# Medtronic plc (MDT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MDT/thesis · /stocks/MDT/memo

## Financial Snapshot

---
ticker: MDT
step: 04
generated: 2026-05-12
source: quick-research
---

### Medtronic plc (MDT) — Financial Snapshot

> Note: Medtronic's fiscal year ends in late April. "FY2025" = fiscal year ended April 25, 2025.

#### Income Statement Summary

| Metric | FY2024 | FY2025 | FY2026E | YoY |
|--------|--------|--------|---------|-----|
| Revenue | $32.4B | $33.5B | ~$35.5B | +6% |
| Organic Revenue Growth | +5.1% | +3.6% | +5%+ (mgmt) | accelerating |
| Adj. Operating Margin | 25.5% | 25.5% | 26% | +50bps |
| Non-GAAP EPS | $5.20 | $5.45 | $5.60-5.66 | +3-4% (mgmt raised) |
| Free Cash Flow | $5.6B | $5.0B | $5.5B+ | +10% |

#### Q3 FY2026 Highlights (most recent)

| Metric | Q3 FY26 | YoY |
|--------|---------|-----|
| Revenue | $9.02B | +8.7% reported, +6.0% organic |
| Cardiovascular | $3.46B | +13.8% reported, +10.6% organic |
| Cardiac Ablation Solutions (CAS) | +~50% | PFA-driven |
| Diabetes Revenue | $796M | +14.8% reported, +8.3% organic |
| Medical Surgical | growing | |
| Neuroscience | flat to modest | |
| Highest revenue growth in 10 quarters | | |

#### Pulsed Field Ablation (PFA) — Growth Engine

| Metric | Status |
|--------|--------|
| Q3 FY26 CAS growth | ~50% (US PFA-driven) |
| PulseSelect launched 2024 | Strong US adoption |
| Affera mapping + ablation | Differentiated |
| Sphere-9 catheter | New entry |

#### Hugo Robotic Surgery

| Metric | Status |
|--------|--------|
| Urology FDA clearance | Feb 2026 |
| Hernia trial | Ongoing |
| Gynecology trial | Ongoing |
| US first case | Cleveland Clinic Feb 2026 |
| Addressable market | $10B+ TAM |

#### MiniMed (Diabetes) Spin-Off

| Metric | Value |
|--------|-------|
| MMED trading begins | March 6, 2026 (Nasdaq) |
| Spun-off business revenue | ~$2.5B (Diabetes segment) |
| MDT remaining ownership stake | partial (publicly traded) |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$6B |
| Capital Expenditures | ~$1B |
| Free Cash Flow | $5.0B |
| Cash & Investments | ~$7B |
| Total Debt | ~$26B |
| Net Debt/EBITDA | ~2.0x |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~17x | EV/EBITDA: ~13x | Dividend Yield: ~3.0%
- ROIC: ~10% (post-MiniMed spin)
- FCF Margin: ~15%

#### Growth Profile
Q3 FY26 marks Medtronic's strongest growth in 10 quarters: +8.7% reported, +6.0% organic. PFA + Hugo are the catalysts. MiniMed spin-off March 2026 unlocks "pure-play" valuation of remaining business focused on high-growth surgical + cardiovascular. Management raised FY26 non-GAAP EPS guide to $5.60-5.66.

#### Forward Estimates
- **FY2026E Revenue (post-spin):** ~$33B
- **FY2026E Non-GAAP EPS:** $5.60-5.66 (mgmt)
- **FY2027E EPS:** ~$6.00 (+7%)
- **FY2028E EPS:** ~$6.50 (+8%)

#### Capital Return
- Dividend $2.84 annual = ~$3.7B paid
- 47+ consecutive years of dividend growth (Dividend King)
- Buybacks: ~$2-3B annual
- Total return: ~3% dividend + 1-2% buyback + 6-8% EPS growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MDT/fundamental

## Navigation

- Overview: /stocks/MDT
- Financials (this page): /stocks/MDT/financials
- Thesis: /stocks/MDT/thesis
- Investment Memo: /stocks/MDT/memo
- Coverage universe: /stocks