Intuitive Surgical earnings and guidance
Intuitive Surgical's next results are expected on October 20, 2026. Watch whether da Vinci procedure growth supports management's forecast.
What has Intuitive Surgical guided for 2026?
Management’s July 16 guidance calls for worldwide da Vinci procedure growth of 13.5%–15.5% in 2026, near the midpoint. It held that range while raising expected non-GAAP gross margin to 68.0%–69.0% and narrowing expected non-GAAP operating-expense growth to 11.0%–13.0%. Non-GAAP figures adjust standard accounting results for items such as share-based compensation and unusual charges, so they describe management’s view of ongoing operations rather than the exact profit shareholders receive.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Worldwide da Vinci procedure growth | Year to Dec 2026 | 13.5% | 15.5% | Jul 16, 2026 |
| Non-GAAP gross profit margin | Year to Dec 2026 | 68.0% | 69.0% | Jul 16, 2026 |
| Estimated impact from tariffs, % of revenue | Year to Dec 2026 | 1.0% | 1.0% | Jul 16, 2026 |
| Non-GAAP operating expense growth | Year to Dec 2026 | 11.0% | 13.0% | Jul 16, 2026 |
Has Intuitive Surgical kept its past promises?
There is evidence that management delivered on important commitments. Management first forecast da Vinci procedure growth between 15.5% and 17%. The eventual result was 18%, and da Vinci 5 moved into broad U.S. launch. Those outcomes support the execution record because they connect pay to adoption and product delivery.
What were Intuitive Surgical's revenue and profit trends over the last eight quarters?
Revenue reached $2,892.3 million and operating income reached $971.9 million. Instruments and accessories, systems, and service all grew, so the result was broad rather than dependent on one line.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,892.3 | 2,770.8 | 2,866.2 | 2,505.1 | 2,440.0 | 2,253.4 | 2,413.5 | 2,038.1 |
| Gross margin | 67.8% | 66.1% | 66.4% | 66.4% | 66.3% | 64.7% | 68.0% | 67.4% |
| Operating income | 971.9 | 855.3 | 864.3 | 759.7 | 743.4 | 578.1 | 734.9 | 577.3 |
| Net income | 818.1 | 821.5 | 794.8 | 704.4 | 658.4 | 698.4 | 685.7 | 565.1 |
What this means. Free cash flow is not profit; it is the cash left after the company pays for equipment, buildings, and software.
What should people watch in Intuitive Surgical's next results?
On October 20, investors should separate da Vinci from Ion, Intuitive’s platform for lung biopsies. In Q2, worldwide da Vinci procedures grew approximately 15%, while Ion grew approximately 36%. Da Vinci growth was 12% in the United States against 20% outside it. Broad growth across specialties would provide stronger evidence than a temporary surge in postponed cases.
The next step is utilization: procedures per installed system. June’s installed base reached 11,710 da Vinci systems and 1,096 Ion systems. Management reported Q2 utilization increases of 3% for da Vinci and 11% for Ion. Rising procedures and rising utilization suggest hospitals are using their investments more intensively, although neither proves that a hospital’s reimbursement covers its full cost.