Medtronic Q3 FY26 Earnings: Revenue Up 8.7%, Strong Growth in Cardiac and Diabetes Segments
Medtronic plc, a leading global healthcare technology company, announced its financial performance for the third quarter (Q3) of fiscal year 2026, which concluded on January 23, 2026.
Q3 Highlights
Q3 Highlights
- Revenue reached $9.0 billion, reflecting an 8.7% reported increase and 6.0% organic growth, surpassing Q3 guidance by 50 basis points.
- GAAP diluted EPS was $0.89, while non-GAAP diluted EPS came in at $1.36, exceeding the midpoint of guidance by three cents.
- The company reaffirmed its FY26 organic revenue growth and EPS outlook.
- Cardiac Ablation Solutions revenue surged 80% overall and 137% in the U.S., driven by strong demand for the pulsed field ablation (PFA) portfolio.
- Medtronic obtained CE Mark approval for Sphere-360™ and launched a U.S. pivotal clinical trial.
- The company received FDA clearance for the Hugo™ robotic-assisted surgery platform, with initial procedures completed during the month.
- Stealth AXiS™ Surgical System also gained FDA clearance for spine surgery applications.
- Diabetes business revenue increased 8.3%, supported by strong double-digit growth internationally.
- Two strategic acquisitions were completed during the quarter: CathWorks in Coronary and Renal Denervation and Anteris in Structural Heart.
Geoff Martha, Medtronic’s chairman and CEO, stated that Q3 delivered solid organic revenue growth above expectations, underscoring the strength of the company’s product portfolio. He highlighted Medtronic’s expansion into new markets, investments in high-growth areas, and a robust innovation pipeline as key drivers for sustained long-term growth.
Financial Performance
Medtronic reported Q3 global revenue of $9.017 billion, up 8.7% reported and 6.0% organically. Organic growth figures exclude certain items, including other revenue, divestiture impacts, and foreign exchange benefits.
Revenue by segment:
Financial Performance
Medtronic reported Q3 global revenue of $9.017 billion, up 8.7% reported and 6.0% organically. Organic growth figures exclude certain items, including other revenue, divestiture impacts, and foreign exchange benefits.
Revenue by segment:
- Cardiovascular Portfolio: $3.457 billion, up 13.8% reported and 10.6% organically, with strong growth in Cardiac Rhythm & Heart Failure and moderate gains across Structural Heart, Aortic, Coronary, and Peripheral Vascular.
- Neuroscience Portfolio: $2.558 billion, up 4.1% reported and 2.5% organically, driven by Neuromodulation and Cranial & Spinal Technologies, with Specialty Therapies flat.
- Medical Surgical Portfolio: $2.173 billion, rising 4.9% reported and 2.7% organically, supported by Surgical & Endoscopy and Acute Care & Monitoring.
- Diabetes: $796 million, increasing 14.8% reported and 8.3% organically.
Profitability
- GAAP operating profit: $1.464 billion (16.2% margin)
- Non-GAAP operating profit: $2.177 billion (24.1% margin)
- GAAP net income: $1.143 billion; GAAP EPS: $0.89
- Non-GAAP net income: $1.750 billion; Non-GAAP EPS: $1.36
FY26 Outlook
Medtronic reaffirmed its FY26 organic revenue growth target of about 5.5% and non-GAAP diluted EPS guidance of $5.62–$5.66. The outlook includes an estimated $185 million tariff impact, unchanged from prior guidance. Excluding tariffs, the company expects approximately 4.5% EPS growth for FY26.
Chief Financial Officer Thierry Piéton noted that the company continued to accelerate growth while investing heavily in R&D, pursuing strategic acquisitions, and improving operational efficiency to support sustainable expansion.
Webcast and Financial Materials
Medtronic will host a video webcast on February 17 at 8:00 a.m. EST to discuss business performance with investors and media. The webcast, replay, transcript, and financial schedules will be available on Medtronic’s Investor Relations and News websites.
Click here to know more.
Medtronic reaffirmed its FY26 organic revenue growth target of about 5.5% and non-GAAP diluted EPS guidance of $5.62–$5.66. The outlook includes an estimated $185 million tariff impact, unchanged from prior guidance. Excluding tariffs, the company expects approximately 4.5% EPS growth for FY26.
Chief Financial Officer Thierry Piéton noted that the company continued to accelerate growth while investing heavily in R&D, pursuing strategic acquisitions, and improving operational efficiency to support sustainable expansion.
Webcast and Financial Materials
Medtronic will host a video webcast on February 17 at 8:00 a.m. EST to discuss business performance with investors and media. The webcast, replay, transcript, and financial schedules will be available on Medtronic’s Investor Relations and News websites.
Click here to know more.
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