Intuitive Surgical, Inc. (ISRG) Earnings
Intuitive Surgical, Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $2.48. ISRG has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +15.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $2.12 | $2.50 | +17.9% | $2.8B | +5.8% |
| Jan 22, 2026 | $2.27 | $2.53 | +11.5% | $2.9B | +3.7% |
| Oct 21, 2025 | $1.99 | $2.40 | +20.6% | $2.5B | +4.1% |
| Jul 22, 2025 | $1.93 | $2.19 | +13.5% | $2.4B | +3.8% |
| Apr 22, 2025 | $1.74 | $1.81 | +4.0% | $2.3B | +3.1% |
| Jan 23, 2025 | $1.76 | $2.21 | +25.6% | $2.4B | +7.3% |
| Oct 17, 2024 | $1.63 | $1.84 | +12.9% | $2.0B | +1.6% |
| Jul 18, 2024 | $1.54 | $1.78 | +15.6% | $2.0B | +1.9% |
| Apr 18, 2024 | $1.41 | $1.50 | +6.4% | $1.9B | +1.1% |
| Jan 23, 2024 | $1.48 | $1.60 | +8.1% | $1.9B | +2.1% |
| Oct 19, 2023 | $1.41 | $1.46 | +3.5% | $1.7B | -1.3% |
| Jul 20, 2023 | $1.33 | $1.42 | +6.8% | $1.8B | +1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 21, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Q1 was a solid start with 17% total procedure growth. Da Vinci procedures grew 16%, Ion 39%. • US da Vinci grew 14%, led by general surgery; outside US, 19% growth. Asia had mixed results. • Placed 431 DaVinci and 52 Ion systems. DaVinci 5 utilization higher. • Digital ecosystem investment ongoing, DaVinci 5 captures real - world data. My Intuitive Plus expanding. • SP momentum: procedures grew 68%, driven by Korea and US. • ION results positive, clinical publications show IONS supports earlier malignancy identification. • Leadership transition: Dr. Miriam Kuret retired, Dr. Jamie Wong promoted to CMO.
Guidance
• Full - year 2026 da Vinci procedure growth forecast increased to 13.5% - 15.5% from 13% - 15%. • Non - GAAP gross profit margin forecast updated to 67.5% - 68.5% of revenue (previously 67% - 68%, 120bps impact from tariffs now 100bps). • Non - GAAP operating expense growth expected 11% - 14%. • Non - cash stock compensation expense estimated $890M - $920M. • Other income (mostly interest) forecast $315M - $335M. • Non - GAAP income tax rate expected 22% - 23% of pre - tax income
Segment performance
In Q1 2026, total procedures grew 17%. Da Vinci procedures grew 16% to 847,000, with 14% growth in the US led by general surgery and 19% growth outside the US. Ion procedures increased 39% to 43,000. Revenue was $2.77 billion, with recurring revenue at $2.4 billion (86% of total). Non - GAAP operating margin was 39%. Da Vinci systems placed: 431 (232 DaVinci 5, 34 SP, 34 XIR). Ion systems placed: 52. Q1 systems revenue grew 24% to $651 million. Non - GAAP gross margin 67.8%, up from 66.4% last year. Non - GAAP net income $901 million, EPS $2.50
Risks & headwinds
• Cyber incident in Q1 with unauthorized access to customer and employee data, but didn't disrupt business or products. • Macro factors like oil and memory prices expected to have greater unfavorable impact in remainder of year. • China market challenges with lower tenders, competitive and pricing pressures. • Japan market challenges with lower capital placements and cautious outlook due to public hospital financial position
Analyst Q&A
Q: Talk about digital and data roadmap for Intuitive.
A: AI through quintuple aim lens, layered capabilities starting with high - quality data, leading to insights and actions in operating room, including anatomy identification, augmented dexterity.
Q: Follow - up on ROSE and EBUS timelines.
A: Both known tech, short - term timelines not this year, bring differentiated value.
Q: Size appendectomy opportunity and Japan new procedures impact.
A: Haven't sized appendectomy yet, Japan MHLW added reimbursement for seven procedures, impact modest.
Q: Innovation - led revenue growth.
A: R&D deployment for differentiation on quintuple aim, mixed dynamic between push and pull of R&D and cost sensitivity.
Q: Utilization and global competition.
A: Utilization varies by market, competition about meeting customer needs at right price point, refurbished XI has attractive economics.
Q: SP adoption and TAM.
A: SP procedure growth strong, continues progression, long - term opportunity underestimated.
Q: OUS INA dynamics and OUS strategy.
A: INA delta likely from customer ordering patterns, FX, strong capital placements; OUS strategy includes localized approach, multi - year market access efforts, direct in some markets, possible localized manufacturing