Medtronic (MDT) FY2026 results: revenue $36.4 billion, up 8.4% on the year

Medtronic is a healthcare technology company headquartered in Galway, Ireland, founded in 1949 and serving healthcare systems, physicians, clinicians and patients in more than 150 countries. Its mission, written by its founder in 1960, commits it to applying biomedical engineering in the research, design, manufacture and sale of products to alleviate pain, restore health and extend life. It reports three segments that develop, make, distribute and sell device-based medical therapies and services: the Cardiovascular Portfolio, the Neuroscience Portfolio and the Medical Surgical Portfolio. In May 2025 it announced its intention to separate the Diabetes Business into an independent public company, MiniMed Group, which completed an initial public offering on 9 March 2026, after which the Diabetes Operating Unit stopped being a reportable segment in the fourth quarter of fiscal 2026.

Cardiovascular

The portfolio holds the Cardiac Rhythm and Heart Failure, Structural Heart and Aortic, and Coronary and Peripheral Vascular divisions, used by electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular and vascular surgeons and interventional cardiologists and radiologists. The Cardiac Rhythm and Heart Failure division makes products for diagnosing, treating and managing heart rhythm disorders and heart failure, including implantable devices, leads and delivery systems, products for atrial fibrillation and for reducing surgical site infections, and information systems for managing patients with those devices. Its pacemakers include the Azure family, which carries automatic wireless remote monitoring, and the leadless Micra transcatheter pacing system, which needs no subcutaneous pocket, alongside implantable cardioverter defibrillators. Structural Heart and Aortic covers therapies for heart valve disorders and aortic disease, with devices for repairing and replacing heart valves, perfusion systems, positioning and stabilisation systems for beating heart revascularisation surgery and surgical ablation products. Coronary and Peripheral Vascular covers coronary artery disease, peripheral vascular disease and venous disease, with coronary stents and delivery systems, balloon angioplasty catheters, guide catheters, guide wires, diagnostic catheters and accessories and peripheral drug coated balloons.

Neuroscience

The portfolio holds the Cranial and Spinal Technologies, Specialty Therapies and Neuromodulation divisions, used by spinal surgeons, neurosurgeons, neurologists, pain management specialists, anaesthesiologists, orthopaedic surgeons, urologists, interventional radiologists and ear, nose and throat specialists. Cranial and Spinal Technologies makes surgical technologies intended to improve the precision and workflow of neurological procedures along with medical devices and implants used in treatment. Specialty Therapies covers neurovascular, ear, nose and throat, and pelvic health, treating patients with acute ischaemic and haemorrhagic stroke, ear, nose and throat diseases, overactive bladder and non-obstructive urinary retention, including products for diseases of the vasculature in and around the brain.

Medical Surgical

The portfolio holds the Surgical and Endoscopy and Acute Care and Monitoring divisions, and its products are used mainly by healthcare systems, physicians' offices, ambulatory surgical centres and other alternate site providers, and occasionally in the home. Surgical and Endoscopy makes advanced and general surgical products, including advanced stapling devices, vessel sealing instruments, wound closure products, electrosurgery products and a surgical video and analytics platform using artificial intelligence. Acute Care and Monitoring works in patient monitoring and airway management, with Nellcor pulse oximetry and the RespArray monitor for blood oxygen management, Bispectral Index brain monitoring, INVOS oximetry and WarmTouch warming for reducing perioperative complications, and Microstream capnography monitors, McGRATH MAC video laryngoscopes, Shiley tubes and DAR breathing systems for airway management. The filing states that the all other businesses include the operations and ongoing transition agreements from businesses the company has exited, divested, or intends to separate, such as the Diabetes Business.

Selling, supply and people

Devices and therapies are sold through a mix of direct sales representatives and third parties such as independent distributors and agents, with part of what the company takes in coming from consignment inventory held at hospitals. Medical supply products go mainly to hospitals, surgical centres, physician offices and alternate care facilities, marketed to materials managers, group purchasing organisations and integrated delivery networks, with which the company often negotiates supply contracts covering member facilities. Sales and marketing teams are generally organised around physician specialties, which the company says builds knowledgeable representatives and the ability to cross-sell complementary products, with enterprise accounts where purchasing dynamics call for them. No single customer is more than 10 percent of total net sales. It competes in therapeutic and diagnostic medical markets in more than 150 countries, against large manufacturers with multiple lines and small makers with a limited selection, and against providers of other therapies such as pharmaceutical companies including makers of glucagon-like peptide-1 drugs. Manufacturing runs at facilities in various countries with components and raw materials bought from numerous suppliers, some sole source; supplies have generally been adequate, though regulatory requirements mean replacement sources cannot always be found quickly. The company has over 95,000 full-time employees, 43% of them in the United States or Puerto Rico.

From Medtronic's annual report on Form 10-K for the year ended 24 April 2026. The filing

Written from the 10-K filed 18 June 2026: read the full 10-K.