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Revenue | 12 Months Ended
--- | ---
Apr. 25, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The Company's revenues are principally derived from device-based medical therapies and services related to cardiac rhythm disorders, cardiovascular disease, hypertension, neurological surgery technologies, neurological disorders and diseases, spinal conditions and musculoskeletal trauma, chronic pain, ear, nose, and throat conditions, urological and digestive disorders, advanced and general surgical care products, respiratory and monitoring solutions, and diabetes conditions. The Company's primary customers include healthcare systems, clinics, third-party healthcare providers, distributors, and other institutions, including governmental healthcare programs and group purchasing organizations. Starting in the first quarter of fiscal year 2025, the Company combined the non-U.S. developed markets and the emerging markets into an international market geography. Prior period net sales have been recast to conform to the new presentation. The table below illustrates net sales by segment and division and by market geography for fiscal years 2025, 2024, and 2023. The U.S. revenue includes United States and U.S. territories, and the international revenue includes all other non-U.S. countries.
| Worldwide
| Fiscal year
(in millions) | 2025 |  | 2024 |  | 2023
Cardiac Rhythm & Heart Failure | $ | 6,392 |  |  | $ | 5,995 |  |  | $ | 5,783 |
Structural Heart & Aortic | 3,554 |  |  | 3,358 |  |  | 3,363 |
Coronary & Peripheral Vascular | 2,535 |  |  | 2,478 |  |  | 2,375 |
Cardiovascular | 12,481 |  |  | 11,831 |  |  | 11,522 |
Cranial & Spinal Technologies | 4,973 |  |  | 4,756 |  |  | 4,451 |
Specialty Therapies | 2,940 |  |  | 2,905 |  |  | 2,815 |
Neuromodulation | 1,932 |  |  | 1,746 |  |  | 1,693 |
Neuroscience | 9,846 |  |  | 9,406 |  |  | 8,959 |
Surgical & Endoscopy | 6,498 |  |  | 6,508 |  |  | 6,152 |
Acute Care & Monitoring | 1,909 |  |  | 1,908 |  |  | 1,837 |
Medical Surgical | 8,407 |  |  | 8,417 |  |  | 7,989 |
Diabetes | 2,755 |  |  | 2,488 |  |  | 2,262 |
Reportable segment net sales | 33,489 |  |  | 32,142 |  |  | 30,731 |
Other operating segment(1) | 137 |  |  | 221 |  |  | 495 |
Other adjustments(2) | (90) |  |  | — |  |  | — |
Total net sales | $ | 33,537 |  |  | $ | 32,364 |  |  | $ | 31,227 |
| U.S. |  | International
| Fiscal year
(in millions) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Cardiovascular | $ | 5,804 |  |  | $ | 5,597 |  |  | $ | 5,796 |  |  | $ | 6,677 |  |  | $ | 6,234 |  |  | $ | 5,725 |
Neuroscience | 6,713 |  |  | 6,305 |  |  | 6,018 |  |  | 3,133 |  |  | 3,101 |  |  | 2,941 |
Medical Surgical | 3,664 |  |  | 3,717 |  |  | 3,549 |  |  | 4,744 |  |  | 4,700 |  |  | 4,440 |
Diabetes | 923 |  |  | 852 |  |  | 849 |  |  | 1,832 |  |  | 1,636 |  |  | 1,413 |
Reportable segment net sales | 17,104 |  |  | 16,471 |  |  | 16,212 |  |  | 16,386 |  |  | 15,671 |  |  | 14,519 |
Other operating segment(1) | 68 |  |  | 91 |  |  | 160 |  |  | 70 |  |  | 131 |  |  | 335 |
Other adjustments(2) | — |  |  | — |  |  | — |  |  | (90) |  |  | — |  |  | — |
Total net sales | $ | 17,171 |  |  | $ | 16,562 |  |  | $ | 16,373 |  |  | $ | 16,365 |  |  | $ | 15,802 |  |  | $ | 14,854 |
(1)Includes operations and ongoing transition agreements from businesses the Company has exited or divested. (2)Incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. The amount of revenue recognized is reduced by sales rebates and returns. Adjustments to rebates and returns reserves are recorded as increases or decreases to revenue. At April 25, 2025, $983 million of rebates were classified as other accrued expenses, and $680 million of reba tes were classified as a reduction of accounts receivable in the consolidated balance sheet. At April 26, 2024, $1.0 billion of rebates were classified as other accrued expenses, and $574 million of rebates were classified as a reduction of accounts receivable in the consolidated balance sheet. During fiscal year 2025, adjustments to rebate and return reserves recorded in prior periods were not material. Deferred Revenue and Remaining Performance Obligations Deferred revenue at April 25, 2025 and April 26, 2024 was $446 million and $453 million, respectively. At April 25, 2025 and April 26, 2024, $354 million and $352 million was included in other accrued expenses, respectively, and $92 million and $101 million was included in other liabilities, respectively. During the fiscal year ended April 25, 2025, the Company recognized $320 million of revenue that was included in deferred revenue as of April 26, 2024. During the fiscal year ended April 26, 2024, the Company recognized $324 million of revenue that was included in deferred revenue at April 28, 2023. Remaining performance obligations include goods and services that have not yet been delivered or provided under existing, noncancellable contracts with minimum purchase commitments. At April 25, 2025, the estimated revenue expected to be recognized in future periods related to unsatisfied performance obligations for executed contracts with an original duration of one year or more was approximately $0.3 billion. The Company expects to recognize revenue on the majority of these remaining performance obligations over the next three years.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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