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Medtronic (MDT) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Sep 3, 2026
Medtronic (MDT) reported revenue of $9.8B for the first quarter fiscal 2027 (Q1 FY27), +14% from a year earlier and -0.5% from the quarter before. Operating margin was 18.1%, net earnings $1.5B (15.1% of revenue).
Medtronic, Q1 FY27: revenue $9.8B (+14% year over year), operating margin 18.1%, net earnings $1.5B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.8B | -0.5% | +14% |
| Operating profit | $1.8B | -6% | +22% |
| Net earnings | $1.5B | +18% | +41% |
| Operating cash flow | $1.8B | -30% | +65% |
| Free cash flow | $1.3B | — | +121% |
What changed
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.
Questions
What was Medtronic's revenue in the first quarter fiscal 2027?
Medtronic (MDT) reported revenue of $9.8B for the first quarter fiscal 2027 (Q1 FY27), +14% from a year earlier and -0.5% from the quarter before.
Was Medtronic profitable in the first quarter fiscal 2027?
Operating profit was $1.8B (18.1% of revenue) and net earnings $1.5B.
Source: Medtronic 10-Q on SEC EDGAR.