Skip to content
AnalystLens

Medtronic plc 8-K Report, Financial Results (Feb 17, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 17, 2026
Period End
February 17, 2026
Security
MDT
In the record · 2016–202610-K1110-Q328-K120

MDT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Jan ’18Jan ’18
  2. Leadership change8-K · Oct ’20Oct ’20
  3. Material agreement8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.

Medtronic (NYSE: MDT) reported third quarter fiscal 2026 results for the quarter ended January 23, 2026, with reported revenue of $9.017 billiona, up 8.7% as reported and 6.0% organic, and 50 basis points ahead of its internal guidance.

Growth was led by the Cardiovascular Portfolio, which rose 10.6%b organically, driven by Cardiac Ablation Solutions (up 80%, including 137% in the U.S.) on the strength of its pulsed field ablation franchise. Cardiac Rhythm & Heart Failure grew high-teens organically, while Diabetes rose 8.3% organically. Neuroscience (+2.5% organic) and Medical Surgical (+2.7% organic) grew more modestly.

Management described this as the highest enterprise revenue growth in 10 quarters. Profitability was mixed on a GAAP basis, with diluted EPS of $0.89c versus $1.01 a year earlier, reflecting higher operating costs, amortization, and restructuring charges. Non-GAAP diluted EPS was $1.36, versus $1.39 in the prior-year quarter, and was three cents above the guidance midpoint.

Non-GAAP operating margin was 24.1%, compared with 26.2% a year earlier, and currency tailwinds of about $243 milliond boosted reported revenue. Medtronic reiterated its FY26 guidance of approximately 5.5% organic revenue growth and non-GAAP diluted EPS of $5.62 to $5.66, which includes an estimated $185 million tariff headwind. For investors, the key takeaways are the strength of the PFA-driven cardiovascular franchise, the reiterated full-year guidance despite a beat in the quarter, and the company's continued M&A activity, including the CathWorks and Anteris transactions.

Margin compression and the GAAP-to-non-GAAP gap, which includes significant amortization, remain areas to monitor. Year-to-date free cash flow was $3.341 billion, up from $3.116 billion.

02—Key points

Key Highlights

  1. Revenue of $9.017B, up 8.7% reported and 6.0% organic, 50 bps ahead of Q3 guidance; highest enterprise growth in 10 quarters per management
  2. Cardiovascular Portfolio revenue of $3.457B, up 10.6% organic; Cardiac Ablation Solutions grew 80% (137% in the U.S.) on pulsed field ablation strength
  3. Non-GAAP diluted EPS of $1.36 (vs. $1.39 prior year), three cents above guidance midpoint; GAAP diluted EPS of $0.89 (vs. $1.01)
  4. Non-GAAP operating margin of 24.1%, down from 26.2% a year earlier; GAAP operating margin of 16.2%
  5. FY26 guidance reiterated: ~5.5% organic revenue growth and non-GAAP diluted EPS of $5.62–$5.66, including ~$185M potential tariff impact
  6. Diabetes revenue of $796M, up 8.3% organically, led by double-digit International growth; Neuroscience up 2.5% and Medical Surgical up 2.7% organically
  7. Strategic progress: CE Mark for Sphere-360 and U.S. pivotal trial initiated; FDA clearances for Hugo robotic surgery and Stealth AXiS; CathWorks and Anteris transactions closed

03—Questions

Frequently Asked Questions

  1. How strong was Medtronic's revenue growth this quarter?

    Revenue was $9.017 billion, up 8.7% as reported and 6.0% organically. Organic growth excludes a $242 million favorable currency impact and about $32 million of other revenue. Management said the result was the highest enterprise growth in 10 quarters and came in 50 basis points above internal guidance.

  2. What drove the growth in the Cardiovascular business?

    The Cardiovascular Portfolio grew 10.6% organically to $3.457 billion. Cardiac Rhythm & Heart Failure rose high-teens organically, and Cardiac Ablation Solutions grew 80%, including 137% in the U.S., on pulsed field ablation demand. Structural Heart & Aortic grew low-single digits and Coronary & Peripheral Vascular grew mid-single digits.

  3. Did earnings meet expectations, and how did profitability trend?

    Non-GAAP diluted EPS was $1.36, three cents above the guidance midpoint, but down from $1.39 a year earlier. GAAP diluted EPS fell to $0.89 from $1.01, reflecting higher SG&A, R&D, amortization, and restructuring charges. Non-GAAP operating margin declined to 24.1% from 26.2%.

  4. Did Medtronic change its full-year outlook?

    No. Medtronic reiterated FY26 organic revenue growth of about 5.5% and non-GAAP diluted EPS of $5.62 to $5.66. The guidance includes an estimated $185 million tariff impact, unchanged from prior guidance, and excluding tariffs implies EPS growth of about 4.5%.

  5. What is the company's cash flow position?

    Nine-month operating cash flow was $4.757 billion and free cash flow was $3.341 billion, up from $3.116 billion a year earlier. Capital expenditures were $1.416 billion. Cash used for dividends was $2.731 billion, and share repurchases were $600 million, versus $2.961 billion a year earlier.

04—Continue

← View all 8-K filings