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Medtronic

MDT Q3 2026 Earnings

Reported Feb 17, 2026 at 6:48 AM ET · SEC Source

Q3 26 EPS

$1.36

BEAT +1.87%

Est. $1.34

Q3 26 Revenue

$9.02B

BEAT +1.40%

Est. $8.89B

vs S&P Since Q3 26

-24.6%

TRAILING MARKET

MDT -17.1% vs S&P +7.5%

Market Reaction

Did MDT Beat Earnings? Q3 2026 Results

Medtronic delivered its strongest quarter in years during fiscal Q3 2026, posting non-GAAP diluted EPS of $1.36, ahead of the $1.34 consensus estimate by 1.87%, while revenue of $9.02 billion grew 8.7% year over year and edged past the $8.89 billion … Read more Medtronic delivered its strongest quarter in years during fiscal Q3 2026, posting non-GAAP diluted EPS of $1.36, ahead of the $1.34 consensus estimate by 1.87%, while revenue of $9.02 billion grew 8.7% year over year and edged past the $8.89 billion Wall Street forecast by 1.40%. The standout driver was the Cardiovascular Portfolio, which generated $3.46 billion with 13.8% reported growth, fueled in large part by Cardiac Ablation Solutions revenue jumping 80% overall and 137% in the U.S. As the company's pulsed field ablation lineup gained rapid clinical adoption. The result marked the company's strongest enterprise revenue performance in 10 quarters and exceeded Medtronic's own organic growth guidance by 50 basis points. Additional momentum came from the Hugo robotic surgery system receiving U.S. FDA clearance and strong double-digit international growth in the Diabetes segment. Looking ahead, Medtronic reiterated its full-year outlook for approximately 5.5% organic revenue growth and non-GAAP EPS of $5.62 to $5.66, absorbing an estimated $185 million tariff headwind.

Key Takeaways

  • • Cardiac Ablation Solutions revenue grew 80% (137% in U.S.) driven by pulsed field ablation portfolio
  • • Cardiovascular Portfolio delivered 10.6% organic growth, the strongest segment
  • • Diabetes revenue grew 8.3% organic, led by double-digit international strength
  • • Acute Care & Monitoring grew 9.1% reported, high-single digit organic
  • • Favorable foreign exchange contributed $242 million benefit to revenue
24/7 Wall St

MDT YoY Financials

Q3 2026 vs Q3 2025, source: SEC Filings

24/7 Wall St

MDT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q4 26
24/7 Wall St

MDT Revenue by Geography

With YoY comparisons, source: SEC Filings

Q4 25 Q4 26

“Q3 marks another strong quarter, delivering 6% organic revenue growth, ahead of guidance, demonstrating the strength of our portfolio. By unlocking new markets and investing in high-growth opportunities, we are accelerating performance across the company. Our innovation pipeline and portfolio breadth give us confidence in our ability to sustain long-term growth. It's an exciting time for Medtronic.”

— Geoff Martha, Q3 2026 Earnings Press Release

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