Short answer
Medtronic (MDT) filed its fiscal 2026 10-K annual report with the SEC on Jun 18, 2026. It reported revenue of $36.4B (+8.4% year over year) and net income of $4.8B.
- Top risk flagged: EU Medical Device Regulation (EU MDR) implementation extended to 2028, imposing additional pre- and post-market requirements and severe penalties for non-compliance
FY2026 key financial metrics · XBRL
- Revenue
- $36.4B
- +8.4% YoY
- Net income
- $4.8B
- +3.0% YoY
- Operating margin
- 17.8%
- +0.0 pp YoY
- EPS (diluted)
- $3.73
- +3.3% YoY
- ROE
- 9.7%
- −0.0 pp YoY
- Operating cash flow
- $7.3B
- +4.1% YoY
Source: XBRL data from the Medtronic (MDT) FY2026 10-K on SEC EDGAR. USD.
Medtronic FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global healthcare technology company developing, manufacturing, and selling device-based medical therapies and services across Cardiovascular, Neuroscience, and Medical Surgical segments
- New strategic emphasis: Separation and IPO of Diabetes Business into independent public company MiniMed Group in March 2026
- Strategic shift: Focus on AI, data analytics, and automation to tailor therapies and enable remote monitoring care delivery
- Notable quantitative metric: Over 95,000 full-time employees globally, with 43% based in U.S. or Puerto Rico; achieved 100% U.S. pay equity by gender and ethnicity
- Unique fact in 2026 filing: Diabetes segment is no longer reportable post-MiniMed IPO, affecting segment comparability in future financial metrics
Management Discussion & Analysis
- Revenue $36.4B, up 8.4% YoY from $33.5B driven by growth across Cardiovascular (+12% to $14.0B), Neuroscience (+4% to $10.3B), Medical Surgical (+5% to $8.8B), and Diabetes (+13% to $3.1B)
- Operating margin info not explicitly given; cost of products sold margin increased with COGS $12.7B vs $11.6B, SG&A increased $11.8B vs $10.8B, R&D increased $2.9B vs $2.7B; effective tax rate 21.2% vs 16.6%, non-GAAP nominal tax 17.3% vs 16.7%
- Best performing segment: Cardiovascular, net sales $13.98B, +12% YoY; Worst performing segment by growth: Specialty Therapies, +2% to $3.0B
- Free cash flow $5.43B vs $5.19B; capital allocation included share repurchases 10M shares ($932.5M avg price), dividends (not quantified), $1.9B capex; $3.3B net increase in debt issuance/repayments, IPO proceeds $538M from MiniMed
- Forward outlook risks: $250M estimated tariffs in FY27, geopolitical risks (Russia-Ukraine, Middle East conflicts), impact of Diabetes separation, regulatory/commercial challenges; growth expected in cardiovascular device adoption and new product launches, Neuroscience AI-assisted surgery growth, Medical Surgical robotics expansion
Risk Factors
- EU Medical Device Regulation (EU MDR) implementation extended to 2028, imposing additional pre- and post-market requirements and severe penalties for non-compliance
- Russia-Ukraine conflict causing supply chain risks from materials like palladium and neon; Russia and Belarus sanctions disrupt regional business activities
- Sole-source sterilization facilities with limited capacity create risk of manufacturing delays or lost sales if facilities are damaged or closed
- Competition from pharmaceutical companies producing GLP-1s and emerging AI-enabled digital health tools may disrupt market share and product adoption
- Ongoing U.S. tax litigation over income allocation to Puerto Rico manufacturing site with appellate remand in 2025 could materially impact financial condition
Generated from the filing text; verify against the original. How to read a 10-K
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