Companies /Healthcare

Medtronic Plc

NYSE: MDT Medical Devices
$89.97
▼ $2.05 (−2.23%) today
Markets closed · 8:57pm ET

Q2 2026 Earnings

Reported Nov 18, 2025, 6:47am ET · SEC source
$1.36
Beat +3.49%
EPS · est. $1.31
$9.0B
Beat +1.10%
Revenue · est. $8.9B
−5.3%
Trailing market
MDT vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Nov 18Nov 19report 6:47am ETearnings−0.3%+6.1%
0+3%+6%Nov 18Nov 19earnings−0.3%+6.1%
MDT +6.1%S&P 500 −0.3%
0+3%+6%Nov 18Nov 19report 6:47am ETearnings−0.6%+6.1%
0+3%+6%Nov 18Nov 19earnings−0.6%+6.1%
MDT +6.1%NASDAQ −0.6%
−3%0+3%Nov 17Nov 25report 6:47am ETearnings+1.7%+5.1%
−3%0+3%Nov 17Nov 25earnings+1.7%+5.1%
MDT +5.1%S&P 500 +1.7%
−3%0+3%Nov 17Nov 25report 6:47am ETearnings+1.2%+5.1%
−3%0+3%Nov 17Nov 25earnings+1.2%+5.1%
MDT +5.1%NASDAQ +1.2%
+4.69%
Day of report
−0.46%
Next session
+4.51%
One week
−2.15%
30 days

S&P 500 over the same 30 days: +3.11%.

Did MDT Beat Earnings? Q2 2026 Results

Medtronic posted a convincingly strong fiscal second quarter for 2026, with revenue climbing 6.6% year-over-year to $8.96 billion against a consensus estimate of $8.86 billion, while non-GAAP diluted EPS of $1.36 beat the $1.31 Wall Street consensus by 3.49%, underscoring broad-based momentum across the company's portfolio. The standout driver was the Cardiovascular segment, which delivered its best reported growth in over a decade, rising 10.8% to $3.44 billion, fueled by an explosive 71% surge in Cardiac Ablation Solutions as the company's pulsed field ablation technology gained rapid adoption, including 128% growth in the U.S. alone. Barclays responded by lifting its price target on Medtronic to $111, maintaining an Overweight rating. Looking ahead, management raised its full-year organic revenue growth outlook to approximately 5.5% from 5.0%, and nudged its non-GAAP EPS guidance range to $5.62 to $5.66, with further acceleration expected in the back half of the fiscal year as the PFA franchise, Hugo robotic surgery system, and newly approved Altaviva therapy build commercial scale.

Key Takeaways
  • Pulsed field ablation (PFA) portfolio driving 71% growth in Cardiac Ablation Solutions
  • Strongest Cardiovascular revenue growth in over a decade, excluding pandemic
  • Robust procedure volumes and end market demand
  • Diabetes business growth of 10.3% reported, 7.1% organic
  • Neuromodulation high-single digit organic growth
  • Favorable foreign exchange impact of $111 million

“We delivered a strong second quarter, with both revenue and EPS beating expectations. Overall, procedure volumes and our end markets are robust, and we're executing well across the business.”

Medtronic CEO, on the earnings call

Forward Guidance & Outlook

Medtronic raised its FY26 guidance: organic revenue growth now expected at approximately 5.5% (up from approximately 5.0%), and non-GAAP diluted EPS guidance raised to $5.62–$5.66 (from $5.60–$5.66). Guidance includes a potential tariff impact of approximately $185 million, unchanged from prior guidance. Excluding tariffs, FY26 non-GAAP EPS growth is expected at approximately 4.5%. Management expects revenue growth acceleration in the back half of the year, driven by PFA franchise for Afib, Symplicity procedure for hypertension, Hugo robotic-assisted surgery system, and Altaviva therapy for urge urinary incontinence.

MDT YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$3.0B$6.0B$9.0B$8.4B$9.0BRevenue$5.5B$5.9BGross Profit$1.6B$1.7BOperating Income$1.3B$1.4BNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income

MDT Revenue by Segment

Cardiovascular Portfolio$3.4B+10.8%
Neuroscience Portfolio$2.6B+4.5%
Medical Surgical Portfolio$2.2B+2.1%
Cardiac Rhythm & Heart Failure$1.8B+15.7%
Surgical & Endoscopy$1.7B+1.8%
Cranial & Spinal Technologies$1.3B+5.2%
Structural Heart & Aortic$956.0M+8.5%
Diabetes$757.0M+10.3%

MDT Revenue by Geography

Rest of World$4.4B+8.4%
United States$4.5B+4.9%

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