Medtronic PLC What to Expect from F4Q Results and FY27 Guidance

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Medtronic PLC What to Expect from F4Q Results and FY27 Guidance

J P M O R G A N North America Equity Research

20 May 2026

Medtronic PLC Neutral

MDT, MDT US

What to Expect from F4Q Results and FY27 Guidance Price (19 May 26):$78.58

Price Target (Dec-26):$100.00

There’s a lot to unpack as we think about Medtronic in FY27 and FY28—the Medical Supplies & Devices

ACpipeline and underlying trends are generally healthy, which should result in a good Robbie Marcus, CFA

F4Q, but there’s a number of one-time dynamics that makes forecasting underlying (1-212) 464-5599

vs. reported trends more difficult the next few years. With meaningful pipeline robert.j.marcus@jpmorgan.com

products gaining steam this year, accelerating sales growth (even ex-selling week) Allen Gong

is in the cards for FY27. However, a guidance range that points to an acceleration (1-212) 622-9520

at the midpoint leaves little wiggle room for negative surprises, in our view, which allen.gong@jpmorgan.com

we think should be reasonably budgeted for given tough comps for CAS starting Lilia-Celine B Lozada

in 2H and potential share loss in TAVR. With greater-than-expected near-term (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

dilution from the Minimed IPO and a moving/delayed timeline for a complete

Henry Householterseparation, put together, we think this all results in initial EPS guidance with

(1-212) 464-5599

a midpoint of <$6.00 vs. the Street at $6.07. This includes tailwinds from the henry.householter@jpmorgan.com

extra selling week, which we think will be included in FY27 guidance, though if J.P. Morgan Securities LLC

it’s included as a tailwind this year, that means it needs to be included as a headwind

in FY28, which isn’t currently baked into Street estimates. While we’re not