Filing Flows › Medtronic (MDT) › Q4 FY26 › vs Q3 FY26
Medtronic (MDT) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Medtronic's revenue rose $790M (+9%) from $9.0B in Q3 FY26 to $9.8B in Q4 FY26. Operating margin 19.1% against 16.2% (+2.9 pts).
Medtronic, Q4 FY26: revenue $9.8B (+10% year over year), operating margin 19.1%, net earnings $1.2B, operating cash flow $2.6B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Operating margin | 19.1% | 16.2% | +2.9 pts |
| Net margin | 12.7% | 12.7% | +0.0 pts |
| Free cash flow margin | 21.3% | 25.5% | -4.2 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $9.8B | $9.0B | $790M | +9% |
| Operating profit | $1.9B | $1.5B | $409M | +28% |
| Costs & expenses | $7.9B | $7.6B | $381M | +5% |
| Pre-tax earnings | $1.8B | $1.4B | $430M | +31% |
| Other expense, net | $39.0M | $60.0M | −$21.0M | -35% |
| Cost of revenue | $3.4B | $3.3B | $137M | +4% |
| Research & development | $671M | $722M | −$51.0M | -7% |
| SG&A | $3.1B | $3.0B | $101M | +3% |
| Other operating costs | $808M | $614M | $194M | +32% |
| Net earnings | $1.2B | $1.1B | $101M | +9% |
| Minority interests | $15.0M | $7.0M | $8.0M | +114% |
| Income tax | $575M | $254M | $321M | +126% |
| Depreciation & amortization | $716M | $749M | −$33.0M | -4% |
| Share-based compensation | $95.0M | $94.0M | $1.0M | +1% |
| Working capital & other | $518M | $758M | −$240M | -32% |
| Operating cash flow | $2.6B | $2.7B | −$171M | -6% |
| Free cash flow (OCF − capex) | $2.1B | $2.3B | −$215M | -9% |
| Capital expenditures | $488M | $444M | $44.0M | +10% |
Questions
How much did Medtronic's revenue grow quarter over quarter in Q4 FY26?
Medtronic's revenue rose $790M (+9%) from $9.0B in Q3 FY26 to $9.8B in Q4 FY26. Operating margin 19.1% against 16.2% (+2.9 pts).