Medtronic Q3 EPS $1.36, Revenue Up 8.7% to $9.017B as FX Boosts Growth
Medtronic’s Q3 non-GAAP EPS of $1.36 beat by $0.02 on $9.017 billion revenue, up 8.7% year-over-year (6.0% organically) with a $242 million FX boost. Cardiovascular rose 13.8% to $3.457 billion and Diabetes climbed 14.8% to $796 million as management reaffirmed ~5.5% organic revenue growth and $5.62–$5.66 EPS guidance for 2026.
1. Q3 Earnings and Revenue Beat
Medtronic reported non-GAAP EPS of $1.36 for the third quarter, surpassing estimates by $0.02 on revenue of $9.017 billion. Revenue rose 8.7% year-over-year and 6.0% organically, supported by a $242 million foreign exchange benefit.
2. Portfolio Performance
The Cardiovascular segment generated $3.457 billion in revenue, up 13.8% (10.6% organic). Neuroscience revenue increased 4.1% (2.5% organic) to $2.558 billion, Medical Surgical rose 4.9% (2.7% organic) to $2.173 billion, and the Diabetes business climbed 14.8% (8.3% organic) to $796 million.
3. Fiscal 2026 Guidance
Management reiterated fiscal 2026 targets of approximately 5.5% organic revenue growth and diluted non-GAAP EPS of $5.62 to $5.66. The outlook includes a potential $185 million tariff impact, with ex-tariff EPS growth of around 4.5%.