Medtronic Q4 Revenue Rises 9.9% to $9.8 Billion on Cardiac Ablation Growth

Medtronic reported fourth-quarter revenue of $9.807 billion on June 3, an increase of 9.9% as reported and 6.6% on an organic basis, the company said in its earnings release. The quarter ended April 24, 2026, and closed Medtronic's fiscal 2026.

Medtronic said quarterly revenue came in 90 basis points ahead of its implied guidance. GAAP diluted earnings per share were $0.96 and non-GAAP diluted EPS was $1.55, which the company said was also ahead of guidance.

For the full fiscal year, revenue was $36.364 billion, up 8.4% as reported and 5.8% organic. Full-year GAAP diluted EPS rose 3.3% to $3.73, while non-GAAP diluted EPS rose 0.7% to $5.53. The company reported $7.3 billion in cash from operations and $5.4 billion in free cash flow, and said it returned $4.2 billion to shareholders during the year.

"Our performance reflects the strongest annual top-line growth Medtronic has delivered in 10 years, powered by disciplined execution across our portfolio and continued operational rigor," said Geoff Martha, Medtronic's chairman and chief executive officer.

Cardiovascular leads the quarter

Cardiovascular Portfolio revenue was $3.797 billion, up 13.8% as reported and 10.1% organic. Within it, Cardiac Ablation Solutions revenue increased 78% globally, including 124% growth in the U.S., and Medtronic said it gained an additional 8 points of U.S. share.

Martha said the company grew its pulsed field ablation business by 145% globally, MedTech Dive reported, a slower pace than the more than 300% growth Medtronic saw in its fiscal second quarter. The publication noted that Boston Scientific, Johnson & Johnson and Abbott are competing for share in the same market.

Elsewhere, Neuroscience Portfolio revenue was $2.751 billion, up 3.0% organic; Medical Surgical Portfolio revenue was $2.388 billion, up 5.1% organic; and Diabetes revenue was $837 million, up 8.1% organic, according to the release.

Fiscal 2027 outlook and deals

Medtronic is guiding to fiscal 2027 organic revenue growth of 6.75% to 7.25% and non-GAAP diluted EPS of $5.90 to $6.00, which it said represents growth of 6.7% to 8.5%. The company said the outlook includes the benefit of a 53rd week, increased M&A, tariff impacts, and full-year consolidation of the Diabetes business. Medtronic expects about a $250 million impact from tariffs in fiscal 2027, including $75 million in the first quarter, MedTech Dive reported.

The release listed recent deals: the completed CathWorks acquisition, the announced acquisitions of Scientia Vascular and SPR Therapeutics, agreements with Merit Medical Systems to offer the ViaVerte system, and an investment in Pulnovo Medical. Chief Financial Officer Thierry Piéton said M&A will add about $150 million of inorganic revenue growth in fiscal 2027, according to MedTech Dive.

"With a uniquely robust pipeline, our tuck-in M&A and investment strategy activated, and continued financial discipline, we are poised to build on our FY26 performance," Piéton said in the release.

The board also raised the quarterly dividend to $0.72 per ordinary share, an annual rate of $2.88, payable July 17, 2026, to shareholders of record on June 26. Medtronic said it is the 49th consecutive year of dividend increases.