Medtronic Plc
Q4 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.87%.
Did MDT Beat Earnings? Q4 2026 Results
Medtronic posted a clean beat on both top and bottom lines in Q4 fiscal 2026, with revenue of $9.81 billion rising 9.9% year-over-year and edging past the $9.61 billion consensus by 2.0%, while non-GAAP diluted EPS of $1.55 narrowly cleared the $1.55 estimate by 0.19%, extending the company's streak of consensus EPS beats to four consecutive quarters. The primary engine behind the revenue strength was a resurgent Cardiovascular Portfolio, which grew 10.1% organically to $3.80 billion, with Cardiac Ablation Solutions alone surging 78% globally as the company captured an additional 8 points of U.S. market share. Margin pressure was a notable counterweight, as a MiniMed Blackstone payment and tariff costs compressed Q4 non-GAAP operating margins by 230 basis points to 25.5%. Looking ahead, Medtronic guided fiscal 2027 organic revenue growth of 6.75% to 7.25% and non-GAAP diluted EPS of $5.90 to $6.00, representing growth of 6.7% to 8.5%, with the company also recently announcing its third major acquisition of 2026 in SPR Therapeutics to expand its neuromodulation portfolio.
- Cardiac Ablation Solutions revenue surged 78% globally with 124% U.S. growth
- Cardiac Rhythm Management driven by mid-teens Micra growth and strong OmniaSecure U.S. launch
- Acute Care & Monitoring grew low-double-digits; Endoscopy grew high-single-digits
- Diabetes revenue grew 15.0% as reported and 8.1% organic
- Favorable foreign currency impact of $308 million in Q4
“Our performance reflects the strongest annual top-line growth Medtronic has delivered in 10 years, powered by disciplined execution across our portfolio and continued operational rigor. These results represent the compounding impact of deliberate choices we've made to strengthen our strategy, sharpen execution, and invest in the areas that will drive our future.”
Medtronic CEO, on the earnings call
Forward Guidance & Outlook
For FY27, Medtronic guided organic revenue growth of 6.75% to 7.25%, which includes the impact of a 53rd week and full-year Diabetes revenue. Non-GAAP diluted EPS is guided in the range of $5.90 to $6.00, representing 6.7% to 8.5% growth. Guidance includes the benefit of the 53rd week, increased M&A, impacts from tariffs, interest, and tax expense, and assumes full 12-month consolidation of the Diabetes business. Foreign currency exchange is expected to have a neutral to 1% accretive impact based on recent rates.
MDT YoY Financials
MDT Revenue by Segment
MDT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.