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Medtronic (MDT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Nov 25, 2025
Medtronic (MDT) reported revenue of $9.0B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +4% from the quarter before. Operating margin was 18.8%, net earnings $1.4B (15.4% of revenue).
Medtronic, Q2 FY26: revenue $9.0B (+7% year over year), operating margin 18.8%, net earnings $1.4B, operating cash flow $925M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | +4% | +7% |
| Operating profit | $1.7B | +17% | +6% |
| Net earnings | $1.4B | +32% | +8% |
| Operating cash flow | $925M | -15% | -3% |
| Free cash flow | $457M | -22% | -18% |
What changed
Revenue was $9.0B in Q2 FY26, up 7% year over year and up 4% from the previous quarter.
Operating profit was $1.7B, a 18.8% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 19% margin then. Total costs grew 7% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $1.4B, up 8% year over year. The effective tax rate was 13.5%.
Operating cash flow was $0.93B (down 3% year over year), 67% of net earnings. Non-cash charges added back $0.74B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $1.4B. Capital expenditures of $0.47B left free cash flow of $0.46B.
Questions
What was Medtronic's revenue in the second quarter fiscal 2026?
Medtronic (MDT) reported revenue of $9.0B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and +4% from the quarter before.
Was Medtronic profitable in the second quarter fiscal 2026?
Operating profit was $1.7B (18.8% of revenue) and net earnings $1.4B.
Source: Medtronic 10-Q on SEC EDGAR.