June 3, 2026

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Medtronic plc (NYSE: MDT) reported fourth-quarter fiscal 2026 results above expectations, supported by strong revenue growth, cardiovascular momentum, diabetes growth, and higher full-year guidance.
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Medtronic is a global medical technology company focused on cardiovascular devices, neuroscience, surgical tools, diabetes care, and other healthcare technologies.
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The company reported non-GAAP EPS of $1.55, above estimates of $1.54, representing a 0.6% earnings surprise. Revenue came in at $9.81 billion, above estimates of $9.66 billion, with revenue growth of 9.9%.

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Results Beat Expectations

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Medtronic reported fourth-quarter revenue of $9.8 billion, up 9.9% as reported and 6.6% organically. Cardiovascular revenue increased 10.1% organically, led by strong growth in cardiac ablation and cardiac rhythm management. Cardiac Ablation Solutions revenue rose 78% globally, including 124% growth in the U.S.
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Medical Surgical revenue increased 5.1% organically, helped by Acute Care & Monitoring and Endoscopy. Diabetes revenue rose 15.0% as reported and 8.1% organically. Neuroscience revenue increased 3.0% organically, with growth across Neuromodulation, Cranial & Spinal Technologies, and Specialty Therapies.
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GAAP EPS was $0.96, while non-GAAP EPS was $1.55. For the full year, Medtronic generated $36.4 billion in revenue, up 8.4% as reported and 5.8% organically, marking its strongest annual revenue growth in 10 years. Free cash flow reached $5.4 billion, and the company ended the year with $9.2 billion in cash and investments.
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Medtronic also raised its quarterly dividend to $0.72 per share, or $2.88 annually. This marked the company’s 49th consecutive year of dividend increases.

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Guidance

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Medtronic guided for fiscal 2027 organic revenue growth of 6.75% to 7.25%.
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The company also expects fiscal 2027 diluted non-GAAP EPS of $5.90 to $6.00, representing growth of 6.7% to 8.5%. Guidance includes the benefit of the 53rd week, higher M&A activity, tariff impacts, interest, tax expense, and full-year consolidation of the Diabetes business.

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The Bigger Picture

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Medtronic delivered a clean quarter with revenue and EPS ahead of expectations, strong organic growth, and a higher dividend.
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The company’s strongest annual revenue growth in a decade, improving pipeline activity, and new fiscal 2027 outlook likely gave investors more confidence that Medtronic can sustain mid-single-digit growth while returning capital to shareholders.
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