Medtronic delivered a strong QQ2 2026 performance, marking continued momentum across key enterprise growth drivers. Reported revenue of $8.961 billion rose 13.2% year over year (organic growth ~5.5%), with gross margin of 60.3% and adjusted EPS of $1.36, surpassing the midpoint of guidance. Management attributed much of the quarterly acceleration to the rapid expansion of the PFA-based cardiac ablation franchise, led by Ferra mapping and Sphere 9 technologies, which drove 71% year-over-year growth in PFA and doubled the installed mapping-system base in the quarter. The company also highlighted significant progress in high-growth adjacencies, including Simplicity for hypertension and Altaviva for pelvic health, supported by a broad Medicare NCD and accelerating payer coverage in the commercial channel. These developments underpin Medtronic’s plan to accelerate revenue growth into the back half of FY2026 and into FY2027, even as near-term margins face mix-related headwinds from CAS (cardiac ablation) and diabetes ramp, plus tariff headwinds. Management lifted full-year revenue guidance to around 5.5% organic growth and reiterated a path to high-single-digit EPS growth in FY2027, funded by discipline on SG&A, selective R&D acceleration, and ongoing margin optimization. The following analysis synthesizes quantified results with management commentary to provide an actionable investor view of MDT’s earnings power, balance sheet health, competitive positioning, and forward trajectory.