The guidance raise and broad-based organic growth acceleration (13.7% vs 5.8% FY26 full-year) signal improving operational momentum. Watch for continued Cardiac Ablation Solutions share gains and Diabetes separation catalyst. The extra week benefit (~$570M) is a one-time factor, but underlying trends remain strong.
Price Chart
Executive Summary
Medtronic reported Q1 FY27 revenue of $9.756B (+13.7% organic, ~200bps above guidance midpoint) and non-GAAP EPS of $1.45, ahead of consensus. The company raised FY27 organic revenue growth guidance to 7.25%-7.75% (from 6.75%-7.25%) and EPS guidance to $5.94-$6.00. Broad-based strength across Cardiovascular (+18.9% organic), Neuroscience (+9.3%), Medical Surgical (+10.2%), and Diabetes (+14.9%) drove the beat. The extra fiscal week contributed ~$570M to organic growth, but the guidance raise and strong execution signal durable momentum.
Key Financial Metrics
Key Facts
- Revenue of $9.756B, +13.7% as reported and +13.7% organic, ~200bps above guidance midpoint
- Non-GAAP diluted EPS of $1.45, ahead of consensus estimate of $1.39
- Raised FY27 organic revenue growth guidance to 7.25%-7.75% (from 6.75%-7.25%)
- Raised FY27 non-GAAP EPS guidance to $5.94-$6.00 (from $5.90-$6.00)
- Cardiovascular grew 18.9% organic, led by Electrophysiology Therapies +29.1%
- Neuroscience grew 9.3% organic, Medical Surgical +10.2%, Diabetes +14.9%
- GAAP operating margin expanded 120bps to 18.1%; non-GAAP operating margin +10bps to 23.7%
- Free cash flow of $1.290B, more than doubled from $584M in prior-year Q1
- Extra fiscal week benefited Q1 organic growth by ~$570M
Financial Impact
Revenue beat consensus by ~$216M (2.3%); EPS beat consensus by $0.06 (4.3%). Guidance raise implies ~$200M+ incremental FY27 revenue at midpoint.
Risk Factors
- Extra fiscal week (~$570M) inflated Q1 organic growth; underlying run-rate is lower
- Non-GAAP operating margin only +10bps despite strong revenue growth, indicating cost pressures
- Diabetes separation structure (split-off vs spin-off) remains undecided, creating execution uncertainty
- Tariff and MiniMed Blackstone payment headwinds (~50bps and ~45bps respectively in FY26) persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-059697 |
| Document: mdt-20260901.htm | 0001628280-26-059697 |
| Document: 0001628280-26-059697-index-headers.html | 0001628280-26-059697 |
| Document: 0001628280-26-059697-index.html | 0001628280-26-059697 |
| Document: 0001628280-26-059697.txt | 0001628280-26-059697 |
| 8-K Data (Synthetic) | 0001628280-26-059697 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | Press Release | $92.60 $89.30 | ▼ −3.56% | ▼ −6.13% | $87.42 (−5.60%) |
Sep 15, 2026 16d ago | 425 | $92.60 $89.30 | ▼ −3.56% | ▼ −6.13% | $87.42 (−5.60%) |
Sep 14, 2026 17d ago | 425 | $93.75 $90.77 | ▼ −3.18% | ▼ −5.29% | $87.42 (−6.76%) |
Sep 14, 2026 18d ago | 425 | $93.80 $91.75 | ▼ −2.19% | ▼ −2.29% | $87.42 (−6.81%) |
Sep 14, 2026 18d ago | 425 | $93.80 $91.75 | ▼ −2.19% | ▼ −2.29% | $87.42 (−6.81%) |
Sep 1, 2026 4w ago | Press Release | $92.03 $91.89 | ▼ −0.15% | ▼ −0.23% | $87.42 (−5.01%) |
Sep 1, 2026 4w ago | 8-K | $92.04 $91.89 | ▼ −0.16% | ▼ −0.24% | $87.42 (−5.02%) |
Sep 1, 2026 4w ago | Press Release | $92.04 $91.89 | ▼ −0.16% | ▼ −0.24% | $87.42 (−5.02%) |
Aug 31, 2026 4w ago | Court Ruling | $90.65 $92.39 | ▲ +1.92% | ▲ +2.06% | $87.42 (−3.57%) |
Aug 20, 2026 6w ago | Press Release | $93.35 $91.15 | ▼ −2.36% | ▼ −2.83% | $87.42 (−6.36%) |
US Market Status
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