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Medtronic (MDT) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Sep 3, 2026 · Medtronic (MDT) Q1 FY27 earnings results →

Q1 FY27 Revenue up 14% year over year to $9.8B · 15¢ of every $1 of revenue kept as net profit · operating margin 18.1%

Medtronic made $9.8B in Q1 FY27 (+14% Y/Y). Operating margin 18.1%, net earnings $1.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 3, 2026.

Revenue$9.8B
Year over year+14%
Operating margin18.1%
Net earnings$1.5B
Operating cash flow$1.8B

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Medtronic Q1 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Medtronic Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.8B in Q1 FY27, up 14% year over year and down 1% from the previous quarter.

Operating profit was $1.8B, a 18.1% margin (up 1.2 points year over year). Of the extra revenue versus Q1 FY26, 27% reached operating profit, above the 17% margin then. Total costs grew 12% against revenue growth of 14%. The fastest-growing cost line was SG&A (+14%). Net earnings were $1.5B, up 41% year over year. The effective tax rate was 16.3%.

Operating cash flow was $1.8B (up 65% year over year), 121% of net earnings. Non-cash charges added back $0.73B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.54B. After itions to property, plant, and equipment ($0.50B), free cash flow as the company reports it was $1.3B.

Quarterly history

Medtronic revenue by quarterMedtronic revenue by quarter$8.3BQ3 FY25$8.9BQ4 FY25$8.6BQ1 FY26$9.0BQ2 FY26$9.0BQ3 FY26$9.8BQ4 FY26$9.8BQ1 FY27
Medtronic net earnings by quarterMedtronic net earnings by quarter$1.3BQ3 FY25$1.1BQ4 FY25$1.0BQ1 FY26$1.4BQ2 FY26$1.1BQ3 FY26$1.2BQ4 FY26$1.5BQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QSep 3, 2026$9.8B+14%18.1%$1.5B$1.8B
Q4 FY2610-KJun 18, 2026$9.8B+10%19.1%$1.2B$2.6B
Q3 FY2610-QFeb 24, 2026$9.0B+9%16.2%$1.1B$2.7B
Q2 FY2610-QNov 25, 2025$9.0B+7%18.8%$1.4B$925M
Q1 FY2610-QAug 26, 2025$8.6B+8%16.8%$1.0B$1.1B
Q4 FY2510-KJun 20, 2025$8.9B+4%16.1%$1.1B$2.5B
Q3 FY2510-QFeb 25, 2025$8.3B+2%19.9%$1.3B$2.6B

Charts

Medtronic: revenue growth, year over year and quarter over quarterMedtronic: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q3 FY25+4%+8%Q4 FY25+8%-4%Q1 FY26+7%+4%Q2 FY26+9%+1%Q3 FY26+10%+9%Q4 FY26+14%-1%Q1 FY27
Latest (Q1 FY27): Y/Y +14%, Q/Q -1%.
Medtronic: where the cash came from (+) and went (−), TTM to Q1 FY27Medtronic: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$8.0BDividends−$3.6BOther financing$2.3BCapital spending−$1.9BNet borrowing (+) / repaid (−)−$1.6BAcquisitions−$1.6BBuybacks−$1.2BShares issued$441MCash drawn (+) / kept (−)−$418MOther investing−$363MExchange rates−$71.0MNot reconciled$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Medtronic: profit against cash, quarter by quarterMedtronic: profit against cash, quarter by quarterNet incomeOperating cash flow$1.3B$958MQ2 FY25$1.3B$2.6BQ3 FY25$1.1B$2.5BQ4 FY25$1.0B$1.1BQ1 FY26$1.4B$925MQ2 FY26$1.1B$2.7BQ3 FY26$1.3B$2.6BQ4 FY26$1.5B$1.8BQ1 FY27
Latest (Q1 FY27): Net income $1.5B, Operating cash flow $1.8B.
Medtronic: diluted shares by fiscal yearMedtronic: diluted shares by fiscal year1.35BFY211.35BFY221.33BFY231.33BFY241.29BFY251.29BFY26
-4.9% since FY21: buybacks shrank the count.
Medtronic: long-term debt falling due (FY26)Medtronic: long-term debt falling due (FY26)$1.8B2027$1.0B2028$2.4B2029$1.0B2030$2.1B2031$19.9BLater
Cash $1.9B, short-term investments $7.3B, long-term debt — at 2026-04-24.
Medtronic in its industry: growth against margin (25 companies, SIC 3845)Medtronic in its industry: growth against margin (25 companies, SIC 3845)revenue growth, year over year →↑ operating marginmedian +14%median -8%ITGRLIVNCNMDTMDXAXGNOMCBLLBLFSELMDIRIXVASOFOCLECORPOCISTXSQTIHYPRESMCCVNUWENRXSADMTPOSCNXLMDT (+14%, 18%)
Electromedical & Electrotherapeutic Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Medtronic

Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us “to contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life.” Our Mission — to alleviate pain, restore health, and extend life — empowers us to engineer the extraordinary and deliver better outcomes for our world. We are a company of dedication, honesty, integrity, and service. Building on this strong foundation, we are embracing our role as a healthcare technology leader and evolving our business strategy in three key areas:

In its own words, from its 10-K, filed Jun 18, 2026.

Medtronic against its Electromedical & Electrotherapeutic Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +14%. Operating margin: 18.1% against the peers' median 6.3%.

CompanyQuarterRevenueY/YOp. margin
MDT MedtronicQ1 FY27$9.8B+14%18.1%
ITGR Integer HoldingsQ3 2026$450M-4%6.3%
LIVN LivaNovaQ3 2026$393M+10%7.2%
CNMD ConmedQ3 2026$336M-0.7%11.1%
TMDX TransMedics GroupQ3 2026$203M+41%13.9%
AXGN AxogenQ3 2026$75.8M+26%1.3%
OM Outset MedicalQ3 2026$33.6M+14%-36.5%
CBLL CeribellQ3 2026$29.3M+30%-70.0%
BLFS Biolife SolutionsQ2 2026$28.5M+22%6.0%

Source: Medtronic 10-Q on SEC EDGAR · CIK 1613103 · Electromedical & Electrotherapeutic Apparatus

Guidance and outlook

Medtronic: what its forward-looking statements are about (10-Q filed 2026-09-03)Medtronic: what its forward-looking statements are about (10-Q filed 2026-09-03)Other8Financing1Demand1
10 statements; tone +0.00 (−1 all cautious, +1 all confident); 3 hedged.
Medtronic: outlook statements against the filing beforeMedtronic: outlook statements against the filing beforeNew2Dropped12Confident1Cautious1

More on MDT

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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