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MedTech & Diagnostics

Medtronic Executive Compensation (FY26)

MDT · Executive and director compensation, fiscal 2022 to 2026
Data as of September 7, 2026Latest filing (DEF 14A): August 17, 2026
383 figures on this page: 373 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Total compensation for Geoffrey Martha, Chairman and Chief Executive Officer, came to $22,940,252 in fiscal 2026, and Martha's total moved 8.0% higher from the $21,240,058 reported for fiscal 2025. For fiscal 2025, shareholders backed the say-on-pay proposal with 93.5% of votes cast for or against in favor at the meeting held October 16, 2025. Companies named in the disclosed peer group include 3M, Abbott Laboratories, AbbVie, Amgen and Baxter, among others. The fiscal 2026 disclosure covers 5 named executive officers.
Chief executive, fiscal 2026
◇
Geoffrey Martha
Latest say-on-pay support
=
October 16, 2025
What changed from fiscal 2025 to fiscal 2026
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Geoffrey Martha: $21,240,058 → $22,940,252 (8.0% higher)
Say-on-pay support: 92.9% → 93.5% (0.6 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Medtronic's chief executive and what were they paid?
Total compensation for Geoffrey Martha, Chairman and Chief Executive Officer, came to $22,940,252 in fiscal 2026. Martha's total moved 8.0% higher from the $21,240,058 reported for fiscal 2025.
What was Medtronic's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 93.5% of votes cast for or against in favor at the meeting held October 16, 2025.
Which companies are in Medtronic's peer group?
Companies named in the disclosed peer group include 3M, Abbott Laboratories, AbbVie, Amgen and Baxter, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Martha
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Karen Parkhill
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Sean Salmon
Executive Vice President and President, Diabetes Operating Unit
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Martha
Chairman and Chief Executive Officer
◇—◇◇——◇◇
Karen Parkhill
Former Executive Vice President and Chief Financial Officer
◇—◇◇——◇◇
Sean Salmon
Former EVP & President, Cardiovascular Portfolio
◇—◇◇—◇◇◇
Rob ten Hoedt
EVP & President, Global Regions
◇◇◇◇—◇◇◇
Robert White
EVP & President, Medical Surgical Portfolio
◇—◇◇——◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Martha
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Robert White
Former EVP & President, Medical Surgical Portfolio
Departed during or after this year
◇—◇◇◇—◇◇
Karen Parkhill
Former Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Gregory Smith
EVP Enterprise Operations
◇—◇◇◇—◇◇
Sean Salmon
Former EVP & President, Cardiovascular Portfolio
◇—◇◇◇◇◇◇
Brett Wall
Former Executive Vice President and President, Neuroscience Portfolio
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Martha
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Sean Salmon
Former EVP & President, Cardiovascular Portfolio
Departed during or after this year
◇—◇◇◇◇◇◇
Brett Wall
Former Executive Vice President and President, Neuroscience Portfolio
◇—◇◇◇—◇◇
Gregory Smith
EVP Enterprise Operations
◇—◇◇◇—◇◇
Thierry Piéton
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Gary Corona
Former SVP Corporate Finance (former Interim CFO)
Departed during or after this year
Served on an interim basis
◇—◇◇——◇◇
Karen Parkhill
Former Executive Vice President and Chief Financial Officer
Departed during or after this year
◇—————◇◇
Fiscal 2026
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Geoffrey Martha
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Thierry Piéton
Executive Vice President and Chief Financial Officer
◇◇◇◇◇—◇◇
Brett Wall
Former Executive Vice President and President, Neuroscience Portfolio
Departed during or after this year
◇—◇◇◇—◇◇
Michael Marinaro
Executive Vice President and President, Medical Surgical Portfolio and Americas
◇—◇◇◇—◇◇
Michelle Quinn
Executive Vice President, General Counsel and Secretary
◇◇◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2026
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brett WallPSU◇◇◇◇◇—◇
Brett WallOPTION◇——◇—◇◇
Brett WallRSU◇——◇——◇
Geoff MarthaOPTION◇——◇—◇◇
Geoff MarthaRSU◇——◇——◇
Geoff MarthaPSU◇◇◇◇◇—◇
Michelle QuinnOPTION◇——◇—◇◇
Michelle QuinnRSU◇——◇——◇
Michelle QuinnRSU◇——◇——◇
Michelle QuinnPSU◇◇◇◇◇—◇
Mike MarinaroRSU◇——◇——◇
Mike MarinaroOPTION◇——◇—◇◇
Mike MarinaroPSU◇◇◇◇◇—◇
Thierry PiétonPSU◇◇◇◇◇—◇
Thierry PiétonRSU◇——◇——◇
Thierry PiétonOPTION◇——◇—◇◇
Fiscal 2023, 2024, 2025 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2026 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brett WallOption◇—◇8/1/2032
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇7/31/2033
Option◇—◇7/28/2035
Option◇—◇7/29/2034
Thierry PiétonOption◇—◇7/28/2035
Option◇—◇3/3/2035
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Geoffrey MarthaOption◇—◇7/28/2035
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇7/31/2033
Option◇—◇8/1/2032
Option◇—◇7/29/2034
Mike MarinaroOption◇—◇7/31/2033
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇7/29/2034
RSU◇◇——
RSU◇◇——
Option◇—◇8/1/2032
Option◇—◇7/28/2035
Option◇—◇8/1/2032
Michelle QuinnRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇7/28/2035
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2026
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Craig Arnold
Lead independent director
◇◇————◇
Gregory P. Lewis
◇◇————◇
Randall J. Hogan III
◇◇———◇◇
Kevin E. Lofton
◇◇————◇
Elizabeth G. Nabel
◇◇————◇
Scott C. Donnelly
◇◇————◇
Lidia L. Fonseca
◇◇————◇
Kendall J. Powell
◇◇————◇
Joon S. Lee
◇◇————◇
William R. Jellison
◇◇————◇
John P. Groetelaars
◇◇————◇
Geoffrey S. Martha and Andrea J. Goldsmith served on the board in fiscal 2026 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual board retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2026
  • 3M MMM
  • Abbott Laboratories ABT
  • AbbVie ABBV
  • Amgen AMGN
  • Baxter BAX
  • Becton, Dickinson, & Co BDX
  • Boston Scientific BSX
  • Bristol Myers Squibb BMY
  • Cisco Systems CSCO
  • Danaher DHR
  • Eli Lilly & Co LLY
  • GE Healthcare Technologies GEHC
  • Gilead Sciences GILD
  • Honeywell HON
  • IBM IBM
  • Intel INTC
  • Johnson & Johnson JNJ
  • Merck & Co. MRK
  • Pfizer PFE
  • Qualcomm QCOM
  • Stryker SYK
  • Thermo Fisher Scientific TMO

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025October 16, 2025=◇◇◇
2024October 17, 2024=◇◇◇
2023October 17, 2024=◇◇◇
2022October 19, 2023=◇◇◇
2021December 8, 2022=◇◇◇
2020December 9, 2021=◇◇◇
2019December 11, 2020=◇◇◇
2018December 6, 2019=◇◇◇
2017December 7, 2018=◇◇◇
2016December 9, 2016=◇◇◇
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What this page does not include

Everything above is a fact Medtronic disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Medtronic sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
383 figures on this page: 373 cited to the filing that reported them, 10 calculated from figures it prints.
373 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001613103-26-000010
    Director Compensation · Grants of Plan-Based Awards · Summary Compensation Table
  2. 0001628280-25-045695
    Item 5.07. Submission of Matters to a Vote of Security Holders
  3. 0001613103-25-000151
    Summary Compensation Table
  4. 0001613103-24-000151
  5. 0001613103-24-000124
    Summary Compensation Table
  6. 0001613103-23-000132
  7. 0001613103-23-000108
    Summary Compensation Table
  8. 0001613103-22-000066
  9. 0001193125-22-225369
    Summary Compensation Table
  10. 0001613103-21-000065
  11. 0001613103-20-000053
  12. 0001613103-19-000059
  13. 0001613103-18-000047
  14. 0001193125-16-793116
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Velarion, “Medtronic executive compensation, FY2022–FY2026.” https://intel.velarion.ai/comp/MDT (accessed 2026).
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MedTech & Diagnostics rankings

Chief executive pay — MedTech & DiagnosticsCEO pay ratio — MedTech & DiagnosticsSay-on-pay support — MedTech & Diagnostics

Peers Medtronic discloses

The companies named in MDT's own disclosed peer group.

3MAbbott LaboratoriesAbbVieAmgenBaxterBecton, Dickinson, & CoBoston ScientificBristol Myers SquibbCisco SystemsEli Lilly & CoGE Healthcare TechnologiesGilead SciencesHoneywellIBMIntelJohnson & JohnsonMerck & Co.PfizerQualcommStryker

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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