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Medtronic (MDT) · Medical Devices

Medtronic Q4 FY2026 earnings: summary, key numbers & outlook

Results filed 3 Jun 2026 · Quarter ended 24 Apr 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Medtronic reported Q4 FY26 revenue of $9.8 billion, up 9.9% as reported and 6.6% organic, with GAAP diluted EPS of $0.96 and non-GAAP diluted EPS of $1.55.

Medtronic's fourth quarter revenue was $9.807 billion, up 9.9% as reported and 6.6% organic. Heart devices led the way: Cardiac Ablation Solutions revenue rose 78% and the Cardiovascular portfolio grew 10.1% organic. GAAP diluted EPS was $0.96. Non-GAAP diluted EPS was $1.55, down 4.3% from a year ago, as the MiniMed Blackstone payment and tariffs weighed on margins. For the full year, revenue was $36.4 billion, the fastest annual growth in 10 years.

For fiscal 2027, management guides to organic revenue growth of 6.75% to 7.25% and non-GAAP diluted EPS of $5.90 to $6.00. That includes a 53rd week, more tuck-in acquisitions and a full year of Diabetes consolidation. The main tension is profitability: non-GAAP operating margin fell 230 basis points in the quarter, and tariffs, interest and tax remain headwinds. The planned separation of the Diabetes business also has no final structure yet.

Key numbers

Q4 FY26 worldwide revenue
$9.807 billion

up 9.9% as reported and 6.6% organic

Q4 GAAP net income · GAAP
$1.243 billion

up 17.6% from a year ago

Q4 GAAP diluted EPS · GAAP
$0.96

up 17.1% from a year ago

Q4 non-GAAP diluted EPS · non-GAAP
$1.55

down 4.3% from a year ago

Q4 GAAP operating profit · GAAP
$1.873 billion

up 30.4% from a year ago

Q4 GAAP operating margin · GAAP
19.1%

up 300 bps from a year ago

Q4 GAAP gross margin · GAAP
65.4%

FY26 cash from operations · GAAP
$7.330 billion

up 4.1%

Segment or metricValueChange
Cardiovascular Portfolio$3.797 billionincreased 13.8% as reported and 10.1% organic
Neuroscience Portfolio$2.751 billionincreased 5.0% reported and 3.0% organic
Medical Surgical Portfolio$2.388 billionincreased 8.0% as reported and 5.1% organic
Diabetes$837 millionincreased 15.0% as reported and 8.1% organic
Cardiac Ablation Solutions78%revenue growth globally, including 124% U.S. growth
Where each number comes from
  • Q4 FY26 worldwide revenue: “Medtronic reported Q4 worldwide revenue of $9.807 billion, an increase of 9.9% as reported and 6.6% on an organic basis.”
  • Q4 GAAP net income: “Q4 GAAP net income and diluted earnings per share (EPS) were $1.243 billion and $0.96, respectively, representing increases of 17.6% and 17.1%, respectively.”
  • Q4 GAAP diluted EPS: “Q4 GAAP net income and diluted earnings per share (EPS) were $1.243 billion and $0.96, respectively, representing increases of 17.6% and 17.1%, respectively.”
  • Q4 non-GAAP diluted EPS: “Q4 non-GAAP net income and non-GAAP diluted EPS were $1.998 billion and $1.55, respectively, representing decreases of 3.9% and 4.3%, respectively.”
  • Q4 GAAP operating profit: “Q4 GAAP operating profit and operating margin were $1.873 billion and 19.1%, respectively, an increase of 30.4% and 300 bps, respectively.”
  • Q4 GAAP operating margin: “Q4 GAAP operating profit and operating margin were $1.873 billion and 19.1%, respectively, an increase of 30.4% and 300 bps, respectively.”
  • Q4 GAAP gross margin: “GAAP | $9,807 | $3,398 | 65.4% | $1,873 | 19.1% | $1,834 | $1,243 | $0.96 | 31.3%”
  • FY26 cash from operations: “FY26 cash from operations of $7.330 billion increased 4.1%. FY26 free cash flow of $5.426 billion increased 4.6%, representing free cash flow conversion from non-GAAP net earnings of 76%.”
  • Cardiovascular Portfolio: “Cardiovascular Portfolio revenue of $3.797 billion increased 13.8% as reported and 10.1% organic, with high-teens increase in Cardiac Rhythm & Heart Failure”
  • Neuroscience Portfolio: “Neuroscience Portfolio revenue of $2.751 billion increased 5.0% reported and 3.0% organic, with low-single digit increase in Neuromodulation, Cranial & Spinal Technologies, and Specialty Therapies”
  • Medical Surgical Portfolio: “Medical Surgical Portfolio revenue of $2.388 billion increased 8.0% as reported and 5.1% organic, with low-single digit increase in Surgical & Endoscopy”
  • Diabetes: “Diabetes business revenue of $837 million increased 15.0% as reported and 8.1% organic”
  • Cardiac Ablation Solutions: “Cardiac Ablation Solutions revenue increased 78% globally, including 124% U.S. growth, gaining an additional 8 points of U.S. share”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ4 FY2026vs year agovs last quarter
Revenue$9.8B+9.9%+8.8%
Operating income$1.9B+30.4%+27.9%
Net income$1.2B+17.8%+8.8%
Free cash flow$2.1B+0.8%−9.3%
Operating margin19.1%+3.0 pts+2.9 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
FY27 organic revenue growthFY276.75% to 7.25%
FY27 diluted non-GAAP EPSFY27$5.90 to $6.00
Foreign currency impact on FY27 EPSFY27neutral to 1% accretive
Quarterly dividend per ordinary sharefirst quarter of fiscal year 2027$0.72

Key takeaways

  1. Strongest annual revenue growth in 10 years

    FY26 revenue of $36.4 billion increased 8.4% as reported and 5.8% organic. Q4 organic growth of 6.6% was 90 basis points ahead of implied guidance.

  2. Cardiac ablation is the standout growth engine

    Cardiac Ablation Solutions revenue increased 78% globally, including 124% U.S. growth, and gained an additional 8 points of U.S. share.

  3. Margins were squeezed despite higher sales

    Q4 non-GAAP operating margin was 25.5%, a decrease of 230 basis points. It includes impacts of 160 basis points from the MiniMed Blackstone payment and 80 basis points from tariffs.

  4. FY27 guide points to 6.7% to 8.5% EPS growth

    Management guides to organic revenue growth of 6.75% to 7.25% and non-GAAP diluted EPS of $5.90 to $6.00. The guidance includes the 53rd week and increased M&A.

  5. Tuck-in M&A and Diabetes separation advance

    Medtronic completed the CathWorks acquisition and announced intentions to acquire Scientia Vascular and SPR Therapeutics. The Diabetes separation structure is not final, though an offering and split-off is preferred.

Charts

Revenue$9.8B+9.9% y/yQ4 FY26
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 margin19.1%+3.0 pts y/yQ4 FY26
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$2.1B+0.8% y/yQ4 FY26
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.

Questions

What were Medtronic's Q4 FY26 headline results?

Revenue was $9.807 billion, up 9.9% as reported and 6.6% organic. GAAP diluted EPS was $0.96 and non-GAAP diluted EPS was $1.55, which was ahead of the company's guidance.

What is Medtronic guiding to for fiscal 2027?

Medtronic guides to FY27 organic revenue growth of 6.75% to 7.25% and non-GAAP diluted EPS of $5.90 to $6.00, or 6.7% to 8.5% growth. The guidance includes the 53rd week, increased M&A and a full year of Diabetes consolidation.

Which businesses drove growth in the quarter?

Cardiovascular grew 10.1% organic, led by Cardiac Ablation Solutions, which rose 78% globally with 124% U.S. growth. Medical Surgical grew 5.1%, Diabetes 8.1% and Neuroscience 3.0%, all organic.

Why did non-GAAP EPS fall even though revenue grew?

Non-GAAP diluted EPS of $1.55 fell 4.3% as non-GAAP operating margin dropped 230 basis points to 25.5%. The release cites 160 basis points from the MiniMed Blackstone payment and 80 basis points from tariffs.

How much cash did Medtronic generate and return in FY26?

FY26 cash from operations was $7.330 billion and free cash flow was $5.426 billion. The company returned $4.2 billion to shareholders and raised the Q1 FY27 dividend to $0.72 per share, the 49th consecutive annual increase.

Documents

SEC filing