Medtronic (MDT) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and Medtronic published the results on September 1, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Medtronic reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Fiscal 2027 is a 53-week year for Medtronic, with the extra week in the first month of Q1. Medtronic estimates the extra week added about $570 million to Q1 revenue growth.
• In fiscal 2027 Medtronic regrouped its Cardiovascular divisions into Electrophysiology Therapies, Interventional Cardiology Therapies, CardioVascular Surgery and Peripheral Vascular Health, and moved one product line from Medical Surgical to Neuroscience. The year-ago rows above are Medtronic's recast figures.
• MiniMed Group, the Diabetes business, completed an IPO on March 9, 2026. Medtronic owns about 90.03% of it and still consolidates its results, so Diabetes revenue is included in the total.

Source: Medtronic Q1 fiscal 2027 results, September 1, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Medtronic splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Medtronic's Cardiovascular revenue was $3.9 billion in Q1 fiscal 2027, up 20% from $3.3 billion in Q1 fiscal 2026, 40% of total revenue.
• Medtronic's Neuroscience revenue was $2.7 billion in Q1 fiscal 2027, up 10% from $2.4 billion in Q1 fiscal 2026, 27% of total revenue.
• Medtronic's Medical Surgical revenue was $2.3 billion in Q1 fiscal 2027, up 10% from $2.1 billion in Q1 fiscal 2026, 23% of total revenue.
• Medtronic's Diabetes revenue was $843 million in Q1 fiscal 2027, up 17% from $721 million in Q1 fiscal 2026, 9% of total revenue.
• Medtronic's Other revenue was $29.0 million in Q1 fiscal 2027, down 60% from $72.0 million in Q1 fiscal 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Medtronic's release gives full-year fiscal 2027 guidance for organic revenue growth and non-GAAP diluted EPS. It gives no GAAP EPS guidance and no reconciliation of the non-GAAP figure.

In its Q1 fiscal 2027 release, Medtronic said:

“The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%.”

“The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00.”

“This guidance includes an estimated neutral to 1% accretive impact from foreign currency exchange based on recent rates.”

Source: Medtronic Q1 FY27 release, Sep 1, 2026.

This is the company's own guidance as of Sep 1, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MDT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP diluted EPS, each as first reported in that quarter's release. Q1 fiscal 2027 had 14 weeks; the other quarters had 13.

Medtronic's next report is scheduled for November 24, 2026. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Sep 1, 2026

Medtronic reports three portfolios plus its Diabetes business. In Q1 fiscal 2027, of $9,756 million in net sales, Cardiovascular brought in $3,927 million, Neuroscience $2,678 million, Medical Surgical $2,279 million and Diabetes $843 million, with $29 million of Other revenue from businesses Medtronic has exited or divested. (Medtronic Q1 FY27 release, Sep 1, 2026)

Medtronic's revenue rose 13.7% both as reported and on an organic basis. The quarter had an extra fiscal week, which Medtronic estimates added about $570 million to organic growth. Currency added $57 million, and the newly acquired Scientia Vascular and SPR Therapeutics contributed $14 million and $5 million, which the organic figure leaves out. (Medtronic Q1 FY27 release, Sep 1, 2026)

Medtronic's Electrophysiology Therapies division was the largest single driver: revenue of $2,218 million, up 29.5%, which the 10-Q attributes to growth in the pulsed field ablation portfolio within Cardiac Ablation Solutions and to pacing and defibrillation products in Cardiac Rhythm Management. The release puts Cardiac Ablation Solutions growth at 88%. Cranial & Spinal Technologies grew 12.8% to $1,365 million on the AiBLE spine ecosystem, and Acute Care & Monitoring grew 14.4% to $539 million on Nellcor pulse oximetry and McGRATH MAC video laryngoscopes. (Medtronic Q1 FY27 release, Sep 1, 2026; Medtronic Form 10-Q, Q1 FY27, Sep 3, 2026)

Medtronic's Diabetes revenue rose 16.9% to $843 million, driven in the U.S. by the commercial launch of MiniMed Flex with Simplera Sync and internationally by adoption of the MiniMed 780G system. MiniMed Group completed its IPO on March 9, 2026, selling 28,000,000 shares at $20.00, and Medtronic owns about 90.03% of it, so its results remain in Medtronic's consolidated figures. (Medtronic Q1 FY27 release, Sep 1, 2026; Medtronic Form 10-Q, Q1 FY27, Sep 3, 2026)

U.S. revenue was $4,906 million, up 16.1%, and revenue from the rest of the world was $4,810 million, with $40 million from Ireland. Medtronic says no single customer represented over 10 percent of its consolidated net sales in fiscal 2026. (Medtronic Q1 FY27 release, Sep 1, 2026; Medtronic Form 10-Q, Q1 FY27, Sep 3, 2026; Medtronic Form 10-K, fiscal 2026, Jun 18, 2026)

Medtronic's GAAP diluted EPS was $1.14 in Q1 fiscal 2027 and its non-GAAP diluted EPS $1.45, against $0.81 and $1.26 a year earlier. The non-GAAP figure adds back amortization of intangible assets ($0.26 a share), restructuring and associated costs ($0.05) and acquisition and divestiture-related items ($0.03), which include costs tied to separating the Diabetes business, and takes out a $0.05 gain on minority investments. (Medtronic Q1 FY27 release, Sep 1, 2026)

Medtronic's effective tax rate fell to 16.4% from 19.6%, which the 10-Q attributes primarily to the release of reserves for uncertain tax positions on prior intercompany transactions. The non-GAAP tax rate was 17.2%. GAAP operating margin rose 120 basis points to 18.1%; non-GAAP operating margin was 23.7%. (Medtronic Q1 FY27 release, Sep 1, 2026; Medtronic Form 10-Q, Q1 FY27, Sep 3, 2026)

Medtronic's diluted weighted average shares were 1,285.1 million, against 1,287.1 million a year earlier. In the quarter Medtronic paid $921 million in dividends and spent $267 million repurchasing shares, and paid $1,162 million in cash for acquisitions. (Medtronic Q1 FY27 release, Sep 1, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Medtronic gives full-year guidance in its release on two measures: organic revenue growth and non-GAAP diluted EPS. With Q1 fiscal 2027 results it raised fiscal 2027 organic revenue growth guidance to 7.25% to 7.75%, from 6.75% to 7.25%, and non-GAAP EPS guidance to $5.94 to $6.00, from $5.90 to $6.00, including an estimated neutral to 1% accretive impact from currency. (Medtronic Q1 FY27 release, Sep 1, 2026)

Medtronic said Q1 revenue was roughly 200 basis points above its guidance midpoint and non-GAAP EPS was ahead of guidance. It does not reconcile forward non-GAAP EPS to GAAP, saying the timing and size of the excluded charges or gains cannot be predicted without unreasonable effort. (Medtronic Q1 FY27 release, Sep 1, 2026)

A consensus figure is the average of the models published by the analysts who cover Medtronic, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Medtronic's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MDT is on is MDT a buy or a sell?, what analysts expect next is on the MDT forecast, and what the company does is on the Medtronic (MDT) stock page.

Every number on this page can be traced to a document Medtronic published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.