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Get filing alertsMedtronic reports 8.4% revenue growth in FY26, highest in decade; guides FY27 to 6.75%-7.25%
Filed June 3, 2026 · Period ending June 3, 2026 · ~1 min read
Key Changes
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FY26 revenue reached $36.4B, up 8.4% reported and 5.8% organic—the company's strongest annual growth in 10 years. Q4 revenue of $9.8B grew 9.9% reported, beating guidance by 90 basis points.
Exhibit 99.1 view on EDGAR → -
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FY27 organic revenue growth guided to 6.75%-7.25% (includes 53rd week benefit and full-year Diabetes revenue). Non-GAAP EPS guided to $5.90-$6.00, representing 6.7%-8.5% growth.
Exhibit 99.1 view on EDGAR → -
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Non-GAAP operating margin declined 130 basis points in FY26 (150 bps constant currency), impacted by 45 bps from MiniMed Blackstone payment and 50 bps from tariffs.
Exhibit 99.1 view on EDGAR → -
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Board increased quarterly dividend to $0.72 per share (implying $2.88 annually), marking the 49th consecutive year of dividend increases. Payable July 17, 2026.
Exhibit 99.1 view on EDGAR → -
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Completed CathWorks acquisition and announced intentions to acquire Scientia Vascular and SPR Therapeutics, expanding into high-growth adjacencies in neurovascular and neuromodulation.
Exhibit 99.1 view on EDGAR →
Summary
Medtronic delivered its strongest annual revenue growth in a decade, with FY26 revenue of $36.4 billion up 8.4% reported and 5.8% organically. The fourth quarter accelerated further with 9.9% reported growth, beating guidance by 90 basis points.
Non-GAAP EPS of $5.53 for the year grew 0.7%, though operating margin compression of 130 basis points reflected one-time impacts from the MiniMed Blackstone payment (45 bps) and tariffs (50 bps). The company's guidance for FY27 projects continued momentum with 6.75%-7.25% organic revenue growth and 6.7%-8.5% non-GAAP EPS growth to $5.90-$6.00, benefiting from a 53rd week and full-year Diabetes business contribution.
The board's 49th consecutive annual dividend increase to $2.88 per share underscores sustained capital return discipline. Medtronic also executed multiple tuck-in acquisitions—CathWorks (completed), Scientia Vascular and SPR Therapeutics (announced)—to strengthen its portfolio in high-growth areas like neurovascular and neuromodulation. For retail holders, the combination of accelerating top-line growth, margin headwinds from identifiable one-time factors, and sustained shareholder returns positions the company for continued expansion, with FY27 guidance suggesting the growth trajectory remains intact despite tariff and interest rate pressures.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Medtronic announced full year and fourth quarter fiscal 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On June 03, 2026, Medtronic plc, a public limited company organized under the laws of Ireland, issued a press release announcing its full year and fourth quarter and fiscal year 2026 financial results.
Medtronic disclosed its fiscal year 2026 and fourth quarter financial results through a press release on June 3, 2026. The actual financial figures are contained in the press release exhibit, which was not provided in this filing body.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenue of $9.8 billion, increased 9.9% as reported and 6.6% organic, 90 basis points ahead of Q4 implied guidance •GAAP diluted EPS of $0.96; non-GAAP diluted EPS of $1.55, ahead of guidance
Medtronic reported Q4 FY26 revenue of $9.8 billion, up 9.9% as reported and 6.6% organically, beating guidance by 90 basis points. GAAP diluted EPS was $0.96; non-GAAP diluted EPS was $1.55, both ahead of guidance. The quarter reflected strong performance across Cardiovascular (up 10.1% organic), Neuroscience (up 3.0% organic), and Medical Surgical (up 5.1% organic).
Added in current filing · view on EDGAR →
FY26 revenue of $36.4 billion, adjusted revenue of $36.3 billion, increased 8.4% as reported and 5.8% organic •FY26 GAAP diluted EPS of $3.73 increased 3.3%; non-GAAP diluted EPS of $5.53 increased 0.7% •FY26 operating margin was flat year-over-year; FY26 non-GAAP operating margin decreased 130 basis points, or 150 basis points constant currency
For the full fiscal year 2026, Medtronic delivered revenue of $36.4 billion (adjusted $36.3 billion), up 8.4% as reported and 5.8% organically — the company's highest annual revenue growth in 10 years. GAAP diluted EPS of $3.73 increased 3.3%; non-GAAP diluted EPS of $5.53 increased 0.7%. However, non-GAAP operating margin declined 130 basis points (150 bps constant currency), impacted by 45 basis points from the MiniMed Blackstone payment and 50 basis points from tariffs.
Added in current filing · view on EDGAR →
The company is guiding to FY27 organic revenue growth of 6.75% to 7.25%. FY27 organic revenue growth guidance includes the impact of the 53rd week as well as revenue from the Diabetes business for the full fiscal year. ... The company is guiding to FY27 diluted non-GAAP EPS in the range of $5.90 to $6.00, representing FY27 diluted non-GAAP EPS growth in the range of 6.7% to 8.5%.
Medtronic guided FY27 organic revenue growth to 6.75%-7.25%, including the benefit of a 53rd week and full-year Diabetes business revenue. FY27 non-GAAP diluted EPS is guided to $5.90-$6.00, representing 6.7%-8.5% growth. The guidance includes benefits from the 53rd week and increased M&A, offset by impacts from tariffs, interest, and tax expense, and assumes neutral to 1% accretive impact from foreign currency.
Added in current filing · view on EDGAR →
Executed several tuck-in M&A and venture capital transactions to strengthen portfolios, accelerate growth, and expand into high-growth adjacencies: completed CathWorks acquisition in Coronary and Renal Denervation; announced intention to acquire both Scientia Vascular in Neurovascular and SPR Therapeutics in Neuromodulation (in May); entered into agreements with Merit Medical Systems to offer ViaVerte™ system in Neuromodulation; and an investment in Pulnovo Medical in Cardiovascular
Medtronic executed multiple tuck-in acquisitions and investments to strengthen its portfolio: completed the CathWorks acquisition (Coronary/Renal Denervation), announced intentions to acquire Scientia Vascular (Neurovascular) and SPR Therapeutics (Neuromodulation), partnered with Merit Medical for the ViaVerte system, and invested in Pulnovo Medical (Cardiovascular). These moves expand the company's presence in high-growth adjacencies.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 22, 2026 · How we verify