Medtronic Q1 FY26 rev. $8.6 bln, up 8.4%, EPS $0.81, up 1%.

• Medtronic reports Q1 FY26 revenue of $8.6 billion, up 8.4% YoY. • Adjusted revenue of $8.5 billion, up 4.8% organic. • GAAP diluted EPS of $0.81, up 1%. • Non-GAAP diluted EPS of $1.26, up 2%. • Cardiac Ablation Solutions revenue increases nearly 50%, including 72% in the US. • FY26 EPS guidance raised, organic revenue growth guidance reiterates.

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, has reported strong financial results for its first quarter (Q1) of fiscal year 2026 (FY26), which ended July 25, 2025. The company reported revenue of $8.6 billion, up 8.4% year-over-year (YoY), with adjusted revenue of $8.5 billion, up 4.8% organic. The GAAP diluted earnings per share (EPS) increased to $0.81, a 1% rise, while non-GAAP diluted EPS climbed to $1.26, up 2%.

Key highlights include a nearly 50% increase in Cardiac Ablation Solutions revenue, with a 72% growth in the U.S. market driven by the strength of pulsed field ablation (PFA) products. The company also received a proposed National Coverage Determination (NCD) from the U.S. Centers for Medicare & Medicaid Services (CMS) for the Symplicity Spyral™ system for hypertension, with the final NCD expected by October 8, 2025. Additionally, Medtronic received CE Mark approval for LigaSure™ RAS vessel-sealing technology on the Hugo™ robotic-assisted surgery (RAS) system.

Medtronic's Q1 revenue by segment included:
- Cardiovascular Portfolio revenue of $3.285 billion, up 9.3% as reported and 7.0% organic.
- Neuroscience Portfolio revenue of $2.416 billion, up 4.3% reported and 3.1% organic.
- Medical Surgical Portfolio revenue of $2.083 billion, up 4.4% reported and 2.4% organic.
- Diabetes business revenue of $721 million, up 11.5% reported and 7.9% organic.

The company's Q1 GAAP operating profit and operating margin were $1.445 billion and 16.8%, respectively, increases of 13% and 70 basis points, respectively. Non-GAAP operating profit and operating margin were $2.016 billion and 23.6%, respectively, increases of 3% and a decrease of 80 basis points, respectively.

Medtronic reiterated its FY26 organic revenue growth guidance of approximately 5% and raised its FY26 EPS guidance to a new range of $5.60 to $5.66, up from the prior range of $5.50 to $5.60. The company expects FY26 diluted non-GAAP EPS growth to be approximately 4.5%, excluding the potential impact from tariffs.

"Our Q1 results demonstrate the strength of our product portfolio and the effectiveness of our growth strategies," said Geoff Martha, Medtronic chairman and chief executive officer. "We are well-positioned to accelerate our revenue growth in the second half of our fiscal year."

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. The webcast can be accessed at investorrelations.medtronic.com, and the earnings release will be archived at news.medtronic.com.

References:
[1] https://investorrelations.medtronic.com/
[2] https://www.prnewswire.com/news-releases/medtronic-reports-first-quarter-fiscal-2026-financial-results-302532949.html