Medtronic 8-K
PositiveEarningsGuidance raised
An extra fiscal week boosted broad portfolio growth as FY27 guidance rose; a split-off is preferred for Diabetes.
Filed 2026-09-01 06:47 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 FY2027 results with raised FY2027 guidance. Revenue grew 13.7% as reported and organically, with growth across major portfolios; the extra fiscal week contributed an estimated ≈$570M to Q1 organic growth. Medtronic completed the Scientia Vascular and SPR Therapeutics acquisitions. For the Diabetes business separation, a split-off is currently preferred, but no final structure has been decided.
Key Figures
| Metric | Q1 FY27 | Q1 FY26 | Y/Y |
|---|---|---|---|
| Revenue, reported | $9.76B | $8.58B | 13.7% |
| Organic revenue, non-GAAP | $9.65B | $8.49B | 13.7% |
| Operating profit, GAAP | $1.76B | $1.45B | 22.1% |
| Operating profit, non-GAAP | $2.32B | $2.02B | 14.9% |
| Net income attributable to Medtronic, GAAP | $1.47B | $1.04B | 41.4% |
| Net income attributable to Medtronic, non-GAAP | $1.86B | $1.63B | 14.4% |
| Diluted EPS, GAAP | $1.14 | $0.81 | 40.7% |
| Diluted EPS, non-GAAP | $1.45 | $1.26 | 15.1% |
| Operating cash flow | $1.79B | $1.09B | 64.8% |
| Free cash flow, non-GAAP | $1.29B | $584M | 121% |
- Organic growth was broad-based: Cardiovascular grew 18.9%, Neuroscience 9.3%, Medical Surgical 10.2%, and Diabetes 14.9%.
- The company estimated the extra fiscal week added ≈$570M to Q1 organic growth.
- Share repurchases were $267M vs $123M; diluted weighted-average shares declined 2.0M Y/Y. Cash and cash equivalents were $1.69B at quarter-end.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Organic revenue growth, non-GAAP | FY27 | 7.25%-7.75% | 6.75%-7.25% | Raised |
| Diluted EPS, non-GAAP | FY27 | $5.94-$6.00 | $5.90-$6.00 | Raised |
Guidance assumes a neutral to 1% accretive foreign exchange impact based on recent rates.
Investor Takeaways
- Growth in the remaining quarters will show whether momentum can sustain the raised FY27 outlook, especially after the estimated extra-week contribution to Q1.
- Watch for Medtronic’s final decision on the Diabetes separation structure, including whether it proceeds with the currently preferred split-off.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3