TLDR
- Q4 revenue came in at $9.81 billion, beating Wall Street’s estimate of $9.63 billion.
- Adjusted EPS of $1.55 per share topped the $1.54 consensus estimate.
- Cardiovascular segment sales jumped 13.8% to $3.8 billion, with Cardiac Ablation Solutions up 78% globally.
- FY27 adjusted EPS guidance of $5.90–$6.00 came in below analysts’ $6.06 estimate; tariff headwinds expected to hit ~$300 million.
- Dividend raised for the 49th straight year to $0.72 per quarter ($2.88 annually).
Medtronic posted its strongest full-year revenue growth in a decade, driven by a surge in demand for its heart devices. Q4 revenue of $9.81 billion beat the $9.63 billion Wall Street estimate, while adjusted EPS of $1.55 edged past the $1.54 consensus. The stock’s full-year organic revenue growth of 5.8% marked the best annual performance in 10 years.
The headline numbers were clean, but there were some soft spots underneath — most notably the FY27 EPS guidance range of $5.90 to $6.00, which fell short of the $6.06 analysts were penciling in.
$MDT | Medtronic plc., Q4-2026 Earning Report pic.twitter.com/yyNusnxAdS
— Hardik Shah (@AIStockSavvy) June 3, 2026
Tariffs remain a real cost. The company expects a roughly $300 million hit in fiscal 2027, up from about $185 million in fiscal 2026. That’s a number management isn’t shy about flagging.
Cardiovascular Drives the Quarter
The cardiovascular segment was clearly the engine here. Revenue rose 13.8% to $3.8 billion — nearly 40% of total company sales. Cardiac Ablation Solutions grew 78% worldwide, including 124% growth in the U.S., picking up an additional 8 points of market share.
Pulsed field ablation and transcatheter aortic valve replacement are the two technologies seeing the sharpest adoption curves right now, and Medtronic has built meaningful momentum in both.
The Micra leadless pacemaker posted mid-teens growth, and the OmniaSecure defibrillation lead had a strong U.S. launch.
Neuroscience revenue rose 5% to $2.75 billion, just under the $2.76 billion analyst estimate. Medical Surgical came in at $2.39 billion, up 8% reported and 5.1% organic, with Acute Care & Monitoring growing at a low double-digit rate.
Diabetes revenue rose 15% reported to $837 million, and the business remains part of Medtronic for the full 12 months of FY27 guidance.
M&A and Pipeline Moves
Medtronic has been actively tuck-in-deal shopping since spinning off its diabetes business. During the quarter and fiscal year, it completed the CathWorks acquisition, announced plans to buy Scientia Vascular and SPR Therapeutics (for roughly $650 million), and filed for FDA clearance on its Hugo robotic-assisted surgery system for general surgery and gynecologic indications.
The Hugo filing represents a meaningful step for its surgical robotics ambitions — a space where Medtronic has been building quietly but steadily.
The company also raised its quarterly dividend to $0.72 per share, marking 49 consecutive years of dividend increases.
For FY27, Medtronic is guiding organic revenue growth of 6.75% to 7.25%. Full-year FY26 revenue hit $36.4 billion on an 8.4% reported basis and 5.8% organic growth.
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