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Medtronic reports fourth quarter and full year fiscal 2026 results; delivers highest annual revenue growth in 10 years

MDT
  • Medtronic reported Q4 FY26 revenue of $9.8 billion (up 9.9% reported, 6.6% organic) & FY26 revenue of $36.4 billion (up 8.4% reported, 5.8% organic), marking its highest annual revenue growth in 10 years.
  • Q4 GAAP diluted EPS was $0.96 & non-GAAP diluted EPS was $1.55, both exceeding guidance.
  • Cardiac Ablation Solutions revenue surged 78% globally & 124% in the U.S., gaining 8 percentage points of U.S. market share.
  • Cardiovascular segment grew 10.1% organically, driven by mid-single-digit growth in Cardiac Rhythm Management & mid-teens growth in Micra™.
  • Medical Surgical portfolio increased 5.1% organically, led by low-double-digit growth in Acute Care & Monitoring & high-single-digit growth in Endoscopy.
  • The company filed submissions with the U.S. FDA for Hugo™ RAS (general surgery & gynecology) & LigaSure™ RAS, & received clearance for ProGrip™ Advanced.
  • Stealth AXiS™ Surgical System secured FDA clearance for Spine, Cranial & ENT indications & CE Mark for Spine & Cranial.
  • Medtronic executed tuck-in M&A including the acquisition of CathWorks & announced intentions to acquire Scientia Vascular & SPR Therapeutics.
  • The board approved a Q1 FY27 dividend increase to $0.72 per share, representing the 49th consecutive year of dividend growth.
  • FY26 cash from operations totaled $7.3 billion & free cash flow was $5.4 billion, with $9.2 billion in cash & investments closing the year.
  • The company returned $4.2 billion to shareholders in FY26 via dividends & share repurchases.
  • FY27 organic revenue growth is guided at 6.75% to 7.25%, & non-GAAP diluted EPS is guided at $5.90 to $6.00.
  • Medtronic anticipates the separation of its Diabetes business through capital markets transactions, potentially including a spin-off or split-off.