# Medtronic (MDT) Q4 FY2026 earnings

Results filed 2026-06-03 for the quarter ended 2026-04-24. Source page: https://earnings.opennash.com/companies/mdt/2026-q4/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1613103/000162828026040034/0001628280-26-040034-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Q4 FY26 worldwide revenue | $9.807 billion | up 9.9% as reported and 6.6% organic |  |
| Q4 GAAP net income | $1.243 billion | up 17.6% from a year ago | GAAP |
| Q4 GAAP diluted EPS | $0.96 | up 17.1% from a year ago | GAAP |
| Q4 non-GAAP diluted EPS | $1.55 | down 4.3% from a year ago | non-GAAP |
| Q4 GAAP operating profit | $1.873 billion | up 30.4% from a year ago | GAAP |
| Q4 GAAP operating margin | 19.1% | up 300 bps from a year ago | GAAP |
| Q4 GAAP gross margin | 65.4% |  | GAAP |
| FY26 cash from operations | $7.330 billion | up 4.1% | GAAP |
| FY26 free cash flow | $5.426 billion | up 4.6% | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

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.

## 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.