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Oct 24, 2025
Medtronic Q2 2026 Earnings Report
Medtronic reported strong Q2 2026 results with both revenue and EPS beating expectations.
Key Takeaways
Medtronic delivered a solid performance in Q2 2026, exceeding revenue and EPS expectations. The company saw strong growth in its Cardiac Ablation Solutions and Cardiovascular segments, leading to an upward revision of its full-year guidance.
Revenue reached $8.961 billion, growing 6.6% as reported and 5.5% organically.
GAAP EPS came in at $1.07 and non-GAAP EPS at $1.36.
Net income increased to $1.374 billion.
Cardiac Ablation Solutions revenue surged 71% driven by pulsed field ablation technology.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Medtronic raised its FY26 organic revenue growth outlook to ~5.5% and adjusted EPS guidance to $5.62–$5.66.
Positive Outlook
- FY26 organic revenue growth guidance raised to ~5.5%.
- Adjusted EPS guidance increased to $5.62–$5.66.
- Strong performance in Cardiac Ablation Solutions (71% revenue growth).
- FDA approvals and CMS coverage expansions in key therapies.
- Robust momentum across cardiovascular and diabetes businesses.
Challenges Ahead
- Potential tariff impact of $185 million remains unchanged.
- GAAP operating margin declined 20 basis points YoY.
- Slight revenue decline in Specialty Therapies segment.
- Flat growth in Coronary & Peripheral Vascular segment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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