The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed) due to MiniMed's financials being prepared on a carve out basis through the date of the company's initial public offering (IPO) and on a standalone basis post IPO.

MEDTRONIC PLC

WORLDWIDE REVENUE⁽¹⁾

(Unaudited)

FIRST QUARTER⁽²⁾

REPORTED

ORGANIC

(in millions)

FY27

FY26

Growth

Currency
Impact⁽⁷⁾

FY27⁽⁸⁾

FY26⁽⁸⁾

Growth

Cardiovascular⁽³⁾

$ 3,927

$ 3,285

19.5 %

$ 21

$ 3,906

$ 3,285

18.9 %

Electrophysiology Therapies

2,218

1,712

29.5

8

2,210

1,712

29.1

Interventional Cardiology Therapies

894

834

7.2

6

889

834

6.5

CardioVascular Surgery

477

436

9.3

5

472

436

8.1

Peripheral Vascular Health

338

302

11.6

2

336

302

11.0

Neuroscience⁽³⁾

2,678

2,427

10.3

6

2,653

2,427

9.3

Cranial & Spinal Technologies

1,365

1,211

12.8

(2)

1,367

1,211

12.9

Specialty Therapies

774

702

10.2

6

754

702

7.4

Neuromodulation⁽³⁾

539

514

4.7

2

531

514

3.3

Medical Surgical⁽³⁾

2,279

2,073

10.0

15

2,265

2,056

10.2

Surgical & Endoscopy⁽³⁾

1,740

1,601

8.7

14

1,726

1,584

9.0

Acute Care & Monitoring

539

471

14.4

1

538

471

14.2

Total Reportable Segments

8,884

7,785

14.1

43

8,823

7,768

13.6

Diabetes⁽⁴⁾

843

721

16.9

14

829

721

14.9

Other⁽⁵⁾

29

72

NM⁽⁶⁾

—

—

—

—

TOTAL

$ 9,756

$ 8,578

13.7 %

$ 57

$ 9,652

$ 8,489

13.7 %

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results. While it is difficult to calculate the impact of the extra week, the Company estimates the extra week benefited first quarter organic growth by approximately $570 million.

(3)

In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally, there was a product line that moved from the Medical Surgical Portfolio in the Surgical & Endoscopy division to the Neuroscience Portfolio in the Neuromodulation division. Prior year net sales has been recast to conform to the current year presentation.

(4)

The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed's financials being prepared on a carve out basis through the date of the company's initial public offering (IPO) and on a standalone basis post IPO.

(5)

Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian Government for years 2015 to 2018.

(6)

Not meaningful (NM).

(7)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(8)

The three months ended July 31, 2026 excludes $104 million of revenue adjustments, including $29 million of inorganic revenue for the transition activity noted in (5), $14 million of inorganic revenue related to the Scientia Vascular (Scientia) acquisition in the Specialty Therapies division, $5 million of inorganic revenue related to the SPR Therapeutics, Inc. (SPR) acquisition in the Neuromodulation division, and $57 million of favorable currency impact on the remaining net sales. The three months ended July 25, 2025 excludes $89 million of revenue adjustments, including $33 million of inorganic revenue for the transition activity noted in (5), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (5), and $17 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

MEDTRONIC PLC

U.S. REVENUE⁽¹⁾⁽²⁾

(Unaudited)

FIRST QUARTER⁽³⁾

REPORTED

ORGANIC

(in millions)

FY27

FY26

Growth

FY27⁽⁷⁾

FY26⁽⁷⁾

Growth

Cardiovascular⁽⁴⁾

$ 1,853

$ 1,479

25.3 %

$ 1,853

$ 1,479

25.3 %

Electrophysiology Therapies

1,177

834

41.2

1,177

834

41.2

Interventional Cardiology Therapies

294

296

(0.8)

294

296

(0.8)

CardioVascular Surgery

186

170

9.6

186

170

9.6

Peripheral Vascular Health

196

180

9.2

196

180

9.2

Neuroscience

1,813

1,624

11.7

1,795

1,624

10.5

Cranial & Spinal Technologies

1,016

890

14.1

1,016

890

14.1

Specialty Therapies

447

393

13.8

434

393

10.4

Neuromodulation

350

341

2.6

345

341

1.2

Medical Surgical

982

884

11.1

982

884

11.1

Surgical & Endoscopy

671

622

7.9

671

622

7.9

Acute Care & Monitoring

311

263

18.5

311

263

18.5

Total Reportable Segments

4,649

3,988

16.6

4,630

3,988

16.1

Diabetes⁽⁵⁾

240

217

10.6

240

217

10.6

Other⁽⁶⁾

17

20

(12.1)

—

—

—

TOTAL

$ 4,906

$ 4,224

16.1 %

$ 4,870

$ 4,205

15.8 %

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

U.S. includes the United States and U.S. territories.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(3)

Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results.

(4)

In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Prior year net sales has been recast to conform to the current year presentation.

(5)

The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed's financials being prepared on a carve out basis through the date of the company's initial public offering (IPO) and on a standalone basis post IPO.

(6)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.

(7)

The three months ended July 31, 2026 excludes $36 million of revenue adjustments, including $17 million of inorganic revenue for the transition activity noted in (6), $14 million of inorganic revenue related to the Scientia acquisition in the Specialty Therapies division, and $5 million of inorganic revenue related to the SPR acquisition in the Neuromodulation division. The three months ended July 25, 2025 excludes $20 million of revenue adjustments, including $20 million of inorganic revenue for the transition activity noted in (6).

MEDTRONIC PLC

INTERNATIONAL REVENUE⁽¹⁾

(Unaudited)

FIRST QUARTER⁽²⁾

REPORTED

ORGANIC

(in millions)

FY27

FY26

Growth

Currency
Impact⁽⁷⁾

FY27⁽⁸⁾

FY26⁽⁸⁾

Growth

Cardiovascular⁽³⁾

$ 2,074

$ 1,806

14.8 %

$ 21

$ 2,053

$ 1,806

13.7 %

Electrophysiology Therapies

1,041

878

18.5

8

1,033

878

17.6

Interventional Cardiology Therapies

601

538

11.6

6

595

538

10.5

CardioVascular Surgery

291

266

9.2

5

285

266

7.2

Peripheral Vascular Health

142

123

15.3

2

140

123

13.7

Neuroscience⁽³⁾

864

803

7.6

6

858

803

6.8

Cranial & Spinal Technologies

349

320

9.0

(2)

351

320

9.5

Specialty Therapies

326

309

5.6

6

321

309

3.7

Neuromodulation⁽³⁾

189

174

8.9

2

186

174

7.4

Medical Surgical⁽³⁾

1,297

1,188

9.2

15

1,282

1,171

9.5

Surgical & Endoscopy⁽³⁾

1,070

980

9.2

14

1,055

963

9.6

Acute Care & Monitoring

228

209

9.2

1

227

209

8.8

Total Reportable Segments

4,236

3,797

11.5

43

4,193

3,780

10.9

Diabetes⁽⁴⁾

603

504

19.6

14

589

504

16.8

Other⁽⁵⁾

12

53

NM⁽⁶⁾

—

—

—

—

TOTAL

$ 4,850

$ 4,354

11.4 %

$ 57

$ 4,782

$ 4,284

11.6 %

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Fiscal year 2027 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported first quarter results.

(3)

In fiscal year 2027, the Cardiovascular Portfolio divisions transitioned from Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular to Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery, and Peripheral Vascular Health. Additionally, there was a product line that moved from the Medical Surgical Portfolio in the Surgical & Endoscopy division to the Neuroscience Portfolio in the Neuromodulation division. Prior year net sales has been recast to conform to the current year presentation.

(4)

The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone Medtronic due to MiniMed's financials being prepared on a carve out basis through the date of the company's initial public offering (IPO) and on a standalone basis post IPO.

(5)

Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian Government for years 2015 to 2018.

(6)

Not meaningful (NM).

(7)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(8)

The three months ended July 31, 2026 excludes $68 million of revenue adjustments, including $12 million of inorganic revenue for the transition activity noted in (5) and $57 million of favorable currency impact on the remaining net sales. The three months ended July 25, 2025 excludes $70 million of revenue adjustments, including $14 million of inorganic revenue related to the transition activity noted in (5), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (5), and $17 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

MEDTRONIC PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three months ended

(in millions, except per share data)

July 31, 2026

July 25, 2025

Net sales

$ 9,756

$ 8,578

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

3,416

3,001

Research and development expense

771

726

Selling, general, and administrative expense

3,198

2,806

Amortization of intangible assets

412

459

Restructuring charges, net

72

45

Certain litigation charges, net

—

27

Other operating expense (income), net

123

70

Operating profit

1,764

1,445

Other non-operating expense (income), net

(190)

(33)

Interest expense, net

186

176

Income before income taxes

1,769

1,302

Income tax provision

289

255

Net income

1,479

1,047

Net income attributable to noncontrolling interests

(9)

(7)

Net income attributable to Medtronic

$ 1,470

$ 1,040

Basic earnings per share

$ 1.15

$ 0.81

Diluted earnings per share

$ 1.14

$ 0.81

Basic weighted average shares outstanding

1,279.8

1,281.6

Diluted weighted average shares outstanding

1,285.1

1,287.1

The data in the schedule above has been intentionally rounded to the nearest million.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS⁽¹⁾

(Unaudited)

Three months ended July 31, 2026

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 9,756

$ 3,416

65.0 %

$ 1,764

18.1 %

$ 1,769

$ 1,470

$ 1.14

16.4 %

Non-GAAP Adjustments:

Amortization of intangible assets

—

—

—

412

4.2

412

337

0.26

18.2

Restructuring and associated costs⁽²⁾

—

(8)

0.1

89

0.9

89

70

0.05

21.2

Acquisition and divestiture-related items⁽³⁾

—

(11)

0.1

50

0.5

50

41

0.03

18.2

(Gain)/loss on minority investments⁽⁴⁾

—

—

—

—

—

(64)

(64)

(0.05)

(0.1)

Certain tax adjustments, net⁽⁵⁾

—

—

—

—

—

—

5

—

—

Non-GAAP

$ 9,756

$ 3,396

65.2 %

$ 2,316

23.7 %

$ 2,257

$ 1,860

$ 1.45

17.2 %

Currency impact

(57)

(21)

—

(27)

(0.1)

(0.02)

Currency Adjusted

$ 9,699

$ 3,375

65.2 %

$ 2,290

23.6 %

$ 1.43

Three months ended July 25, 2025

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 8,578

$ 3,001

65.0 %

$ 1,445

16.8 %

$ 1,302

$ 1,040

$ 0.81

19.6 %

Non-GAAP Adjustments:

Amortization of intangible assets⁽⁶⁾

—

—

—

459

5.5

459

374

0.29

18.5

Restructuring and associated costs⁽²⁾

—

(16)

0.1

67

0.8

67

51

0.04

22.4

Acquisition and divestiture-related items⁽³⁾

—

(7)

—

58

0.7

58

48

0.04

17.2

Certain litigation charges, net

—

—

—

27

0.3

27

21

0.02

22.2

(Gain)/loss on minority investments⁽⁴⁾

—

—

—

—

—

113

107

0.08

6.2

Other⁽⁷⁾

(39)

—

(0.2)

(39)

(0.5)

(39)

(30)

(0.02)

20.5

Certain tax adjustments, net⁽⁵⁾

—

—

—

—

—

—

16

0.01

—

Non-GAAP

$ 8,539

$ 2,979

65.1 %

$ 2,016

23.6 %

$ 1,987

$ 1,626

$ 1.26

17.8 %

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

The charges primarily relate to employee termination benefits, facility related and contract termination costs, and asset write offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. Exit of business-related charges primarily relate to the impending separation of the Diabetes Business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The net charges for the three months ended July 31, 2026 and July 25, 2025, primarily relate to amortization of previously established deferred tax assets arising from previous intercompany intellectual property transactions. The net charges for the three months ended July 31, 2026, were partially offset by the release of reserves for uncertain tax positions on prior period intercompany transactions.

(6)

The Company recognized $45 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio.

(7)

Reflects adjustments to the Company's Italian payback accruals resulting from the June 30, 2025 Legislative Decree published by the Italian government for years 2015 to 2018.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS⁽¹⁾

(Unaudited)

Three months ended July 31, 2026

(in millions)

Net Sales

SG&A
Expense

SG&A
Expense as
a % of Net
Sales

R&D
Expense

R&D
Expense
as a % of
Net Sales

Other
Operating
Expense
(Income),
net

Other
Operating
Exp./(Inc.),
net as a % of
Net Sales

Other Non-
Operating
Expense
(Income), net

GAAP

$ 9,756

$ 3,198

32.8 %

$ 771

7.9 %

$ 123

1.3 %

$ (190)

Non-GAAP Adjustments:

Restructuring and associated costs⁽²⁾

—

(10)

(0.1)

—

—

—

—

—

Acquisition and divestiture-related items⁽³⁾

—

(26)

(0.3)

—

—

(13)

(0.1)

—

(Gain)/loss on minority investments⁽⁴⁾

—

—

—

—

—

—

—

64

Non-GAAP

$ 9,756

$ 3,162

32.4 %

$ 771

7.9 %

$ 110

1.1 %

$ (127)

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

The charges primarily relate to employee termination benefits, facility related and contract termination costs, and asset write offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. Exit of business-related charges primarily relate to the impending separation of the Diabetes Business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS⁽¹⁾

(Unaudited)

Three months ended

(in millions)

July 31, 2026

July 25, 2025

Net cash provided by operating activities

$ 1,793

$ 1,088

Additions to property, plant, and equipment

(503)

(504)

Free Cash Flow⁽²⁾

$ 1,290

$ 584

See description of non-GAAP financial measures contained in the press release dated September 1, 2026.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

MEDTRONIC PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended

(in millions)

July 31, 2026

July 25, 2025

Operating Activities:

Net income

$ 1,479

$ 1,047

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

729

748

Provision for credit losses

25

28

Deferred income taxes

127

167

Stock-based compensation

125

86

Other, net

(29)

159

Change in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable, net

224

288

Inventories

(240)

(373)

Accounts payable and accrued liabilities

(531)

(598)

Other operating assets and liabilities

(118)

(464)

Net cash provided by operating activities

1,793

1,088

Investing Activities:

Acquisitions, net of cash acquired

(1,162)

—

Additions to property, plant, and equipment

(503)

(504)

Purchases of investments

(2,190)

(2,100)

Sales and maturities of investments

2,209

2,010

Other investing activities, net

26

(125)

Net cash used in investing activities

(1,619)

(719)

Financing Activities:

Change in current debt obligations, net

812

649

Payments on long-term debt

—

(1,162)

Dividends to shareholders

(921)

(910)

Issuance of ordinary shares

20

95

Repurchase of ordinary shares

(267)

(123)

Other financing activities, net

13

70

Net cash used in financing activities

(343)

(1,381)

Effect of exchange rate changes on cash and cash equivalents

(89)

67

Net change in cash and cash equivalents

(258)

(945)

Cash and cash equivalents at beginning of period

1,949

2,218

Cash and cash equivalents at end of period

$ 1,691

$ 1,273

Supplemental Cash Flow Information

Cash paid for:

Income taxes

$ 199

$ 402

Interest

83

81

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.