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Jul 25
Medtronic Q1 2026 Earnings Report
Medtronic posted steady Q1 2026 results with broad-based segment growth and raised full-year EPS guidance.
Key Takeaways
Medtronic reported strong Q1 FY26 results with $8.58B in revenue and consistent organic growth across cardiovascular and diabetes segments. GAAP EPS rose to $0.81 while non-GAAP EPS reached $1.26, prompting an upward revision of full-year earnings guidance.
Q1 revenue reached $8.58 billion, up 8.4% YoY as reported
Net income of $1.04 billion with GAAP EPS at $0.81
Raised FY26 non-GAAP EPS guidance to $5.60–$5.66
Cardiac Ablation Solutions and Diabetes segments showed strong double-digit growth
Medtronic
Medtronic
Medtronic Revenue by Segment
Medtronic Revenue by Geographic Location
Revenue by Segment
Cardiac Rhythm & HF Revenue
CapyFin.comStructural Heart & Aortic Revenue
CapyFin.comCoronary & Peripheral Vascular Revenue
CapyFin.comCranial & Spinal Technologies Revenue
CapyFin.comSpecialty Therapies Revenue
CapyFin.comNeuromodulation Revenue
CapyFin.comSurgical & Endoscopy Revenue
CapyFin.comAcute Care & Monitoring Revenue
CapyFin.comDiabetes Revenue
CapyFin.comOther Segment Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Medtronic reaffirmed its FY26 organic revenue growth target of ~5% and raised its non-GAAP EPS guidance to a range of $5.60 to $5.66, reflecting stronger-than-expected Q1 performance and a more favorable outlook on tariffs.
Positive Outlook
- Raised FY26 non-GAAP EPS guidance
- Strong growth in Cardiac Ablation and Diabetes segments
- Received CE Mark for Hugo RAS system's LigaSure tech
- U.S. CMS proposed coverage for Symplicity Spyral system
- 11th consecutive quarter of mid-single-digit organic growth
Challenges Ahead
- Specialty Therapies revenue declined YoY
- Non-GAAP operating margin declined YoY by 80 bps
- EPS growth partially impacted by restructuring and divestitures
- Limited inorganic revenue growth contributions
- Diabetes business preparing for separation, creating transition costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income