Medtronic (MDT) Delivers +8.4% Full-Year Revenue Growth in Fiscal 2026
Key Takeaways
- Medtronic reported Q4 revenue of $9.807 billion, up 9.9% as reported and 6.6% organically, exceeding implied guidance by 90 basis points.
- Full-year fiscal 2026 revenue reached $36.364 billion, up 8.4% as reported and 5.8% organically, marking the highest annual revenue growth in 10 years.
- Q4 non-GAAP diluted EPS was $1.55; full-year non-GAAP diluted EPS was $5.53.
- Strong performance in Cardiovascular and Diabetes portfolios drove results, with Cardiac Ablation Solutions revenue surging 78% globally.
- Company provided FY2027 guidance for 6.75% to 7.25% organic revenue growth and non-GAAP EPS of $5.90 to $6.00.
- Board approved a dividend increase to $0.72 per share for Q1 FY2027, the 49th consecutive annual increase.
Why These Results Stand Out
Medtronic’s fiscal year ends in late April, so the fourth-quarter and full-year numbers serve as an important checkpoint for the medical technology company. From what I see, investors pay close attention to these updates for clues on momentum in key areas like pulsed-field ablation and surgical robotics, as well as margin trends and cash flow. With steady healthcare demand and ongoing innovation helping the company gain share, the report offers a useful read on how well Medtronic is executing its strategy in a competitive environment.
The Reported Numbers
Medtronic posted fourth-quarter worldwide revenue of $9.807 billion, reflecting a 9.9% increase as reported and 6.6% growth on an organic basis. Non-GAAP diluted earnings per share came in at $1.55. For the full fiscal year 2026, revenue totaled $36.364 billion, up 8.4% as reported and 5.8% organically. GAAP diluted EPS for the year was $3.73, while non-GAAP diluted EPS reached $5.53. The company returned $4.2 billion to shareholders and generated $5.426 billion in free cash flow. Performance was led by strength in Cardiovascular, especially Cardiac Ablation Solutions, along with the Diabetes segment, supported by several tuck-in acquisitions that bolstered the pipeline. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Market Reaction
Shares of MDT moved higher right after the June 3, 2026, release, showing investor approval of the revenue beat and the forward guidance. Analysts pointed to the decade-high top-line growth and portfolio momentum as supportive of the current valuation, while keeping an eye on margin expansion and the integration of recent acquisitions. Sentiment ahead of the report had already been constructive following prior-quarter beats and pipeline updates.
Exploring AI Tools for Deeper Analysis
When I review earnings like these, I often turn to AI-driven tools to cross-check patterns and peer comparisons. Tickeron’s AI Screener is an AI-powered stock and ETF discovery tool that helps traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener helps identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening. AI Screener
Looking Ahead to Fiscal 2027
Medtronic enters fiscal 2027 with momentum from its strongest annual revenue growth in a decade. Management guided for organic revenue growth of 6.75% to 7.25% and non-GAAP EPS in the $5.90 to $6.00 range. This outlook factors in the benefit of a 53rd week, full-year consolidation of the Diabetes business, and impacts from tariffs and foreign currency.
I’m watching execution on the main growth drivers, including Cardiac Ablation Solutions, Hugo robotic-assisted surgery, and Stealth AXiS navigation systems. Other points to monitor include the pace of tuck-in acquisitions such as CathWorks and the announced deals for Scientia Vascular and SPR Therapeutics, and how they contribute to revenue. Operating margins will stay in focus given recent pressures from tariffs and one-time items. Free cash flow conversion and capital allocation, including the increased dividend, will also be watched for signs of continued financial discipline. Pipeline milestones such as regulatory clearances and new product launches could serve as catalysts throughout the year.
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Disclaimers and LimitationsMDT sees its Stochastic Oscillator ascending out of oversold territory
On June 03, 2026, the Stochastic Oscillator for MDT moved out of oversold territory and this could be a bullish sign for the stock. Traders may want to buy the stock or buy call options. Tickeron's A.I.dvisor looked at 60 instances where the indicator left the oversold zone. In of the 60 cases the stock moved higher in the following days. This puts the odds of a move higher at over .
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where MDT's RSI Oscillator exited the oversold zone, of 30 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for MDT just turned positive on June 03, 2026. Looking at past instances where MDT's MACD turned positive, the stock continued to rise in of 46 cases over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where MDT advanced for three days, in of 326 cases, the price rose further within the following month. The odds of a continued upward trend are .
MDT may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on May 27, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on MDT as a result. In of 84 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MDT declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for MDT entered a downward trend on June 03, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is seriously undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.043) is normal, around the industry mean (11.004). P/E Ratio (20.898) is within average values for comparable stocks, (60.363). Projected Growth (PEG Ratio) (1.359) is also within normal values, averaging (3.657). MDT has a moderately high Dividend Yield (0.036) as compared to the industry average of (0.018). P/S Ratio (2.761) is also within normal values, averaging (24.541).
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating fairly steady price growth. MDT’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating slightly better than average sales and a considerably profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating that the returns do not compensate for the risks. MDT’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 96, placing this stock worse than average.
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General Information
a provider of medical technology services
Industry MedicalNursingServices
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