Cardiac Ablation Solutions growth of 71% on strength of pulsed field ablation (PFA) portfolio; Raising FY26 revenue and EPS guidance (Form 8-K)

Cardiac Ablation Solutions growth of 71% on strength of pulsed field ablation (PFA) portfolio; Raising FY26 revenue and EPS guidance

GALWAY, Ireland - November 18, 2025 - Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its second quarter (Q2) of fiscal year 2026 (FY26), which ended October 24, 2025.

Q2 Key Highlights

•Revenue of $9.0 billion, increased 6.6% as reported and 5.5% organic, 75 basis points above guidance midpoint

•GAAP diluted EPS of $1.07 increased 8%; non-GAAP diluted EPS of $1.36 increased 8%, above guidance

•Raising FY26 guidance: 5.5% organic revenue growth, $5.62-$5.66 adjusted EPS

•Strongest Cardiovascular revenue growth in over a decade, excluding pandemic

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•Cardiac Ablation Solutions revenue increased 71%, including 128% in the U.S., on strength of pulsed field ablation (PFA) portfolio

•Received broad, favorable National Coverage Determination (NCD) from U.S. Centers for Medicare & Medicaid Services (CMS) and several favorable commercial payer coverage policies for the Symplicity™ procedure for the treatment of uncontrolled hypertension, or high blood pressure, with U.S. addressable market of 18 million people

•Secured U.S. FDA approval for the Altaviva™ device, a simple option for treating urge urinary incontinence, which affects over 16 million people in the U.S.

•Hugo™ robotic-assisted surgery system Enable Hernia Repair study met safety and effectiveness endpoints; initiated Embrace Gynecology US pivotal study

•U.S. FDA cleared the MiniMed™ 780G system to enable integration with the Instinct sensor and approved use of the MiniMed™ 780G system in Type 2 diabetes

"We delivered a strong second quarter, with both revenue and EPS beating expectations. Overall, procedure volumes and our end markets are robust, and we're executing well across the business," said Geoff Martha, Medtronic chairman and chief executive officer. "Looking ahead, we are positioned for even greater acceleration of revenue growth in the back half of the year and beyond, driven by several enterprise growth drivers, including our PFA franchise for Afib, Symplicity™ procedure for hypertension, Hugo™ robotic-assisted surgery system, and Altaviva™ therapy for urge urinary incontinence."

Financial Results

Medtronic reported Q2 worldwide revenue of $8.961 billion, an increase of 6.6% as reported and 5.5% on an organic basis. The organic revenue growth comparison excludes:

•Other revenue of $35 million in the current year and $37 million in the prior year;

•Revenue from the Dutch Obesity Clinic (NOK) divestiture of $5 million in the current year and $16 million in the prior year; and

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•Foreign exchange benefit of $111 million on the remaining segments.

Q2 revenue by segment included:

•Cardiovascular Portfolio revenue of $3.436 billion, an increase of 10.8% as reported and 9.3% organic, with a mid-teens increase in Cardiac Rhythm & Heart Failure, high-single digit increase in Structural Heart & Aortic, and low-single digit increase in Coronary & Peripheral Vascular, all on an organic basis;

•Neuroscience Portfolio revenue of $2.562 billion, an increase of 4.5% reported and 3.9% organic, with a high-single digit increase in Neuromodulation, a mid-single digit increase in Cranial & Spinal Technologies, and flat result in Specialty Therapies, all on an organic basis;

•Medical Surgical Portfolio revenue of $2.171 billion, an increase of 2.1% as reported and 1.3% organic, with low-single digit organic increases in both Surgical & Endoscopy and Acute Care & Monitoring; and

•Diabetes business revenue of $757 million, an increase of 10.3% as reported and 7.1% organic.

Q2 GAAP operating profit and operating margin were $1.686 billion and 18.8%, respectively, an increase of 6% and a decrease of 20 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q2 non-GAAP operating profit and operating margin were $2.162 billion and 24.1%, respectively, an increase of 6% and a decrease of 20 basis points, respectively.

Q2 GAAP net income and diluted earnings per share (EPS) were $1.374 billion and $1.07, respectively, both increases of 8%. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income and non-GAAP diluted EPS were $1.746 billion and $1.36, respectively, both increases of 8%.

Guidance

The company today raised its FY26 revenue growth and EPS guidance.

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The company raised its FY26 organic revenue growth guidance to approximately 5.5%, an increase from the prior guidance of approximately 5.0%.

The company raised its FY26 diluted non-GAAP EPS guidance to the new range of $5.62 to $5.66 versus the prior $5.60 to $5.66. This includes a potential impact from tariffs of approximately $185 million, unchanged from the prior guidance. Excluding the potential impact from tariffs, this guidance represents FY26 diluted non-GAAP EPS growth of approximately 4.5%.

"In the second quarter, we drove underlying efficiency gains in our gross margin, significantly increased R&D to fuel our future growth, as well as strategically increased investment in sales and marketing for our growth programs in light of the outsized demand and building momentum for key programs," said Thierry Piéton, Medtronic chief financial officer. "Given our outperformance in the first half of the year and confidence we have in our revenue growth acceleration, we are raising today our full year revenue and EPS guidance."

Video Webcast Information

Medtronic will host a video webcast today, November 18, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com.

Financial Schedules

The second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com.

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About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission - to alleviate pain, restore health, and extend life - unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.