Medtronic

Medtronic is one of the largest medical device companies in the world. It is based in Galway, Ireland, and has more than 95,000 employees in more than 150 countries. Its Cardiovascular portfolio makes pacemakers, defibrillators, cardiac ablation systems such as Affera, heart valves and vascular products. Its Neuroscience portfolio makes products for the spine, the brain, pain and pelvic health.

Its Medical Surgical portfolio makes surgical tools, robotic surgery systems and patient monitoring products. Medtronic separated its diabetes business into MiniMed Group, which sold shares to the public on March 9, 2026. In October 2026, Medtronic exchanged all of its remaining MiniMed shares for its own shares.

The market prices Medtronic as a large company that grows slowly, and investors doubt that its new products can keep growth high for a long time. In Q1 fiscal 2027, organic revenue grew 13.7%, but an extra fiscal week added about $570 million, so the underlying growth was lower. The separation of MiniMed also adds restructuring charges of $300 million to $500 million. For the gap to close, three things must be true.

Medtronic must reach its raised fiscal 2027 guidance of 7.25% to 7.75% organic revenue growth and non-GAAP EPS of $5.94 to $6.00. Cardiac ablation, which grew 88% in Q1, and other new platforms must keep strong growth without the extra week. The separation of MiniMed must leave few stranded costs with Medtronic. The Q2 fiscal 2027 report on November 24, 2026, and the Q3 report in February 2027 give the next evidence.

If these checks pass, the gap can close over the next two to four quarters. The main reason it may not close is that growth falls back to the old low rate after the extra week and the first strong year of cardiac ablation.

1. Nov 24, 2026Pending

   Q2 fiscal 2027 earnings: growth without the extra weekOrganic growth near the 7.25% to 7.75% guidance and the EPS guidance kept or raised pass; a cut to the guidance fails.
2. Feb 2027 · est.Pending

   Q3 fiscal 2027 earnings: cardiac ablationContinued strong growth in cardiac ablation and stable margins after the MiniMed separation pass; slower ablation growth or higher stranded costs fail.

Every passed and failed checkpoint across all picks

• November 4, 2026Medtronic said that it will report Q2 fiscal 2027 results on November 24, 2026, with a webcast at 6:30 a.m. Central time. The quarter ended on October 30, 2026.
• October 15, 2026The MiniMed exchange offer settled, and Medtronic said that the separation of MiniMed is complete. On October 14, 2026, Medtronic also named Michael Marinaro, who leads the Medical Surgical portfolio in the Americas and global commercial operations, as President of Medtronic. He also oversees Greater China and reports to CEO Geoff Martha.
• October 14, 2026Medtronic announced the final results of the MiniMed exchange offer. Holders tendered about 297.5 million Medtronic shares, so the offer was oversubscribed. Medtronic exchanged all of its remaining 252.8 million MiniMed shares for 55.0 million Medtronic shares, and it no longer owns MiniMed shares.

Last earnings

September 1, 2026 (8-K on sec.gov)

Next earnings

November 24, 2026, as the company confirmed.

• 8-KChange of directors or officers and Shareholder vote resultsFiled October 19, 2026 · mdt-20261015
• 8-KOther company newsFiled September 17, 2026 · mdt-20260917
• 10-QQuarterly report for the period ended Jul 31, 2026Filed September 3, 2026 · mdt-20260731
• 8-KEarnings releaseFiled September 1, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Apr 24, 2026Filed June 18, 2026 · mdt-20260424
• 8-KEarnings releaseFiled June 3, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled May 18, 2026 · mdt-20260518
• 8-KInvestor disclosureFiled April 27, 2026 · mdt-20260424
• 8-KInvestor disclosureFiled March 24, 2026 · mdt-20260324
• 10-QQuarterly report for the period ended Jan 23, 2026Filed February 24, 2026 · mdt-20260123

Every filing on SEC EDGAR (CIK 1613103)

• Q1 fiscal 2027 growth included an extra fiscal week worth about $570 million. Growth in the next quarters will look lower, and the market may doubt the raised guidance.
• Cardiac ablation is a fast-growing market with strong competitors. If Medtronic loses share, or prices fall, a main source of growth becomes smaller.
• The separation of MiniMed adds restructuring charges of about $300 million to $500 million and transition services. Costs that stay with Medtronic after the separation can lower margins.
• Medical devices need regulatory approvals. A delay in an approval, a recall or a change in payment rules can lower sales of a product.

At July 31, 2026, debt was $28.15 billion: long-term debt of $25.62 billion and current debt obligations of $2.54 billion, which include $450 million of commercial paper. Cash was $1.69 billion, and investments were $7.13 billion more. Read more

Yield at the current rate

2.8% (current annual rate, at today’s price)

Dividend yield

2.8% (last 12 months, at today’s price of $101.61)

Paid per share

$2.86 in the last 12 months (4 payments)

Current annual rate

$2.88 ($0.72 × 4 a year)

Payout ratio

76% of the last fiscal year’s earnings (the year that ended April 24, 2026)

Latest ex-dividend date

September 25, 2026, $0.72 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.4% a year. From 2015 to 2025, the dividend grew by about 7.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.