By the numbers
FY26 Q4 revenue: $9.8 billion
Nearly 10% growth year over year
FY26 revenue: $36.36 billion
8.4% growth year over year
Medtronic ended its fiscal year on a high note, growing revenue by nearly double digits in its fiscal fourth quarter.
The medtech company brought in $9.8 billion of revenue in the quarter, representing year-over-year growth of nearly 10%. The performance was better than expected, J.P. Morgan analyst Robbie Marcus said in a note to investors.
CEO Geoff Martha said Medtronic delivered its strongest annual top-line growth in 10 years.
“Through a dynamic macro environment, we have executed, and we’ve executed with discipline to deliver an excellent fiscal ‘26 that will continue into fiscal ‘27,” Martha told investors Wednesday morning.
The performance was driven by solid sales for its cardiovascular unit and strong growth for businesses within the segment.
Medtronic’s cardiovascular unit generated revenue of roughly $3.8 billion, up 13.8% year over year. Cardiac ablation solutions, or CAS, grew by 78% globally, including 124% in the U.S. The company said in an earnings presentation that it gained U.S. market share in ablation.
Within CAS, Martha said the company grew its pulsed field ablation business by 145% globally. While the pace has slowed from its fiscal second quarter — when Medtronic saw sales expand by more than 300% — it’s still gaining momentum in an important medtech market.
The strength comes amid fierce competition within PFA, as companies like Boston Scientific, Johnson & Johnson and Abbott all fight over market share within a fast-growing space.
“Through innovation, purposeful investment and global execution, we plan to completely surround the electrophysiology space and offer patients and physicians a more complete end to end set of [electrophysiology] solutions,” Martha said.
For the full year, Medtronic increased revenue year over year by 8.4% to $36.36 billion. Cardiovascular brought in nearly $14 billion of revenue, the most of any business.
“Our performance reflects the strongest annual top-line growth Medtronic has delivered in 10 years, powered by disciplined execution across our portfolio and continued operational rigor,” Martha said in an earnings release.
For fiscal year 2027, which began in late April, Medtronic forecast organic revenue growth of 6.75% to 7.25%. Medtronic expects about a $250 million impact from tariffs for the fiscal year, including $75 million in its first quarter.
One recent trend for Medtronic is a willingness to spend money on M&A. The company has announced three acquisitions so far this year, including the $585 million takeover of CathWorks and the approximately $650 million pickup of SPR Therapeutics.
CFO Thierry Piéton said M&A will add about $150 million to inorganic revenue growth in fiscal year 2027.
