10-K · June 18, 2026
Medtronic reported strong fiscal year 2026 results with revenue of $36.36 billion, reflecting an 8% increase year-over-year, driven by growth across its Cardiovascular, Neuroscience, and Medical Surgical segments. The…
Earnings analysis · 10-Q
MDT earnings analysis
Filed September 3, 2026 · Our reading of the company's report
The latest report
Medtronic delivered $9.756 billion of revenue and $1.45 of EPS, exceeding consensus estimates of $9.530 billion and $1.39, respectively. Growth was led by Cardiovascular at 19.5%, while free cash flow improved to $1.290…
Read full summary
Medtronic delivered $9.756 billion of revenue and $1.45 of EPS, exceeding consensus estimates of $9.530 billion and $1.39, respectively. Growth was led by Cardiovascular at 19.5%, while free cash flow improved to $1.290 billion from $584 million. Management raised FY27 organic revenue growth guidance to 7.25%-7.75% and non-GAAP EPS guidance to $5.94-$6.00, although the filing continues to show material currency, interest-rate, and geopolitical compliance exposures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.45
- Segment
- Cardiovascular: revenue growth of 19.5% year over year; total segment revenue was not disclosed in the provided filing text.
What stood out
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Revenue and EPS exceeded consensus
Revenue was $9.756 billion, exceeding the $9.530 billion consensus estimate by approximately $226 million, while reported EPS was $1.45 versus the $1.39 estimate.
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Cardiovascular led portfolio growth
Cardiovascular was the leading disclosed growth contributor, with revenue growth of 19.5% year over year.
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Free cash flow improved materially
Free cash flow increased to $1.290 billion from $584 million in the comparable prior period, an improvement of $706 million.
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FY27 outlook was raised
FY27 organic revenue growth guidance was raised to 7.25%-7.75% from 6.75%-7.25%, while non-GAAP diluted EPS guidance increased to $5.94-$6.00 from $5.90-$6.00.
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Share repurchases continued
The company repurchased 2,765,509 shares during the quarter at an average price of $81.56, leaving $958,184,382 available under the repurchase authorization.
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Disclosure controls remained effective
Management reported that disclosure controls and procedures were effective as of July 31, 2026, and that there were no changes in internal control that materially affected, or were reasonably likely to materially affect, internal control.
What to watch
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Material foreign-exchange exposure
Currency derivative notional exposure was $18.8 billion at July 31, 2026, down from $20.3 billion at April 24, 2026. A uniform 10% strengthening or weakening of the U.S. dollar would change the fair value of these contracts by approximately $1.5 billion.
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Interest-rate sensitivity increased
A hypothetical 50-basis-point change in interest rates would change the fair value of interest-rate-sensitive instruments by approximately $92 million at July 31, 2026, compared with $91 million at April 24, 2026.
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Russia sanctions and compliance risk
Medtronic Russia filed three notifications with Russia's Federal Security Service during the quarter to comply with local requirements for importing devices with encryption functionality. The activity generated no direct revenue or profit but could create sanctions and geopolitical compliance exposure.
Management's outlook
Management raised FY27 organic revenue growth guidance to 7.25%-7.75% from 6.75%-7.25% and FY27 non-GAAP diluted EPS guidance to $5.94-$6.00 from $5.90-$6.00. Foreign exchange is expected to have a neutral to 1% accretive impact; no absolute revenue guidance was provided.
Earlier filings 4
10-Q · February 24, 2026
Medtronic reported fiscal Q3 net sales of $9,017 million, up 9% year-over-year, while GAAP diluted EPS declined to $0.89 from $1.01 a year ago; non‑GAAP diluted EPS was $1.36. Free cash flow for the nine months ended…
10-Q · November 25, 2025
Medtronic's Q2 earnings for fiscal 2026 showed solid growth with actual revenue of $8.96 billion, exceeding estimates of $8.86 billion. Diluted EPS was reported at $1.36, surpassing the estimate of $1.31, displaying a…
10-K · June 20, 2025
Medtronic reports fiscal 2025 net sales of $33,537 million (up 4% vs FY2024) and GAAP diluted EPS of $3.61 (FY2025 vs $2.76 in FY2024), supported by broad-based growth across Cardiovascular, Neuroscience and Diabetes…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.