MDT Medtronic plc
Price Chart
Executive Summary
Medtronic reported Q4 FY26 revenue of $9.807B (+9.9% YoY, +6.6% organic), beating the $9.61B consensus, and non-GAAP diluted EPS of $1.55, in line with the $1.55 consensus. The company guided FY27 organic revenue growth of 6.75%-7.25% and non-GAAP EPS of $5.90-$6.00, representing 6.7%-8.5% growth. Strong top-line performance and raised guidance are positive, but non-GAAP operating margin contracted 230bps YoY in Q4 and 130bps for FY26, with headwinds from tariffs and the MiniMed Blackstone payment.
Key Financial Metrics
Actionable Insight
The strong Q4 beat and above-consensus FY27 guidance (6.75-7.25% organic growth, $5.90-$6.00 EPS) should drive positive momentum. Watch for margin recovery as tariff and Blackstone headwinds ease. The 49th consecutive dividend increase reinforces capital return commitment.
Key Facts
- Q4 FY26 revenue $9.807B, +9.9% reported, +6.6% organic, 90bps ahead of implied guidance
- Q4 GAAP diluted EPS $0.96 (+17.1% YoY); non-GAAP diluted EPS $1.55 (-4.3% YoY)
- FY26 revenue $36.364B (+8.4% reported, +5.8% organic); FY26 non-GAAP EPS $5.53 (+0.7% YoY)
- FY27 guidance: organic revenue growth 6.75%-7.25%; non-GAAP EPS $5.90-$6.00 (6.7%-8.5% growth)
- Dividend increased to $0.72/quarter ($2.88 annual), 49th consecutive annual increase
- Cardiac Ablation Solutions revenue +78% globally, +124% US; Cardiovascular portfolio +10.1% organic
- Q4 non-GAAP operating margin 25.5%, down 230bps YoY, impacted by 160bps from MiniMed Blackstone payment and 80bps from tariffs
- FY26 free cash flow $5.426B, +4.6% YoY; returned $4.2B to shareholders
Financial Impact
Q4 revenue beat consensus by ~$197M (2.0%); FY27 EPS guidance midpoint $5.95 implies ~7.6% growth vs FY26 non-GAAP $5.53
Risk Factors
- Non-GAAP operating margin contraction of 130bps in FY26 and 230bps in Q4 raises profitability concerns
- Tariff headwinds of ~50bps on FY26 margins and potential escalation in FY27
- Diabetes business separation structure remains undecided, creating execution uncertainty
- FY26 non-GAAP EPS growth was only +0.7% despite 5.8% organic revenue growth, indicating cost pressures
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-040034 |
| Document: mdt-20260603.htm | 0001628280-26-040034 |
| Document: 0001628280-26-040034-index-headers.html | 0001628280-26-040034 |
| Document: 0001628280-26-040034-index.html | 0001628280-26-040034 |
| Document: 0001628280-26-040034.txt | 0001628280-26-040034 |
| 8-K Data (Synthetic) | 0001628280-26-040034 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 4, 2026
8d ago
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ANALYST-UPGRADE
| $81.91 $81.40 | ▼ −0.62% | ▲ +1.98% | $80.20 (−2.09%) |
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Jun 3, 2026
9d ago
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8-K
| $78.03 $81.91 | ▲ +4.97% | ▲ +4.57% | $80.20 (+2.78%) |
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May 31, 2026
12d ago
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ANALYST-UPGRADE
| $101.62 $101.37 | ▼ −0.25% | ▲ +0.07% | $80.20 (−21.08%) |
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May 19, 2026
25d ago
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Court Ruling
| $78.54 $78.13 | ▼ −0.52% | ▼ −1.56% | $80.20 (+2.12%) |
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May 1, 2026
6w ago
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ANALYST-UPGRADE
| $101.62 $101.37 | ▼ −0.25% | ▲ +0.07% | $80.20 (−21.08%) |
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Apr 6, 2026
9w ago
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Court Ruling
| $86.25 $86.42 | ▲ +0.20% | ▲ +0.13% | $80.20 (−7.01%) |
US Market Status
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