Earnings Overview

  • FY26 Q4 Revenue:$9.8 billion, up nearly 10% year-over-year
  • FY26 Full-Year Revenue:$36.36 billion, up 8.4% year-over-year

Medtronic closed its fiscal fourth quarter of 2026 with near-double-digit revenue growth, capping off a strong year.

The medical device company posted revenue of $9.8 billion in the quarter ended late April, up nearly 10% year-over-year, beating expectations. JPMorgan analyst Robbie Marcus noted in a note to investors that the results exceeded market estimates.

CEO Geoff Martha said Medtronic achieved its strongest annual revenue growth in a decade.

"In a volatile macro environment, we executed with discipline and delivered an excellent FY26, which we will carry into FY27," Martha said during Wednesday morning's investor call.

Growth was driven primarily by solid sales in the Cardiovascular segment and strong performance across several business lines within that segment.

Cardiovascular Business Drives Growth

Medtronic's Cardiovascular segment generated approximately $3.8 billion in revenue, up 13.8% year-over-year. Among them, the Cardiac Ablation Solutions (CAS) business grew 78% globally and 124% in the U.S. The company stated in its earnings presentation that it gained share in the U.S. ablation market.

Within the CAS business, Martha revealed that the Pulsed Field Ablation (PFA) business grew 145% globally. Although growth slowed compared to FY26 Q2 (when sales grew over 300%), the business continues to gain momentum in the important medical device market.

This strong performance comes amid intense competition in the PFA space, with companies such as Boston Scientific, Johnson & Johnson, and Abbott all vying for share in this rapidly growing market.

"Through innovation, purposeful investment, and global execution, we plan to comprehensively cover the electrophysiology space, providing patients and physicians with a more complete end-to-end electrophysiology solution," Martha said.

Full-Year Results and Outlook

For the full fiscal year 2026, Medtronic's revenue grew 8.4% year-over-year to $36.36 billion. The Cardiovascular segment contributed nearly $14 billion in revenue, the highest among all business segments.

"Our results reflect Medtronic's strongest annual revenue growth in a decade, driven by disciplined execution across our portfolio and continued operational rigor," Martha said in the earnings release.

For fiscal 2027 (which began in late April), Medtronic expects organic revenue growth of 6.75% to 7.25%. The company expects tariff impacts of approximately $250 million this fiscal year, with $75 million to be absorbed in the first quarter.

Active M&A

A recent trend for Medtronic is increased investment in M&A. The company has announced three acquisitions this year, including the $585 million acquisition of CathWorks and the approximately $650 million acquisition of SPR Therapeutics.

CFO Thierry Piéton said M&A is expected to contribute approximately $150 million in non-organic revenue growth in fiscal 2027.