Filing Flows › Medtronic (MDT) › Q3 FY26
Medtronic (MDT) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Feb 24, 2026
Medtronic (MDT) reported revenue of $9.0B for the third quarter fiscal 2026 (Q3 FY26), +9% from a year earlier and +0.6% from the quarter before. Operating margin was 16.2%, net earnings $1.1B (12.7% of revenue).
Medtronic, Q3 FY26: revenue $9.0B (+9% year over year), operating margin 16.2%, net earnings $1.1B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.0B | +0.6% | +9% |
| Operating profit | $1.5B | -13% | -11% |
| Net earnings | $1.1B | -17% | -12% |
| Operating cash flow | $2.7B | +197% | +7% |
| Free cash flow | $2.3B | +403% | +10% |
What changed
Revenue was $9.0B in Q3 FY26, up 9% year over year and up 1% from the previous quarter.
Operating profit was $1.5B, a 16.2% margin (down 3.6 points year over year). Operating profit fell $0.18B even though revenue rose $0.72B versus Q3 FY25, so costs grew faster than sales. Total costs grew 14% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $1.1B, down 12% year over year. The effective tax rate was 18.1%.
Operating cash flow was $2.7B (up 7% year over year), 239% 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 added $0.75B. Capital expenditures of $0.44B left free cash flow of $2.3B.
Questions
What was Medtronic's revenue in the third quarter fiscal 2026?
Medtronic (MDT) reported revenue of $9.0B for the third quarter fiscal 2026 (Q3 FY26), +9% from a year earlier and +0.6% from the quarter before.
Was Medtronic profitable in the third quarter fiscal 2026?
Operating profit was $1.5B (16.2% of revenue) and net earnings $1.1B.
Source: Medtronic 10-Q on SEC EDGAR.