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
- Q4 GAAP net income · GAAP
- $1.243 billion
- Q4 GAAP diluted EPS · GAAP
- $0.96
- Q4 non-GAAP diluted EPS · non-GAAP
- $1.55
- Q4 GAAP operating profit · GAAP
- $1.873 billion
- Q4 GAAP operating margin · GAAP
- 19.1%
- Q4 GAAP gross margin · GAAP
- 65.4%
- FY26 cash from operations · GAAP
- $7.330 billion
up 9.9% as reported and 6.6% organic
up 17.6% from a year ago
up 17.1% from a year ago
down 4.3% from a year ago
up 30.4% from a year ago
up 300 bps from a year ago
up 4.1%
| Segment or metric | Value | Change |
|---|---|---|
| Cardiovascular Portfolio | $3.797 billion | increased 13.8% as reported and 10.1% organic |
| Neuroscience Portfolio | $2.751 billion | increased 5.0% reported and 3.0% organic |
| Medical Surgical Portfolio | $2.388 billion | increased 8.0% as reported and 5.1% organic |
| Diabetes | $837 million | increased 15.0% as reported and 8.1% organic |
| Cardiac Ablation Solutions | 78% | 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 filing | Q4 FY2026 | vs year ago | vs 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 margin | 19.1% | +3.0 pts | +2.9 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| FY27 organic revenue growth | FY27 | 6.75% to 7.25% |
| FY27 diluted non-GAAP EPS | FY27 | $5.90 to $6.00 |
| Foreign currency impact on FY27 EPS | FY27 | neutral to 1% accretive |
| Quarterly dividend per ordinary share | first quarter of fiscal year 2027 | $0.72 |
Key takeaways
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.
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.
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.
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.
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
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 |
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.
Data
| Q2 FY25 | 19.0% |
| Q3 FY25 | 19.9% |
| Q4 FY25 | 16.1% |
| Q1 FY26 | 16.8% |
| Q2 FY26 | 18.8% |
| Q3 FY26 | 16.2% |
| Q4 FY26 | 19.1% |
| Q1 FY27 | 18.1% |
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