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How Medtronic (MDT) makes money: Q1 2027 revenue breakdown
US GAAP · $M · vs Q1 FY26 · reported 09/01/2026
Medtronic plc is an Irish medical device company. The company's legal and executive headquarters are in Ireland, while its operational headquarters are in Minneapolis, Minnesota. · Wikipedia
More about the company
Medtronic rebased to Ireland following its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies. It is one of the biggest medical tech companies in the world and is currently the largest medical device company in the world by revenue.
Key growth driver: Cardiovascular — the fastest-growing revenue line: $3,927, +20% y/y. · by the Q1 2027 report
How does Medtronic make money?
Medtronic brought in $9.76 billion of revenue in Q1 2027, up 13.7% year over year. The largest source was Cardiovascular: $3.93 billion, or 40% of the total, followed by Neuroscience ($2.68B, 27%) and Medical Surgical ($2.28B, 23%); other lines add the remaining 9%. Net income for the quarter was $1.47 billion, up 41.4% year over year.
Revenue by source, Q1 2027
- Cardiovascular$3.93B · 40% · +19.5%
- Neuroscience$2.68B · 27% · +10.3%
- Medical Surgical$2.28B · 23% · +10.0%
- Diabetes$843M · 9% · +16.9%
- Other$29.0M · 0.3% · −59.7%
Shares of $9.76B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is MDT’s next earnings date?
Tuesday, November 17, 2026estimated
Medtronic (MDT) has not confirmed the date yet; Nov 17, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $1.34 (7 analysts), vs $1.36 in the same quarter last year.
What time does MDT report? Usually before market open: the last 4 results releases reached the SEC at 6:47 am, 6:47 am, 6:48 am, 6:47 am ET.
Last report: Sep 1, 2026 (Q1 2027) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$9,756
+13.7%
Gross profit
$6,340
+13.7%
65.0% margin
Operating income
$1,764
+22.1%
18.1% margin
Net income
$1,470
+41.4%
$1.14 diluted EPS
Verdict: a broad-based beat — revenue up 13.7% with every portfolio growing double digits, led by Electrophysiology (+29.5%) — though an extra 53rd fiscal week added roughly $570M of that growth; GAAP net income jumped 41.4% helped by a minority-investment swing and a lower tax rate, while non-GAAP EPS grew a more modest 15.1%.
Q1 OCF $1,793M (+64.8%), FCF $1,290M (+120.9%); dividends $921M, buybacks $267M, acquisitions $1,162M (Scientia Vascular, SPR Therapeutics); FY27 guidance raised: organic revenue growth 7.25–7.75%, non-GAAP EPS $5.94–$6.00.
Source and notation
* marks non-cash / ≈ estimated. Source: Medtronic plc press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
MDT earnings history: past report dates
| Sep 1, 2026 Tue | 6:47 ambefore market open | Jul 31, 2026 | $9.8B+14% y/y | $1.14+41% y/y |
| Jun 3, 2026 Wed | 6:47 ambefore market open | Apr 24, 2026 | ≈$9.8B+10% y/y | ≈$0.96+19% y/y |
| Feb 17, 2026 Tue | 6:48 ambefore market open | Jan 23, 2026 | $9.0B+9% y/y | $0.89−12% y/y |
| Nov 18, 2025 Tue | 6:47 ambefore market open | Oct 24, 2025 | $9.0B+7% y/y | $1.07+8% y/y |
| Aug 19, 2025 Tue | 6:49 ambefore market open | Jul 25, 2025 | $8.6B+8% y/y | $0.81+1% y/y |
| May 21, 2025 Wed | 6:47 ambefore market open | Apr 25, 2025 | ≈$8.9B+4% y/y | ≈$0.81+62% y/y |
| Feb 18, 2025 Tue | 6:46 ambefore market open | Jan 24, 2025 | $8.3B+3% y/y | $1.01+2% y/y |
| Nov 19, 2024 Tue | 6:46 ambefore market open | Oct 25, 2024 | $8.4B+5% y/y | $0.99+46% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Medtronic: 5-year financials
| FY2026 | 36,364 | 6,467 | 4,801 | 5,426 | 3,639 |
| FY2025 | 33,537 | 5,955 | 4,662 | 5,185 | 3,589 |
| FY2024 | 32,364 | 5,144 | 3,676 | 5,200 | 3,666 |
| FY2023 | 31,227 | 5,485 | 3,758 | 4,580 | 3,616 |
| FY2022 | 31,686 | 5,752 | 5,039 | 5,978 | 3,383 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Apr 2012Medtronic settled the Minneapolis Firefighters' Relief Association shareholder class action (INFUSE) for $85M. sec.gov ↗
- Dec 2018The court approved the $43M settlement of the shareholder class action In re Medtronic Securities Litigation (INFUSE, 2013) — below the methodology's threshold. courtlistener.com ↗
- Jun 2026FY2026 10-K: a single class of ordinary shares; share count −4.9% over 5 years, dividend up from $2.32 to $2.84. sec.gov ↗
Scoring: 2.0 −0.25 (criterion 9: shareholder suit over INFUSE settled for $85M in 2012, more than 10 years ago — half of 0.5) = 1.75 → rounded up to 2.0; the second INFUSE suit was settled in 2018 for $43M (< $50M — no deduction)
- Share classes
- Single class — MDT ordinary shares on the NYSE (cover of FY2026 10-K; an Irish plc).
- Dilution
- Diluted share count FY2021→FY2026 −4.9% (XBRL); SBC 1.3% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $2.32 (FY2021) → $2.84 (FY2026); buybacks of $0.7–3.2B a year.
- Lawsuits & regulators
- The Minneapolis Firefighters suit (INFUSE, 2008) was settled for $85M (FY2012, more than 10 years ago); the West Virginia Pipe Trades suit (INFUSE, 2013) was settled in 2018 for $43M; class certification was denied in the suit over the Covidien deal (2020); no SEC disclosure cases.
- Related parties
- 2026 proxy: a related-party transaction policy is in place, no material transactions disclosed; no controlling shareholder.
How the score works · checked as of Sep 2026
Medtronic (MDT) earnings: FAQ
How does Medtronic make money?
Medtronic brought in $9.76 billion of revenue in Q1 2027, up 13.7% year over year. The largest source was Cardiovascular: $3.93 billion, or 40% of the total, followed by Neuroscience ($2.68B, 27%) and Medical Surgical ($2.28B, 23%); other lines add the remaining 9%. Net income for the quarter was $1.47 billion, up 41.4% year over year.
When is MDT's next earnings date?
Medtronic (MDT) has not confirmed the date yet; Nov 17, 2026 is an estimate based on its past reporting schedule.
What time does MDT report earnings?
Medtronic usually reports before market open: its latest results release was filed with the SEC at 6:47 am ET on Sep 1, 2026.
When did MDT last report earnings?
Medtronic reported Q1 2027 results on Sep 1, 2026.
What is the EPS estimate for MDT's next earnings?
The consensus EPS forecast is $1.34 (7 analysts), vs $1.36 in the same quarter last year.
Where can I find Medtronic's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MDT's filings; this page breaks the latest report down in a Sankey chart.
What was MDT's net income in Q1 2027?
Medtronic reported net income of $1,470M for Q1 2027 (+41.4% year over year), under US GAAP.
Does Medtronic pay dividends?
Yes. In fiscal 2026, Medtronic paid $3,639M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/04/2026. How we make the breakdowns · Report an error
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