Medtronic Q3 Revenue Climbs 9% to $9.02B as Medical Device Maker Posts Profit Slip

Medtronic plc (NYSE: MDT), a global medical device manufacturer, reported revenue of $9.02 billion for the quarter ending January 23, 2026, a 9% increase from $8.29 billion in the same period a year earlier. Net income for the quarter totaled $1.14 billion, down 12% from $1.29 billion in the prior-year quarter. Read more earnings reports.

The company posted operating income of $1.46 billion for the most recent quarter, compared to $1.65 billion a year ago. Diluted earnings per share came in at $0.89, down from $1.01 in the same quarter of fiscal 2025.

Nine-Month Performance

For the nine months ending January 23, 2026, Medtronic generated revenue of $26.56 billion, up 8% from $24.61 billion in the prior-year period. Net income for the nine-month span reached $3.56 billion, a slight decline from $3.61 billion a year earlier.

Operating income for the nine-month period totaled $4.59 billion, compared to $4.52 billion in the same stretch of fiscal 2025. Diluted earnings per share for the nine months stood at $2.76, down marginally from $2.79 in the prior year.

Segment Revenue Breakdown

The Cardiovascular Portfolio generated $3.46 billion in the most recent quarter, up from $3.04 billion a year ago. The Medical Surgical Portfolio produced $2.56 billion, compared to $2.46 billion in the prior-year quarter. The Neuroscience Portfolio brought in $2.17 billion versus $2.07 billion, while the Diabetes Operating Unit recorded $796 million in revenue, up from $694 million.

Cost Structure and Margins

Cost of goods sold for the quarter ending January 23, 2026 totaled $3.26 billion, up from $2.78 billion in the same quarter last year. Selling, general, and administrative expenses reached $2.96 billion, compared to $2.72 billion a year earlier.

For the nine-month period, cost of goods sold came to $9.32 billion versus $8.49 billion in the prior year. SG&A expenses for the nine months totaled $8.73 billion, up from $8.13 billion.

Balance Sheet and Cash Flow

As of January 23, 2026, Medtronic held total assets of $91.49 billion, down slightly from $91.68 billion at the end of fiscal 2025. Cash and cash equivalents stood at $1.15 billion, compared to $2.22 billion at the prior fiscal year-end.

The company reported current assets of $24.07 billion and current liabilities of $9.50 billion. Total liabilities came to $42.29 billion as of the quarter-end.

Cash from operations for the nine months ending January 23, 2026 totaled $4.76 billion, up from $4.52 billion in the same period last year. Cash used in investing activities was $2.02 billion, while cash used in financing activities reached $3.86 billion.

Total stockholders' equity as of January 23, 2026 stood at $48.99 billion, up from $48.02 billion at the end of fiscal 2025. The company had 1.28 billion common shares outstanding at quarter-end.