Q1 26 EPS
$1.26
BEAT +2.54%
Est. $1.23
Q1 26 Revenue
$8.58B
BEAT +2.48%
Est. $8.37B
vs S&P Since Q1 26
-23.2%
TRAILING MARKET
MDT -8.4% vs S&P +14.8%
Market Reaction
Did MDT Beat Earnings? Q1 2026 Results
Medtronic kicked off fiscal 2026 with a clean beat on both top and bottom lines, extending a run of consistent execution that has become something of a calling card for the medical device giant. The company posted Q1 revenue of $8.58 billion, up 8.4%… Read more Medtronic kicked off fiscal 2026 with a clean beat on both top and bottom lines, extending a run of consistent execution that has become something of a calling card for the medical device giant. The company posted Q1 revenue of $8.58 billion, up 8.4% year over year and ahead of the $8.37 billion consensus by 2.48%, while non-GAAP diluted EPS of $1.26 cleared the $1.23 estimate by 2.54%. The single most compelling driver was Cardiac Ablation Solutions, where pulsed field ablation products propelled global revenue nearly 50% higher, anchoring a Cardiovascular Portfolio that delivered 7.0% organic growth for the quarter. Diabetes added 7.9% organic growth, aided in part by fresh FDA clearances that expanded the MiniMed 780G system's compatibility and patient reach. Management responded to the outperformance by raising full-year non-GAAP EPS guidance to $5.60-$5.66, up from $5.50-$5.60, while reiterating approximately 5% organic revenue growth for the year, with an accelerating second half expected as key product cycles mature.
Key Takeaways
- • Pulsed Field Ablation (PFA) products driving nearly 50% growth in Cardiac Ablation Solutions
- • Transcatheter Valves strength contributing to Structural Heart growth
- • Neuromodulation delivering high-single digit organic growth
- • Diabetes business growing 7.9% organically
- • Leadless Pacing contributing to Cardiac Rhythm & Heart Failure growth
- • Favorable foreign currency impact of $159 million
MDT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MDT Revenue by Segment
With YoY comparisons, source: SEC Filings
MDT Revenue by Geography
With YoY comparisons, source: SEC Filings
“We delivered another consistent quarter of mid-single digit organic revenue growth, with broad strength from several innovative product categories, including Pulsed Field Ablation, Transcatheter Valves, Neuromodulation, Diabetes, and Leadless Pacing. We're confident and well positioned to accelerate our revenue growth in the second half of our fiscal year, as we make meaningful progress on our major growth drivers.”
— Geoff Martha, Q1 2026 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% |