Medtronic is a diversified medical technology company with three main reportable segments: Cardiovascular, Neuroscience, and Medical Surgical. In fiscal year 2026, the company achieved net sales of $36.4 billion (8% increase) driven by growth across most businesses, including strong performance in Cardiac Rhythm & Heart Failure (up 17%), and is executing strategic initiatives including the planned separation of its Diabetes Business and recent acquisitions to strengthen its portfolio.
Segment Performance
Cardiovascular net sales increased 12% to $14.0 billion, with Cardiac Rhythm & Heart Failure up 17%, Structural Heart & Aortic up 7%, and Coronary & Peripheral Vascular up 5%. Neuroscience net sales increased 4% to $10.3 billion, with Cranial & Spinal Technologies up 5%, Specialty Therapies up 2%, and Neuromodulation up 7%. Medical Surgical net sales increased 5% to $8.8 billion, with Surgical & Endoscopy up 4% and Acute Care & Monitoring up 7%. Reportable segment net sales grew 8% to $33.1 billion. Diabetes Business (non-reportable as of Q4 fiscal 2026) grew 13% to $3.1 billion.
Forward Guidance
The company provided forward-looking outlook language including: estimated pre-tax net tariff impact of "$250 million in fiscal year 2027, excluding any considerations of government refunds" with acknowledgment that "the actual amount could vary based on changes in tariff rates, duration of tariffs, scope of tariffs, and potential countermeasures or mitigation actions." The company also stated expectations for continued growth in multiple product categories including Micra transcatheter pacing, Aurora EV-ICD, Affera mapping and ablation systems, CoreValve TAVR platform, and various other pipeline products and acquisitions, though noting "our ability to meet growing demand for our existing products and to successfully develop, obtain regulatory approval of, and commercialize the products within our pipeline" as a prospective factor.
+3.3%
EPS (Diluted)
$3.73
+3.3%
Long-term Debt
$26.17B
+2.1%
Total Liabilities
$42.96B
-1.1%
Stockholders' Equity
$49.46B
+3.0%
Key Risk Factors
Key risks include: (1) macroeconomic and geopolitical factors such as tariffs estimated at $250 million pre-tax impact in fiscal 2027, competitive product launches and pricing pressure, and currency fluctuations; (2) supply chain and operational challenges from global conflicts including Russia-Ukraine and Middle East instability, which could disrupt operations and increase costs; (3) regulatory and reimbursement challenges, including delays in product registration approvals and national tender pricing pressures particularly in China; (4) execution risks related to the planned separation of the Diabetes Business and other business exits involving transition costs and infrastructure changes; (5) product-specific risks including replacement cycle challenges and the need to maintain market acceptance for new innovative products across the portfolio.
