Medtronic said Cardiovascular net sales for the 3 and 6 months ended October 24, 2025 were $3.4 billion and $6.7 billion, respectively, an increase of 11% and 10%, respectively, as compared to the corresponding periods in the prior fiscal year. The company cited growth across most businesses and the impacts of foreign currency fluctuations as drivers of the increase.

1. 01

   Medtronic said Cardiovascular net sales for the 3 and 6 months ended October 24, 2025 were $3.4 billion and $6.7 billion, respectively, an increase of 11% and 10%, respectively, as compared to the corresponding periods in the prior fiscal year. The company cited growth across most businesses and the impacts of foreign currency fluctuations as drivers of the increase.

2. 02

   Medtronic said Cardiac Rhythm & Heart Failure net sales for the 3 and 6 months increased 16% and 14%, respectively, as compared to the corresponding periods in the prior fiscal year. The company cited strong growth in PulseSelect and Affera Sphere-9 pulsed field ablation, with partially offsetting declines in cryoablation.

3. 03

   Based on current tariff rates as of November 18, 2025, Medtronic estimated the pre-tax net tariff impact to fiscal year 2026 to be $185 million, with the majority recognized in the second half of the fiscal year. For the 6 months ended October, the Italian payback adjustment increased net sales by $39 million, compared with a decrease of $90 million in the prior-year period.

4. 04

   As of October 24, 2025, Medtronic held cash and cash equivalents of $1.3 billion and current investments of $7.0 billion. Commercial paper outstanding was $1.4 billion (compared with no commercial paper outstanding at April 25, 2025), and no amounts were outstanding under the $3.5 billion Credit Facility.

Key figures

Quarter ended October 24, 2025

Revenue

$9.0B

Operating income

$1.7B

Net income

$1.4B

EPS

$1.07

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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