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Medtronic (MDT) investor relations material
Medtronic Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Nov, 2025
Executive summary
Q2 FY26 revenue reached $9.0 billion, up 6.6% reported and 5.5% organic, surpassing guidance midpoint, with strong end markets and robust procedure volumes.
Achieved 8% non-GAAP EPS growth to $1.36 and GAAP EPS of $1.07, both above guidance; cardiovascular segment posted 9.3% organic growth, led by 71% growth in Cardiac Ablation Solutions.
Raised FY26 revenue growth guidance to 5.5% and adjusted EPS to $5.62–$5.66, with further acceleration expected in H2.
Strategic focus on growth drivers: PFA for AFib, Simplicity for hypertension, Hugo robotics, and AltaViva for incontinence; key product launches and regulatory wins including FDA approvals for Altaviva and MiniMed 780G.
Progressing toward Diabetes business separation by end of calendar 2026, with IPO and split as preferred path.
Financial highlights
Q2 revenue: $9.0B (+6.6% reported, +5.5% organic); adjusted operating profit: $2.2B (+6% Y/Y); adjusted EPS: $1.36 (+8% Y/Y); GAAP EPS: $1.07 (+8% Y/Y); net income: $1.75B (+7.8% Y/Y).
Adjusted gross margin: 65.9% (+70 bps Y/Y); GAAP gross margin: 65.8%.
Adjusted operating margin: 24.1% (down 20 bps Y/Y, up 50 bps sequentially); GAAP operating margin: 18.8%.
Adjusted R&D: 8.4% of revenue (+8.9% Y/Y); SG&A: 32.7% of revenue (+20 bps Y/Y).
Free cash flow for six months: $1.041B, up from $1.020B Y/Y; operating cash flow: $2.013B.
Outlook and guidance
FY26 organic revenue growth guidance raised to 5.5% (+50 bps); adjusted EPS guidance increased to $5.62–$5.66.
Q3 and Q4 expected to see further acceleration, with Q4 being the strongest.
High single-digit EPS growth expected in FY27, driven by accelerating revenue and improved business mix.
Guidance includes a $185M tariff impact to COGS in FY26.
Diabetes business separation expected by end of calendar 2026.
Symplicity procedure market access impact
Drivers of Cardiac Ablation Solutions growth
R&D investment strategy and future growth
What factors drive Symplicity adoption speed?
How will investments impact FY27 margin leverage?
What segments and stage for tuck-in M&A?
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Frequently asked questions
A leader in global medtech industry
If you were to examine different hospitals' surgical imaging machines or pacemakers worldwide, the importance of Medtronic would soon become very clear. Medtronic is probably one of the most innovative companies in the world. Over their 70-year lifetime, Medtronic has grown from being a small electrical repair shop in a Minneapolis garage to a global leader in medical technology with a market cap north of $100 billion.
Owner of more than 49,000 patents
Medtronic treats more than 70 health conditions, from Parkinson’s and chronic heart conditions to diabetes, helping over 100 million people worldwide every year. They are one of the leaders in the global Medtech industry and are growing both organically and through M&A. In fact, Medtronic has done, on average, one acquisition every five months over the last decade.
Their four main business segments are:
Cardiac and Vascular
Minimally Invasive Therapies
Restorative Therapies
Diabetes
Medtronic is mainly known for their revolutionary cardiac devices – battery-powered miniature pacemakers – but have a wide product portfolio, including defibrillators, vessel sealing instruments, mesh and spinal implants, bone graft substitutes, highly advanced insulin pumps, and one of their most recent big investments – the surgical robot – Hugo. Together with the insulin pumps, Medtronic offers a sensor system that continuously monitors the level of glucose in a diabetes patient’s blood and automatically sends this data to the pump, which helps it dose insulin more correctly.
With a portfolio of over 49,000 patents and an impressive $2.5 billion annual spend on research and development, Medtronic is unmatched in their industry and continuously pursues new products and improves existing ones.
A dividend aristocrat with 25+ years of annual increases.
One thing with Medtronic is for certain - they take their dividends seriously. The company qualifies as a so-called Dividend Aristocrat, an entitlement earned by increasing your base dividend yearly for a minimum of 25 consecutive years.
Medtronic's publicly listed competitors include multinational medical technology companies such as Abbott Laboratories, Boston Scientific, and Johnson & Johnson.
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