CLAIM #40720 · Medtronic PLC (MDT) · 2026Q1 earnings call · Aug 19, 2025 · due Apr 24, 2026
“On the top line, we continue to expect fiscal year 2026 organic revenue growth of approximately 5%.”
Thierry Pieton · CFO
In context
“ove the significant leverage while also increasing investment in growth areas, including CAS as we hired more mappers, and Ardian as we develop the market. We are extremely focused on making sure we fuel our growth drivers to maximize the opportunities from these technological breakthroughs. Our adjusted operating profit was $2 billion, resulting in an adjusted operating margin of 23.6%. Below the operating profit line, our adjusted tax rate was 17.8%, about 70 basis points better than expectations due to jurisdictional mix of profits. The FX impact on EPS was neutral in the first quarter, a couple of cents better than anticipated given rate movements throughout the quarter. The net result was adjusted EPS of $1.26, $0.03 above the midpoint of our guidance. Now let's move to our guidance. On the top line, we continue to expect fiscal year 2026 organic revenue growth of approximately 5%. In Q2, we're expecting 4.5% to 5% organic growth, similar to what we just delivered in the first quarter. As Geoff covered earlier, we're expecting revenue growth to accelerate in the back half of the fiscal year. Based on recent FX rates, which have moved substantially over the past quarter, we now see a tailwind of revenue of $550 million to $650 million in fiscal '26. This is over a $0.5 billion positive increase versus 3 months ago. In Q2, FX is currently $50 million to $100 million tailwind based on the recent rates. Moving down the P&L, we're continuing to drive pricing discipline and to deliver savings on our COGS efficiency programs. These will be offset in the near term by continued business mix primarily in CAS and Diabetes. Regarding tariffs, you will recall we outlined 2 scena”
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SEC filings for MDT ↗ · Claim quote is verbatim from the 2026Q1 earnings call.