Companies /Healthcare

Medtronic Plc

NYSE: MDT Medical Devices

$89.97

▼ $2.05 (−2.23%) today

Markets closed · 8:57pm ET

Q1 2026 Earnings

Reported Aug 19, 2025, 6:49am ET · SEC source

$1.26

Beat +2.54%

EPS · est. $1.23

$8.6B

Beat +2.48%

Revenue · est. $8.4B

+2.0%

Beating market

MDT vs S&P since report

5 quarters

Consecutive EPS beats

Market Reaction

% change · around the report1D5DS&P 500NASDAQ

MDT −4.2%S&P 500 −1.0%

MDT −4.2%NASDAQ −2.1%

MDT +1.3%S&P 500 +0.5%

MDT +1.3%NASDAQ −0.6%

−3.14%

Day of report

+3.69%

Next session

+2.54%

One week

+5.76%

30 days

S&P 500 over the same 30 days: +3.73%.

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% 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

“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.”
Medtronic CEO, on the earnings call

Forward Guidance & Outlook

Medtronic reiterated FY26 organic revenue growth guidance of approximately 5%, with reported revenue growth expected at 6.5% to 6.8% including foreign currency and Other revenue impacts. The company raised FY26 diluted non-GAAP EPS guidance to $5.60–$5.66, up from the prior $5.50–$5.60 range, reflecting Q1 EPS outperformance and reduced tariff impact assumptions of approximately $185 million (versus the prior $200–$350 million range). Underlying non-GAAP EPS growth is now expected at approximately 4.5%, up from the prior approximately 4%. The company expects to accelerate revenue growth in the second half of fiscal 2026 as major growth drivers progress. An Investor Day is planned for mid-calendar year 2026.

MDT YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026

MDT Revenue by Segment

Cardiovascular Portfolio$3.3B+9.3%

Neuroscience Portfolio$2.4B+4.3%

Medical Surgical Portfolio$2.1B+4.4%

Cardiac Rhythm & Heart Failure$1.7B+11.5%

Surgical & Endoscopy$1.6B+4.4%

Cranial & Spinal Technologies$1.2B+5.5%

Structural Heart & Aortic$930.0M+8.7%

Diabetes$721.0M+11.5%

MDT Revenue by Geography

Rest of World$4.4B+13.6%

United States$4.2B+3.5%

Figures from SEC filings and company reports. Not investment advice.