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.
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
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
Investment Themes
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 | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | Press Release | $92.60 $89.30 | ▼ −3.56% | ▼ −6.13% | $86.86 (−6.19%) |
Sep 15, 2026 16d ago | 425 | $92.60 $89.30 | ▼ −3.56% | ▼ −6.13% | $86.86 (−6.19%) |
Sep 14, 2026 17d ago | 425 | $93.75 $90.77 | ▼ −3.18% | ▼ −5.29% | $86.86 (−7.34%) |
Sep 14, 2026 18d ago | 425 | $93.80 $91.75 | ▼ −2.19% | ▼ −2.29% | $86.86 (−7.39%) |
Sep 14, 2026 18d ago | 425 | $93.80 $91.75 | ▼ −2.19% | ▼ −2.29% | $86.86 (−7.39%) |
Sep 1, 2026 4w ago | Press Release | $92.03 $91.89 | ▼ −0.15% | ▼ −0.23% | $86.86 (−5.61%) |
Sep 1, 2026 4w ago | 8-K | $92.04 $91.89 | ▼ −0.16% | ▼ −0.24% | $86.86 (−5.62%) |
Sep 1, 2026 4w ago | Press Release | $92.04 $91.89 | ▼ −0.16% | ▼ −0.24% | $86.86 (−5.62%) |
Aug 31, 2026 4w ago | Court Ruling | $90.65 $92.39 | ▲ +1.92% | ▲ +2.06% | $86.86 (−4.18%) |
Aug 20, 2026 6w ago | Press Release | $93.35 $91.15 | ▼ −2.36% | ▼ −2.83% | $86.86 (−6.95%) |
US Market Status
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