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Medtronic (MDT) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 26, 2025
Medtronic (MDT) reported revenue of $8.6B for the first quarter fiscal 2026 (Q1 FY26), +8% from a year earlier and -4% from the quarter before. Operating margin was 16.8%, net earnings $1.0B (12.2% of revenue).
Medtronic, Q1 FY26: revenue $8.6B (+8% year over year), operating margin 16.8%, net earnings $1.0B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.6B | -4% | +8% |
| Operating profit | $1.4B | +0.6% | +13% |
| Net earnings | $1.0B | -1% | -0.2% |
| Operating cash flow | $1.1B | -57% | +10% |
| Free cash flow | $584M | -72% | +25% |
What changed
Revenue was $8.6B in Q1 FY26, up 8% year over year and down 4% from the previous quarter.
Operating profit was $1.4B, a 16.8% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 16% margin then. Total costs grew 7% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $1.0B, roughly flat year over year. The effective tax rate was 19.6%.
Operating cash flow was $1.1B (up 10% year over year), 104% of net earnings. Non-cash charges added back $0.75B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $0.79B. Capital expenditures of $0.50B left free cash flow of $0.58B.
Questions
What was Medtronic's revenue in the first quarter fiscal 2026?
Medtronic (MDT) reported revenue of $8.6B for the first quarter fiscal 2026 (Q1 FY26), +8% from a year earlier and -4% from the quarter before.
Was Medtronic profitable in the first quarter fiscal 2026?
Operating profit was $1.4B (16.8% of revenue) and net earnings $1.0B.
Source: Medtronic 10-Q on SEC EDGAR.