Medtronic (MDT) investor relations material

Executive summary

• Achieved the highest annual revenue growth in a decade, with Q4 FY26 revenue at $9.8B (up 9.9% reported, 6.6% organic) and strong execution across all operating units.

• FY26 adjusted EPS was $5.53, with Q4 at $1.55, both ahead of expectations and driven by disciplined execution and increased investments.

• Strategic M&A and venture investments reinforced leadership in high-growth areas, including acquisitions of CathWorks, Scientia Vascular, and SPR Therapeutics.

• Completed IPO of Diabetes business, with plans for full-year consolidation in FY27.

• Strong performance in foundational businesses (CRM, CST, Surgical) and high-growth platforms (CAS, Symplicity, Hugo, Altaviva, Stealth AXiS).

Financial highlights

• FY26 revenue totaled $36.4B, up 8.4% reported and 5.8% organically year-over-year.

• FY26 non-GAAP net income was $7.1B, up 0.6%; non-GAAP diluted EPS $5.53, up 0.7%.

• Q4 adjusted operating profit was $2.5B, with a 25.5% margin; Q4 non-GAAP net income was $1.998B.

• Free cash flow for FY26 was $5.4B, the highest since 2022; operating cash flow was $7.3B.

• Ended FY26 with $9.2B in cash and investments; returned $4.2B to shareholders.

Outlook and guidance

• FY27 organic revenue growth guided at 6.75%-7.25%, including extra selling week and full-year Diabetes consolidation.

• FY27 non-GAAP diluted EPS guidance is $5.90-$6.00, representing 6.7%-8.5% growth.

• Guidance includes full-year MiniMed, extra selling week, and $250M tariff impact; FX impact expected to be neutral to slightly accretive.

• Diabetes business expected to contribute ~$150M to FY27 inorganic revenue; EPS headwind of ~2% from M&A and ~1% from tariffs.

• Operating margin expected to rise 60 bps, with gross margin down 20 bps due to tariffs.