Medtronic Stock Jumps Above $100 After Q2 FY26 Beat and Raised Outlook on 18 November 2025

Medtronic stock (NYSE: MDT) is in rally mode today, 18 November 2025, after the medical-device giant posted better‑than‑expected fiscal Q2 2026 results and raised its full‑year outlook, powered by booming demand for heart and diabetes technologies.

As of late-morning U.S. trading, Medtronic shares were trading around $100–101, up roughly 4–5% on the day, after touching an intraday high near $102.40, according to market data from Investing.com and StockAnalysis. ^[1] Reuters notes that the move pushed MDT to a more‑than‑three‑year high around $101 and put it on track for its biggest one‑day percentage gain in over five years, leaving the stock up about 27% year to date. ^[2]

Today’s surge also marks a psychological milestone: local coverage out of Minnesota highlights that Medtronic’s stock has crested $100 for the first time in years, underlining how quickly sentiment has turned for the medtech heavyweight. ^[3]

Medtronic stock today: key market stats

Based on mid‑session quotes:

Share price: about $100–101
Day move: roughly +4–5% vs. Monday’s close of $96.28 ^[4]
Intraday range: approximately $99.4–102.5 ^[5]
52‑week range:$79.29 – $102.48, meaning today’s rally has pushed MDT to the very top of its one‑year trading band. ^[6]
Market cap: around $129 billion ^[7]

For context, StockAnalysis data show Medtronic now trades at about 27x trailing earnings and 17x forward earnings, with a 2.8% dividend yield based on an annual dividend of $2.84 per share. ^[8]

Earnings spark: Q2 FY26 beats expectations

The catalyst for today’s move is Medtronic’s second quarter of fiscal 2026, which ended 24 October 2025.

According to the company’s official earnings release, Medtronic reported: ^[9]

Revenue:$9.0 billion, up 6.6% year over year as reported and 5.5% organically
GAAP diluted EPS:$1.07, up about 8% vs. a year ago
Non‑GAAP (adjusted) diluted EPS:$1.36, also up 8%

Analysts were looking for adjusted EPS of $1.31 and revenue of roughly $8.87 billion, according to LSEG and Zacks data. Medtronic cleared both hurdles, delivering EPS and sales beats that Wall Street had been hoping for. ^[10]

Profitability also improved:

Gross margin expanded by about 90 basis points to 65.8%
Adjusted operating margin widened to 24.3%, up 50 basis points year over year ^[11]

CFO Thierry Piéton said the company drove “underlying efficiency gains” in gross margin while stepping up R&D and sales & marketing investments to support growth programs, yet still managed to beat profit expectations and raise guidance. ^[12]

Where the growth is coming from: heart, brain, surgery and diabetes

Medtronic breaks its business into four major portfolios. All four grew, but cardiovascular and diabetes stood out.

From the company’s release and Zacks’ segment breakdown: ^[13]

1. Cardiovascular Portfolio – the star performer

Revenue: about $3.44–3.44 billion, up 10.8% reported and 9.3% organic
Cardiac Ablation Solutions: revenue jumped 71%, including a 128% surge in the U.S., driven by Medtronic’s pulsed field ablation (PFA) portfolio for atrial fibrillation. ^[14]
Within cardiovascular:
- Cardiac Rhythm & Heart Failure:$1.83 billion, up 14.3% organically
- Structural Heart & Aortic:$956 million, up 6.6% organically
- Coronary & Peripheral Vascular:$655 million, up 0.8% organically ^[15]

Reuters reports that this cardiovascular strength — particularly PFA — is a key part of the “bull thesis,” with Bernstein noting Medtronic’s PFA growth suggests share gains versus rival Boston Scientific in this fast‑growing category. ^[16]

2. Neuroscience Portfolio

Revenue:$2.56 billion, up 4.5% reported and 3.9% organic
Growth was led by Neuromodulation and Cranial & Spinal Technologies, both growing mid‑single to high‑single digits organically. ^[17]

3. Medical Surgical Portfolio

Revenue:$2.17 billion, up 2.1% reported and 1.3% organic
Both major subsegments — Surgical & Endoscopy and Acute Care & Monitoring — posted modest, low‑single‑digit organic growth. ^[18]

4. Diabetes business

Revenue:$757 million, up 10.3% reported and 7.1% organic ^[19]

Medtronic highlighted several regulatory and commercial wins that are helping drive these numbers: ^[20]

A favorable National Coverage Determination (NCD) from U.S. Medicare (CMS) and multiple commercial coverage decisions for the Symplicity™ renal denervation procedure for uncontrolled hypertension, targeting an estimated 18 million‑patient U.S. market.
FDA approval of Altaviva™, a minimally invasive therapy for urge urinary incontinence, a condition affecting over 16 million people in the U.S.
Progress with the Hugo™ robotic‑assisted surgery system, where the Enable Hernia Repair study met safety and effectiveness endpoints, and the Embrace Gynecology pivotal U.S. study has kicked off.
FDA clearance for the MiniMed™ 780G insulin pump system to integrate with Abbott’s Instinct sensor and expanded approval for use in type 2 diabetes, broadening Medtronic’s diabetes franchise.

Taken together, CEO Geoff Martha said Medtronic is “positioned for even greater acceleration of revenue growth in the back half of the year and beyond,” citing PFA for AFib, Symplicity for hypertension, Hugo robotic surgery and Altaviva as core “enterprise growth drivers.” ^[21]

Outlook raised: FY26 guidance moves higher

Given its strong first half, Medtronic raised its full‑year fiscal 2026 guidance:

Organic revenue growth: now ~5.5%, up from roughly 5.0% previously
Adjusted (non‑GAAP) EPS: new range of $5.62–$5.66, compared with a prior range of $5.60–$5.66 ^[22]

This guidance includes an estimated $185 million tariff headwind, which Medtronic left unchanged. Excluding tariffs, the EPS outlook implies about 4.5% earnings growth for the year. ^[23]

Reuters notes that the company’s latest forecasts top Wall Street expectations compiled by LSEG, with EPS guidance slightly above the consensus midpoint and revenue poised to exceed prior estimates. ^[24]

Management also reiterated plans to separate the diabetes business, with the CFO telling Reuters the unit — which houses insulin pumps and wearables — is on track to go public in the first half of 2026. ^[25]

How Wall Street is reacting to Medtronic stock

The tone from the Street today is broadly positive:

A Zacks Equity Research note titled “Medtronic’s Q2 Earnings & Revenues Beat Estimates, Stock Climbs” highlights the strongest cardiovascular revenue growth in more than a decade (excluding the pandemic), margin expansion and multiple regulatory wins, though it maintains a Zacks Rank #3 (Hold) on valuation and competition considerations. ^[26]
StockAnalysis aggregates the views of 17 analysts and shows an overall “Buy” consensus rating with a 12‑month average price target of $103.80, implying a few percent upside from current levels after today’s jump. ^[27]
Reuters reports that shares are now up about 27% year‑to‑date, helped by today’s post‑earnings spike. ^[28]

Importantly, expectations had already begun to improve before today:

A pre‑market Benzinga roundup notes that several top Wall Street analysts raised price targets into the $100–$115 range in recent weeks, including JPMorgan (Neutral, target to $100), Truist ($103, Hold), Stifel ($105, Hold), Citigroup ($112, Buy) and Argus ($115, Buy). ^[29]

Today’s beat‑and‑raise quarter appears to validate that more optimistic positioning.

What today’s move means for Medtronic investors

From a news perspective, 18 November 2025 is a pivot day for Medtronic stock:

The company beat revenue and EPS estimates, signaling strong underlying procedure demand and good cost discipline. ^[30]
Growth is being driven by high‑priority, high‑growth categories: atrial fibrillation via PFA, robotic surgery, hypertension renal denervation and next‑generation diabetes tech. ^[31]
Management raised full‑year guidance despite tariff pressure and is preparing a diabetes spin‑off IPO in 1H 2026, which could unlock additional value if executed well. ^[32]
The stock has broken above $100 and to new 52‑week highs, indicating that investors are willing to pay up for Medtronic’s improving growth profile and pipeline. ^[33]

At the same time, today’s rally also means:

Valuation is no longer depressed: MDT now trades at a mid‑teens forward P/E and near analyst price targets, rather than at a steep discount. ^[34]
Execution on the company’s growth drivers and the diabetes spin will be under closer scrutiny; any stumble could invite volatility in the stock.

Key takeaways on Medtronic stock for 18 November 2025

For readers tracking MDT today, here are the essential headlines:

Medtronic stock is surging above $100, hitting a new multi‑year high and gaining roughly 4–5% on the session. ^[35]
Q2 FY26 results beat expectations, with revenue of about $9.0B (+6.6%) and adjusted EPS of $1.36, ahead of consensus. ^[36]
Cardiovascular and diabetes businesses are leading growth, particularly PFA ablation and advanced diabetes technologies. ^[37]
Management raised FY26 organic revenue and EPS guidance, even with tariff headwinds baked in. ^[38]
Wall Street reaction is constructive, with a “Buy” consensus rating overall and price targets clustered just above today’s new trading range. ^[39]

Important notice

This article is for informational and news purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a licensed financial advisor before making investment decisions.

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