GALWAY, Ireland, Nov. 18, 2025 /PRNewswire/ -- Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced financial results for its second quarter (Q2) of fiscal year 2026 (FY26), which ended October 24, 2025.
Q2 Key Highlights
Revenue of $9.0 billion, increased 6.6% as reported and 5.5% organic, 75 basis points above guidance midpoint
GAAP diluted EPS of $1.07 increased 8%; non-GAAP diluted EPS of $1.36 increased 8%, above guidance
Raising FY26 guidance: 5.5% organic revenue growth, $5.62-$5.66 adjusted EPS
Strongest Cardiovascular revenue growth in over a decade, excluding pandemic
Cardiac Ablation Solutions revenue increased 71%, including 128% in the U.S., on strength of pulsed field ablation (PFA) portfolio
Received broad, favorable National Coverage Determination (NCD) from U.S. Centers for Medicare & Medicaid Services (CMS) and several favorable commercial payer coverage policies for the Symplicity™ procedure for the treatment of uncontrolled hypertension, or high blood pressure, with U.S. addressable market of 18 million people
Secured U.S. FDA approval for the Altaviva™ device, a simple option for treating urge urinary incontinence, which affects over 16 million people in the U.S.
Hugo™ robotic-assisted surgery system Enable Hernia Repair study met safety and effectiveness endpoints; initiated Embrace Gynecology US pivotal study
U.S. FDA cleared the MiniMed™ 780G system to enable integration with the Instinct sensor and approved use of the MiniMed™ 780G system in Type 2 diabetes
"We delivered a strong second quarter, with both revenue and EPS beating expectations. Overall, procedure volumes and our end markets are robust, and we're executing well across the business," said Geoff Martha, Medtronic chairman and chief executive officer. "Looking ahead, we are positioned for even greater acceleration of revenue growth in the back half of the year and beyond, driven by several enterprise growth drivers, including our PFA franchise for Afib, Symplicity™ procedure for hypertension, Hugo™ robotic-assisted surgery system, and Altaviva™ therapy for urge urinary incontinence."
Financial ResultsMedtronic reported Q2 worldwide revenue of $8.961 billion, an increase of 6.6% as reported and 5.5% on an organic basis. The organic revenue growth comparison excludes:
Other revenue of $35 million in the current year and $37 million in the prior year;
Revenue from the Dutch Obesity Clinic (NOK) divestiture of $5 million in the current year and $16 million in the prior year; and
Foreign exchange benefit of $111 million on the remaining segments.
Q2 revenue by segment included:
Cardiovascular Portfolio revenue of $3.436 billion, an increase of 10.8% as reported and 9.3% organic, with a mid-teens increase in Cardiac Rhythm & Heart Failure, high-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 $2.562 billion, an increase of 4.5% reported and 3.9% organic, with a high-single digit increase in Neuromodulation, a mid-single digit increase in Cranial & Spinal Technologies, and flat result in Specialty Therapies, all on an organic basis;
Medical Surgical Portfolio revenue of $2.171 billion, an increase of 2.1% as reported and 1.3% organic, with low-single digit organic increases in both Surgical & Endoscopy and Acute Care & Monitoring; and
Diabetes business revenue of $757 million, an increase of 10.3% as reported and 7.1% organic.
Q2 GAAP operating profit and operating margin were $1.686 billion and 18.8%, respectively, an increase of 6% and a decrease of 20 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q2 non-GAAP operating profit and operating margin were $2.162 billion and 24.1%, respectively, an increase of 6% and a decrease of 20 basis points, respectively.
Q2 GAAP net income and diluted earnings per share (EPS) were $1.374 billion and $1.07, respectively, both increases of 8%. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income and non-GAAP diluted EPS were $1.746 billion and $1.36, respectively, both increases of 8%.
GuidanceThe company today raised its FY26 revenue growth and EPS guidance.
The company raised its FY26 organic revenue growth guidance to approximately 5.5%, an increase from the prior guidance of approximately 5.0%.
The company raised its FY26 diluted non-GAAP EPS guidance to the new range of $5.62 to $5.66 versus the prior $5.60 to $5.66. This includes a potential impact from tariffs of approximately $185 million, unchanged from the prior guidance. Excluding the potential impact from tariffs, this guidance represents FY26 diluted non-GAAP EPS growth of approximately 4.5%.
"In the second quarter, we drove underlying efficiency gains in our gross margin, significantly increased R&D to fuel our future growth, as well as strategically increased investment in sales and marketing for our growth programs in light of the outsized demand and building momentum for key programs," said Thierry Piéton, Medtronic chief financial officer. "Given our outperformance in the first half of the year and confidence we have in our revenue growth acceleration, we are raising today our full year revenue and EPS guidance."
Video Webcast InformationMedtronic will host a video webcast today, November 18, at 8:00 a.m. EST (7:00 a.m. CST) 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 investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. 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 investorrelations.medtronic.com.
Financial Schedules and Earnings PresentationThe second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the second quarter earnings presentation, click here.
About MedtronicBold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission, to alleviate pain, restore health, and extend life, unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow on LinkedIn.
FORWARD LOOKING STATEMENTSThis 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 U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.
NON-GAAP FINANCIAL MEASURESThis 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 U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.
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 WinkelsPublic Relations+1-763-526-8478
Ryan WeispfenningInvestor Relations+1-763-505-4626
MEDTRONIC PLC
WORLD WIDE REVENUE(1)
(Unaudited)
SECOND QUARTER
YEAR-TO-DATE
REPORTED
ORGANIC
REPORTED
ORGANIC
(in millions)
FY26
FY25
Growth
Currency Impact(4)
FY26(5)
FY25(5)
Growth
FY26
FY25
Growth
Currency Impact(4)
FY26(6)
FY25(6)
Growth
Cardiovascular
$ 3,436
$ 3,102
10.8 %
$ 46
$ 3,390
$ 3,102
9.3 %
$ 6,721
$ 6,108
10.0 %
$ 114
$ 6,607
$ 6,108
8.2 %
Cardiac Rhythm & Heart Failure
1,825
1,578
15.7
22
1,804
1,578
14.3
3,538
3,114
13.6
58
3,479
3,114
11.7
Structural Heart & Aortic
956
881
8.5
17
939
881
6.6
1,885
1,736
8.6
39
1,847
1,736
6.4
Coronary & Peripheral Vascular
655
643
1.9
7
648
643
0.8
1,298
1,259
3.1
17
1,281
1,259
1.8
Neuroscience
2,562
2,451
4.5
15
2,546
2,451
3.9
4,978
4,768
4.4
43
4,935
4,768
3.5
Cranial & Spinal Technologies
1,299
1,234
5.2
6
1,293
1,234
4.7
2,509
2,382
5.4
18
2,492
2,382
4.6
Specialty Therapies
744
737
0.9
5
739
737
0.3
1,446
1,450
(0.3)
13
1,432
1,450
(1.2)
Neuromodulation
520
480
8.3
5
515
480
7.3
1,023
937
9.2
12
1,011
937
7.9
Medical Surgical
2,171
2,128
2.1
27
2,139
2,111
1.3
4,255
4,123
3.2
67
4,183
4,107
1.8
Surgical & Endoscopy
1,679
1,649
1.8
23
1,651
1,633
1.1
3,291
3,193
3.0
55
3,231
3,177
1.7
Acute Care & Monitoring
493
478
3.0
4
488
478
2.0
964
930
3.6
12
952
930
2.3
Diabetes
757
686
10.3
22
735
686
7.1
1,478
1,333
10.9
45
1,433
1,333
7.5
Total Reportable Segments
8,926
8,366
6.7
111
8,811
8,350
5.5
17,432
16,333
6.7
270
17,158
16,317
5.2
Other(2)
35
37
(5.8)
—
—
—
—
107
(15)
NM(3)
3
—
—
—
TOTAL
$ 8,961
$ 8,403
6.6 %
$ 111
$ 8,811
$ 8,350
5.5 %
$ 17,539
$ 16,318
7.5 %
$ 273
$ 17,158
$ 16,317
5.2 %
(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 for the year-to-date figures, 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 October 24, 2025 excludes $151 million of revenue adjustments, including $35 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $111 million of favorable currency impact on the remaining segments. The three months ended October 25, 2024 excludes $53 million of revenue adjustments, including $37 million of inorganic revenue related to the transition activity noted in (2) and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.
(6)
The six months ended October 24, 2025 excludes $382 million of revenue adjustments, including $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (2), $68 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $270 million of favorable currency impact on the remaining segments. The six months ended October 25, 2024 excludes $1 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $75 million of inorganic revenue related to the transition activity noted in (2), and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.
MEDTRONIC PLC
U.S. REVENUE(1)(2)
(Unaudited)
SECOND QUARTER
YEAR-TO-DATE
REPORTED
ORGANIC
REPORTED
ORGANIC
(in millions)
FY26
FY25
Growth
FY26
FY25
Growth
FY26
FY25
Growth
FY26
FY25
Growth
Cardiovascular
$ 1,592
$ 1,434
11.0 %
$ 1,592
$ 1,434
11.0 %
$ 3,071
$ 2,836
8.3 %
$ 3,071
$ 2,836
8.3 %
Cardiac Rhythm & Heart Failure
920
768
19.9
920
768
19.9
1,754
1,534
14.4
1,754
1,534
14.4
Structural Heart & Aortic
390
388
0.4
390
388
0.4
761
757
0.6
761
757
0.6
Coronary & Peripheral Vascular
282
278
1.4
282
278
1.4
556
546
1.7
556
546
1.7
Neuroscience
1,730
1,677
3.1
1,730
1,677
3.1
3,354
3,242
3.4
3,354
3,242
3.4
Cranial & Spinal Technologies
966
926
4.4
966
926
4.4
1,857
1,781
4.2
1,857
1,781
4.2
Specialty Therapies
409
418
(2.2)
409
418
(2.2)
801
816
(1.8)
801
816
(1.8)
Neuromodulation
355
333
6.4
355
333
6.4
695
645
7.9
695
645
7.9
Medical Surgical
943
944
(0.1)
943
944
(0.1)
1,827
1,825
0.1
1,827
1,825
0.1
Surgical & Endoscopy
665
675
(1.5)
665
675
(1.5)
1,286
1,304
