Medtronic Plc. · NYSE:MDT
Medtronic — Q1 2026 Earnings Presentation
27 slides from Medtronic's earnings presentation, Aug 19, 2025
Slide 1: Earnings Q1 FY26
Earnings Q1 FY26 | August 19, 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
Q1 FY26 Executive Summary Executive Summary Portfolio Highlights Guidance & Assumptions AiBLE Ecosystem Value Creation Initiatives Impact Appendix Earnings Report | Q1 FY26
Slide 4: Q1 FY26 Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 Highlights 11th quarter of mid-single digit organic revenue growth; Poised to accelerate growth “ Revenue growth of 4.8% org. in-line with expectations, growth drivers continuin
Slide 5: Q1 FY26 Financial Summary
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 Financial Summary 8.6B 2.0B 1.26 Revenue Adj. Operating Profit Adj. Diluted EPS $ $ $ +8.4% reported +3% Y/Y +2% Y/Y +4.8% organic +3% CC +2% CC Revenue by segment Revenue by ge
Slide 6: Q1 FY26 Income Statement
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 Income Statement ($ in millions)1 Q1 FY26 Q1 FY25 Y/Y Growth / Change Revenue 8,539 8,004 +6.7% Organic revenue growth +4.8% Financial Highlights Gross Margin Constant currency
Slide 7: Q1 FY26 Portfolio Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 Portfolio Highlights 11th quarter of mid-single digit organic revenue growth; poised to accelerate growth HSD growth driven by DD growth in Cardiac Surgery, ICDs, Leadless Pacin
Slide 8: Q1 FY26 Operational Highlights
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 Operational Highlights Continued innovation; rapid cadence of portfolio milestones in Q1 HugoTM RAS SymplicityTM MiniMed Expand URO Spyral RDN 780G System study System Received
Slide 9: Upcoming FY26 Product and Clinical Milestones
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Upcoming FY26 Product and Clinical Milestones H2 revenue growth acceleration coming into focus driven by strong cadence of product/clinical milestones over remainder of FY26 Operating u
Slide 10: Portfolio Highlights
Q1 FY26 Portfolio Highlights Executive Summary Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Appendix Affera Mapping System and Sphere-9 PF and RF Ablation and Mapping Catheter Earnings Report | Q1 FY26
Slide 11: Cardiovascular
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Cardiovascular HSD growth driven by DD growth in Cardiac Surgery, ICDs, Leadless Pacing, and nearly 50% growth in Cardiac Ablation Solutions Cardiac Rhythm & Heart Failure Cardiac Rhyth
Slide 12: Neuroscience
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Neuroscience HSD growth in Spine AiBLE ecosystem capital and Neuromodulation, partially offset by Specialty Therapies Cranial & Spinal Technologies Cranial & Spinal Technology: MSD grow
Slide 13: Medical Surgical
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Medical Surgical HSD Advanced Energy and Emerging Market growth in Surgical and MSD pulse oximetry growth, offsetting ongoing, stable market and competitive pressures Surgical & Endosco
Slide 14: Diabetes
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Diabetes DD growth in International markets; entering new innovation cycle; separation on track United States • LSD growth as market awaits new CGM sensor launches; MiniMed 780G Simpler
Slide 15: Guidance & Assumptions
Q1 FY26 Guidance & Assumptions Executive Summary Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Appendix Symplicity Spyral Renal Denervation System Earnings Report | Q1 FY26
Slide 16: FY27 HSD EPS Growth
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Guidance and assumptions FY27 HSD EPS Growth • Accelerating revenue growth Continued MSD revenue growth on growth driver acceleration Operating profit growth ~7.5% (ex-tariffs) even wit
Slide 17: Value Creation Initiatives
Q1 FY26 Value Creation Initiatives Executive Summary Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Appendix Affera Sphere-360 single-shot pulsed field ablation catheter Earnings Report | Q1 FY26
Slide 18: Positioning Medtronic for Its Next Chapter
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Positioning Medtronic for Its Next Chapter Medtronic is taking decisive steps to accelerate organic growth, sharpen portfolio focus and improve operational execution in partnership with
Slide 19: New Board Committee Focus Areas
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix New Board Committee Focus Areas Establishing dedicated oversight on targeted goals ahead of a comprehensive Investor Day to be held in 2026 Growth Committee Operating Committee • Market
Slide 20: What investors should expect
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Harnessing Momentum for Long-Term Value Creation We are on a path to unlock the full potential of Medtronic’s Mission with a renewed commitment to urgency and accountability What invest
Slide 21: Impact
Q1 FY26 Impact Executive Summary Portfolio Highlights Guidance & Assumptions Hugo Robotic Assisted Value Creation Initiatives Surgery System with ICG and Touch Surgery Impact Appendix Earnings Report | Q1 FY26
Slide 22: Leading in engagement, citizenship, and innovation
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | 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
Slide 23: Near and long-term sustainability objectives
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Near and long-term sustainability objectives Robust governance structures and processes Progress key: underpin our sustainability strategy Achieved On target In progress Baseline End FY
Slide 24: Appendix
Q1 FY26 Appendix Executive Summary Portfolio Highlights Guidance & Assumptions Value Creation Initiatives Impact Appendix Evolut FX+ TAVR System Earnings Report | Q1 FY26
Slide 25: Q1 FY26 GAAP to non-GAAP reconciliations
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Q1 FY26 GAAP to non-GAAP reconciliations Acquisition Certain and (Gain) / Loss on Certain Tax FY26 FY25 Y/Y Growth / FY26 GAAP Amortization Restructuring Litigation Divestiture- Minorit
Slide 26: Medtronic business structure
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Medtronic business structure Cardiovascular Neuroscience Medical Surgical Diabetes Other Cardiac Rhythm & Heart Failure Cranial & Spinal Technologies Surgical & Endoscopy Therapies and
Slide 27: Abbreviations & acronyms
Executive Summary | Portfolio Highlights | Guidance & Assumptions | Value Creation Initiatives | Impact | Appendix Abbreviations & acronyms Growth Business specific Business specific Other CC Constant Currency AAA Abdominal Aortic Aneurysm GYN Gynecology ACA American Diabetes Association Weighted Av