Medtronic Plc. · NYSE:MDT
Medtronic — Q2 2026 Earnings Presentation
23 slides from Medtronic's earnings presentation, Nov 18, 2025
Slide 1: Earnings Q2 FY26
Earnings Q2 FY26 | November 18, 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
Q2 FY26 Executive Summary Executive Summary Portfolio Highlights Guidance & Assumptions AiBLE Ecosystem Impact Appendix Earnings Report | Q2 FY26
Slide 4: Q2 FY26 Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 Highlights Strong quarter; enterprise growth drivers accelerate momentum 5.5% organic revenue growth and 8% EPS growth ahead of expectations • Overall end markets, procedure volumes strong; executing well a
Slide 5: Q2 FY26 Financial Summary
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 Financial Summary Revenue Adj. Operating Profit Adj. Diluted EPS $ $ $ +6.6% reported +6% Y/Y +8% Y/Y +5.5% organic Revenue by segment Revenue by geography Cardiovascular: $3,436M; +9.3% organic United Stat
Slide 6: Q2 FY26 Income Statement
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 Income Statement ($ in millions)1 Q2 FY26 Q2 FY25 Y/Y Growth / Financial Highlights Change Revenue 8,961 8,403 +6.6% Organic revenue growth +5.5% • Adj. gross margin +70 bps on Gross Margin 65.9% 65.2% +70
Slide 7: Q2 FY26 Portfolio Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 Portfolio Highlights Solid quarter; enterprise growth drivers build momentum HSD growth driven by 71% growth in Cardiac Ablation Solutions, DD growth Cardiovascular in Leadless Pacing, Cardiac Surgery, and
Slide 8: Q2 FY26 Operational Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 Operational Highlights Dynamic blend of strategic execution, innovation, and market momentum Altaviva Hugo RAS Evolut FX Symplicity Received US FDA MiniMed 780G Initiated US IDE Symplicity TAVR System Spyra
Slide 9: Milestones to Accelerate Second Half Growth
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Milestones to Accelerate Second Half Growth H2 revenue growth acceleration coming into focus driven by strong cadence of commercial, regulatory, and reimbursement milestones H2 Revenue Growth Drivers Operating unit
Slide 10: Portfolio Highlights
Q2 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 | Q2 FY26
Slide 11: Cardiovascular
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Cardiovascular HSD growth driven by 71% growth in Cardiac Ablation Solutions, DD growth in Leadless Pacing, Cardiac Surgery, and EV-ICD Cardiac Rhythm & Heart Failure Cardiac Rhythm Management: MSD growth; high-tee
Slide 12: Neuroscience
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Neuroscience HSD growth in Neuromodulation and Core Spine; commenced commercial launch of Altaviva Cranial & Spinal Technologies Cranial & Spinal Technology: Continued MSD growth reflecting strong adoption of the A
Slide 13: Medical Surgical
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Medical Surgical LSD Surgical growth driven by Advanced Energy and HSD Endoscopy growth, offsetting ongoing, stable market and competitive pressures Surgical & Endoscopy Surgical: LSD WW growth as expected; driven
Slide 14: Diabetes
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Diabetes Strong DD international growth; US expected to accelerate on new sensor launches; separation on track United States • Lower results as expected ahead of new sensor launches; sequential increase in pumps wi
Slide 15: Guidance & Assumptions
Q2 FY26 Guidance & Assumptions Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix Symplicity Spyral Renal Denervation System Earnings Report | Q2 FY26
Slide 16: 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 17: Impact
Q2 FY26 Impact Executive Summary Portfolio Highlights Guidance & Assumptions Hugo Robotic Assisted Impact Surgery System with ICG and Touch Surgery Appendix Earnings Report | Q2 FY26
Slide 18: 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 19: 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 20: Appendix
Q2 FY26 Appendix Executive Summary Portfolio Highlights Guidance & Assumptions Impact Appendix Evolut FX+ TAVR System Earnings Report | Q2 FY26
Slide 21: Q2 FY26 GAAP to non-GAAP reconciliations
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Q2 FY26 GAAP to non-GAAP reconciliations Acquisition (Gain) / Loss on and Certain Tax FY26 FY25 Y/Y Growth / FY26 GAAP Amortization Restructuring Minority Divestiture- Adjustments Non-GAAP Non-GAAP Change Investmen
Slide 22: 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 23: Abbreviations & acronyms
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Abbreviations & acronyms Growth Business specific Business specific Other Interoperable Automated Centers for Medicare & Medicaid CC Constant Currency ACM Acute Care Monitor iAGC CMS Glycemic Controllers Services L