Medtronic reports first quarter fiscal 2026 financial results
Medtronic (NYSE:MDT) reported strong Q1 FY2026 results with revenue reaching $8.6 billion, an 8.4% increase as reported and 4.8% organic growth. The company achieved GAAP diluted EPS of $0.81 (up 1%) and non-GAAP diluted EPS of $1.26 (up 2%).
Key performance highlights include Cardiac Ablation Solutions revenue surge of nearly 50% (72% in US) driven by pulsed field ablation products. The Cardiovascular Portfolio led growth with a 7.0% organic increase, while the Diabetes business showed strong performance with 7.9% organic growth.
Looking ahead, Medtronic raised its FY26 EPS guidance to $5.60-$5.66 (previously $5.50-$5.60) while maintaining organic revenue growth guidance of approximately 5%. The company expects reduced tariff impact of approximately $185 million, down from the previous estimate of $200-350 million.
Medtronic (NYSE:MDT) ha comunicato solidi risultati per il primo trimestre dell'anno fiscale 2026: i ricavi hanno raggiunto $8,6 miliardi, in aumento dell'8,4% reported e del 4,8% a crescita organica. L'azienda ha registrato un EPS diluito GAAP di $0,81 (in crescita dell'1%) e un EPS diluito non-GAAP di $1,26 (in crescita del 2%).
Tra i principali punti di forza si segnala un balzo vicino al 50% dei ricavi delle soluzioni per l'ablazione cardiaca (72% negli USA), trainato dai prodotti per ablazione a campo pulsato. Il portafoglio cardiovascolare ha guidato la crescita con un incremento organico del 7,0%, mentre il segmento Diabetes ha mostrato una solida performance con una crescita organica del 7,9%.
Per il futuro, Medtronic ha alzato la guidance sull'EPS per l'anno fiscale 2026 a $5,60-$5,66 (precedentemente $5,50-$5,60), mantenendo la previsione di una crescita organica dei ricavi di circa il 5%. L'azienda prevede inoltre un impatto da dazi ridotto a circa $185 milioni, rispetto alla stima precedente di $200-350 milioni.
Medtronic (NYSE:MDT) present贸 s贸lidos resultados del primer trimestre del ejercicio fiscal 2026, con ingresos de $8,6 mil millones, un aumento del 8,4% reported y un crecimiento org谩nico del 4,8%. La compa帽铆a logr贸 un EPS diluido GAAP de $0,81 (subida del 1%) y un EPS diluido non-GAAP de $1,26 (subida del 2%).
Entre los puntos destacados figura un incremento de casi el 50% en los ingresos por soluciones de ablaci贸n card铆aca (72% en EE. UU.), impulsado por productos de ablaci贸n por campo pulsado. La cartera cardiovascular lider贸 el crecimiento con un aumento org谩nico del 7,0%, mientras que el negocio de Diabetes mostr贸 un s贸lido desempe帽o con un crecimiento org谩nico del 7,9%.
De cara al futuro, Medtronic elev贸 su gu铆a de EPS para el a帽o fiscal 26 a $5,60-$5,66 (antes $5,50-$5,60), manteniendo la previsi贸n de crecimiento org谩nico de ingresos en aproximadamente el 5%. La compa帽铆a espera adem谩s un menor impacto por aranceles, de aproximadamente $185 millones, frente a la estimaci贸n previa de $200-350 millones.
Medtronic (NYSE:MDT)電� 2026 須岅硠鞐半弰 1攵勱赴 鞁れ爜鞚� 氚滍憸頃橂┌ 毵れ稖鞚� $86巩�鞙茧 鞝勲厔 雽�牍� 氤搓碃 旮办 8.4%, 鞙犼赴鞝� 靹膘灔毳� 4.8% 歃濌皜頄堧嫟瓿� 氚濏様鞀惦媹雼�. 須岇偓電� GAAP 頋劃 欤茧嫻靾滌澊鞚�(EPS) $0.81(1% 歃濌皜)瓿� non-GAAP 頋劃 EPS $1.26(2% 歃濌皜)毳� 雼劚頄堨姷雼堧嫟.
欤检殧 靹标臣搿滊姅 韼勳姢 頃勲摐 鞝堨牅(PFA) 鞝滍拡鞐� 頌橃瀰鞏� 鞁灔 鞝堨牅 靻旊（靺� 毵れ稖鞚� 瓯办潣 50% 旮夓頄堨溂氅�(氙戈淡鞚� 72% 歃濌皜), 鞁槇甏� 韽姼韽措Μ鞓り皜 鞙犼赴鞝� 靹膘灔 7.0%搿� 靹膘灔鞚� 欤茧弰頄堨姷雼堧嫟. 雼闺嚚氤� 靷梾霃� 鞙犼赴鞝� 靹膘灔 7.9%搿� 瓴“頃� 鞁れ爜鞚� 氤挫榾鞀惦媹雼�.
頄ロ泟 鞝勲鞙茧 Medtronic鞚� 2026 須岅硠鞐半弰 EPS 鞝勲鞚� $5.60-$5.66鞙茧 靸來枼(旮办〈 $5.50-$5.60)頃橂┐靹� 鞙犼赴鞝� 毵れ稖 靹膘灔毳� 鞝勲鞚� 鞎� 5%搿� 鞙犾頄堨姷雼堧嫟. 甏�靹� 鞓來枼鞚� 旮办〈 於旍爼旃� $200-350氚彪 雼煬鞐愳劀 鞎� $185氚彪 雼煬搿� 臧愳唽頃� 瓴冹溂搿� 鞓堨儊頃╇媹雼�.
Medtronic (NYSE:MDT) a publi茅 de solides r茅sultats pour le 1er trimestre de l'exercice 2026 : le chiffre d'affaires a atteint 8,6 milliards $, en hausse de 8,4% en reported et de 4,8% en organique. La soci茅t茅 a enregistr茅 un EPS dilu茅 GAAP de 0,81 $ (en hausse de 1%) et un EPS dilu茅 non-GAAP de 1,26 $ (en hausse de 2%).
Parmi les points forts, les revenus des solutions d'ablation cardiaque ont bondi de pr猫s de 50% (72% aux 脡tats-Unis), tir茅s par les produits d'ablation par champ puls茅. Le portefeuille cardiovasculaire a men茅 la croissance avec une augmentation organique de 7,0%, tandis que l'activit茅 Diab猫te a affich茅 une solide performance avec 7,9% de croissance organique.
Pour l'avenir, Medtronic a relev茅 sa guidance d'EPS pour l'exercice 26 脿 5,60 $鈥�5,66 $ (pr茅c茅demment 5,50 $鈥�5,60 $), tout en maintenant une pr茅vision de croissance organique du chiffre d'affaires d'environ 5%. La soci茅t茅 s'attend par ailleurs 脿 un impact r茅duit des droits de douane, d'environ 185 millions $, contre une estimation pr茅c茅dente de 200鈥�350 millions $.
Medtronic (NYSE:MDT) meldete starke Ergebnisse f眉r das erste Quartal des Gesch盲ftsjahres 2026: Der Umsatz erreichte $8,6 Milliarden, ein Anstieg von 8,4% reported und 4,8% organisch. Das Unternehmen erzielte ein GAAP verw盲ssertes EPS von $0,81 (plus 1%) und ein non-GAAP verw盲ssertes EPS von $1,26 (plus 2%).
Zu den wichtigsten Highlights z盲hlt ein Umsatzsprung bei Cardiac Ablation Solutions von fast 50% (72% in den USA), angetrieben durch Pulsfeld-Ablationsprodukte. Das kardiovaskul盲re Portfolio f眉hrte das Wachstum mit einem organischen Anstieg von 7,0% an, w盲hrend das Diabetes-Gesch盲ft mit 7,9% organischem Wachstum stark abschnitt.
Mit Blick nach vorn hat Medtronic die EPS-Prognose f眉r FY26 auf $5,60-$5,66 angehoben (zuvor $5,50-$5,60) und die Prognose f眉r das organische Umsatzwachstum bei etwa 5% belassen. Das Unternehmen erwartet au脽erdem eine verringerte Zollbelastung von rund $185 Millionen, gegen眉ber der fr眉heren Sch盲tzung von $200鈥�350 Millionen.
- Q1 revenue increased 8.4% to $8.6 billion, with 4.8% organic growth
- Cardiac Ablation Solutions revenue grew nearly 50%, with 72% growth in US
- Raised FY26 EPS guidance to $5.60-$5.66
- Reduced expected tariff impact to $185 million from $200-350 million
- Strong performance across portfolios with Cardiovascular up 7.0% and Diabetes up 7.9% organic
- Operating margin declined 80 basis points on a non-GAAP basis
- Specialty Therapies revenue decreased by low-single digits organically
- Surgical & Endoscopy US revenue declined 1.3%
Insights
Medtronic delivered solid Q1 results with consistent growth across segments and raised FY26 EPS guidance while maintaining revenue outlook.
Medtronic's Q1 fiscal 2026 results show continued momentum with organic revenue growth of
Breaking down performance by segment: the Cardiovascular portfolio led with
The Neuroscience segment grew
On profitability, Medtronic posted GAAP diluted EPS of
Looking forward, management maintained its fiscal 2026 organic revenue growth guidance of approximately
The company is poised for accelerated growth in the second half of the fiscal year, supported by regulatory progress including a proposed National Coverage Determination from CMS for the Symplicity Spyral鈩� system for hypertension, with a final determination expected by October 8, 2025. Additionally, Medtronic received CE Mark for its LigaSure鈩� RAS vessel-sealing technology on the Hugo鈩� robotic-assisted surgery system, further expanding its technological capabilities.
11th quarter in a row of mid-single digit organic revenue growth;
Poised to accelerate growth
GALWAY,
Key Highlights
- Revenue of
$8.6 billion $8.5 billion 8.4% as reported and4.8% organic - GAAP diluted EPS of
$0.81 1% ; non-GAAP diluted EPS of$1.26 2% - Company raises FY26 EPS guidance; reiterates FY26 organic revenue growth guidance
- Cardiac Ablation Solutions revenue increased nearly
50% , including72% in the US, on strength of pulsed field ablation (PFA) products U.S. Centers for Medicare & Medicaid Services (CMS) posted proposed National Coverage Determination (NCD) for the Symplicity Spyral鈩� system for hypertension; final NCD expected on or before October 8, 2025- Received CE Mark for LigaSure鈩� RAS vessel-sealing technology on Hugo鈩� robotic-assisted surgery (RAS) system
"We delivered another consistent quarter of mid-single digit organic revenue growth, with broad strength from several innovative product categories, including Pulsed Field Ablation, Transcatheter Valves, Neuromodulation, Diabetes, and Leadless Pacing," said Geoff Martha, Medtronic chairman and chief executive officer. "We're confident and well positioned to accelerate our revenue growth in the second half of our fiscal year, as we make meaningful progress on our major growth drivers."
Financial Results
Medtronic reported Q1 worldwide revenue of
- Other revenue of
$72 million $52 million - Foreign currency benefit of
$159 million
Q1 revenue by segment included:
- Cardiovascular Portfolio revenue of
$3.28 5 billion9.3% as reported and7.0% organic, with a high-single digit increase in Cardiac Rhythm & Heart Failure, mid-single digit increase in Structural Heart & Aortic, and low-single digit increase in Coronary & Peripheral Vascular, all on an organic basis; - Neuroscience Portfolio revenue of
$2.41 6 billion4.3% reported and3.1% organic, with a high-single digit increase in Neuromodulation and mid-single digit increase in Cranial & Spinal Technologies, offset by a low-single digit decrease in Specialty Therapies, all on an organic basis; - Medical Surgical Portfolio revenue of
$2.08 3 billion4.4% as reported and2.4% organic, with low-single digit organic growth in both Surgical & Endoscopy and Acute Care & Monitoring; and - Diabetes business revenue of
$721 million 11.5% as reported and7.9% organic.
Q1 GAAP operating profit and operating margin were
Q1 GAAP net income and diluted earnings per share (EPS) were
Guidance
The company today reiterated its FY26 revenue growth and raised its FY26 EPS guidance.
The company continues to expect FY26 organic revenue growth of approximately
Excluding the potential impact from tariffs, Medtronic now expects underlying FY26 diluted non-GAAP EPS growth to be approximately
"As a result of our Q1 EPS outperformance and improved tariff impact assumption, we are raising our full year EPS guidance," said Thierry Pi茅ton, Medtronic chief financial officer. "Our confidence continues to increase as we advance our revenue growth drivers and execute on efficiencies in manufacturing, supply chain, and operating expenses to drive earnings growth, and increase our growth investments in R&D, sales, and marketing, all with a deliberate focus on creating long-term shareholder value."
Video Webcast Information
Medtronic will host a video webcast today, August 19, at 8:00 a.m. EDT (7:00 a.m. CDT) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at , and this earnings release will be archived at . Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at .
Financial Schedules and Earnings Presentation
The first quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at . To view a printable PDF of the financial schedules and non-GAAP reconciliations, . To view the first quarter earnings presentation, .
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway,
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the
NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2025, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis.
Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with
Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions, divestitures, or other significant discrete items. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
Contacts:
Erika Winkels
Public Relations
+1-763-526-8478
Ryan Weispfenning
Investor Relations
+1-763-505-4626
MEDTRONIC PLC | |||||||||||||
WORLD WIDE REVENUE(1) | |||||||||||||
(Unaudited) | |||||||||||||
鈥� | |||||||||||||
FIRST QUARTER | |||||||||||||
REPORTED | ORGANIC | ||||||||||||
(in millions) | FY26 | FY25 | Growth | Currency | FY26(5) | FY25(5) | Growth | ||||||
Cardiovascular | $听听听听听听听听听 3,285 | $听听听听听听听听听 3,007 | 9.3听% | $听听听听听听听听听听听听听 68 | $听听听听听听听听听 3,217 | $听听听听听听听听听 3,007 | 7.0听% | ||||||
Cardiac Rhythm & Heart Failure | 1,712 | 1,535 | 11.5 | 37 | 1,676 | 1,535 | 9.1 | ||||||
Structural Heart & Aortic | 930 | 856 | 8.7 | 22 | 908 | 856 | 6.1 | ||||||
Coronary & Peripheral Vascular | 643 | 616 | 4.5 | 10 | 633 | 616 | 2.9 | ||||||
Neuroscience | 2,416 | 2,317 | 4.3 | 27 | 2,389 | 2,317 | 3.1 | ||||||
Cranial & Spinal Technologies | 1,211 | 1,147 | 5.5 | 12 | 1,199 | 1,147 | 4.5 | ||||||
Specialty Therapies | 702 | 713 | (1.5) | 9 | 694 | 713 | (2.7) | ||||||
Neuromodulation | 504 | 457 | 10.2 | 7 | 496 | 457 | 8.6 | ||||||
Medical Surgical | 2,083 | 1,996 | 4.4 | 40 | 2,044 | 1,996 | 2.4 | ||||||
Surgical & Endoscopy | 1,612 | 1,544 | 4.4 | 32 | 1,580 | 1,544 | 2.3 | ||||||
Acute Care & Monitoring | 471 | 452 | 4.3 | 8 | 464 | 452 | 2.6 | ||||||
Diabetes | 721 | 647 | 11.5 | 23 | 698 | 647 | 7.9 | ||||||
Total Reportable Segments | 8,506 | 7,967 | 6.8 | 159 | 8,347 | 7,967 | 4.8 | ||||||
Other(2) | 72 | (52) | NM(3) | 3 | 鈥� | 鈥� | 鈥� | ||||||
TOTAL | $听听听听听听听听听 8,578 | $听听听听听听听听听 7,915 | 8.4听% | $听听听听听听听听听听听 162 | $听听听听听听听听听 8,347 | $听听听听听听听听听 7,967 | 4.8听% | ||||||
(1) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. |
(3) | Not meaningful (NM) |
(4) | The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. |
(5) | The three months ended July 25, 2025 includes |
听
MEDTRONIC PLC | |||||||||||
(Unaudited) | |||||||||||
鈥� | |||||||||||
FIRST QUARTER | |||||||||||
REPORTED | ORGANIC | ||||||||||
(in millions) | FY26 | FY25 | Growth | FY26 | FY25 | Growth | |||||
Cardiovascular | $听听听听听听听听听 1,479 | $听听听听听听听听听 1,403 | 5.5听% | $听听听听听听听听听 1,479 | $听听听听听听听听听 1,403 | 5.5听% | |||||
Cardiac Rhythm & Heart Failure | 834 | 766 | 8.9 | 834 | 766 | 8.9 | |||||
Structural Heart & Aortic | 371 | 368 | 0.8 | 371 | 368 | 0.8 | |||||
Coronary & Peripheral Vascular | 274 | 268 | 2.1 | 274 | 268 | 2.1 | |||||
Neuroscience | 1,624 | 1,565 | 3.8 | 1,624 | 1,565 | 3.8 | |||||
Cranial & Spinal Technologies | 890 | 855 | 4.1 | 890 | 855 | 4.1 | |||||
Specialty Therapies | 393 | 398 | (1.3) | 393 | 398 | (1.3) | |||||
Neuromodulation | 341 | 312 | 9.4 | 341 | 312 | 9.4 | |||||
Medical Surgical | 884 | 881 | 0.4 | 884 | 881 | 0.4 | |||||
Surgical & Endoscopy | 622 | 630 | (1.3) | 622 | 630 | (1.3) | |||||
Acute Care & Monitoring | 263 | 251 | 4.5 | 263 | 251 | 4.5 | |||||
Diabetes | 217 | 215 | 0.9 | 217 | 215 | 0.9 | |||||
Total Reportable Segments | 4,205 | 4,064 | 3.5 | 4,205 | 4,064 | 3.5 | |||||
Other(3) | 20 | 18 | 6.4 | 鈥� | 鈥� | 鈥� | |||||
TOTAL | $听听听听听听听听听 4,224 | $听听听听听听听听听 4,082 | 3.5听% | $听听听听听听听听听 4,205 | $听听听听听听听听听 4,064 | 3.5听% | |||||
(1) | |
(2) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(3) | Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested. |
听
MEDTRONIC PLC | |||||||||||||
INTERNATIONAL REVENUE(1) | |||||||||||||
(Unaudited) | |||||||||||||
鈥� | |||||||||||||
FIRST QUARTER | |||||||||||||
REPORTED | ORGANIC | ||||||||||||
(in millions) | FY26 | FY25 | Growth | Currency | FY26(5) | FY25(5) | Growth | ||||||
Cardiovascular | $听听听听听听听听听 1,806 | $听听听听听听听听听 1,604 | 12.6听% | $听听听听听听听听听听听听听 68 | $听听听听听听听听听 1,737 | $听听听听听听听听听 1,604 | 8.3听% | ||||||
Cardiac Rhythm & Heart Failure | 878 | 769 | 14.2 | 37 | 842 | 769 | 9.4 | ||||||
Structural Heart & Aortic | 558 | 487 | 14.6 | 22 | 536 | 487 | 10.1 | ||||||
Coronary & Peripheral Vascular | 369 | 347 | 6.3 | 10 | 359 | 347 | 3.4 | ||||||
Neuroscience | 792 | 752 | 5.4 | 27 | 765 | 752 | 1.7 | ||||||
Cranial & Spinal Technologies | 320 | 292 | 9.7 | 12 | 309 | 292 | 5.7 | ||||||
Specialty Therapies | 309 | 314 | (1.7) | 9 | 301 | 314 | (4.4) | ||||||
Neuromodulation | 163 | 146 | 11.9 | 7 | 156 | 146 | 6.9 | ||||||
Medical Surgical | 1,199 | 1,115 | 7.5 | 40 | 1,159 | 1,115 | 4.0 | ||||||
Surgical & Endoscopy | 990 | 915 | 8.3 | 32 | 958 | 915 | 4.8 | ||||||
Acute Care & Monitoring | 209 | 200 | 4.1 | 8 | 201 | 200 | 0.2 | ||||||
Diabetes | 504 | 432 | 16.7 | 23 | 481 | 432 | 11.4 | ||||||
Total Reportable Segments | 4,301 | 3,903 | 10.2 | 159 | 4,142 | 3,903 | 6.1 | ||||||
Other(2) | 53 | (70) | NM(3) | 3 | 鈥� | 鈥� | 鈥� | ||||||
TOTAL | $听听听听听听听听听 4,354 | $听听听听听听听听听 3,832 | 13.6听% | $听听听听听听听听听听听 162 | $听听听听听听听听听 4,142 | $听听听听听听听听听 3,903 | 6.1听% | ||||||
(1) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. |
(3) | Not meaningful (NM) |
(4) | The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. |
(5) | The three months ended July 25, 2025 includes |
听
MEDTRONIC PLC | |||
CONSOLIDATED STATEMENTS OF INCOME | |||
(Unaudited)听 | |||
鈥屸赌� | |||
Three听months听ended | |||
(in millions, except per share data) | July 25, 2025 | July 26, 2024 | |
Net sales | $听 听 听 听 听 听 听8,578 | $听 听 听 听 听 听 听7,915 | |
Costs and expenses: | |||
Cost of products sold, excluding amortization of intangible assets | 3,001 | 2,761 | |
Research and development expense | 726 | 676 | |
Selling, general, and administrative expense | 2,806 | 2,655 | |
Amortization of intangible assets | 459 | 414 | |
Restructuring charges, net | 45 | 47 | |
Certain litigation charges, net | 27 | 81 | |
Other operating expense, net | 70 | 1 | |
Operating profit | 1,445 | 1,278 | |
Other non-operating income, net | (33) | (157) | |
Interest expense, net | 176 | 167 | |
Income before income taxes | 1,302 | 1,268 | |
Income tax provision | 255 | 220 | |
Net income | 1,047 | 1,049 | |
Net income attributable to noncontrolling interests | (7) | (6) | |
Net income attributable to Medtronic | $听 听 听 听 听 听 听1,040 | $听 听 听 听 听 听 听1,042 | |
Basic earnings per share | $听听听听听听听听听听听听听听 0.81 | $听听听听听听听听听听听听听听 0.81 | |
Diluted earnings per share | $听听听听听听听听听听听听听听 0.81 | $听听听听听听听听听听听听听听 0.80 | |
Basic weighted average shares outstanding | 1,281.6 | 1,293.3 | |
Diluted weighted average shares outstanding | 1,287.1 | 1,296.5 | |
The data in the schedule above has been intentionally rounded to the nearest million. |
听
MEDTRONIC PLC | |||||||||||||||||
GAAP TO NON-GAAP RECONCILIATIONS(1) | |||||||||||||||||
(Unaudited)听 | |||||||||||||||||
鈥� | |||||||||||||||||
Three months ended July听25, 2025 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $听 8,578 | $听听 3,001 | 65.0听% | $听听听听 1,445 | 16.8听% | $听听听 1,302 | $听听听听听听 1,040 | $听听听听 0.81 | 19.6听% | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets(2) | 鈥� | 鈥� | 鈥� | 459 | 5.5 | 459 | 374 | 0.29 | 18.5 | ||||||||
Restructuring and associated costs(3) | 鈥� | (16) | 0.1 | 67 | 0.8 | 67 | 51 | 0.04 | 22.4 | ||||||||
Acquisition and divestiture-related items(4) | 鈥� | (7) | 鈥� | 58 | 0.7 | 58 | 48 | 0.04 | 17.2 | ||||||||
Certain litigation charges, net | 鈥� | 鈥� | 鈥� | 27 | 0.3 | 27 | 21 | 0.02 | 22.2 | ||||||||
(Gain)/loss on minority investments(5) | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 113 | 107 | 0.08 | 6.2 | ||||||||
Other(6) | (39) | 鈥� | (0.2) | (39) | (0.5) | (39) | (30) | (0.02) | 20.5 | ||||||||
Certain tax adjustments, net | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 16 | 0.01 | 鈥� | ||||||||
Non-GAAP | $听 8,539 | $听听 2,979 | 65.1听% | $听听听听 2,016 | 23.6听% | $听听听 1,987 | $听听听听听听 1,626 | $听听听听 1.26 | 17.8听% | ||||||||
Currency impact | (159) | (46) | (0.1) | (10) | 0.3 | 鈥� | |||||||||||
Currency Adjusted | $听 8,380 | $听听 2,933 | 65.0听% | $听听听听 2,006 | 23.9听% | $听听听听 1.26 | |||||||||||
鈥� | |||||||||||||||||
Three months ended July听26, 2024 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $听 7,915 | $听听 2,761 | 65.1听% | $听听听听 1,278 | 16.1听% | $听听听 1,268 | $听听听听听听 1,042 | $听听听听 0.80 | 17.4听% | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets | 鈥� | 鈥� | 鈥� | 414 | 5.1 | 414 | 340 | 0.26 | 18.1 | ||||||||
Restructuring and associated costs(3) | 鈥� | (9) | 0.1 | 62 | 0.8 | 62 | 51 | 0.04 | 19.4 | ||||||||
Acquisition and divestiture-related items(4) | 鈥� | (10) | 0.1 | 12 | 0.1 | 12 | 11 | 0.01 | 8.3 | ||||||||
Certain litigation charges, net | 鈥� | 鈥� | 鈥� | 81 | 1.0 | 81 | 68 | 0.05 | 16.0 | ||||||||
(Gain)/loss on minority investments(5) | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (17) | (17) | (0.01) | 鈥� | ||||||||
Medical device regulations(7) | 鈥� | (11) | 0.1 | 14 | 0.2 | 14 | 11 | 0.01 | 21.4 | ||||||||
Other(6) | 90 | 鈥� | 0.6 | 90 | 1.1 | 90 | 70 | 0.05 | 22.2 | ||||||||
Certain tax adjustments, net | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 17 | 0.01 | 鈥� | ||||||||
Non-GAAP | $听 8,004 | $听听 2,730 | 65.9听% | $听听听听 1,953 | 24.4听% | $听听听 1,925 | $听听听听听听 1,592 | $听听听听 1.23 | 17.0听% | ||||||||
See description of non-GAAP financial measures contained in the press release dated August 19, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million or |
(2) | The Company recognized |
(3) | The charges primarily relate to employee termination benefits and facility related and contract termination costs. |
(4) | The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. For the three months ended July 25, 2025, exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System. |
(5) | We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. |
(6) | Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. |
(7) | The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs. |
听
MEDTRONIC PLC | |||||||||||||||
GAAP TO NON-GAAP RECONCILIATIONS(1) | |||||||||||||||
(Unaudited)听 | |||||||||||||||
鈥� | |||||||||||||||
Three months ended July听25, 2025 | |||||||||||||||
(in millions) | Net | SG&A | SG&A | R&D | R&D | Other | Other | Other Non- | |||||||
GAAP | $听听听听听 8,578 | $听听听听 2,806 | 32.7听% | $听听听听听听 726 | 8.5听% | $听听听听听听听听听听 70 | 0.8听% | $听听听听听听听听听听 (33) | |||||||
Non-GAAP Adjustments: | |||||||||||||||
Restructuring and associated costs(2) | 鈥� | (5) | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | |||||||
Acquisition and divestiture-related items(3) | 鈥� | (26) | (0.2) | 鈥� | 鈥� | (25) | (0.3) | 鈥� | |||||||
Other(4) | (39) | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | |||||||
(Gain)/loss on minority investments(5) | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | (113) | |||||||
Non-GAAP | $听听听听听 8,539 | $听听听听 2,775 | 32.5听% | $听听听听听听 725 | 8.5听% | $听听听听听听听听听听 44 | 0.5听% | $听听听听听听听听听 (146) | |||||||
See description of non-GAAP financial measures contained in the press release dated August 19, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
(2) | The charges primarily relate to employee termination benefits and facility related and contract termination costs. |
(3) | The charges primarily include changes in fair value of contingent consideration and exit of business-related charges, which primarily relate to the impending separation of the Diabetes business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System. |
(4) | Reflects adjustments to the Company's Italian payback accruals resulting from the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. |
(5) | We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. |
听
MEDTRONIC PLC | |||
GAAP TO NON-GAAP RECONCILIATIONS(1) | |||
(Unaudited) | |||
鈥� | |||
Three months ended | |||
(in millions) | July 25, 2025 | July 26, 2024 | |
Net cash provided by operating activities | $听听听听听听听听听听听听听听听听听听听听听 1,088 | $听听听听听听听听听听听听听听听听听听听听听听听 986 | |
Additions to property, plant, and equipment | (504) | (520) | |
Free Cash Flow(2) | $听 听 听 听 听 听 听 听 听 听 听 听 听584 | $听听听听听听听听听听听听听听听听听听听听听听听 466 | |
See description of non-GAAP financial measures contained in the press release dated August 19, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
(2) | Free cash flow represents operating cash flows less property, plant, and equipment additions. |
听
MEDTRONIC PLC | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited) | |||
鈥� | |||
Three months ended | |||
(in millions) | July 25, 2025 | July 26, 2024 | |
Operating Activities: | |||
Net income | $听听听听听听听听听听听听听听听 1,047 | $听听听听听听听听听听听听听听听 1,049 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
听 Depreciation and amortization | 748 | 662 | |
听 Provision for credit losses | 28 | 18 | |
听 Deferred income taxes | 167 | 88 | |
听 Stock-based compensation | 86 | 83 | |
听 Other, net | 159 | (9) | |
听 Change in operating assets and liabilities, net of acquisitions and divestitures: | |||
听 Accounts receivable, net | 288 | 110 | |
听 Inventories | (373) | (217) | |
听 Accounts payable and accrued liabilities | (598) | (604) | |
听 Other operating assets and liabilities | (464) | (194) | |
Net cash provided by operating activities | 1,088 | 986 | |
Investing Activities: | |||
Additions to property, plant, and equipment | (504) | (520) | |
Purchases of investments | (2,100) | (1,879) | |
Sales and maturities of investments | 2,010 | 2,157 | |
Other investing activities, net | (125) | (17) | |
Net cash used in investing activities | (719) | (259) | |
Financing Activities: | |||
Change in current debt obligations, net | 649 | (624) | |
Issuance of long-term debt | 鈥� | 3,209 | |
Payments on long-term debt | (1,162) | 鈥� | |
Dividends to shareholders | (910) | (898) | |
Issuance of ordinary shares | 95 | 89 | |
Repurchase of ordinary shares | (123) | (2,492) | |
Other financing activities, net | 70 | (15) | |
Net cash used in financing activities | (1,381) | (731) | |
Effect of exchange rate changes on cash and cash equivalents | 67 | 31 | |
Net change in cash and cash equivalents | (945) | 27 | |
Cash and cash equivalents at beginning of period | 2,218 | 1,284 | |
Cash and cash equivalents at end of period | $听听听听听听听听听听听听听听听 1,273 | $听听听听听听听听听听听听听听听 1,311 | |
鈥� | |||
Supplemental Cash Flow Information | |||
Cash paid for: | |||
听 Income taxes | $听听听听听听听听听听听听听听听听听听 402 | $听听听听听听听听听听听听听听听听听听 394 | |
听 Interest | 81 | 119 | |
The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
听
View original content to download multimedia:
SOURCE Medtronic plc
FAQ
What were Medtronic's (MDT) Q1 FY2026 earnings results?
What is Medtronic's revenue growth guidance for FY2026?
How much did Medtronic's Cardiac Ablation Solutions grow in Q1 2026?
What is Medtronic's updated EPS guidance for fiscal 2026?
How did Medtronic's different portfolios perform in Q1 2026?
