Medtronic stock holds steady as fiscal 2025 sales reach $33.5 billion.

Medtronic plc (IE00BTN1Y115) is supported by fiscal 2025 sales of $33.5 billion, adjusted EPS of $5.66, and free cash flow of $4.0 billion. The company also said fourth-quarter sales rose 4.8% to $8.6 billion and adjusted EPS increased 7% to $1.62 in fiscal Q4 2025, giving investors a fresh read on operating momentum.

Sales up 4.8%

In fiscal Q4 2025, Medtronic reported sales of $8.6 billion, up 4.8% year over year, while adjusted EPS climbed 7% to $1.62. That mix matters because the margin picture is improving even as the top line remains in the low-single-digit growth range.

For fiscal 2025, sales totaled $33.5 billion and adjusted EPS reached $5.66, compared with $33.4 billion and $5.55 in fiscal 2024. Free cash flow was $4.0 billion for the year, a level that leaves room for buybacks, dividends, and debt management.

Margin and cash flow

Medtronic's fiscal 2025 adjusted gross margin expanded to 67.4% from 66.9% a year earlier, while adjusted operating margin improved to 28.0% from 27.4%. Those 50-basis-point and 60-basis-point gains are the kind of small but visible steps that can reshape earnings power over time.

The company also flagged that fiscal 2025 adjusted earnings benefited from disciplined cost control and a more profitable sales mix. Against that backdrop, the $4.0 billion of annual free cash flow stands out as a concrete buffer in a business that depends on long product cycles and recurring procedure demand.

Devices drive the mix

One representative product area is Medtronic's cardiovascular and diabetes franchises, where procedure volumes and device mix often carry more weight than one-off launches. In fiscal 2025, cardiovascular sales contributed to the broader revenue base, while diabetes returned to growth during the year as the company worked through earlier supply and channel issues.

The broader takeaway is that Medtronic is still a scale story, but the numbers now hinge on whether margin expansion can continue alongside modest revenue growth. Fiscal 2025 showed both sales stability and better earnings conversion, which is a healthier combination than revenue growth alone.

Stock and valuation context

Medtronic stock on the New York Stock Exchange trades in USD and remains a large-cap health care name with a market capitalization in the tens of billions of dollars. The latest disclosed financial year gives the market three anchor points to watch: $33.5 billion in sales, $5.66 in adjusted EPS, and $4.0 billion in free cash flow.

That profile is more about steady compounding than rapid rerating. Investors tracking Medtronic stock now have a clear framework: revenue growth at 4.8% in fiscal Q4 2025, margin gains in fiscal 2025, and cash generation at $4.0 billion for the year.