Medtronic Plc. · NYSE:MDT
Medtronic — Q3 2026 Earnings Presentation
24 slides from Medtronic's earnings presentation, Feb 17, 2026
Slide 1: Earnings Q3 FY26
Earnings Q3 FY26 | February 17, 2025 Contact: investor.relations@medtronic.com
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the developme
Slide 3: Executive Summary
Q3 FY26 Executive Summary Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix AiBLE Ecosystem Earnings Report | Q3 FY26
Slide 4: Q3 FY26 Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 Highlights Strong quarter with both top-line revenue and EPS “ ahead of expectations Q3 marks another strong quarter, delivering 6.0% organic revenue growth fueled by breadth and depth of portfolio 6% organ
Slide 5: Q3 FY26 Financial Summary
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 Financial Summary 9.0B 2.2B 1.36 Revenue Adj. Operating Profit Adj. Diluted EPS $ $ $ +8.7% reported +0.4% Y/Y (2.2%) Y/Y +6.0% organic Revenue by segment Revenue by geography Cardiovascular: $3,457M; +10.6
Slide 6: Q3 FY26 Income Statement and Financial Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 Income Statement ($ in millions)1 Q3 FY26 Q3 FY25 Y/Y Growth / Financial Highlights Change Revenue 9,017 8,292 +8.7% Organic revenue growth +6.0% • Adj. gross margin +40 bps Gross Margin 64.9% 66.6% (170 bp
Slide 7: Q3 FY26 Portfolio Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 Portfolio Highlights 11% growth Y/Y; Strongest in last 10 years (ex. Covid comps); CAS delivered Cardiovascular 80% growth Y/Y, gaining 4 points of share; continued strength in CRM 9% growth in U.S. Core Sp
Slide 8: Q3 FY26 Operational Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 Operational Highlights Signia Circular Hugo RAS Onyx LES MiniMed 780G CathWorks Stapler FDA clearance of U.S. FDA indication Medicare access and Announced intent Hugo robotic- Filed Form S-1 to treat sympto
Slide 9: Q3 FY26 M&A Activity
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 M&A Activity FFRangio® System uses AI and advanced computational science to provide a physiological assessment of the entire coronary tree directly from routine coronary angiograms (X-rays) Bolsters interve
Slide 10: Key Milestones to Accelerate Second Half Growth
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Key Milestones to Accelerate Second Half Growth Operating unit Product Milestone Timing Q2 acceleration Q2 Cardiac Ablation Solutions Cardiac Ablation Solutions Pulsed Field Ablation Continued ramp FY26+ On track t
Slide 11: Portfolio Highlights
Q3 FY26 Portfolio Highlights Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix Affera Mapping System and Sphere-9 PF and RF Ablation and Mapping Catheter Earnings Report | Q3 FY26
Slide 12: Cardiovascular
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Cardiovascular 11% growth Y/Y; Strongest growth in last 10 years (ex. Covid comps); CAS delivered 80% growth Y/Y, gaining 4 points of share; continued strength in CRM Cardiac Rhythm & Heart Failure Cardiac Rhythm M
Slide 13: Neuroscience
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Neuroscience 9% growth in U.S. Core Spine; Pipeline to fuel forward trajectory; Stealth AXiS received FDA clearance Cranial & Spinal Technologies Cranial & Spinal Technology: MSD growth driven by HSD strength in WW
Slide 14: Medical Surgical
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Medical Surgical Strong Endoscopy and Acute Care & Monitoring growth; Hugo U.S. clearance with first cases complete Surgical & Endoscopy Surgical: LSD growth driven by LigaSure vessel sealing technology in Advanced
Slide 15: Diabetes
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Diabetes Strong DD international growth; U.S. acceleration driven by new sensor launches; separation on track United States • New CGM adoption drove double-digit sequential growth in new pump and new CGM customers
Slide 16: Guidance & Assumptions
Q3 FY26 Guidance & Assumptions Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix Symplicity Spyral Renal Denervation System Earnings Report | Q3 FY26
Slide 17: Guidance and assumptions
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Guidance and assumptions Continued MSD revenue growth on growth driver acceleration Operating profit growth ~7% (ex-tariffs) even with significant FY27 HSD EPS Growth investment in growth Gross margin slightly up (
Slide 18: Impact
Q3 FY26 Impact Executive Summary Portfolio Highlights Guidance & Assumptions Hugo Robotic Assisted Impact Surgery System with ICG and Touch Surgery Appendix Earnings Report | Q3 FY26
Slide 19: Leading in engagement, citizenship, and innovation
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Leading in engagement, citizenship, and innovation Ethisphere Dow Jones Sustainability Index Fast Company Just Capital One of the 2025 World's DJSI World Index for Named to list of the World’s Most One of America’s
Slide 20: Near and long-term sustainability objectives
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Near and long-term sustainability objectives Progress key: Achieved Robust governance structures and processes In progress underpin our sustainability strategy Key issue Target Baseline End FY25 date date status Pr
Slide 21: Appendix
Q3 FY26 Appendix Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix Evolut FX+ TAVR System Earnings Report | Q3 FY26
Slide 22: Q3 FY26 GAAP to non-GAAP reconciliations
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q3 FY26 GAAP to non-GAAP reconciliations Acquisition and (Gain) / Loss on Q3 FY26 Certain Tax Q3 FY26 Q3 FY25 Y/Y Growth / Amortization Restructuring Litigation Divestiture- Minority GAAP Adjustments Non-GAAP Non-G
Slide 23: Medtronic business structure
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Medtronic business structure Cardiovascular Neuroscience Medical Surgical Diabetes Other Cardiac Rhythm & Heart Failure Cranial & Spinal Technologies Surgical & Endoscopy Therapies and services for Includes operati
Slide 24: Abbreviations & acronyms
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Abbreviations & acronyms Growth Business specific Business specific Other Centers for Medicare & Medicaid CC Constant Currency Adj Adjusted ICD Implantable Cardioverter Defibrillator CMS Services LSD Low-single dig