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Jul 25, 2025
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
Revenue by Segment
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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