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Sentiment · FY2026 Q4
Reporting soon: earnings call Tuesday, Sep 1
A pre-earnings brief is ready for MDT: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $7.92B | +2.8% | $0.80 | +35.6% | 65.1% | 16.1% | 13.2% | $466M |
| FY2025 Q2 | $8.40B | +5.2% | $0.99 | +45.6% | 64.9% | 19.0% | 15.1% | $554M |
| FY2025 Q3 | $8.29B | +2.5% | $1.01 | +2.0% | 66.5% | 19.9% | 15.6% | $2.10B |
| FY2025 Q4 | $8.93B | +3.9% | $0.82 | +67.3% | 64.7% | 16.1% | 11.8% | $2.07B |
| FY2026 Q1 | $8.58B | +8.4% | $0.81 | +1.3% | 57.7% | 16.8% | 12.1% | $584M |
| FY2026 Q2 | $8.96B | +6.6% | $1.07 | +8.1% | 60.3% | 18.8% | 15.3% | $457M |
| FY2026 Q3 | $9.02B | +8.8% | $0.89 | -11.9% | 64.9% | 19.7% | 12.7% | $2.30B |
| FY2026 Q4 | $9.81B | +9.9% | $0.96 | +17.1% | 75.9% | 19.1% | 12.7% | $2.08B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue of $9 billion grew 6% organically, the highest organic growth in 10 quarters, with CAS surging 80% as PFA reached 80% of segment revenue and gained 4 points of market share. Hugo robotic platform completed its first U.S. cases at Cleveland Clinic while Stealth AXiS FDA clearance transformed the spine robotics platform. FY2026 EPS guidance was maintained at $5.62-$5.66.
Revenue Growth | Product Launch | Margin | Competitive Dynamics | Guidance Reliability | Innovation & R&D | M&A | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 3 | 6 | 4 | 4 | 1 | 2 | 1 | 3 |
| 2025Q3 | 7 | 2 | 4 | 4 | 1 | 1 | 1 | |
| 2025Q4 | 5 | 3 | 5 | 3 | 4 | 1 | 2 | 2 |
| 2026Q1 | 6 | 4 | 2 | 2 | 2 | 3 | 3 | 1 |
| 2026Q2 | 6 | 2 | 2 | 1 | 2 | 2 | 2 | 2 |
| 2026Q3 | 8 | 5 | 2 | 4 | 4 | 4 | 2 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3 | 7 | 5 | 6 | 6 | 8 |
| Product Launch | 6 | 2 | 3 | 4 | 2 | 5 |
| Margin | 4 | 4 | 5 | 2 | 2 | 2 |
| Competitive Dynamics | 4 | 4 | 3 | 2 | 1 | 4 |
| Guidance Reliability | 1 | 1 | 4 | 2 | 2 | 4 |
| Innovation & R&D | 2 | 1 | 1 | 3 | 2 | 4 |
| M&A | 1 | 2 | 3 | 2 | 2 | |
| Regulation Policy | 3 | 1 | 2 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Travis Steed | Bank of America | 9 (22%) |
| Robbie Marcus | JPMorgan | 9 (11%) |
| Vijay Kumar | Evercore ISI | 8 (13%) |
| Larry Biegelsen | Wells Fargo | 7 (14%) |
| Matt Miksic | Barclays | 5 (0%) |
| Shagun Singh | RBC Capital Markets | 5 (0%) |
| Patrick Wood | UBS | 4 (0%) |
| Joanne Wuensch | Citigroup | 4 (0%) |
| Josh Jennings | TD Cowen | 3 (0%) |
| Pito Chickering | Deutsche Bank | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 9 (22%) |
| JPMorgan | 1 | 9 (11%) |
| Evercore ISI | 1 | 8 (13%) |
| Wells Fargo | 1 |
| 7 (14%) |
| UBS | 2 | 7 (0%) |
| RBC Capital Markets | 1 | 5 (0%) |
| Barclays | 1 | 5 (0%) |
| Citigroup | 1 | 4 (0%) |
What MDT and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Medtronic continues to be a solid competitor, J&J is enhancing their footprint in PFA and Abbott is early stages of launch in the U.S.”
BSX frames Medtronic as a persistent competitor in the PFA (pulsed field ablation) market, part of intensifying competitive dynamics BSX cited for lowering EP guidance.
“on David's question on the Evolut 6- and seven-year data. It was obviously the big news in the quarter.”
Analysts pressed Edwards on the long-term Evolut durability data (Medtronic's competing TAVR valve), the quarter's key competitive event; Edwards indicated it benefited from slight share gains in the wake of that data.
“And similar to the Edwards trials, there was some late catch-up in mortality.”
An analyst compares Medtronic CoreValve long-term mortality data to Edwards Lifesciences' TAVR trial results.
“And we're executing our M&A strategy as well with the CathWorks acquisition in CRDN, and we continue to build out our venture and minority investment portfolio with the Anteris investment in Structural Heart.”
Medtronic took a minority investment in Anteris to expand its TAVR/structural heart position.
“And we're executing our M&A strategy as well with the CathWorks acquisition in CRDN, and we continue to build out our venture and minority investment portfolio with the Anteris investment in Structural Heart.”
Medtronic's CathWorks acquisition adds coronary diagnostics to its cardiovascular portfolio.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MDT Medtronic | 7 | +8.8% | |
| ABT Abbott Laboratories | 6 | +7.8% | |
| ALGN Align Technology | 6 | +6.2% | |
| BSX Boston Scientific | 6 | +11.6% | |
| DXCM DexCom | 9 | +15.1% | |
| EW Edwards Lifesciences | 9 | +16.7% | |
| PODD Insulet Corporation | 8 | +33.9% | |
| STE Steris | 7 | +7.3% | |
| SYK Stryker Corporation | 4 | +2.6% | |
| ZBH Zimmer Biomet | 9 | +9.3% |