Medtronic earnings date and guidance
Medtronic's next results are expected on November 17, 2026. Watch whether repeated clinical use matters more than the number of systems placed.
What has Medtronic guided for FY2027?
Management’s September 1, 2026 guidance targets FY2027 organic revenue growth of 7.2%–7.8%. It also targets operating profit growth of 10%. The target is 50 basis points of operating-margin expansion. That guidance predates the completed MiniMed exchange.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Organic revenue growth | FY2027 | 7.2% | 7.8% | September 1, 2026 |
| Operating profit growth | FY2027 | 10.0% | 10.0% | September 1, 2026 |
| Operating margin expansion (basis points) | FY2027 | 50 | 50 | September 1, 2026 |
| Q2 organic revenue growth | FY2027 Q2 | 6.0% | 6.0% | September 1, 2026 |
| Q2 EPS | FY2027 Q2 | 1.32 | 1.34 | September 1, 2026 |
Did Medtronic keep its past promises?
Promises also need to be compared with their original targets. The first adjusted-earnings range was $5.50 to $5.60. Management later raised it to $5.62 to $5.66, then cut it in March. The final $5.53 met the opening promise but missed the later one.
How have Medtronic's revenue and profit trended over the last eight quarters?
Cash was encouraging but seasonal. Operating cash flow rose from $1,088 million to $1,793 million, while capital spending was $503 million. Free cash flow reached $1,290 million, compared with $584 million. The eight-quarter record shows that April and January are usually stronger cash quarters than October, so one period cannot establish a lasting conversion improvement.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,756 | 9,807 | 9,017 | 8,961 | 8,578 | 8,927 | 8,292 | 8,403 |
| Gross margin | 65.0% | 65.4% | 63.8% | 65.8% | 65.0% | 64.7% | 66.5% | 64.9% |
| Operating income | 1,764 | 1,873 | 1,464 | 1,686 | 1,445 | 1,436 | 1,646 | 1,595 |
| Net income | 1,470 | 1,243 | 1,143 | 1,374 | 1,040 | 1,057 | 1,294 | 1,270 |
| EPS, diluted | 1.14 | 0.96 | 0.89 | 1.07 | 0.81 | 0.82 | 1.01 | 0.99 |
What this means. The July 2026 quarter had an extra week and included newly bought businesses, so its higher revenue does not all mean the existing business grew that much.
What should you watch in Medtronic's next results?
The next earnings update must explain the standalone Medtronic. Investors need to know which overhead disappears, which costs remain during transition, and how the exchange changes earnings per share. Hugo’s procedure target then provides an operating check: repeated clinical use matters more than the number of systems placed.
Medtronic can afford the plan on its present resources, but only if the remaining businesses keep generating cash and management preserves flexibility. The next results must show whether growth, adoption, and disciplined spending are strong enough to carry what comes next.