OpenNashEarnings

Medical Devices · NYSE: MDT

Medtronic earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends April · next results expected around 17 Nov 2026

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q1 FY2027

Medtronic reported first quarter fiscal 2027 revenue of $9.756 billion, up 13.7% as reported and 13.7% organic, with GAAP diluted EPS of $1.14 and non-GAAP diluted EPS of $1.45, and raised its fiscal 2027 guidance.

Medtronic's first quarter of fiscal 2027 was strong across the company. Revenue was $9.756 billion, up 13.7%, and non-GAAP diluted EPS was $1.45. Cardiovascular grew 18.9% organically, led by Cardiac Ablation Solutions, which grew 88%. Neuroscience grew 9.3% and Medical Surgical grew 10.2%. About $570 million of revenue came from an extra fiscal week, so the growth rate is flattered.

Read the Q1 FY2027 summary →Q1 FY2027 slides (PDF) ↗

Quarters

KPI history

Revenue$9.8B+13.7% y/yQ1 FY27
Q2 FY25: $8.4BQ2 25$8.4BQ3 FY25: $8.3BQ3 25$8.3BQ4 FY25: $8.9B (worked out from the annual figure)Q4 25$8.9BQ1 FY26: $8.6BQ1 26$8.6BQ2 FY26: $9.0BQ2 26$9.0BQ3 FY26: $9.0BQ3 26$9.0BQ4 FY26: $9.8B (worked out from the annual figure)Q4 26$9.8BQ1 FY27: $9.8BQ1 27$9.8B

Fourth quarter worked out from the annual figure.

Data
Q2 FY25$8.4B
Q3 FY25$8.3B
Q4 FY25$8.9B *
Q1 FY26$8.6B
Q2 FY26$9.0B
Q3 FY26$9.0B
Q4 FY26$9.8B *
Q1 FY27$9.8B
Diluted EPS (GAAP)$1.14+40.7% y/yQ1 FY27
Q2 FY25: $0.99Q2 25$0.99Q3 FY25: $1.01Q3 25$1.01Q1 FY26: $0.81Q1 26$0.81Q2 FY26: $1.07Q2 26$1.07Q3 FY26: $0.89Q3 26$0.89Q1 FY27: $1.14Q1 27$1.14
Data
Q2 FY25$0.99
Q3 FY25$1.01
Q1 FY26$0.81
Q2 FY26$1.07
Q3 FY26$0.89
Q1 FY27$1.14

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin18.1%+1.3 pts y/yQ1 FY27
Q2 FY25: 19.0%Q2 2519.0%Q3 FY25: 19.9%Q3 2519.9%Q4 FY25: 16.1%Q4 2516.1%Q1 FY26: 16.8%Q1 2616.8%Q2 FY26: 18.8%Q2 2618.8%Q3 FY26: 16.2%Q3 2616.2%Q4 FY26: 19.1%Q4 2619.1%Q1 FY27: 18.1%Q1 2718.1%
Data
Q2 FY2519.0%
Q3 FY2519.9%
Q4 FY2516.1%
Q1 FY2616.8%
Q2 FY2618.8%
Q3 FY2616.2%
Q4 FY2619.1%
Q1 FY2718.1%
Free cash flow$1.3B+120.9% y/yQ1 FY27
Q2 FY25: $554.0MQ2 25$554.0MQ3 FY25: $2.1BQ3 25$2.1BQ4 FY25: $2.1BQ4 25$2.1BQ1 FY26: $584.0MQ1 26$584.0MQ2 FY26: $457.0MQ2 26$457.0MQ3 FY26: $2.3BQ3 26$2.3BQ4 FY26: $2.1BQ4 26$2.1BQ1 FY27: $1.3BQ1 27$1.3B
Data
Q2 FY25$554.0M
Q3 FY25$2.1B
Q4 FY25$2.1B
Q1 FY26$584.0M
Q2 FY26$457.0M
Q3 FY26$2.3B
Q4 FY26$2.1B
Q1 FY27$1.3B

Operating cash flow minus capital expenditure, from cash flow statements.

Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue$8.4B$8.3B$8.9Bd$8.6B$9.0B$9.0B$9.8Bd$9.8B
Operating income$1.6B$1.6B$1.4Bd$1.4B$1.7B$1.5B$1.9Bd$1.8B
Operating margin19.0%19.9%16.1%16.8%18.8%16.2%19.1%18.1%
Net income$1.3B$1.3B$1.1Bd$1.0B$1.4B$1.1B$1.2Bd$1.5B
Diluted EPS$0.99$1.01—$0.81$1.07$0.89—$1.14
Operating cash flow$958.0Md$2.6Bd$2.5Bd$1.1B$925.0Md$2.7Bd$2.6Bd$1.8B
Capital expenditure$404.0Md$476.0Md$459.0Md$504.0M$468.0Md$444.0Md$488.0Md$503.0M
Free cash flow$554.0M$2.1B$2.1B$584.0M$457.0M$2.3B$2.1B$1.3B
R&D expense$697.0M$675.0M$684.0Md$726.0M$754.0M$722.0M$671.0Md$771.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings