Medtronic Reports Strong Q3 2026 Revenues of $9 Billion

Driven by 80% year-over-year growth in cardiac ablation segment, with pulsed-field ablation accounting for 80% of this revenue.

Published on Feb. 21, 2026

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Medtronic has reported total revenue of $9 billion in Q3 of fiscal year 2026 (FY26), beating analysts' average estimate of $8.91 billion. The company's cardiovascular portfolio, which includes the PulseSelect pulsed-field ablation (PFA) system, achieved revenue of $3.46 billion in Q3, corresponding to a year-over-year uptick of 13.8%. Medtronic's finance chief highlighted that the cardiac ablation segment within the cardiovascular portfolio grew 80% year-over-year, with PFA accounting for 80% of this revenue.

Why it matters

Medtronic's strong performance in the cardiac ablation segment, driven by the success of its PFA technology, underscores the growing demand for advanced cardiac ablation solutions. This growth aligns with the projected expansion of the global electrophysiology ablation catheter market, which is expected to reach a valuation of around $17.6 billion by 2035.

The details

Medtronic's Q3 FY26 revenue of $9 billion represents an 8.7% year-over-year increase. The company has reiterated FY26 revenue growth on an organic basis of approximately 5.5%, with earnings anticipated to fall in the $5.62-$5.66 range. Beyond the cardiac ablation segment, Medtronic's cardiovascular portfolio also saw mid-single-digit growth in other product lines, such as cardiac rhythm management, which contributed 15% of total revenue and grew by 5%.

  • Medtronic reported Q3 FY26 results on February 18, 2026.
  • Medtronic gained FDA approval for its Altaviva implantable tibial nerve stimulation system in September 2025.

The players

Medtronic

A global medical technology company that develops and manufactures innovative medical devices, therapies, and services.

Thierry Pieton

Medtronic's finance chief, who highlighted the company's strong performance in the cardiovascular portfolio during the Q3 FY26 earnings call.

Geoff Martha

Medtronic's CEO, who asserted that the Altaviva implantable tibial nerve stimulation system represents a billion-dollar market opportunity.

Brandon Vasquez

A William Blair analyst who noted that Medtronic's fiscal third-quarter sales beat Wall Street estimates by 1%, demonstrating 'another step in the right direction' regarding the rollout of the company's key growth drivers.

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What they’re saying

“This represents the strongest growth we have seen in cardiovascular in the last ten years, excluding Covid comps.”

— Thierry Pieton, Medtronic's finance chief (medicaldevice-network.com)

“Altaviva represented a billion-dollar market opportunity.”

— Geoff Martha, Medtronic's CEO (medicaldevice-network.com)

What’s next

Medtronic is expected to provide further updates on the performance and growth of its cardiovascular portfolio, including the PFA system, in its upcoming Q4 FY26 earnings report.

The takeaway

Medtronic's strong Q3 FY26 results, driven by the exceptional growth in its cardiac ablation segment and the success of its PFA technology, highlight the company's ability to innovate and capitalize on emerging trends in the medical device market. This performance positions Medtronic as a leader in the rapidly expanding electrophysiology ablation catheter market.