Medtronic Reports Strong Q2 FY2026 Results with $8.96B Revenue and PFA Sales Surging Over 300%

Nov 19, 2025 10:30 CST Updated 10:30

Medtronic

Medical Device Manufacturer

Medtronic Announces 2026 FinancesYearQ2Earnings report, its Q2 revenue reached89.61Billion US dollars（+6.6%），Operating Profit$1.38 billion（+8.1%）。

This quarter, all four business segments of Medtronic achieved growth, but the growth rates varied significantly. Among themCardiovascular BusinessGrowthThe fastest (+10.8%), followed by the cardiovascular business (+10.3%%). While the neuroscience business and medical surgical business are in the same boat, especiallyMedical Surgical Business Performance Was Disappointing (Only Grew by 2.1%)。

Q2 of FY 2026Business Performance

Cardiovascular Business: Revenue$3.436 billion (10.8%), with Arrhythmia Management and Heart Failure businesses achieving mid-teens organic growth, Structural Heart and Aortic businesses achieving high single-digit organic growth, and Coronary and Peripheral Vascular businesses achieving low single-digit organic growth.
NeuroscienceBusiness:Revenue of $2.562 billion (+4.5%), with high single-digit organic growth in the neuromodulation business, mid-single-digit organic growth in cranial and spinal technologies, and flat performance in specialized therapies.
Medical OutsideDepartment Business:Revenue of $2.171 billion (2.1%), with both the Surgical and Gastrointestinal Endoscopy business and the Acute Care and Monitoring business achieving low single-digit organic growth.。
DiabetesDisease Business:Revenue of $757 million (+10.3%)。

Highlights of Q1 2026 Fiscal Year

Cardiovascular business revenue achieves the strongest growth in over a decade (excluding pandemic impact).
Cardiac ablation solutions revenue increased by 71% (with the U.S. market growing by 128%), primarily driven by the strength of the pulsed field ablation product portfolio.

"We are gaining market share,Our PFA product line has achieved a growth rate of over 30% in both the U.S. and international markets.0%This is thanks to our powerful Affera mapping system and our Sphere-9 dual-energy high-density mapping catheter.Doctors tell us that they not only appreciate the reduced procedure times seen with Affera, but increasingly praise its excellent durability. Demand remains extremely high, and we continually hear from customers expressing interest in purchasing additional Affera systems to expand into more operating rooms. In the vast majority of cases, when a new Affera is introduced into an operating room, we capture a significant share of the lab’s atrial fibrillation procedures."

---Geoff Martha Medtronic CEO

The Symplicity procedure for treating uncontrolled hypertension has received extensive and favorable national coverage decisions from the US Centers for Medicare and Medicaid Services, as well as multiple favorable commercial payer coverage policies, reaching an accessible market of 18 million people in the US.

"We are ready to supply, increased the intensity of doctor training and market development activities, many hospitals in China are launching the Symplicity program, and now we are enhancing consumer awareness programs. Therefore, we expect revenue to rebound in the second half of this fiscal year, accelerate growth over the next few quarters, and make significant contributions to Medtronic in the coming years."

---Geoff Martha Medtronic CEO

FDA Approves Altaviva for Launch, Offering a Convenient Option for Treating Overactive Bladder (Affecting More Than 16 Million Americans).

"Doctor training program enrollment exceeds capacity, and we are expanding training capabilities to meet demand. Doctors are lining up to schedule surgeries, and early media coverage has driven a surge in consumer search activity. Altaviva is a convenient option for treating urgency and involuntary leakage, which affects 16 million people in the U.S."

---Geoff Martha Medtronic CEO

Hugo's Enable Hernia Repair ClinicalThe study met the endpoints for safety and effectiveness and initiated the Embrace Gynecology pivotal study in the United States.
FDA Approves MiniMed 780G System Integration with Instinct Sensor and Approves MiniMed 780G System for Type 2 Diabetes Patients

High-Level Evaluation

"Our second-quarter performance was strong, with both revenue and earnings per share exceeding expectations. Overall, surgical volumes and end-market demand remained robust.Sheng, we are inAll business segments are performing well. Looking ahead, driven by multiple growth factors within the company, including our atrial fibrillation pulsed field ablation business, hypertension Symplicity procedures, Hugo, and the Altaviva therapy for urgency urinary incontinence, we are well-positioned to achieve accelerated revenue growth in the second half of this year and beyond."

---Geoff Martha Medtronic CEO

Future Forecast

Organic revenue growth guidance for FY26 raised to approximately 5.5%, from the prior guidance of approximately 5.0%.

Guidance for Non-GAAP Diluted Earnings Per Share for Fiscal Year 2026 Raised to a Range of $5.62 to $5.66, Previously $5.60 to $5.66. This guidance includes the potential tariff impact of approximately $185 million, consistent with prior guidance. Excluding the potential tariff impact, this guidance represents growth of approximately 4.5% in Non-GAAP diluted earnings per share for fiscal year 2026.

"In the second quarter, we drove base efficiency improvements in gross margin, significantly increased R&D investment to fuel future growth, and strategically expanded our investments in sales and marketing growth initiatives given the strong demand and growing momentum for key projects. Based on our better-than-expected performance in the first half and confidence in accelerating revenue growth, we are raising our full-year revenue and earnings per share guidance today."

---Thierry Piéton CFO of Medtronic