the ability to increase borrowing capacity by an additional $1.0 billion at any time during the term. source
- For the three months ended July 31, 2026, the Medtronic & Medtronic Luxco Senior Notes obligor group had operating loss of $79 million, income (loss) before income taxes of $(158) million, and net loss attributable to Medtronic of $(188) million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.0% | At July 31, 2026, total current liabilities for the Medtronic & Medtronic Luxco Senior Notes obligor group were $28,124 million and for… |
| net_income | negative | realized | -1.9% | For the three months ended July 31, 2026, the Medtronic & Medtronic Luxco Senior Notes obligor group had operating loss of $79 million,… |
| liability | negative | realized | -1.4% | Cash used in financing activities for the three months ended July 31, 2026 was $343 million compared to $1,381 million for the three… |
| net_income | negative | realized | -1.4% | For the three months ended July 31, 2026, the CIFSA Senior Notes obligor group had operating loss of $32 million, income (loss) before… |
| liability | negative | realized | -1.2% | At July 31, 2026, total current liabilities for the Medtronic & Medtronic Luxco Senior Notes obligor group were $28,124 million and for… |
| cash | positive | realized | +1.1% | Cash used in financing activities for the three months ended July 31, 2026 was $343 million compared to $1,381 million for the three… |
| liability | positive | realized | +1.0% | At July 31, 2026, total noncurrent liabilities for the Medtronic & Medtronic Luxco Senior Notes obligor group were $35,350 million and for… |
| operating_income | negative | realized | -0.8% | For the three months ended July 31, 2026, the Medtronic & Medtronic Luxco Senior Notes obligor group had operating loss of $79 million,… |
| assets | negative | realized | -0.6% | At July 31, 2026, total current assets for the Medtronic & Medtronic Luxco Senior Notes obligor group were $21,243 million and for the… |
| liability | negative | realized | -0.5% | Medtronic maintains multicurrency commercial paper programs with a maximum aggregate amount outstanding at any time of $3.5 billion and… |
| liability | positive | realized | +0.5% | At July 31, 2026, total noncurrent liabilities for the Medtronic & Medtronic Luxco Senior Notes obligor group were $35,350 million and for… |
| operating_income | negative | realized | -0.3% | For the three months ended July 31, 2026, the CIFSA Senior Notes obligor group had operating loss of $32 million, income (loss) before… |