Jul 2026 (Q1 FY27) — Sep 1, 2026
Medtronic Q1 FY27 — Strong Start with Broad-Based Growth and Strategic Investments
Read the full callMedtronic (MDT) earnings
- Jul 2026
- Jul 2026 (Q1 FY27)
- Apr 2026
Medtronic earnings: last reported Tue, 1 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,756 | +13.7% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 18.1 | +1.2 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,470 | +41.3% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
44 of 48 judged targets kept · 21 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cardiac Ablation Solutions growth | sustaining the current growth rate | Jan 2026 | Look, CAS delivered another outstanding quarter with 78% worldwide growth and gaining an additional 8 points of U.S. share. | Achieved |
| Full-year R&D spend increase | increasing around $200 million, about 7% versus the 5% revenue growth rate | Apr 2025 | Adjusted R&D was roughly 7% of revenue in the fourth quarter and fiscal year R&D grew $150 million as we march towards higher investment goals. | Missed |
| Full-year net tariff impact to COGS | around $300 million | Jan 2026 | We anticipate a tariff impact to COGS of approximately $250 million in total, including $75 million in the first quarter. | Revised Up |
4 of Medtronic plc's 69 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 66 more targets are in the full ledger.
Claimed
- Organic revenue growth of 13.7% (including 670 bps from extra week), representing the strongest quarterly performance in nearly 8 years excluding COVID comps.
- Adjusted EPS of $1.45, which was $0.06 above the midpoint of guidance and Street expectations.
- Cardiac Ablation Solutions (CAS) delivered exceptional worldwide growth of 88%, with U.S. growth at 139%.
- Cardiac Rhythm Management (CRM) grew 15% globally, gaining 80 basis points of global share.
- Pelvic Health delivered strong growth of 15%, with Altaviva procedures doubling sequentially.
Qualified
- Business mix was unfavorable by 50 basis points to gross margin, largely reflective of the Diabetes and CAS businesses.
- Neuromodulation grew only 3% globally, driven by ongoing SCS market softness and replacement headwinds in DBS.
- The adjusted tax rate benefit of 17.2% in Q1 was mostly timing and is expected to be offset later in the year.
Price
$92.77 −2.09% · −$1.98
Performance −3.1% 1Y
1Y: $95.78 on 17 Oct 2025 → $92.77. High $105.35 (25 Nov 2025), low $73.75 (2 Jun 2026).
- Previous close
- $94.75
- 52-week range
- $73.75 – $105.35
- One year
- −3.28%
Overview
- Symbol
- MDT
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
44 of 48 judged targets kept · 21 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cardiac Ablation Solutions growth | sustaining the current growth rate | Jan 2026 | Look, CAS delivered another outstanding quarter with 78% worldwide growth and gaining an additional 8 points of U.S. share. | Achieved |
| Full-year R&D spend increase | increasing around $200 million, about 7% versus the 5% revenue growth rate | Apr 2025 | Adjusted R&D was roughly 7% of revenue in the fourth quarter and fiscal year R&D grew $150 million as we march towards higher investment goals. | Missed |
| Full-year net tariff impact to COGS | around $300 million | Jan 2026 | We anticipate a tariff impact to COGS of approximately $250 million in total, including $75 million in the first quarter. | Revised Up |
Claimed
- Organic revenue growth of 13.7% (including 670 bps from extra week), representing the strongest quarterly performance in nearly 8 years excluding COVID comps.
- Adjusted EPS of $1.45, which was $0.06 above the midpoint of guidance and Street expectations.
- Cardiac Ablation Solutions (CAS) delivered exceptional worldwide growth of 88%, with U.S. growth at 139%.
- Cardiac Rhythm Management (CRM) grew 15% globally, gaining 80 basis points of global share.
- Pelvic Health delivered strong growth of 15%, with Altaviva procedures doubling sequentially.
Qualified
- Business mix was unfavorable by 50 basis points to gross margin, largely reflective of the Diabetes and CAS businesses.
- Neuromodulation grew only 3% globally, driven by ongoing SCS market softness and replacement headwinds in DBS.
- The adjusted tax rate benefit of 17.2% in Q1 was mostly timing and is expected to be offset later in the year.
The full ledger
Open Medtronic plc’s full ledger
A free account opens 5 company ledgers a month. All 69 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q4 FY26) — Jun 3, 2026
Medtronic plc Q4 FY26 — Strongest Top Line Growth in a Decade Driven by CAS and Hugo Momentum
Read the full callJan 2026 (Q3 FY26) — Feb 17, 2026
Medtronic Q3 FY26 — Strong Organic Revenue Growth Driven by PFA and New Product Launches
Read the full callEvery analysed call
Medtronic earnings calls (MDT)
Financials
What the filings say
Net profit, year on year: +41% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,403 | 8,292 | 8,927 | 8,578 | 8,961 | 9,017 | 9,808 | 9,756 |
| Operating profit | 1,595 | 1,646 | 1,436 | 1,445 | 1,686 | 1,464 | 1,872 | 1,764 |
| Operating margin | 19.0% | 19.9% | 16.1% | 16.9% | 18.8% | 16.2% | 19.1% | 18.1% |
| Interest | 209 | 179 | 174 | 176 | 181 | 181 | 177 | 186 |
| Profit before tax | 1,559 | 1,540 | 1,261 | 1,302 | 1,597 | 1,404 | 1,833 | 1,769 |
| Tax rate | 18.0% | 15.4% | 15.7% | 19.6% | 13.5% | 18.1% | 31.4% | 16.3% |
| Net profit | 1,270 | 1,294 | 1,056 | 1,040 | 1,374 | 1,143 | 1,244 | 1,470 |
| EPS ($ per share) | 0.99 | 1.01 | — | 0.81 | 1.07 | 0.89 | — | 1.15 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 26,270 | 28,132 | 28,594 | 30,250 | 30,392 | 30,403 | 31,476 | 32,638 |
| Total liabilities | 39,482 | 39,817 | 41,481 | 38,260 | 39,283 | 39,561 | 43,424 | 42,956 |
| Fixed assets | 4,675 | 4,828 | 5,221 | 5,413 | 5,569 | 6,131 | 6,837 | 7,417 |
| Investments | 5,455 | 6,808 | 7,224 | 6,859 | 6,416 | 6,721 | 6,747 | 7,271 |
| Total assets | 89,694 | 90,689 | 93,083 | 90,981 | 90,948 | 89,981 | 91,680 | 93,028 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 7,007 | 7,234 | 6,240 | 7,346 | 6,039 | 6,787 | 7,044 | 7,330 |
| Cash from investing | -774 | -3,203 | -2,866 | -1,659 | -3,493 | -2,366 | -1,937 | -2,934 |
| Cash from financing | -5,431 | -4,198 | -4,136 | -5,336 | -4,960 | -4,450 | -4,361 | -4,751 |
| Net cash flow | 724 | -253 | -547 | 121 | -2,171 | -259 | 934 | -269 |
| Capital expenditure | -1,134 | -1,213 | -1,355 | -1,368 | -1,459 | -1,587 | -1,859 | -1,904 |
| Free cash flow | 5,873 | 6,021 | 4,885 | 5,978 | 4,580 | 5,200 | 5,185 | 5,426 |
MDT revenue by segment
Cardiovascular grew from 36% to 39% of revenue over the last two years.
| Segment | Q3 FY2024 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Cardiovascular | 36% | 37% | 37% | 38% | 38% | 38% | 39% | 40% | +19.5% |
| Neuroscience Group | 29% | 29% | 30% | 28% | 29% | 28% | 28% | 27% | +10.8% |
| Medical Surgical | 27% | 25% | 25% | 24% | 24% | 24% | 24% | 23% | +9.4% |
| Other Operating Segments Including Diabetes | — | — | — | — | — | — | — | 9% | — |
| Diabetes Group | 8% | 8% | 8% | 8% | 8% | 9% | 9% | 9% | +16.9% |
| Other Operating Segment Misc | — | — | — | — | — | — | — | <1% | — |
| All Other Segments | — | <1% | <1% | <1% | <1% | <1% | <1% | <1% | -12.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MDT operating KPIs by quarter
| KPI | Jan 2026 Q3 FY26 | Apr 2026 Q4 FY26 | Jul 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Installed base Touch Surgery | 1,000+This quarter, Touch Surgery installations increased over 20% sequentially and have now surpassed 1,000 systems globally.Source: earnings call transcript | 1,400+And our Touch Surgery Digital Ecosystem, well, it continues to represent a clear advantage with over 1,400 installations, up 30% plus sequentially.Source: earnings call transcript | 1,500+Today, Touch Surgery is used in more than 1,500 operating rooms globally, supporting AI-powered insights, collaboration and workflows.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
FY2027 · share of revenue
- US 50% ↓ 1 pt
- Non Us 50%
- Total Other Countries Excluding United States and Ireland 49% ↑ 1 pt
- IE <1%
As MDT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
80 filings between Nov 19, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$14.67M
18 sales by 5 insiders
17% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 21
- Award — granted as compensation
- 9
- Option exercise — converted options into shares
- 29
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KIIL HARRY SKIP | — | $5.61M | Sep 16, 2026 |
| Martha Geoffrey | — | $4.75M | Oct 15, 2026 |
| Smith Gregory L | — | $3.06M | Nov 19, 2025 |
| Marinaro Michael | — | $1.00M | Oct 15, 2026 |
| Walter Matthew R. | — | $257.9K | Jul 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Sale 10b5-1 plan | 10,420 | $1.00M |
| Oct 15, 2026 | Martha Geoffrey Chairman and CEO | Sale 10b5-1 plan | 50,000 | $4.75M |
| Sep 16, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Sale | 1,483 | $138.9K |
| Sep 15, 2026 | Blomquist Denise L. Chief Accounting Officer | Gift | 600 | $0 |
| Aug 20, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Tax withheld | 1,084 | $100.1K |
| Aug 3, 2026 | Blomquist Denise L. Chief Accounting Officer | Award | 2,337 | $0 |
| Aug 3, 2026 | Quinn Michelle EVP, GC and Secretary | Award | 6,346 | $0 |
| Aug 3, 2026 | Thompson Kweli EVP & President, Neuroscience | Award | 6,923 | $0 |
| Aug 3, 2026 | Martha Geoffrey Chairman and CEO | Award | 41,533 | $0 |
| Aug 3, 2026 | Walter Matthew R. SVP, Chief HR Officer | Award | 5,769 | $0 |
| Aug 3, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Award | 9,230 | $0 |
| Aug 3, 2026 | Pieton Thierry EVP & Chief Financial Officer | Award | 11,537 | $0 |
| Aug 3, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Award | 46,147 | $0 |
| Aug 3, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Award | 10,960 | $0 |
| Jul 31, 2026 | Thompson Kweli EVP & President, Neuroscience | Tax withheld | 1,739 | $148.5K |
| Jul 31, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Tax withheld | 3,074 | $262.5K |
| Jul 31, 2026 | Walter Matthew R. SVP, Chief HR Officer | Tax withheld | 1,675 | $143.0K |
| Jul 31, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Tax withheld | 3,356 | $286.6K |
| Jul 31, 2026 | Blomquist Denise L. Chief Accounting Officer | Tax withheld | 212 | $18.1K |
| Jul 31, 2026 | Martha Geoffrey Chairman and CEO | Tax withheld | 15,810 | $1.35M |
| Jul 28, 2026 | Quinn Michelle EVP, GC and Secretary | Tax withheld | 2,069 | $179.8K |
| Jul 8, 2026 | Walter Matthew R. SVP, Chief HR Officer | Sale 10b5-1 plan | 3,102 | $257.9K |
| Jun 8, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Sale | 228 | $18.3K |
| Jun 8, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Sale | 3,961 | $318.6K |
| Jun 5, 2026 | Blomquist Denise L. Chief Accounting Officer | Tax withheld | 237 | $19.7K |
| Jun 4, 2026 | Walter Matthew R. SVP, Chief HR Officer | Tax withheld | 2,840 | $236.6K |
| Jun 4, 2026 | Martha Geoffrey Chairman and CEO | Tax withheld | 41,936 | $3.49M |
| Jun 4, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Tax withheld | 7,471 | $622.5K |
| Jun 4, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Tax withheld | 6,817 | $568.0K |
| May 26, 2026 | Blomquist Denise L. Chief Accounting Officer | Option exercise | 1,712 | $0 |
| May 26, 2026 | Walter Matthew R. SVP, Chief HR Officer | Option exercise | 9,149 | $0 |
| May 26, 2026 | Marinaro Michael EVP, Pres MedSurg and Americas | Option exercise | 18,994 | $0 |
| May 26, 2026 | KIIL HARRY SKIP EVP & President Cardiovascular | Option exercise | 15,195 | $0 |
| May 26, 2026 | Martha Geoffrey Chairman and CEO | Option exercise | 94,963 | $0 |
| May 26, 2026 | Wall Brett A. EVP & Pres Neuroscience | Option exercise | 26,907 | $0 |
| May 1, 2026 | Walter Matthew R. SVP, Chief HR Officer | Tax withheld | 35 | $2.8K |
| Apr 28, 2026 | Lewis Gregory P Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | NABEL ELIZABETH G Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | Lofton Kevin E Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | DONNELLY SCOTT C Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | HOGAN RANDALL J Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | Fonseca Lidia Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | ARNOLD CRAIG Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | Powell Kendall J Director | Tax withheld | 207 | $17.0K |
| Apr 28, 2026 | Blomquist Denise L. Chief Accounting Officer | Tax withheld | 318 | $26.0K |
| Apr 27, 2026 | Lewis Gregory P Director | Award | 2,111 | $0 |
| Apr 27, 2026 | NABEL ELIZABETH G Director | Award | 2,111 | $0 |
| Apr 27, 2026 | Groetelaars John P Director | Award | 1,444 | $0 |
| Apr 27, 2026 | Lofton Kevin E Director | Award | 2,111 | $0 |
| Apr 27, 2026 | Powell Kendall J Director | Award | 2,111 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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