Analyst Consensus ?
ConsensusBuy51 ratings
Bullish3160.8%
Neutral2039.2%
Bearish00.0%
Medtronic plc · MDT · FY2026 Q3 · Calendar Q1 2026
Medtronic: Strong CAS growth, guidance maintained as new platforms scale
The supplied evidence supports a constructive but execution-dependent view: strong Cardiac Ablation Solutions growth and several newly cleared or expanding platforms improve the medium-term growth case, while maintained guidance, tariff exposure, mix dilution, and adoption risks argue against treating the trajectory as assured.
Reported Before market openNYSEHealthcare
$114.31B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.36
Consensus $1.34
EPS surprise
+1.5%
Reported versus consensus
Reported revenue
$9.02B
Consensus $8.91B
Revenue surprise
+1.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.1%
Event window
SPY move
+0.2%
Same window
Abnormal move
-3.3%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-8.3%
Up to 20 sessions
MDTSPY benchmark
Ask FN2 about MDT FY2026 Q3
Transcript, numbers and history already loaded
Why did MDT fall 3.1% after beating EPS estimates in FY2026 Q3?What changed in MDT's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MDT after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added evidence of platform execution: Cardiac Ablation Solutions grew 80% year over year, the PFA platform expanded 200% worldwide, Hugo received FDA clearance and began U.S. installations and cases, and Stealth AXiS received FDA clearance. Management maintained prior FY2026 guidance rather than raising it.
Guidance delta
Maintained: FY2026 organic revenue growth of approximately 5.5% and EPS guidance of $5.62-$5.66; high-single-digit EPS growth is expected for FY2027.
Key takeaways
- Q3 revenue increased 6% organically and 8.7% on a reported basis, driven by record Cardiac Ablation Solutions growth.
- Management highlighted PFA, Symplicity, Altaviva, Hugo, and Stealth AXiS as important growth platforms.
- Hugo received FDA clearance and completed initial U.S. installations and cases; Stealth AXiS also received FDA clearance.
Management priorities
- Scale the Sphere PFA platform and expand its geographic and clinical footprint.
- Broaden Symplicity and Altaviva adoption through launches, training, and direct-to-consumer activity.
- Advance Hugo, Stealth AXiS, the MiniMed separation, R&D, and technology-adjacent M&A.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$88.51Current
$77Low
$105.19Average
$155High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Sep 3, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 2, 2026 |
| Stifel | Hold | Hold | Maintain | Sep 2, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Baird | Neutral | Neutral | Maintain | Sep 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 2, 2026 |
| Needham | Buy | Buy | Maintain | Sep 1, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 1, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 28, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jun 5, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 5, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Jun 4, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 3, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 7, 2026 |
| Argus Research | Buy | Buy | Maintain | Apr 6, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 18, 2026 |
| William Blair | Outperform | Market Perform | Upgrade | Jan 6, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Nov 19, 2025 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jun 30, 2025 |
| Oppenheimer | Perform | Perform | Maintain | Aug 21, 2024 |
| Jefferies | Hold | Hold | Maintain | Oct 12, 2022 |
| Raymond James | Market Perform | Outperform | Downgrade | Aug 24, 2022 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Jun 1, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | May 27, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | May 27, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 23, 2022 |
| SVB Leerink | Market Perform | Market Perform | Maintain | Jan 21, 2022 |
| CFRA | Strong Buy | Buy | Upgrade | May 21, 2020 |
| DZ Bank | Hold | Buy | Downgrade | May 14, 2020 |
| BTIG Research | Buy | Buy | Maintain | Feb 19, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jan 8, 2020 |
| Guggenheim Securities | Buy | Neutral | Upgrade | Jan 2, 2020 |
| Guggenheim | Buy | Neutral | Upgrade | Jan 2, 2020 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 21, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 21, 2019 |
| Argus | Buy | Buy | Maintain | Oct 8, 2018 |
| Bank of America | Buy | Buy | Maintain | Aug 22, 2018 |
| Leerink Swann | Market Perform | Market Perform | Maintain | Oct 9, 2017 |
| Nomura | Buy | Buy | Maintain | Mar 17, 2016 |
| Wedbush | Neutral | Neutral | Maintain | Nov 19, 2014 |
| Sterne Agee | Neutral | Neutral | Maintain | Sep 11, 2014 |
| PiperJaffray | Overweight | Overweight | Maintain | Nov 20, 2013 |
| Wunderlich Securities | Hold | Hold | Maintain | May 22, 2013 |
| Wunderlich | Hold | Hold | Maintain | May 22, 2013 |
| Lazard | Neutral | Buy | Downgrade | Feb 14, 2013 |
| Bank oferica | Buy | Buy | Maintain | Apr 5, 2012 |
| Brean Capital | Buy | Buy | Maintain | Feb 22, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $88.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $92 | $91.5 | +3.9% | Sep 3, 2026 |
| UBS | Analyst unavailable | $110 | $92.18 | +24.3% | Sep 3, 2026 |
| Mizuho Securities | Anthony Petrone | $115 | $92.18 | +29.9% | Sep 2, 2026 |
| Stifel Nicolaus | Rick Wise | $95 | $92.04 | +7.3% | Sep 2, 2026 |
| Wells Fargo | Larry Biegelsen | $104 | $92.04 | +17.5% | Sep 2, 2026 |
| Truist Financial | Richard Newitter | $99 | $92.04 | +11.9% | Sep 2, 2026 |
| BTIG | Analyst unavailable | $100 | $92.44 | +13.0% | Sep 1, 2026 |
| Needham | Analyst unavailable | $114 | $92.02 | +28.8% | Aug 27, 2026 |
| UBS | Priya Sachdeva | $100 | $84.22 | +13.0% | Jul 28, 2026 |
| BTIG | Ryan Zimmerman | $91 | $83.87 | +2.8% | Jul 13, 2026 |
| Evercore ISI | Analyst unavailable | $105 | $81.61 | +18.6% | Jul 6, 2026 |
| Piper Sandler | Matt O'Brien | $85 | $81.14 | -4.0% | Jun 16, 2026 |
| Goldman Sachs | David Roman | $83 | $82.28 | -6.2% | Jun 5, 2026 |
| Truist Financial | Analyst unavailable | $86 | $81.64 | -2.8% | Jun 4, 2026 |
| Bernstein | Lee Hambright | $97 | $82.54 | +9.6% | Jun 4, 2026 |
| Robert W. Baird | David Rescott | $85 | $77.95 | -4.0% | Jun 4, 2026 |
| UBS | Priya Sachdeva | $85 | $77.95 | -4.0% | Jun 4, 2026 |
| Jefferies | Matthew Taylor | $88 | $77.95 | -0.6% | Jun 4, 2026 |
| BTIG | Analyst unavailable | $90 | $77.95 | +1.7% | Jun 3, 2026 |
| Stifel Nicolaus | Rick Wise | $80 | $77.95 | -9.6% | Jun 3, 2026 |
| Needham | Mike Matson | $101 | $78.03 | +14.1% | Jun 3, 2026 |
| Mizuho Securities | Anthony Petrone | $100 | $73.75 | +13.0% | Jun 3, 2026 |
| Goldman Sachs | Analyst unavailable | $84 | $78.15 | -5.1% | May 21, 2026 |
| Jefferies | Matthew Taylor | $95 | $83.79 | +7.3% | Apr 23, 2026 |
| Truist Financial | Richard Newitter | $95 | $86.88 | +7.3% | Apr 15, 2026 |
| Mizuho Securities | Analyst unavailable | $120 | $86.75 | +35.6% | Apr 13, 2026 |
| Evercore ISI | Vijay Kumar | $106 | $87.91 | +19.8% | Apr 9, 2026 |
| Leerink Partners | Mike Kratky | $119 | $90.3 | +34.4% | Mar 10, 2026 |
| Needham | Michael Matson | $120 | $90.21 | +35.6% | Mar 10, 2026 |
| Robert W. Baird | Analyst unavailable | $100 | $96.41 | +13.0% | Feb 18, 2026 |
| Barclays | Matt Miksic | $118 | $96.41 | +33.3% | Feb 18, 2026 |
| Needham | Analyst unavailable | $121 | $102.9 | +36.7% | Feb 9, 2026 |
| UBS | Analyst unavailable | $104 | $103.38 | +17.5% | Feb 4, 2026 |
| Wells Fargo | Larry Biegelsen | $114 | $101.78 | +28.8% | Jan 30, 2026 |
| Bernstein | Analyst unavailable | $112 | $98.69 | +26.5% | Jan 9, 2026 |
| Barclays | Matt Miksic | $116 | $99.77 | +31.1% | Jan 8, 2026 |
| Truist Financial | Richard Newitter | $107 | $99.14 | +20.9% | Dec 18, 2025 |
| Robert W. Baird | Analyst unavailable | $103 | $98.66 | +16.4% | Dec 16, 2025 |
| Barclays | Analyst unavailable | $111 | $100.34 | +25.4% | Nov 20, 2025 |
| Bernstein | Lee Hambright | $111 | $100.34 | +25.4% | Nov 19, 2025 |
| Leerink Partners | Mike Kratky | $120 | $100.8 | +35.6% | Nov 19, 2025 |
| Jefferies | Matthew Taylor | $110 | $100.8 | +24.3% | Nov 19, 2025 |
| Goldman Sachs | David Roman | $111 | $100.8 | +25.4% | Nov 19, 2025 |
| Bernstein | Lee Hambright | $98 | $91.16 | +10.7% | Oct 31, 2025 |
| Truist Financial | Analyst unavailable | $103 | $95.26 | +16.4% | Oct 15, 2025 |
| RBC Capital | Analyst unavailable | $111 | $95.72 | +25.4% | Oct 10, 2025 |
| Argus Research | David Toung | $115 | $92.18 | +29.9% | Aug 26, 2025 |
| Bernstein | Lee Hambright | $93 | $82.68 | +5.1% | Jan 8, 2025 |
| Robert W. Baird | David Rescott | $96 | $90.01 | +8.5% | Oct 15, 2024 |
| RBC Capital | Shagun Singh | $105 | $88.35 | +18.6% | Oct 10, 2024 |
| Evercore ISI | Vijay Kumar | $104 | $90.03 | +17.5% | Oct 1, 2024 |
| Citigroup | Joanne Wuensch | $92 | $90.03 | +3.9% | Oct 1, 2024 |
| Goldman Sachs | David Roman | $82 | $86.4 | -7.4% | Aug 21, 2024 |
| Oppenheimer | Steven Lichtman | $94 | $86.46 | +6.2% | Aug 21, 2024 |
| Piper Sandler | Matt O'Brien | $90 | $85.38 | +1.7% | Aug 21, 2024 |
| Mizuho Securities | Anthony Petrone | $98 | $86.38 | +10.7% | Aug 21, 2024 |
| Wells Fargo | Larry Biegelsen | $106 | $85.38 | +19.8% | Aug 21, 2024 |
| Stifel Nicolaus | Rick Wise | $87 | $85.38 | -1.7% | Aug 20, 2024 |
| Robert W. Baird | David Rescott | $87 | $81.91 | -1.7% | May 24, 2024 |
| RBC Capital | Shagun Singh | $92 | $81.38 | +3.9% | May 24, 2024 |
| Truist Financial | Richard Newitter | $88 | $81.38 | -0.6% | May 24, 2024 |
| Wells Fargo | Larry Biegelsen | $105 | $81.38 | +18.6% | May 24, 2024 |
| Stifel Nicolaus | Rick Wise | $100 | $81.38 | +13.0% | May 23, 2024 |
| Wells Fargo | Larry Biegelsen | $102 | $80.98 | +15.2% | Sep 13, 2023 |
| Robert W. Baird | David Rescott | $90 | $82.94 | +1.7% | Aug 10, 2023 |
| Wells Fargo | Larry Biegelsen | $100 | $87.29 | +13.0% | Jul 12, 2023 |
| RBC Capital | Analyst unavailable | $89 | $80.86 | +0.6% | Jan 9, 2023 |
| Wells Fargo | Analyst unavailable | $77 | $76.49 | -13.0% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $85 | $79.12 | -4.0% | Nov 25, 2022 |
| Morgan Stanley | Cecilia Furlong | $88 | $78.53 | -0.6% | Nov 23, 2022 |
| Deutsche Bank | Pito Chickering | $80 | $78.53 | -9.6% | Nov 23, 2022 |
| RBC Capital | Analyst unavailable | $102 | $78.84 | +15.2% | Nov 23, 2022 |
| Oppenheimer | Analyst unavailable | $85 | $77.97 | -4.0% | Nov 23, 2022 |
| Citigroup | Analyst unavailable | $85 | $77.93 | -4.0% | Nov 23, 2022 |
| Deutsche Bank | Pito Chickering | $85 | $83.4 | -4.0% | Nov 16, 2022 |
| RBC Capital | Analyst unavailable | $110 | $86.04 | +24.3% | Sep 7, 2022 |
| Morgan Stanley | Analyst unavailable | $101 | $89.32 | +14.1% | Aug 24, 2022 |
| Wells Fargo | Larry Biegelsen | $96 | $90.22 | +8.5% | Aug 24, 2022 |
| Truist Financial | Analyst unavailable | $97 | $88.9 | +9.6% | Jul 20, 2022 |
| Stifel Nicolaus | Analyst unavailable | $105 | $88.94 | +18.6% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $103 | $89.04 | +16.4% | Jul 15, 2022 |
| Morgan Stanley | Analyst unavailable | $114 | $95.84 | +28.8% | Jun 7, 2022 |
| Truist Financial | Analyst unavailable | $111 | $100.03 | +25.4% | May 31, 2022 |
| Raymond James | Analyst unavailable | $109 | $99.08 | +23.1% | May 31, 2022 |
| Cowen & Co. | Analyst unavailable | $117 | $97.37 | +32.2% | May 27, 2022 |
| RBC Capital | Analyst unavailable | $122 | $98.27 | +37.8% | May 27, 2022 |
| Deutsche Bank | Analyst unavailable | $121 | $98.25 | +36.7% | May 27, 2022 |
| Morgan Stanley | Analyst unavailable | $115 | $98.24 | +29.9% | May 27, 2022 |
| Citigroup | Analyst unavailable | $117 | $98.6 | +32.2% | May 27, 2022 |
| Cowen & Co. | Josh Jennings | $117 | $99.08 | +32.2% | May 27, 2022 |
| RBC Capital | Shagun Singh Chadha | $122 | $99.08 | +37.8% | May 27, 2022 |
| Cowen & Co. | Analyst unavailable | $125 | $104.12 | +41.2% | May 23, 2022 |
| Bank of America Securities | Travis Steed | $135 | $107.65 | +52.5% | Mar 3, 2022 |
| Needham | Michael Matson | $124 | $105.84 | +40.1% | Feb 26, 2022 |
| Raymond James | Jayson Bedford | $116 | $99.98 | +31.1% | Feb 18, 2022 |
| Piper Sandler | Matthew O'Brien | $105 | $102.54 | +18.6% | Feb 16, 2022 |
| Citigroup | Joanne Wuensch | $129 | $107.12 | +45.7% | Jan 19, 2022 |
| Piper Sandler | Matt O’Brien | $110 | $108.55 | +24.3% | Jan 16, 2022 |
| Morgan Stanley | Cecilia Furlong | $120 | $104.54 | +35.6% | Jan 7, 2022 |
| Truist Financial | David Rescott | $124 | $101.05 | +40.1% | Dec 21, 2021 |
| J.P. Morgan | Robbie Marcus | $105 | $99.4 | +18.6% | Dec 17, 2021 |
| Wells Fargo | Larry Biegelsen | $110 | $100.96 | +24.3% | Dec 16, 2021 |
| UBS | Matthew Taylor | $135 | $100.96 | +52.5% | Dec 16, 2021 |
| Guggenheim | Christopher Pasquale | $142 | $113.04 | +60.4% | Nov 24, 2021 |
| Jefferies | Anthony Petrone | $155 | $111.99 | +75.1% | Nov 23, 2021 |
| Argus Research | David Toung | $165 | $131.53 | +86.4% | Aug 27, 2021 |
| Cowen & Co. | Josh Jennings | $141 | $122 | +59.3% | Jun 10, 2021 |
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Start freeCompany context
Snapshot as of publicationMedtronic plc is a leading global medical technology enterprise that invents, develops, manufactures, and distributes an extensive range of device-based medical therapies. These solutions serve healthcare systems, clinicians, physicians, and patients across the world. The company's operations are categorized into several key portfolios: Cardiovascular Portfolio: This segment focuses on cardiac health, providing technologies for heart rhythm management, including implantable pacemakers, defibrillators, and monitoring systems, alongside cardiac ablation tools and remote patient software. It also addresses structural heart issues with products like aortic and pulmonary valves, surgical repair devices, and endovascular stent grafts, in addition to offerings for percutaneous coronary interventions (e.g., angioplasty balloons).…
Historical context
All MDT earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
Latest beats and misses
Who reports nextBeat on EPS
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T23:30:56.506858+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T23:30:56.502994+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.