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Q4 25 EPS
$1.62
BEAT +2.69%
Est. $1.58
Q4 25 Revenue
$8.93B
BEAT +1.11%
Est. $8.83B
vs S&P Since Q4 25
-28.0%
TRAILING MARKET
MDT -2.0% vs S&P +26.0%
Full Year 2025 Results
FY 25 EPS
$5.49
BEAT +0.63%
Est. $5.46
FY 25 Revenue
$33.54B
BEAT +0.11%
Est. $33.50B
Market Reaction
Did MDT Beat Earnings? Q4 2025 Results
Medtronic closed its fiscal fourth quarter with a clean beat on both top and bottom lines, posting non-GAAP diluted EPS of $1.62 against a consensus estimate of $1.58, a 2.53% beat, while revenue of $8.93 billion edged past the $8.89 billion estimate… Read more Medtronic closed its fiscal fourth quarter with a clean beat on both top and bottom lines, posting non-GAAP diluted EPS of $1.62 against a consensus estimate of $1.58, a 2.53% beat, while revenue of $8.93 billion edged past the $8.89 billion estimate and grew 3.9% year over year. The stronger-than-expected result was anchored by 5.4% organic revenue growth in the quarter, with the Cardiovascular Portfolio leading the charge at 7.8% organic growth, powered by rapid adoption of pulsed field ablation technology that lifted Cardiac Ablation Solutions to $1.00 billion in full-year revenue. Non-GAAP operating margins expanded 90 basis points to 27.8%, translating top-line momentum into an 11% year-over-year EPS gain despite a $0.07 foreign currency headwind. The headline strategic move was Medtronic's announcement of plans to separate its fast-growing Diabetes business into a standalone public company, a transaction expected to be accretive to margins and EPS. Looking ahead, the company guided FY26 non-GAAP diluted EPS to $5.50 to $5.60, with approximately 5% organic revenue growth anticipated.
Key Takeaways
- • Near-30% growth in Cardiac Ablation Solutions on rapid PFA adoption
- • Sixth consecutive quarter of double-digit organic growth in Diabetes
- • Continued strength of Evolut FX+ TAVR system driving Structural Heart growth
- • Low-double digit Pain Stim growth including mid-teens U.S. growth on Inceptiv launch
- • High-single digit U.S. Cranial & Spinal Technologies growth on AiBLE ecosystem capital sales
- • International Diabetes revenue grew mid-teens driven by low-20s pump growth
- • Cardiac Rhythm Management high-single digit growth including high-teens Micra and SelectSecure 3830 growth
MDT YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
MDT Revenue by Segment
With YoY comparisons, source: SEC Filings
MDT Revenue by Geography
With YoY comparisons, source: SEC Filings
“We had a strong close to our fiscal year, and I'm excited to see the progress we are making as our growth drivers continue to build momentum. Operationally, we translated our accelerating revenue growth into earnings leverage, as we delivered at the upper end of the commitments that we laid out a year ago.”
— Geoff Martha, Q4 2025 Earnings Press Release
MDT Earnings Trends
MDT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MDT EPS Trend
Earnings per share: estimate vs actual
MDT Revenue Trend
Quarterly revenue: estimate vs actual
MDT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $1.55 | $1.55 | +0.19% | $9.81B | +2.00% |
| FY Full Year | $5.53 | $5.53 | +0.02% | $36.36B | +0.67% |
| Q3 26 BEAT | $1.34 | $1.36 | +1.87% | $9.02B | +1.40% |
| Q2 26 BEAT | $1.31 | $1.36 | +3.49% | $8.96B | +1.10% |
| Q1 26 BEAT | $1.23 | $1.26 | +2.54% | $8.58B | +2.48% |
| Q4 25 BEAT FY | $1.58 | $1.62 | +2.69% | $8.93B | +1.11% |
| FY Full Year | $5.46 | $5.49 | +0.63% | $33.54B | +0.11% |